I was running late. No surprise there. It was my daughter’s last home game as a cheerleader for the year and I wanted to see every minute of it. I pulled in and started making my way over to the field. As I rushed to get to the gates, just steps in front of me I saw a retired man and his granddaughter headed in the same direction. Just then, they started playing the National Anthem. The gentleman man stopped dead in his tracks and put his hand out to stop his granddaughter as well. He removed his hat and just stood there, honoring our country and the flag.
I was struck by his actions and stopped as well, placing my hand over my heart. A chain reaction took place. Person after person witnessed what was happening and stood still in all areas of the parking lot. His simple gesture had a major impact.
This personal example has several important applications for advisors and clients who are nearing or already in retirement. First, when I talk to people about their plans for retirement, one of the biggest things they say that they want to do is have an impact on others. Recent research by AgeWave and Merrill Lynch found that 94% of Americans over 55 say the definition of a ‘life well lived’ is “Having family and friends that love me,” followed by 75% who says it’s “Having made a positive impact on society.”
This is great, the only problem is, many clients aren’t exactly sure how to make that impact, especially in retirement. The problem can be compounded by the fact that people often assume they have to do something big or expansive like write a book or start a non-profit to have an influence on others. But as you can see from the story, a simple gesture can be the start of something big.
A kind word, personal favor, humorous email, listening ear, or vote of confidence can all function like an oasis in the desert. They bring refreshment to a weary individual whose heart and soul are parched for some time and attention. This grandfather’s actions flooded my mind with hope for the future and gratitude for my place in life… and your encouragement and personal support to a client can too!
The second application we can learn is the need to pause, reflect, and observe. There were a handful of people that wanted nothing more than to get from the parking lot to the game. Some people ahead of us did not stop for the Anthem – they just plowed ahead. It’s easy for this to happen to many of us. There is just so much going on that we often don’t take enough time to stop and pause, honoring the things that we already have and do.
The beautiful thing is that advisors don’t have to turn the reception area into a reflection room, or tell clients they need to carve out thirty-minutes a day from their already busy and hectic schedule. Many people don’t realize that the average recorded length of the Star-Spangled Banner is one minute and forty seconds. And that time frame is all that it took for this grandfather to have a major impact on me, and the others in the parking lot.
Therefore, don’t overwhelm yourself or clients by suggesting they find a set day, time, and location to stop and smell the roses. Encourage them to find in in everyday examples like this as short, brief interludes can provide ample time to reflect and think deeply. For advisors interested in specific ways of doing this, please send me an email for more information on how you can use this story and others in your client communications.
Another thing that stood out to me was how this grandfather was passing on his values and beliefs. It was so sweet to see this little girl standing by her grandpa and following his lead. It’s what we are all called to do as financial professionals, right? Pass on important things to clients and future generations as well.
What’s nice is that research supports this mandate. The same AgeWave Merrill Lynch survey found that when asked what they most want to be remembered for, at the top of the list, nearly seven in ten (69%) say it’s “the memories I’ve shared with my loved ones,” towering over “career success” (9%) or “accumulated wealth” (4%).
This is so important because when it comes to traditional retirement and estate planning, we often spend hours helping them develop strategies to pass on their wealth but don’t take the same steps in passing on their wisdom. Reality is, wealth doesn’t create wisdom, however, wisdom has the ability to both maintain and create wealth.
That doesn’t mean you have to write a 300-page autobiography outlining every second of your life. Instead there is a huge value added opportunity in sharing tools and resources with clients to help them formalize the things that are important to them including their values and beliefs, how they made difficult decisions, what they learned the hard way, their favorite memories and traditions, as well as hopes for the future. One such free tool is available at LegacyNotebook.org
What you will find about this process of knowledge transfer is that it can reinvigorate a client’s passion for life, re-connect them with both their past and future, as well as be the start of something big for future generations.
I would be remiss if I didn’t take a moment to encourage you as an advisor to use the profound opportunity we have to impact others. Let’s face it, we have one of the best jobs in the world and people supremely trust us and seek our counsel on things that go beyond the dollars and cents of life.
The other reality is that the game of retirement is changing. Advisors need training, skills and tools to not only get clients to and financially through retirement but to also help them live out their best life during it. This is where advances in things like Positive Psychology, Behavioral Economics, and other sciences can not only lend credibility to the retirement planning process and decision, but also position advisors as true leaders and pioneers in this area.
So, let me ask you a few questions. First, what will your retirement planning anthem be? What can you do to make people stop in their tracks and create a chain reaction?
Second, what steps are you taking to help clients thrive in retirement? How are you helping them prepare for the mental, social, physical, and spiritual aspects of life after work? Have you helped them pass on their wisdom or just their wealth?
I realize these are questions that many advisors will take as rhetorical and simple glance over them. However, for those who want to stand out and be different, I would encourage you to write your answers down. I’m sure it can be done in the same time as the Star-Spangled Banner… and who knows, maybe it can have a major impact!
One last thing, remember how I said I was running late for my daughter’s game at the start of the story? Fact is, I think it’s safe to say my timing was perfect. I got there at the right time and for the right reason… and I feel the same for you right now. Clients need you more than ever, so whether they feel like they are running late for retirement or feeling behind in some area of life, take a moment to be that source of guidance and direction like the grandpa in this story, because their future is bright with beacons of light like you!
Robert Laura is the president of Wealth & Wellness Group, the founder of RetirementProject.org and a pioneer in Certified Retirement Coach training. He can be reached at [email protected].