It’s not something that can or should be taken lightly. Financial service companies and individual advisors have to start building knowledge and confidence when dealing with clients who are adapting to retirement because conversations like these are not only taking place in workshops but also online and in person.
I recently bought and re-launched a certified retirement coaching program and have been blown away by the conversations I have had with people both in retirement and approaching it.
One guy, a retired Ph.D. called to let me know he was taking the course but didn’t want to be a coach. Trying not to sound lost or confused I asked, “What are you hoping to accomplish with the program?”
He was quick to share, “I retired a couple years ago and I didn’t really like it. I struggled to find things to do during the day and people to associate with. So, I’m thinking about doing a couple seminars each year to warn other people about retirement.”
Since when do people need to be warned about retirement?
The answer is since baby boomers started breaking long-held silences about retirement. In generations past, people didn’t talk about not having any direction or purpose and you didn’t call your spouse a couch potato in public. But the game has changed and advisors need to respond with concrete strategies and know-how in order to help clients make a successful transition.
Advisors can start making a difference for their clients’ retirement plans by adopting a simple formula that contains four key aspects of effective coaching:
1. Praise
2. Validation
3. Optimism
4. Perspective