At this point, they have a decision to make. They can either stop and figure out what’s going on, or assume it’s nothing major and take care of it later. Of course, the problem is, right now the relationships they have with their spouse, family, friends and co-workers may only need to make a small fix. However, if they wait to address it, the burden could be much more expensive and time consuming.
Putting it into more traditional financial terms, advisors can bridge this conversation with clients by using the concept of portfolio rebalancing. Just as we keep assets in target ranges and reduce risk by rebalancing at the end of each quarter, clients need to be mindful of their social portfolio and protecting it from getting out of balance and off target.
This could mean helping them allocate more time for date nights with a spouse as they get closer to retirement, allocating more time for family, as well as finding time and opportunities to develop relationships with important co-workers and colleagues outside of the workplace.
One of the challenges with a topic like this is that many advisors don’t see themselves in this role or are unsure how to cross over to these topics. I have trained hundreds of advisors in areas like this and it’s not as hard as many people think. In fact, one of the easiest ways to accomplish this is to start sharing content like this in your monthly or quarterly newsletter or blog.
By starting with written content, clients, prospects and centers of influence can warm up to the idea and see you in a new and refreshing light. One that positions you as a thought leader and truly holistic planner that goes beyond the traditional dollars and cents. This is more important than ever as advisors look for ways to differentiate themselves and add value.
This is also where advisors can tap into science and research to add credibility. Right now, many clients have no idea that their social network is one of the most important pieces to helping them make a successful transition from work life to home life. However, thanks to landmark studies like the Harvard Study of Adult Development, advisors can confidently share that people who are more socially connected to family, friends and their community are happier, physically healthier and they live longer than people who are less well connected.
Similar research points out that strong relationships play a role in protecting brain function. Participants who reported feeling “securely attached,” meaning they could count on another person in times of need, had their memories stay sharper for longer, while those in an insecure situation, experienced earlier memory decline.
That’s powerful content that clients need to know about and can’t ignore. It’s interesting to me because advisors have no problem telling clients the importance of protecting their income, assets and family through various products and services. However, we don’t tell them to protect their relationships and well being by investing heavily in them on the way to retirement.
There’s something else I didn’t tell you at the beginning of the article. That person sitting next to me on the flight home was my wife. When we travel, she often prefers to sleep when she can, so she feels refreshed when we reach our destination. This is important because advisors need to help married clients, or those in a committed relationship, to not only look at their combined social network but also their individual ones as well.
There is both a need and opportunity to open up discussions about the amount of time a couple will spend together and apart. Some emphasis should also be put on making sure one spouse isn’t solely responsible for making plans. Couples need to know that its helpful to spend time together as well as apart and that they need their own network of family and friends in order to avoid overwhelming the other person.