Knowing what the important numbers are for the life stage you’re currently in, and tracking those numbers over time, will help you avoid relying on your gut feelings to help achieve your financial security. Feeling secure is good. Being secure is better. Financial security is a fact, not a feeling.
In our latest Financial Professional Outlook survey, we asked advisors what they wanted to advance their expertise on the subject of retirement income planning and strategies. Planning for and ongoing review of client’s retirement income needs require expertise and engaged clients.
Our natural, human tendency to want to share what we know – particularly with someone whom we are convinced needs the benefit of that wisdom – can get in the way of making a sale. A simple rule can help overcome this tendency and put in place the 2 necessary conditions for a potentially successful sale.
Meaningful holiday celebrations require forethought and they change over time. A fulfilling retirement is no different: it doesn’t happen by accident and is based on a personal plan that evolves with its author. Engage your clients in a meaningful conversation about how they can recalibrate their plan over time, so they have a higher chance of transforming their retirement vision into reality.
The investment industry tends to attract people who love to live and breathe numbers – especially complex ones. Yet, many clients aren’t wired that way – and most of the questions advisors help clients wrestle with day in and day out are actually more about the heart than about the brain. It’s important to remember that when building engagement with clients.
Often, investors want to hear advice that confirms what their emotional brain is telling them. But, as basic behavioral finance theory has shown, that’s not always the best advice. In my experience, one simple question can help advisors diplomatically re-orient investors toward the advice they need to hear.
Markets have posted strong year-to-date returns so far this year and advisors believe investors are starting to become more optimistic. If equity markets keep rising, there’s a good chance advisors can achieve the targets they’ve set for themselves.