Reality is, if advisors don’t start adding aspects of non-financial planning to their practice, we are all headed for an icy ocean, full of regrets and excuses. Our industry is under assault from more than icebergs. The combination of robo-advisors, free online advice, do-it-yourselfers and a record-high stock market means that advisors need new ways to illustrate their value and expertise.
If we as an industry truly want to help clients experience retirement as a voyage of discovery, filled with opportunities and the best things that life has to offer, then we have to adapt with the times. That means developing specific tools and resources to help clients prepare for the mental, physical, social and even spiritual aspects of retirement.
What’s powerful is that just as people clamored to get a ticket on the titanic, people are begging for help in these areas. They are coming to terms with the need to take concrete steps to replace their work identity, fill their time, stay relevant and connected, as well as keeping mentally and physically active.
One factor often left out of the Titanic story is the valiant efforts by those first responders. The first ship to respond to the distress call was the RMS Carpathia. It took her roughly three and a half hours to arrive, but she came ready to help. First aid stations, hot beverages,and lifeboats were all prepared and ready for deployment. That night over 700 people were saved.
How long will it take advisors to come to the rescue of those new, existing and soon-to-be retirees facing the icy waters of retirement? I guess that’s up to you.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Certified Retirement Coach training program. He can be reached at [email protected].