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Tuesday, December 7, 2010

Prepping Clients for Retirement

Blog posting by Rick Atkinson, Founder and President of RA Retirement Advisors

The successful financial advisor will be the one who suceeds in helping his/her senior clients obtain both financial security and adjusting to the unique lifestyle changes in retirement.

An advisor recently said: "With my long-term clients, we rarely talk about finances and more often discuss family and the future. Some years ago, we built a retirement plan, and together, we monitor it closely. I work with each client to secure his or her retirement in its totality."

Some practical steps to get your clients ready for the non-financial aspects of retirement:
  1. Educate yourself by reading books and articles. Better understand the psychology of aging and myths and misconceptions surrounding retirement.

  2. Provide clients with recommended readings. Encourage clients to share their views on the materials provided.

  3. Sponsor a client pre-retirement workshop at which a retirement specialist speaks about non-financial issues.

  4. Talk about successful retirees you know and steps they took to build a rewarding retirement. Point out the challenges they overcame. Ask your client how he/she can incorporate the lessons in their retirement life.

  5. Regularly review with each client their vision of retirement and plans for achieving their vision.

  6. Continue to encourage clients to view retirement not only as a time of change but also a time of opportunity.

Recently, a client said: "I've been asked to move my accounts but I won't. My advisor understands what I'm going through and helps me prepare for life after work. You can't get me out of here with dynamite!"

Now that's something we want to hear.


Richard (Rick) Atkinson, Founder and President of RA Retirement Advisors, is an expert in pre-retirement planning. He is also author of the best-selling book, Don't Just Retire - Live It, Love It! Rick faciliates workshops for clients of advisors and others.

To contact Richard, call 416--282-7320 or write: 7 Blue Anchor Trail, Toronto, Ontario, Canada. M1C 3N9. -