on them can be profound. They might lose their sense purpose and connection and feel less valued or needed.
The impact can be even greater if their careers were key to their identities or helped them create their social networks, says Bryan Jepson, a certified financial planner at Targeted Wealth Solutions in Colorado Springs, Colo.
When clients get married, have kids or even move to a new place, they likely feel that something new is being added to their lives. But retirement has the opposite effect, says Jepson— leaving them feeling as if they’ re giving something up. When he talks to his clients in transition, he speaks in terms of them moving on to a new stage of life, rather than moving away or abandoning something
“ Retirement does not have to just be about letting go,” he says. Instead, it“ can be reframed as a way to create new opportunities and to continue making an impact.”
The emotional impact of retirement usually comes in waves: After retiring, some people at first feel a sense of relief, even euphoria, now that they are able to sleep late or play golf every day or travel.
It’ s only later that they begin to feel lost, and that feeling may last a year or longer. Your own clients shouldn’ t be discouraged if it takes them a couple of years to feel fully comfortable with retirement. It’ s rarely a quick adjustment.
While advisors themselves can’ t treat depression or anxiety— which is a job for doctors— they can be on the lookout for warning signs, says Peter Halbrook, a vice president at TritonPoint Wealth in Chevy Chase, Md. These can include“ withdrawal from meetings, expressions of hopelessness, sudden shifts in financial behavior or verbal cues of loneliness and low self-esteem,” Halbrook says.
Sometimes the signal is subtle— it might be a change in tone or conversational style. Other times it may involve unusual or unexpected financial activity. Whatever seems incongruous in your client’ s behavior may be masking a deeper problem, such as loneliness or boredom, Halbrook says.
But noticing possible red flags is one thing; how you respond to them is entirely different. When advisors go beyond finances and try to address a client’ s deepseated emotional issues, they risk blurring professional boundaries. Their efforts could lead to a misunderstanding or even to liability, Halbrook warns.
It’ s better for advisors to suggest that the client seek professional emotional support, or even make a direct referral to a local psychotherapist, the same way they would recommend a CPA or an estate planning attorney.“ It’ s important to support clients by connecting them with the right experts, rather than attempting to manage these issues alone,” he says.
But again, advisors are also often in a good position to pick up early indications of their clients’ depression before anyone else does. The topic at hand might not even be retirement. In their later years, the
One way to help clients is simply to ask,“ How are you really doing?” Advisors say it can open the door to what may be an uncomfortable conversation that nevertheless should not be postponed or avoided.
clients might be confronting health issues or grieving over the loss of loved ones.“ Because we meet with clients consistently over many years, we’ re in a unique position to notice subtle shifts” in behavior or mood, say Liana and Travis Poodiack, co-founders of Birch Financial Group in Keene, N. H., in a joint email.
What You Can Do
One way to help clients is simply to ask,“ How are you really doing?” Advisors say it can open the door to what may be an uncomfortable conversation that nevertheless should not be postponed or avoided.
Some advisors will initiate the conversation early, perhaps months before the client’ s retirement. This gives the clients a head start so they can look into possible new activities in retirement such as parttime work, teaching, consulting, writing books or engaging in some other engrossing endeavors to give their post-work life a little structure and purpose. They don’ t have to start on day one of retirement, of course, but it helps if they brainstorm about things besides just leisure. It can help them ward off the blues later.
If, however, they’ re already in retirement and already dealing with depression that’ s causing significant harm— if they are feeling suicidal, for instance, or exhibiting a decline in cognitive functioning— advisors have a“ duty of care” to alert the appropriate parties.
You might need permission to talk to the client’ s family— and ideally you’ ve already prepared by designating another contact person well in advance in case of an emergency. But before you take any action, you should check in with your compliance team, especially if your work would involve sharing a client’ s confidential information with family members.
“ Reaching out to family without client consent should be rare and reserved for situations involving safety concerns,” says Renee Russo, CEO of Rise Up Business Coaching Solutions, an advisory practice in Vancouver, British Columbia, dedicated to business owners.
It might be a good idea to ask clients how they would feel about involving family members ahead of time, before things become dire. After all, retirement impacts spouses, heirs and sometimes the client’ s business associates or next-generation leaders. Family or group conversations can help to align expectations and reduce unspoken tensions before they grow to be major problems, she says.
Still, whatever the client situation, it’ s always best to face the nonfinancial side of retirement, not shrink away from it, she says.“ We don’ t need all the answers. We just need to ask the questions.”
MARCH / APRIL 2026 | FINANCIAL ADVISOR MAGAZINE | 53