In Focus: When Clients' Plans Change  

How to deal with someone close to retirement whose plans have changed

  • Describe some of the challenges of managing clients close to retirement
  • Identify ways of dealing with some of these questions
  • Describe some of the ways of preparing for upsetting life events
CPD
Approx.30min

Develop a suitable communications strategy: Since the pandemic, a number of new methods have been used to communicate with clients, and as we continue to emerge from lockdowns, advisers will need to understand their clients’ preferences. These may be based on what the client finds more comfortable or convenient, or how they feel they can learn best. Whether providing relevant collateral or speaking frequently on the phone, it is important for the adviser to stay in touch, particularly in periods of uncertainty. 

While the role of the adviser is always important, it is never more so than when the client's world has been turned upside down and they are looking for someone to provide them with financial guidance. The pandemic has undoubtedly created such an environment, creating a wide spectrum of situations, with some clients wanting to retire sooner and others worrying that they may not be able to retire until much later.

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Advisers have to understand these individual needs and work with their clients to adjust their portfolios accordingly.

Louis Williams is head of psychology & behavioural insights at Dynamic Planner 

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Which of the following will help clients in planning for the future?

  2. For clients experiencing a change in their personal circumstances, they will need to revisit decisions that may already have been made, true or false?

  3. Which of the following is NOT something that will need to be looked at if a client's circumstances have changed?

  4. How can advisers prepare their clients for challenging life events?

  5. Henley Business School found that clients who had worked with an adviser were more resilient and more comfortable with taking risk, true or false?

  6. Advisers should switch all their clients over to Zoom, regardles of preferences, true or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe some of the challenges of managing clients close to retirement
  • Identify ways of dealing with some of these questions
  • Describe some of the ways of preparing for upsetting life events

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