Coaching Clients to a Fulfilling Retirement

Rick Atkinson

Pension plans, RRSPs, estate plans and IPPs are one side of retirement.  These are common, but what about a retiree’s quality of life? Research shows over 80 per cent of today’s boomers do not have any sort of retirement coach or mentor and many are looking to their advisor to provide leadership in that area.  As a coach, an advisor has the power to help clients be as successful as possible in life after work. 

Today’s wealth managers and financial advisors are being called upon to offer their clients a more holistic and fulfilling approach to retirement – one that encourages exploration and direction beyond money-related questions. Those who assist clients in building a successful and stimulating retirement reap great dividends.  Happy clients are likely to live longer and enjoy greater social circles. 

Transforming from Advisor to Coach

One of the easiest and most rewarding ways to help a client succeed is to regularly discuss the client’s retirement planning.  This means having face-to-face (or virtual) coaching discussions where the emphasis becomes not just talking about money, but really gearing the conversation towards what the money is for.   Here are some four steps you can take to help your clients envision their retirement better:

Step 1: Ask Questions

The objective is to start getting the client to see, on their own, what they need to do and begin to imagine how to increase their unique chances of achieving a satisfying retirement.

Ask your client to jot down thoughts about their retirement life. Questions may include:

• What are you doing in retirement?
• What are your accomplishments?
• What’s your overall purpose?
• What makes you happy?
• How are you spending your money?
• Who is in your retirement picture?
• How is your health? How do you feel?
• How are your relationships (spouse/partner, children, other family members)?

Ask your client to imagine the first six months of retirement, then one and two years.  Visualize when you’re 90, 95, or 100+.  What will you be remembered for?

As part of the discussion, have the client describe their ideas, thoughts, and feelings regarding their answers to the questions.

Step 2: Identifying Alternative Solutions

In this step, the client will identify as many alternative solutions as may be necessary to obtain their visualized retirement. 

Ask the client questions such as:

• “Is your vision clear and understandable?”
• “Does your vision have a primary focus?”
• “Is your vision flexible enough to change?”
• “Does your vision reflect your values, beliefs, and philosophy?
• “Is your vision representative of who you are?”
• “Is your vision attainable?”
• “Does your vision serve as a source of inspiration?”

Step 3: Agree on Actions to be Taken

In this step, together the options are reviewed including how they fit into the client’s attitude towards risk, reward, goals, and values.  A client not only agrees on what alternatives will be acted upon, but specifically when the action(s) will take place.

As your client identifies actions, help focus on the rewards of a balanced retirement.

Step 4: Follow-Up

Follow-up is a demonstration of caring.  With each coaching meeting, ask how the client is progressing.  What’s working, what’s not working as well as what she would like, and how can you help.  The more specific this part of the discussion is, the richer and fuller the meeting will be.

In my book, Coaching Clients for Retirement: A Primer, I offer six self-completing exercises clients and advisors can use to aid the retirement planning process.  The exercises can be used as part of your client coaching or have a client complete prior to a coaching session.

The successful wealth manager/financial advisor will be the one who succeeds in serving his/her clients in more than asset accumulation, allocation, and wealth transfer.  Besides money issues, they will assist clients with answers and information on all aspects of retirement.  The added value can be monumental, and it doesn’t cost anything more than time. 

Rick Atkinson, president of RA Retirement Advisors, www.whencaniretire.ca, is an expert in retirement planning.  Known as “Mister Retirement”, he is the author of the bestsellers Don’t Just Retire – Live It, Love It! Strategies for Retiring Right! Why Me? And No Gold Watch! Life After Work: Live It, Love It! and Coaching Clients for Retirement: A Primer and the popular workbooks The First Step! and Strategies for Retiring Right!