On the surface, canceling seems easy enough, except for the fact that many people near or already in retirement assume they can pick up the phone and call someone to cancel. But that’s not usually the case. Many times, clients have to log in to an app or online account to cancel, and if they signed up only a month or two before, they may have lost or forgotten their passwords or usernames. If they are frustrated and decide to deal with it later, then never do, the money keeps streaming out.
Next Step
Now that you’ve got these three problems in mind, the next key step is to know how to talk about them with clients. But remember, these are emerging situations that people will have differing degrees of experience with.
Not every retired client, for instance, is feeling isolated. Some families may have grown closer in the last year rather than farther apart. Older clients may have only one or two subscriptions. Yet now could be the time to start talking about what’s coming.
So it might be best just to start some dialogue about these things. Maybe you could simply ask your clients about pandemic life—what they have liked or disliked about it so far, as well as how they see things changing. These conversations can yield a lot of their insight into what they are dealing with and concerned about.
After that, you could follow up with inquiries about how their close family members and friends are handling the pandemic. This can also provide some clues about the challenges they are facing now or might stare down in the near future. I’ve already had one client ask to change a beneficiary because their daughter won’t visit them during the pandemic (or bring grandchildren).
No matter how clients answer the questions, the conversation gives advisors the opportunity to share their perspectives about these trends. Advisors could also share blogs, newsletter articles, podcasts or webinars about the key points I’ve discussed. In my experience, clients always seem to be hungry to learn about what the future may hold or what trends may affect them the most, which is great because it positions you, their advisor, as a valuable information resource. In time, these trends might also help you identify investment opportunities in companies that develop solutions.
The pandemic life has changed things for both advisors and clients. Financial professionals who stay on top of these trends and others are better positioned to not only stand out from the crowd and differentiate themselves as valuable resources, but also to strengthen their client relationships by moving beyond discussions about the traditional dollars and cents.
Robert Laura is a best-selling author, nationally syndicated columnist, and president of Wealth & Wellness Group. He is a seasoned conference speaker, corporate trainer, and pioneer in “The New Era Of Retirement” which focuses on the non-financial aspects of life after work. He can be reached at [email protected].