PLANADVISER - September/October 2020 - 38
servicing strategies
Never Too Late
Strategies to help clients who are behind on saving 'retrieve' lost time
D
aniel Milan blames human
nature. " Most often, if someone
is starting late saving for retirement
it's because people [tend] to
ignore problems-'If I ignore it, it'll go
away,' " says Milan, a financial adviser
and managing partner of Cornerstone
Financial in Southfield, Michigan.
Therefore,
it
is key to understand
why the person started saving late,
agrees Gilliane Isabelle, chief distribution
officer at AIG Retirement Services
in Houston. The problem could be they
had financial challenges: They had children
late in life, or had to pay for education,
or maybe they had to take care of
their parents. " If we are going to help
them get on track, allowing them to
share their story is a start, " she says. " It
can be emotional; they may feel fear and
anxiety or maybe even embarrassment. "
The answer is for advisers to
encourage them to see that it is not too
late. " We can help, " Isabelle says. " Try
to empower savers to do what they
can. Start with congratulating them on
taking the step of talking to an adviser,
but set the stage that there's lots of work
to do and difficult decisions to make. "
Take Inventory
Before engaging a client within 15 years
of retiring, Milan says, his firm asks for
a breakdown of the person's finances.
" They use our very detailed household
budget spreadsheet, " he says. Cornerstone's
budget process includes identifying
what is needed, what the client
is spending and how to dial that back
without greatly affecting standard of
living so the person or couple has money
left over to save. " Once they put it on
paper, they usually see, right away, 'X'
amount a month that is unnecessary. "
When calculating their budget,
Isabelle says, individuals also must
consider the budget they will have once
retired and whether they can live on less
than they have anticipated. " They can
think about downsizing or relocating
to where it's more affordable to live, for
38 | planadviser.com September-October 2020
Art by Nikko de Leon
http://www.planadviser.com
PLANADVISER - September/October 2020
Table of Contents for the Digital Edition of PLANADVISER - September/October 2020
A Careful Inspection
2020 PLANADVISER Retirement Plan Adviser Survey
Keeping Clients Safe
Cures for Virtual Meeting Fatigue
Inflation Protection For DC Investors
How to Show Your Worth
Never Too Late
A Return to Rollover Advice
Whether—And How—To Vote Proxies
PLANADVISER - September/October 2020 - Cover1
PLANADVISER - September/October 2020 - Cover2
PLANADVISER - September/October 2020 - 1
PLANADVISER - September/October 2020 - 2
PLANADVISER - September/October 2020 - 3
PLANADVISER - September/October 2020 - 4
PLANADVISER - September/October 2020 - 5
PLANADVISER - September/October 2020 - 6
PLANADVISER - September/October 2020 - 7
PLANADVISER - September/October 2020 - 8
PLANADVISER - September/October 2020 - 9
PLANADVISER - September/October 2020 - 10
PLANADVISER - September/October 2020 - 11
PLANADVISER - September/October 2020 - A Careful Inspection
PLANADVISER - September/October 2020 - 13
PLANADVISER - September/October 2020 - 14
PLANADVISER - September/October 2020 - 15
PLANADVISER - September/October 2020 - 2020 PLANADVISER Retirement Plan Adviser Survey
PLANADVISER - September/October 2020 - 17
PLANADVISER - September/October 2020 - 18
PLANADVISER - September/October 2020 - 19
PLANADVISER - September/October 2020 - 20
PLANADVISER - September/October 2020 - 21
PLANADVISER - September/October 2020 - 22
PLANADVISER - September/October 2020 - 23
PLANADVISER - September/October 2020 - 24
PLANADVISER - September/October 2020 - 25
PLANADVISER - September/October 2020 - Keeping Clients Safe
PLANADVISER - September/October 2020 - 27
PLANADVISER - September/October 2020 - 28
PLANADVISER - September/October 2020 - 29
PLANADVISER - September/October 2020 - Cures for Virtual Meeting Fatigue
PLANADVISER - September/October 2020 - 31
PLANADVISER - September/October 2020 - 32
PLANADVISER - September/October 2020 - 33
PLANADVISER - September/October 2020 - Inflation Protection For DC Investors
PLANADVISER - September/October 2020 - 35
PLANADVISER - September/October 2020 - How to Show Your Worth
PLANADVISER - September/October 2020 - 37
PLANADVISER - September/October 2020 - Never Too Late
PLANADVISER - September/October 2020 - 39
PLANADVISER - September/October 2020 - 40
PLANADVISER - September/October 2020 - 41
PLANADVISER - September/October 2020 - A Return to Rollover Advice
PLANADVISER - September/October 2020 - Whether—And How—To Vote Proxies
PLANADVISER - September/October 2020 - 44
PLANADVISER - September/October 2020 - Cover3
PLANADVISER - September/October 2020 - Cover4
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