RetIReMeNt
The magic in this question is that people don ’ t stop talking about what makes other people appear rich . And once those conversations start , you soon get to people ’ s values and beliefs . That starts new conversations about your clients ’ money behaviors — how they saved and spent and invested — and how those behaviors differ from what their parents and grandparents did .
This talk is a lot more fun and engaging than you ’ d expect . You ’ ll see the way your clients were raised around money and how it reflects the ways they handle
their own . A client brought up by Depression-era parents , for example , may handle their money very differently from someone with baby boomer parents .
Whatever our upbringing , however , the legacies we inherit aren ’ t always glamorous or loving . Sometimes we get examples from our elders of what not to do or be .
It ’ s also important to remember that being remembered isn ’ t always important to people . Some feel that since they have no way of knowing if anyone will remember them , they don ’ t care about the subject . Sometimes a client may not feel they have anyone to leave a legacy to .
If you ’ re an advisor and mindful of these problems , you can recognize what
It ’ s not about ego or being on a pedestal and saying , “ Look at how great I am .” Instead , it might be showing how they pursued a life of health , wellness and balance .
your clients are feeling and maybe move on to different conversations . When you simply say , “ I understand where you are coming from and have had other clients feel the same way ,” you normalize their thoughts and feelings . They don ’ t feel obligated to share or discuss any further .
To other clients , it ’ s not so important what others think , feel , see or say about them when they ’ re gone . The clients themselves are the most important critics of their own legacies . And the way they communicate that might simply be in how they spend their days , since their daily activities are among the “ signs ” they use to show they have led a life of significance . It ’ s not about ego or being on a pedestal and saying , “ Look at how great I am .” Instead , it might be showing how they pursued a life of health , wellness and balance .
Present
Then we get to the “ present ” part of legacy planning — what you do today . The work-life balance subject is again important here . Before they retire , people might confuse who they are with what their jobs are , and likely invest more time and energy in their careers than in their family relationships , health and personal impact . After they retire , their priorities might change , but then they quickly learn that just because they have more time and freedom , it doesn ’ t mean they will be able to easily restore health and relationships left untended up to then .
That complicates legacy planning too , because the things that people suddenly say are most important to them ( family , health and purpose ) aren ’ t there when they need them , and that will rob them of the feelings of significance they want . This is one reason I tell both advisors and clients that creating an ideal life in retirement doesn ’ t start when you stop work , but actually starts before . You don ’ t want to wait until you get to retirement to find out what your new values are and hope you can figure it all out later .
Future
The final layer of legacy planning is passing on both wisdom and wealth for the future . There are practical things clients can do : They might want to write a legacy letter or create an ethical will . They might want to leave behind a video interview or a voice recording or a series of handwritten notes . These are all personal ways to share wisdom , knowledge and experience . It ’ s an opportunity for clients to tell future generations who they were and where they came from , what they were doing and what they hoped for the future . While these documents are not legal papers like wills and trusts , together they can help future generations maintain or build wealth or otherwise preserve client wealth for a successor . Because again , wealth cannot create wisdom ( though perhaps wisdom can play a role in preserving wealth ).
Our current state of legacy planning is fatally flawed , but you can easily use the subject for a deeper , more meaningful conversation with clients of all ages and stages . It ’ s no longer about death and remembrance but rather life and intentional action !
RobeRt LauRa is a best-selling author , nationally syndicated columnist and president of Wealth & Wellness Group . He is a seasoned conference speaker , corporate trainer , and founder of the Certified Professional Retirement Coach Designation , which focuses on the non-financial aspects of life after work . He can be reached at rl @ robertlaura . com .
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