Do the numbers to make clients see the benefits regular savings, says another advisor.
“Honestly, it is as simple as running the numbers through financial planning software,” says Liz Windisch, an advisor with Aspen Wealth Management in Centennial, Colo. “Showing clients or would-be clients how much longer they will have to work does the trick. This is true whatever the goal [whether it’s] retirement, buying a house or sending their kids to school.”
Michelle Buonincontri, a financial planner in Anthem, Ariz., says the most important factor is to just get going with regular savings no matter how small the amount.
“Start small to get folks hooked on the good feeling of saving,” she says. “I like to use ‘gamification’ and automate the process. For example, identify a small win like cutting out daily Starbucks, create a visual to show them how their money will grow, and automate that savings. There are even game forms that we can create for younger clients.”