2. Empower and listen. These conversations aren’t therapy sessions but they can gauge what’s going on if you ask, for example, “What do you wish someone had told you about this before it started?” or, “What would you tell others facing the same situation?” Both set you up to put a positive spin on the situation, reinforce that they are a leader/survivor and create the opportunity for them to vent a little without turning you into your client’s psychologist.
3. Offer specific help and refocus your expertise. Don’t end the conversation by saying, “Well, let me know how I can help.” It’s too broad, and can create unwanted expectations. Be specific on how you will help by providing them with a helpful publication or sending them a link via e-mail. Finish by acknowledging your area of expertise. “You know the financial stuff is my area of expertise, so if you have questions or concerns in that area, just let me know.” It’s a focused way to button up the conversation and transition into what else needs to be addressed at your meeting.
As we learn more about how people behave when it comes to money, and why they do so, the soft side of retirement planning (EQ) will continue to intersect with the hard dollars-and-cents side (IQ). That means advisors should understand both, and develop skills and resources that guide clients to reconsider financial decisions that won’t make them happier.
Robert Laura is the creator of the Retirement Wellness Report, co-founder of RetirementProject.org, and author of Naked Retirement. He can be reached at [email protected]. Please connect with him on LinkedIn and follow him on Twitter @robertlaura.