The Question Advisors Need to Start Asking Their Clients About Retirement

For much of the time it has existed, our industry has prided itself on making sure clients will have enough saved to live comfortably in retirement. But there’s a new problem that stands to flip traditional retirement planning on its head: longevity.

 

Longevity means it’s important to complement the question of “will I have enough to retire?” with another question that has been neglected for far too long: “what are you going to do during retirement?”

Advisors who help their clients answer that question are more likely to find themselves with healthier clients who live longer and say that “retirement is more fun, enjoyable and pleasurable.”

 

At CI, we’ve been researching retirement to help advisors help their clients make the most of their retirement years. Here’s how you can start integrating retirement lifestyle planning into your conversations:

 

Encourage your clients to answer the following questions:

 

How do you want to keep in good health?

What activities and interests do you want to pursue?

How will you maintain your social circle and family life?
 

Build a sample retirement calendar with you clients. Start with a week and be as detailed as possible. If your clients are struggling to fill out a week’s worth of time, it’s a sign they need to think a little harder about what they want to pursue during their retirement.
 

Encourage your clients to give this weekly calendar an honest try, if possible. Follow up with them to keep them accountable and to see if they need to make any tweaks.

 

Several studies have demonstrated that living a meaningful life and having a sense of purpose lessen the effects of aging, and that people who have a sense of direction or purpose in life outlive their peers. Healthy, purposeful clients are clients who can prolong their ability to generate income, which reduces the financial stress that can come with retirement.

 

Advisors who incorporate retirement lifestyle planning into their day-to-day work with clients are doing work that complements financial plans, deepens client relationships and offers a novel service to clients who need it.

With retirement lifestyle planning, you can help your clients find meaning and purpose today and well into their retirement.

 

If you’d like to learn more about how to integrate retirement lifestyle planning into your practice, please contact your CI sales representative.

 

About the Author

Mathieu Messina

 

Director, Advisor Development

CI Global Asset Management

 

Mathieu Messina joined CI Advisor Consulting in October 2023, bringing with him 9 years of service and sales experience.

 

Using a consultative approach, Mathieu’s primary objective is helping advisors take their practice to the next level by providing actionable solutions through one-on-one consultations and presenting CI Advisor Consulting’s industry-leading content.

 

Working with advisors across Canada has nurtured his belief that client service is the foundation of any successful practice. Mathieu loves helping advisors improve their client experience and grow their business by delivering exceptional service and value.

 

IMPORTANT DISCLAIMERS

 

This communication is published by CI Global Asset Management (“CI GAM”). Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Facts and data provided by CI GAM and other sources are believed to be reliable as at the date of publication.

 

Certain statements contained in this communication are based in whole or in part on information provided by third parties, and CI GAM has taken reasonable steps to ensure their accuracy. Market conditions may change, which may impact the information contained in this document. Information in this communication is not intended to provide legal, accounting, investment or tax advice, and should not be relied upon in that regard. Professional advisors should be consulted prior to acting based on the information contained in this communication.

 

You may not modify, copy, reproduce, publish, upload, post, transmit, distribute or commercially exploit in any way any content included in this communication. You may download this communication for your activities as a financial advisor provided you keep intact all copyright and other proprietary notices. Unauthorized downloading, re-transmission, storage in any medium, copying, redistribution or republication for any purpose is strictly prohibited without the written permission of CI GAM.