Earlier this year, I wrote about why employers should care about non-financial retirement planning for their employees.  Based on the volume of positive responses I received, it is evident that a lot of people are thinking about retirement, particularly in an economy that is unkind to employment.

 

I won’t replay the full column here; you can see on my blog page below.  My point was, and is, that employees need to have a financial plan for retirement, but they also need a life plan for what they will do after retirement.  When employers help facilitate both, it can actually help employees live longer, create goodwill ambassadors for future recruitment, and provide bench strength for projects and other temporary workflow issues.

 

Well, employers and employees aren’t the only ones who should really care about non-financial retirement planning.  Financial advisors should too.

 

When financial advisors help employees plan for their retirement on both the financial and non-financial side they enhance the value of their service.  They demonstrate that they’re not all about the money; and ironically, they stand to make more of it.  Why?  Because retirees with a good life plan live longer and are likely to need financial advice and services longer.  Because there is a greater trust built between advisor and client, one that translates into referrals of other retirees-in-planning.    And because it’s the right thing to do.

 

Let’s face it.  There is a demographic wave hitting the retirement shore.  “As boomers approach retirement, the wealth management world is about to experience a major influx of senior clientele,” says Rick Atkinson, author of the best selling retirement planning book Don’t Just Retire.  Live it Love it!  “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 this area.”

 

Rick knows of what he speaks.  He has helped thousands of people look at their own retirement possibilities beyond the money.  And he believes the best vehicle to introduce non-financial retirement planning is the financial advisor.  The advisor doesn’t need to be a retirement guru, because there are planning books and workshops available to help the client plan constructively for a meaningful retirement, something Rick does regularly for financial advisors and their clients.

 

Rick recalls a client who recently had high praise for an enlightened financial advisor. “The client had  been asked several times to move his accounts to a different firm but wouldn’t leave his current advisor because the advisor understands what he is going through as he prepares for life after work.  He’s shared insightful books and articles and invited the client to a pre-retirement planning workshop.  You couldn’t get that client away from his advisor with dynamite!”

 

Financial advisors, are you listening?

 

For further information, or to order copies of Don’t Just Retire – Live It, Love It and/or workbook The First Step, drop Richard a note at ramgt@rogers.com  The website for RA Retirement Advisors is www.dontjustretire.com