With a support network in place to help them manage their emotions during tough times, clients can avoid costly mistakes while they sort through their options. One way to help clients hedge against naturally occurring retirement downers is to answer the following questions:
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Who gets the first phone call when you’re feeling down and need a pick-me-up?
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Who provides you with wise counsel or time-tested advice?
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What tasks provide joy and help you take your mind off things?
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What organizations may be able to lend a helping hand or connect you to services that can help?
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Who has been there in the past when you needed help, a hug or a kick in the behind?
Overall, helping clients avoid a crash or extended downturn in their personal life during retirement starts with teaching that a successful retirement isn’t one without problems; it’s one in which they’ve learned to overcome. Furthermore, by using market-downturn metaphors to counsel clients on the non-financial aspects of retirement, advisors can help retirees manage spill over, develop a processes for measuring their overall success in retirement and use those closest to them as a hedge against any tough times that may come.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Retirement Wellness Report and DividendPaycheck.org. He can be reached at [email protected].