• Express spiritual beliefs.
• Feel financially secure.
A successful retiree will meet four or all five of these things, whereas someone who is struggling with it will only be able to check off one or two. In other words, they feel financially secure but missed the boat on the other things. By managing the portions of time and energy they put into each area, they can strike a better balance as they approach this next phase of life.
Weight Loss Group Or Contest
Most people start a diet with the best of intentions and plenty of will power. But over time it can be difficult to do it on your own. Which is why support groups, coaches and contests are so helpful for people in accomplishing their diet goals. The same holds true for retirement planning.
This is a benefit for advisors and clients because baby boomers love coming together as a group to talk about and plan for these non-financial things. That makes it easy for advisors to organize workshops and get in front of more people than other methods.
Additionally, it allows advisors to help clients understand the crucial role that a strong support group can play in how well a client does in retirement. There are countless studies that suggest the most important ingredient to a successful and long life in retirement rests with the people you surround yourself with.
I don’t know about you, but all this talk about food is making me hungry. I’m kidding, but it does make me hungry for change. And while there are a host of other analogies we could draw from on this topic, the point is that advisors can use ideas that they already familiar with to facilitate new actions and behaviors in our industry and client lives.
As a final note, it’s worth pointing out that it was back in 1826 when the French physician Anthelme Brillat-Savarin wrote, "Tell me what you eat, and I will tell you what you are." The more common phrase, "You are what you eat," didn’t show up in the English language until the 1920s when nutritionist Victor Lindlahr began selling a weight-loss diet. In both cases, it was a way of looking at food in a fresh perspective and using it to help people make healthier choices.
We too need a point in time where people acknowledge that running out of money pales in comparison to running out of family, friends and good health. It’s time for us to move away from traditional retirement planning and into The New Era Of Wellth Management.