Which is why advisors need to focus more on the human aspects of the business, honing new skills and strategies that are far superior to a low-cost provider or robo-advisor.
Additionally, advisors need to become more aware of the problem areas that can flare up and break as people make the transition from work life to home life—specifically, the status of their relationships, extent of their social network and track record for mental and physical health. In other words, just as a home inspector will examine a roof for leaks and the foundation for cracks, advisors need to shine a light on some of the more dimly lit areas of retirement, not just the dollars and cents.
The reality is, retirement is more than a lawn and front porch that has to be maintained. Therefore, it’s time to stop dressing up the outside appearance of retirement and start helping clients build some sweat equity on the inside as well because retirement can be a beautiful home both inside and out, but it will only happen if all the rooms of life are open to the planning process.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and pioneer in Certified Retirement Coach training. He can be reached at [email protected].