DMI | Finance, investing, Relationship Building
Retiring comfortably is a goal we all work towards. We save our salaries over years of hard work to finally settle down and enjoy all the wonder life has to offer. But what do you do when the economy sees a major shift and your plans are now in doubt?
Here are a few things you can do to help your retiring clients weather an economic upheaval.
Don’t Panic About the Markets
When markets start going up and down, it can be easy for individuals to panic and think that withdrawing all of their savings is the best idea.
The problem here is that while markets can enter periods of great instability, they do eventually level out and rebuild. As a financial advisor, it is your duty to calm your clients during these stressful situations and help prevent them from making panicked decisions they may regret.
Get a Complete View of Their Finances
Retirements aren’t just RRSP’s and pension plans, they’re also stock investments, property holdings, family estates, government support programs, and many other ventures your clients may have invested in.
If they’re looking to retire soon and the economy begins to see irregular activity, sit down with them and take a holistic view of all their assets. This will help all of you to get a better sense of whether they can still retire according to plan.
Update Their Retirement Spending Plan
Retirement budgets are strictly monitored amounts that are meant to last for many decades, but how can your client’s retirement strategy go ahead if the funds they rely on are fluctuating?
Once you have talked to your client and have a good understanding of where they are financially, figure out what their new monthly budget can be and what expenses they can cut. It won’t be easy to do, but the end goal here is a retirement plan that can keep them comfortable throughout their golden years.
Financial planning isn’t an easy thing in the best of times, but it can be a real challenge to help your clients succeed during economic instability. To keep your clients aware of the situation and how you can help, give the team at DMI Marketing a call today or visit our website and see which of our marketing services is right for you.