It’s interesting because growing up most people dream of having a superpower or two. Whether it’s flying, herculean strength, telepathy or breathing underwater, superpowers, like retirement, are usually labeled as good, and as something one would desire to have. Not as something bad or difficult.
However, just as Peter Parker struggled to harness his web powers and Harry Potter bumped into bookshelves with his invisible cloak, clients aren’t prepared to deal with some of these non-financial factors… and oftentimes don’t know who to turn to. Therefore, advisors need to be prepared to help clients understand the impact they can have, while providing concrete guidance to help them either avoid or harness these new powers.
On the surface, telling clients that you want to talk about the effect that superpowers can have on their retirement may garner you some odd or even evil looks. However, clients need a fresh and more personal look at what retirement may actually look and feel like. For years, I’ve preached that people need a written plan for everyday life in retirement. That they need to replace their work identity, take steps to stay connected and relevant, while keeping mentally and physically sharp.
But those are broad, general concepts that don’t always strike a cord and foster actual plans. It’s sort of like telling a new planning client to adjust their asset allocation and diversify a little more. They can comprehend it, but can’t necessarily act on it.
Reality is, clients need context and visual images to blaze new thoughts and actions on their way to retirement.
Which is why I found the “invisible” comment so powerful. It sends a clear message that they can experience right now, in the moment, and won’t be able to just gloss over the advice or put off until later.
Surprisingly, there are a number of superpower-related situations clients can find themselves in. For example, a retired business owner and multimillionaire was completely unaware of his ability to generate a force field. He was a super successful guy, constantly on the road and always in a meeting or on a call. Then a few years into retirement, his sidekick wife passed away and the bridge that connected him to the kids and grandkids had suddenly washed out.
“I spent so much time focused on my business that I missed out on a lot… and now with my wife gone, things have only gotten worse. The kids rarely return calls, and I haven’t seen the grandkids in years. It’s like there are these walls I can’t knock down.”
How many times have you heard that story? What if the same client had envisioned his empire-building actions as a massive bubble of energy that was pushing those he cared about further and further away?
Sad part is, clients often spend decades erecting walls, barriers and other obstacles but try to tear them down in that first year of retirement. Worse, it’s often done at a time that is convenient for them but not for those they are trying to reconnect with.