Another big reason why clients struggle with doubt is because they have lost hold of their core values—the things that are most important to them. As professionals, we all know and understand the role that values can play in our lives as well as our clients. The problem is, most advisors don’t have a process or mechanism for extracting a client’s core values.
Uncovering a client’s deepest beliefs and values isn’t as easy as slapping a few new questions in your intake folder or data gathering process, simply because it will feel out of place and won’t hold any weight. Furthermore, values can change as people retire and transition from work-life to home-life. So it’s not a one-time discussion. As a result advisors, need new tools and skills to integrate factors like these into the more traditional retirement planning processes.
I think Walt Disney said it best, “When your values are clear, your decisions are easy.” The same holds true for clients in retirement who are battling a tough decision. By helping a client find the personal value they will gain with such a decision, they can quit that voice in their head and not regret the decisions.
In the case of my client, the new home on the lake would provide additional time with the kids and grandkids, a spare room for an aging parent to stay or live, and the opportunity to stay active with water sports and other activities. All things that they value.
Overall, doubt is an inevitable part of life in retirement, and oftentimes shows up as a result of the messaging our industry sends our clients. Therefore, advisors need to be prepared for when it shows up in their office or on the phone to make sure it doesn’t sabotage a client’s ideal life in retirement.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Retirement Wellness Marketing Program for Advisors. He can be reached at [email protected].