Welcome back to “Ask an Advisor,” the advice column where real financial professionals answer questions from real people. The topic can be anything in the world of finance, from retirement to taxes to wealth management — or even advice on advising.
One secret of successful financial advisors is that their work with clients often extends beyond the financial realm. (Sometimes, in fact, the lines can even become a bit blurry in certain situations when what the client really needs is a therapist.)
Last week, we fielded a question from a wealth manager. He asked fellow advisors to weigh in on a few heavy questions regarding how best to assist clients who may be in danger of losing their identity and self-worth after retiring. Here’s what he wrote:
Dear advisors,
What are the most common psychological challenges retirees face when transitioning from full-time work to retirement, and how can advisors help clients navigate these changes?
How do you address issues related to identity and purpose with clients who struggle to find meaning and fulfillment in retirement?
What strategies do you recommend for emotionally preparing clients for retirement, beyond the financial aspects?
Sincerely,
Zack Swad, president and wealth manager
Swad Wealth Management
Santa Rosa, California
His questions set off a tsunami of responses from financial professionals — far too much good advice for a single installment. In the first edition, advisors had a plethora of recommendations. Suggestions included making a list of activities that clients always wanted to try but never got around to, recreating the monthly paycheck even after their career has ended and actively avoiding the corporate hustle in retirement. (Read Part 1 here.)
Without further ado, here is Part 2: