Over the past several weeks, I’ve listened to people complain about the service they are not receiving from their financial advisors.  The complaints run the gambit from “my advisor isn’t contacting me about what’s happening in the market” to comments like “don’t worry, we’re in for the long term!”  As one 79-year-old said, “I don’t have a long term, but of course my advisor is only 26 years’ old.”

Another said “I’d really like to talk to my advisor about the future but he’s not answering my calls! The last time we talked some months ago about tariffs and the effect on the economy, he brushed me off with a comment about the resilience of the market.”

As one person reported, “I’m scared about losing my job. I don’t think my portfolio is sufficient to last me until I retire, and if I do lose my job and am forced into early retirement, what am going to do?  I don’t have hobbies or outside interests. Why isn’t my advisor helping me, she’s in the retirement business, isn’t she?”

At this time in our history, people are scared and looking for understanding and reassurance.  They want to talk about how to make their money last and about life after work. 

Now is the time for advisors to be proactive and contact clients, rather than sitting back waiting for clients to contact them.  Also, advisors should be assisting clients with answers and information on the importance of building a realistic and well-rounded vision of retirement.  Further, helping clients create and implement a plan to make it happen!

In this time of change, clients need information relating to their financial goals plus a reminder that retirement is “not just about the money.” It’s about quality of life, leisure time, and maintaining one’s health.  It’s also about enjoying relationships with a spouse/partner, family, and friends, and having a purpose for getting out of bed in the morning.

The added value can be monumental, and it doesn’t cost anything more than time.  Those advisors who assist clients reap great dividends.  Happy clients are likely to live longer and enjoy greater social circles.  Word of mouth is a powerful thing. 

I believe most financial advisors want to engage clients in a partnership that fosters a feeling of mutual success about the work done together.  Advisors work hard to ensure clients’ money is well-invested. Now is the time for advisors to stretch themselves to help clients prepare for life after work.  This involves engaging clients in discussion about time management, health maintenance, relationship enhancing, and other key life issues.  As part of a ‘coaching approach’ the advisor assists each client to build a realistic retirement plan and actions to live retirement to its fullest!