I recently read a request from an advisor seeking a book to give a client who was dealing with the emotional part of retirement and rediscovering their identity post-work. The request was in a forum type format, and the advisor wanted recommendations from other advisors. Sounds like a simple enough request, right? Many advisors responded with book titles they thought would be good for the client to read.
The request from the advisor prompted me to pause and reflect about how to respond to this request and what is missing from this advisor’s request and guidance provided to his clients. It was, potentially, short-changing the advice to his client(s). What was missing was an awareness of options available to assist clients in preparing for the non-financial aspects of retirement. This is something that is clearly missing in the financial advisory industry. The advice was missing other ways to help the client. Deeper ways to connect with the client and offer a service that other firms aren’t providing.
Some clients can probably take a book, read it, and apply what they learned in the book to their situation. Clients could also read a book on financial planning, estate planning or insurance planning for instance, apply what they learned, and create their own financial, estate or insurance plan. But would that be wise for a vast majority of your clients? As a financial advisor, would you think this was a good idea? No, because the client would likely miss something important or would not follow through on doing the actual work involved to reach their goals. They need your expertise and guidance to help them create the plan and follow through to make the plan come to life. They often need accountability.
The same thing applies to reading a book and trying to figure out how to create (and follow through on) a plan that captures all of the non-financial aspects and corresponding questions and concerns a client may have. Clients often need someone to 1) help sort out their questions and options, 2) create a plan incorporating all of the non-financial aspects, and 3) hold them accountable for following through on the plan. A plan is worthless if it isn’t followed through on.
Here are the non-financial aspects I cover when coaching clients:
It would be much better to offer someone for clients to talk with, typically a Retirement Coach, to help them answer their questions and concerns and provide guidance to help them make a confident transition into retirement.
As a Retirement Coach, I view the financial and non-financial aspects equally when planning for retirement. The financial side has to make sense for a successful retirement. So too do the non-financial aspects. Both parts, when well thought out, create a complete and balanced plan for a client’s retirement.
Financial advisors: contact me if you would like to learn more about how I can work with your clients to help them reach retirement with a positive and confident outlook. I can write articles for your newsletter, lead a workshop, or meet with your clients to provide guidance and create a plan for The Other Side of Retirement.
Clients are seeking help with the non-financial aspects of retirement. You are uniquely positioned to help them with these concerns- by partnering with someone who can help them overcome the obstacles holding them back from a meaningful and successful Encore. What is your client’s Encore?
