Reaching the goals in financial planning for an individual or family is not a matter of presenting a predetermined package and assuming it will provide for the needs and goals of the retirement plan. A financial advisor needs to respond to individuals based on their needs rather their lack of having a formal retirement plan. Not having a retirement plan sometimes causes an advisor to concentrate on this fault of the individual and not the needs and goals of that individual.
A predetermined package is not the way to lead the individual in developing a plan for retirement plan. The advisor must size up every situation and discern what must happen to reach the desired goal. Like a quarterback who reads the defense, then calls an audible from the line of scrimmage, good advisors remain flexible and may change their response, based not on what a person deserves, but on what they need to succeed. Good advisors follow this path in difficult situations:
The advisor leads only after they have determined the need, read the situation, feed to the individuals through communication, and heed by acting on their discovery, even if changes are to be made.
When meeting with a prospective client about developing a retirement plan and there is not formal plan, it is not time to concentrate on the “fault.” Most people don’t want to be criticized by pointing out the fault of not having a plan. It is never too early nor too late to develop a plan that will meet the needs and goals of the individual. It is time for the advisor to be a leader and provide encouragement and expertise in the development of a plan.
Leaders need to respond to individuals based on their needs rather than their faults. Proverbs 25:21,22 encourages us to see what others need…even our enemies…and respond accordingly.
Have a great day!