By Antoinette Rodriguez, MBA
Let's face it, Financial Advisors can tend to live in a bubble. While your CRPC®, CFP® or firm training prepares you to provide retirement solutions, there's a salient resistance by many people to discuss retirement at all.
Why? Here are some emotional reasons every Financial Advisor should know about why clients fear retirement:
- Fear of no paycheck. Clients may fear that they will be unable to live on their investments only.
- Fear of change. A client might be scared of change or what the transition will mean to everything they've ever known.
- "Party-left-in-me" mentality. Many people feel the word “retirement” means the end of the road, yet they feel they still have lots of “party” left in them.
- Fear of the last day. The last day of work means a final chapter and it’s a poignant time, especially if a client has worked at one firm for a long time.
- Loss of hierarchy and structure. Does no more getting up early to work sound like a great idea? It may not be the dream that some envision due to loss of the familiar structure of daily work commitments.
- Loss of identity. If the client no longer has a career, they may question their identity, relative to the rest of working society.
- Relationship dynamics. If both married or co-habitating partners stay home full time, how will that change their relationship dynamic?
- Fear of physical illness. What if the client or their partner becomes ill? What happens to their bucket list plans then? Clients might abhor the thought of becoming a burden to their partners as well.
- Fear of mental decline. Clients may feel that not working will cause them to lose their mental faculties or bring on early dementia.
- Loneliness. What will happen to the client's social life that revolved around their work? Will they have much in common once they're no longer working day-to-day with their former work colleagues?
Need advice on your Marketing Plan, business strategy, partnership issues or sales training to help your staff become better rainmakers? Contact Antoinette Rodriguez today for a complimentary consultation.
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