The great thing is that advisors don’t have to reinvent the wheel or go back to school to be a nutritionist or personal trainer. In fact, they can use many of the same concepts that health experts use with their clients.
Education
Any change must start with education. Advisors must seek out and acquire both new knowledge and skills to support clients in transition. I have spent the last 10 years studying the psychology of retirement and have worked with some of the top minds to develop a certification that trains advisors on how to help clients plan for their nonfinancial things. Many people are not only surprised at the depth of content that is covered, but also the skill development required to guide people through many of the life situations that can come up in retirement.
Once advisors are educated, they can in turn begin to discuss the topic with clients and help them take steps to get there. One of my favorite tools I use to bridge the financial conversation to the non-financial topics is my retirement priorities quiz. It’s a simple 10 question quiz that asks people about both their personal and financial life. I’m sure you could guess where the biggest gaps are in their current plans.
Portion Control
The common advice in this area is that a meals portion size should be equivalent to a closed fist. When I first heard this, I can’t tell you how badly I wanted bigger hands. Needless to say, what we teach people is to open their hand and understand that there are five keys areas to a successful retirement transition (one for each finger). They are the mental, social, physical, spiritual and financial.
To give you some context on this, think of someone you know and consider to be a successful retiree—someone who made the transition and seems to be doing better than the average Joe. What we know about these people is that they generally have found a way to:
• Replace their work identity by filling their time with meaningful tasks.
• Stay connected and relevant.
• Keep mentally fit and physically active.