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Retirement Discovery
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An aging population
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The importance of the retirement market
Account consolidation
Change in client psychology
Shift away from accumulation
Need for relevant advice
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Why take a different approach to Retirement Planning?
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Retirement Planning(from An Advisor’s Point Of View)
InvestmentManagement
Tax Planning
Estate Planning
Income/Cash Management
Charitable Giving
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Retirement Planning(from a client’s view)
“Will I have enough?”
“How will I spend my time?”
“How long will my health hold up?”
“Will I have to make a move?”
“Am I still useful?”
“What will happen when I am gone?”
“What might affect our lifestyle?”
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What must you understand?
Client Discovery
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The Role of Money•Money equals security
•Money dictates lifestyle
•Money creates independence
•Money helps family
•Money creates a legacy
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Three Keys to Discovery
1.Understanding how clients think and act
2.Uncovering issues they haven’t dealt with
3.Clarifying present concerns they have
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The Discovery System
Self-Examination
Setting the Stage
Emotional Discovery
Financial Discovery
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Setting the Stage
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Explaining what you do
Structured approach
Understanding life issues
Tying discovery to financial planning
Setting the stage
Self-Discovery
Survival
Safety
Sense of Belonging
Self-Esteem
Self-Actualization
Maslow explained it….
Clarify the vision
Healthy Aging Workplace options
Financial Comfort
Nurturing Relationships
Accommodation Needs
Balanced Leisure
Your Retirement
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The Discovery Meeting Set the stage
Discuss self-discovery issues
Clarify with emotional discover
Bridge to financial discovery
Agree on next steps
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Emotional Discovery
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Developing High Value Questions
Vision
Health
Work
Leisure
Family and relationships
Accommodation
Financial comfort
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Bridging to Financial Discovery
•Summarize discussion
•Get Client to prioritize life issues
MyLifestyle
Anticipating theFuture
Having FinancialComfort
Leaving aLegacy
Helping MyFamily
HelpingChildren
HelpingParents
UnexpectedDemands
Keeping them involved
My homeLeisure and
TravelProtectingMy lifestyle
Workoptions
My will andInstructions
Health Changes
Life on my own
Newopportunities
ManagingNest Egg
Lifestyleincome
MinimizingTaxes
Budgeting
UpdatingPlan
CharitableGiving
Living Legacy
Passing onMy business
Advisor approach to the account of Mary Smith
ProtectMary’s Estate
Plan for theFuture
ManageMary’sAssets
HelpMary’s Family
CreateLegacy
Review currentinvestments
Review TaxIssues
Identify LegalIssues
Assess IncomeNeeds
Potential HealthIssues
MaximizeEstate
Flexibility Layer income ConsolidationMonitoring
changes
CommunicationsPlan
ConsiderFamily wishes
Identify FamilyNeeds
Living LegacyOpportunities
GrandchildrenCharitable Giving
Strategy
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What does this mean to you?
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What changes will you make?
I am going to start doing….
I am going to stop doing….
I am going to continue doing…