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Mitch Anthony's Intuitive Advisor

Helping Your Clients Reinvent Retirement

by Mitch Anthony

Mitch Anthony photoThere are many reasons people have different attitudes toward retirement these days. A confluence of economic events, observations of others who are retired, and personal reexaminations of what is meaningful in their own lives have led them to discard outdated assumptions around retirement. The reinvention of retirement was inevitable based on individual experiences and lifestyles, personal economies, and the economy at large.

Immersed in this discussion for over a decade, and currently coaching a group of advisors on the topic, I have closely followed the yearly studies on retirement trends, opinions, and preparation. One study, the 2016 Transamerica Center for Retirement Studies reported that "most workers plan to work past age 65 or do not plan to retire, citing reasons related to income and benefits, or enjoying their job. Workers are envisioning a phased transition into retirement that includes both work and leisure."

We can no longer separate work from retirement. Retirement planning is much more complex than just having enough money—though, of course, it's a critical issue to address. Whether out of necessity or fear of becoming irrelevant, the Transamerica study revealed that most of us want to work as long as we can.

Today's retirees, and those facing retirement, have no patience with stereotypes about aging. According to several studies, while money is a core concern, decisions are becoming more focused on continuing to stay engaged and doing meaningful work, whether that work is paid or not. The new definition of retirement overwhelmingly advocated by today's retirees is one that emphasizes purpose over leisure activities. According to the Insured Retirement Association, boomers who work with advisors are more satisfied and better prepared. What does this mean to your practice? Advisors who do more than help clients balance their portfolios will have an edge—and clients for life.

The Insured Retirement Association report also points out that more boomers than ever don't feel prepared, and most expect to work well into their 70s. While this report focuses on the financial aspects of retirement and retirement planning, it illustrates the importance of having a clear plan—financial and non-financial.

It is important to note the diversity of the group embracing this new approach. It appeals equally to men and women, liberals and conservatives, all regions of the country, people in their 50s as well as those in their 70s, as well as people who are limited by physical or medical conditions and those who are not.

Many people simply don't want to retire, even if they can afford to. They see work as the glue that guarantees an active and challenging life. Retirement is a time to break out of the cocoon, not go into one. According to an Employee Benefits Research Report, most people just aren't that happy once they retire. Not having enough money to enjoy retirement was one reason, but not having a plan for how those people were going to spend their time was another. Chances are you've done an outstanding job in helping your clients secure their financial freedom. The way to truly stand apart is helping them figure out the rest.

Here's a simple worksheet you can use with clients to get started:

Retirement Reflections

What I've learned about retirement based on watching others retire:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

   4. _________________________________________________

   5. _________________________________________________

Purposeful Retirement

People I would like to build stronger connections with, and why:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

What I will do to challenge myself:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

People and causes I would like to support in a non-financial way:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

Places I would like to go:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

Experiences I would like to try:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

Skills I'd like to learn:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

People I'd like to meet:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

Mission Accomplished

Place yourself 30 years down the road and look back on your accomplishments. What goals and objectives do you hope to have accomplished in these three decades?

For myself:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________

For others:

   1. _________________________________________________

   2. _________________________________________________

   3. _________________________________________________


© 2016 Mitch Anthony

Mitch Anthony is the founder and president of Advisor Insights Inc. and the Financial Life Planning Institute, the leading provider of financial life planning tools and programs for the financial services industry.

For almost two decades, Mitch and his team have provided training and development for both individual advisors and major organizations throughout the world. Mitch personally consults with many of the largest and most-recognizable names in the financial services industry on both financial life planning and relationship development.

Mitch is a consistently top-rated presenter who has spoken to groups ranging from 10 to more than 10,000. He has been named one of the financial services industry's top "Movers & Shakers" for his pioneering work. Through the Institute, he has partnered with Texas Tech University, the University of Georgia, and Utah Valley University to develop financial life planning programs for their undergraduate programs.

Mitch is a sought-after expert for the media, and a regular columnist for Financial Advisor magazine. His columns have appeared on CBS MarketWatch and in the Journal of Financial Planning. His original comic strip "Stanley Brambles, CFG (Certified Financial Guru)" has appeared monthly in the print edition of Research magazine. Mitch is also host of the daily radio feature, The Daily Dose, heard on over 100 radio stations nationwide.

Mitch is also the author of many groundbreaking books for advisors and consumers, including perennial bestseller StorySelling for Financial Advisors, cited by "Financial Advisor" magazine as the number one "must-read" book for financial professionals. Mitch's other books include The New Retirementality (now in its 4th edition), From the Boiler Room to the Living Room, Your Clients for Life, Your Client's Story, and The Financial Lit-Kit: The Cash in the Hat, The Bean is Not Green, and Where Did the Money Go?. For information on these books and more resources, click here. Contact Mitch at mitch@mitchanthony.com.


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New Keynote!

THE E.P.I.C. RETIREMENT

Survey the world from mountain top

In The E.P.I.C. Retirement, Mitch moves the "retirement" conversation to the next level by challenging advisors to step up, broaden their capacity, and embrace a new role—retirement coach. Retirement coaching is the future of retirement planning—this new approach represents the value proposition that will separate successful advisors from the rest.

The E.P.I.C. retirement is one that is engaging, purposeful, integrated, and challenging. More than 15 years ago, Mitch broke through the ceiling of retirement planning with his groundbreaking book, The New Retirementality. He continues to change the dialogue about retirement from one focused solely on money to one focused on purpose. View a preview here.