Surprisingly, 52% of Canadians don’t have a retirement plan, and 31% of baby boomers1 don’t know what percentage of their current income they will need in retirement2. Knowing that, your guidance in helping clients come up with a retirement plan couldn’t be more invaluable.
You have a key role to play
Clients are looking for trusted advisors who are available, attentive, empathic, reassuring and transparent. Help them build a comprehensive, personalized financial plan. Their retirement plan should be based on three key phases. Present them to your clients to get the conversation started:
Maintain regular communication with your clients, find out how they’re doing and keep them informed of economic developments. Reconfirm their needs and present them with personalized solutions or investment opportunities. You’ll be able to alleviate their worries and help them achieve their retirement dreams.
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Keep your support guide for clients in this age group nearby and don’t hesitate to use it.
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5 good practices to help you stand out
- Use simple, concise language and focus on what’s in it for them.
- Consider your clients’ busy schedules and make your conversations efficient.
- Be attentive to the emotions and non-verbal cues of the person in front of you. You can argue a fact, but not a feeling.
- Encourage clients to share their concerns and feelings about retirement and actively listen to what they say. This will help you better understand their situation and support them.
- Don’t underestimate the value of your advice—most clients say they have minimal financial literacy.
1 RBC, Financial Independence in Retirement Poll, 2022
2 Banque Scotia, The Retirement Landscape A Focus on the Baby Boomers, 2014
