It’s also catapulted the holistic concept of retirement wellness to a new level and given advisors an effective way to both deepen existing relationships and establish new ones. Furthermore, advisors who are willing to acquire the new skills and training to help clients address the more personal factors of life after work will be able to differentiate themselves as cutting-edge innovators. Those who resist will be required to play catch-up.
The movement toward non-financial retirement planning is taking shape and hitting the mainstream like never before. Don’t just take my word for it. Check out Ken Dychtwald’s new book, What Retirees Want: A Holistic View of Life’s Third Age.
Reinforce And Resource
Helping clients avoid retirement crashes isn’t something you do in a single gig. You have to do it consistently to reinforce the message and make sure they understand it. Compare it to teaching a teenager to drive. You can’t tell them to be careful once or twice and hope they get it. You have to guide them, encourage them to be cautious and remind them that sometimes it’s not themselves but other people they have to watch out for.
Clients need regular ideas and communication on living their best life in retirement, including the mental, social, physical and spiritual aspects. You can give these to them in the form of newsletters, blogs or even webinars and webcasts.
You shouldn’t feel like you have to do it all yourself. Start by expanding your centers of influence outside of the traditional estate planning attorneys and accountants. Find local retirement coaches, family therapists, personal trainers and caregiving experts. Partner with them to write articles, produce webcasts—or host face-to-face workshops when things open back up. This is an easy way to add value, and once again, illustrates that you and your firm are ahead of the curve—not just responding to new trends but creating them.
Share Stories And Identify Role Models
One of my favorite things to do is ask retired clients what they had to learn the hard way, what they wish they were told before they drove into retirement and what advice they have for others beginning that journey.
This not only serves as a great way to get clients talking about the more personal aspects of life in retirement but also goes a long way toward strengthening your relationships with them. People in retirement love to share their knowledge and experience because it makes them feel valuable and helpful to other people. Frankly, it’s something many retirees crave.
This is a great way to also normalize what other clients are going through. “Normalize” is just a fancy term for helping someone feel like they are not the only person with this issue and they are not going through it alone. I had one client who became a full-time caregiver for almost two years before his wife passed. When I asked him how he was doing, he said he missed his wife dearly but felt guilty saying he was also glad it was over because of the challenges he faced in caring for her.
I was quick to respond that this is a common feeling and that another client was able to work through some of these issues by attending a widows and widowers grief group. I told him the group met at a local church and was full of people dealing with similar feelings and experiences. I gave him a contact person and number. And here’s the thing: He never attended the group, but that simple gesture was a starting point for him, something that allowed him to feel less alone and out-of-sorts. And it positioned me as a resource for him in things that go beyond charts and graphs.
One final thing to consider when talking about car crashes and retirement: The people driving the cars are not the only ones affected by a crash. There could be other passengers and pedestrians who get hurt. Other drivers may be delayed by the accident, and help from first responders may be required. The parties involved may end up in court.
One bad move or decision can set off a chain of events.
The same is true when clients change lanes from work life to home life. That means they need a written plan, an insurance policy to cover them as they make this transition to replace their work identities, fill their time and stay relevant and connected as well as mentally and physically active. In other words, it’s time for both advisors and clients to buckle up for a new era of retirement!
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]