RETIREMENT ADVISOR

Robert Laura

Retirees want a financial plan , but sometimes , as in the movies , you have to improvise .

O YOU REMEMBER THE LINE , “ HERE ’ S LOOKING AT you , kid ,” from the movie Casablanca ? It wasn ’ t in the original script . Nor was the line , “ You ’ re gonna need a bigger boat !” from the movie Jaws . Or the iconic “ You can ’ t handle the truth ,” in the screenplay for A Few Good Men , or the most popular line from the film Titanic , “ I ’ m the king of the world !”

In fact , some of the most popular and well-known movie lines were made up on the fly by actors speaking in character . ( This happens quite often , according to movie lore sites , and there are dozens of examples .) Even though they spilled out spontaneously , these lines have turned into catchphrases that resonate in our culture and are sometimes the most memorable things about their movies . When actors are asked about the improvisations , they often say that it was just the right thing to say in the moment .

Now consider everyday life , where we can sometimes feel as if we are also following a script , reading and playing our roles , taking direction from others . And we likely even review our performance each night in our minds .

Depending on your age and stage of life , your script may feel well written and beautifully designed . But you may also know people who feel instead as if they ’ re acting in the wrong genre , starring in a drama or sci-fi show when they ’ d rather be in a romantic comedy or action thriller . The script they ’ re following doesn ’ t feel fulfilling or impactful anymore . That leaves them in a void .

When actors are asked about the improvisations , they often say that it was just the right thing to say in the moment .

Clients facing retirement might especially feel that way , and if they feel there ’ s in fact something missing , then you , the financial professional , might have to help them fill that void .

That ’ s why I like to ask clients three questions : 1 . Whose rules ( or script ) are you following ? 2 . Why are you following them ? 3 . What would happen if you changed — and went o�f script ?

Usually the response is , “ I don ’ t know ,” or “ I haven ’ t thought about it like that ,” and , again , that ’ s because many people have been on autopilot for so long they haven ’ t stopped to question why or what ’ s next . Their fear of regretting decisions also plays a role .

In my book Naked Retirement I talked about an exercise I use to help people think about what would happen if they go off script . It ’ s called “ No Regrets Retirement ” and it helps people identify what ’ s truly important to them and figure out how they really want to spend their time and resources .

It ’ s an eye-opening exercise , and it helped me understand how people ’ s regrets signal what their values are . Regret often gets a bad rap for being a negative emotion . People would usually rather not talk about things they wished they ’ d done . But when this emotion is used in the correct way , it can get clients ( and the professionals who help them ) dialed in on what ’ s really important to them .

JULY / AUGUST 2023 | FINANCIAL ADVISOR MAGAZINE | 17