I wish I could say it was the first and only time a client’s numbers didn’t support their retirement goals. But clients regularly demonstrate their ability to adapt and build a retirement lifestyle that moves beyond traditional calculations. Simply put, today’s advisor may need to put down the calculator and encourage creative thoughts and ideas like these in order to help them understand that retirement is not a one-time event or something that can only be obtained with a certain amount of money. It’s not always about what you see at first, but instead, the stories and experiences you build over time.
Helping People See It For Themselves
Just as the sightless man was eventually able to see outside the window for himself, the same holds true for advisor and client relationship. Right now, there’s an interesting trend taking place in retirement. Baby boomers don’t want to be told what to think or do. They want to be taught how to think, adapt and implement. They want to uncover truths and opportunities for themselves and not simply buy into the status quo. They want to be a player and feel like they’re part of the process, not simply an onlooker, watching from the stands. This change in philosophy and style is a major reason why traditional seminars are dying on the vine and virtual advisors and investment programs are increasing in numbers and success.
The new focus is on empowering clients and prospects to see solutions and opportunities for themselves. -- to adjust the concepts and methods of “Life Planning,” something we know and do as an industry, to “Retirement Wellness,” which is something they can apply in order to feel valuable, engaged and connected to us, their money, and the outside world.
The biggest benefit for advisors who adapt this new idea and methodology will be the change to our stereotypical role. Far too many advisors continue to dress, talk and act the part of the all-knowing investor -- someone who is above the rest and can predict market events. Reality is, that style and approach send an unrealistic message that not only frustrates clients and brand our industry in the wrong way, but it can also turn off the next generation of advisors and clients. On the other hand, working with clients as part of a team and process opens the door to more realistic goals and genuine communication for both their investment returns as well as their desired lifestyle in retirement.
This is one reason I started the RetirementProject.org and the Retirement Wellness Report. I believe that just as we have used topics like Social Security and estate planning to find and acquire new clients and assets, we can use the concept of caring and overall retirement wellness to empower clients to see and plan for more than a brick wall in retirement.
P.S. Let me know if you plan to attend FA’s Retirement Symposium in Las Vegas later this month. I’d love to hear what you think about this article and others I have written. I'd also like to hear about what’s going on with you, your clients, and practice.
Follow Robert Laura on Twitter @robertlaura. He is the president of SYNEGOS Financial group, co-founder of RetirementProject.org, and author of Naked Retirement. He can be reached at [email protected].