Annual Reviews: What is My Job?
It is that time of the year again – our busy Annual Client Review Season. You may think that we’re having the same conversations over and over again. The truth is that every single conversation is unique. Perhaps they’re all the same because they’re all unique. That’s the commonality.
Whether we’re meeting over Zoom, phone, or face-to-face in the office, my role remains the same: to listen, to comfort, and to inspire.
My first job is to listen and understand where this person is today. Life is constantly shifting. Families grow and change, careers evolve, retirement unfolds differently than we may have imagined, and sometimes, our health may surprise us. A plan that made sense years ago may no longer fit. That’s why I listen carefully during our reviews – not just listening for numbers, but to your life.
My next job is to comfort. The more I get to know my clients, the more I see that none of us live in a straight line from birth to the end. There are bumps that happen along the road – family dynamics, job changes, unexpected expenses, and sudden turns that no spreadsheet can predict. I am here to offer reassurance and support.
Lastly, my job is to inspire. No one wants to go through life – or retirement – on autopilot. Whether you are nurturing a family or transitioning into retirement, there’s always a desire for more. Not just more money, but more experiences, more growth, more value-driven living. I often say, “If you’re green, you’re growing. If you’re ripe, you rot.” Growth doesn’t end just because you hit a certain age or milestone.
A Common Question: Spending In Retirement
Just the other day, I had a lovely couple visit from out of town – clients that I’ve worked with for years. During our conversation, they brought up how I am the only financial advisor who would encourage them to spend during retirement, saying, “You tell us to come up with new opportunities and new experiences and say that now is the time to grab on to the fun part of our life now that we’re retired.”
This is true. I believed that they had saved well and they should enjoy the fruits of their labor, thoughtfully and prudently, of course. But that’s not the advice that I give everyone -
She went on to tell me about a friend whose financial advisor told her not to spend any more money than they absolutely have to. When I started to explain that different financial advisors have different points of view, she then told me…I am her financial advisor.
Ah. Here’s the point you may have missed – everyone’s situation is different.
You may be clients of mine, and you may have wondered why I gave someone you know different advice. This is why.
No Cookie-Cutter Approaches
Some clients have saved diligently all of their lives and are well-positioned to enjoy travel, hobbies, and family time. Others may not have had the same opportunity or luck, and may need to be more cautious with spending. I am always trying to think ahead. There may be a 40-, 50-, 60-, or 70-year-old in my office, but I need to think down the line to when they are a 90-year-old with a walker and tremor in their hands that may have a growing need for assistance. Are we planning for that possible version of your life, too? Because we should be.
The reality is, life rarely goes according to a step-by-step plan that someone on the radio, TV, or internet is trying to sell to you. The older I get, the more I realize that life requires…flexibility. The more I realize that life requires…pivots.
Do you have a plan that allows you to pivot?
If you’re not sure if you have a plan with flexibility, a plan that allows for…pivots…then it’s time to reach out and schedule your Financialoscopy®.
