Preparing for Change
Preparing for Change
I’ve had many clients and prospective clients who’ve expressed concern about retirement. They express their concerns with comments like “We’ve been saving, but now that it’s getting close, we’re not sure what to do”, or “We don’t know if we have enough”, or “What happens if the market drops”. These and many others are examples of how change in one’s life can be daunting. As our client’s reach a moment of change, we need to be prepared to give them the guidance, assurance, help, direction, and support they need.
About the only thing constant in this world is change. We grow older. We change homes, jobs, and schools. Sometimes we marry, have children, separate, divorce, lose a job, or loved ones. Some changes are planned. Others are not. Whether it’s sharing the joy and anticipation of a welcome and anticipated change, or consoling, counseling, and helping clients who are undergoing change that is difficult or painful, we can be of great value and aide. We need to be the financial consultants who lift up the aspirations and attitudes of our charges.
Some change is planned and some changes are thrust upon us. Some change is gradual and some is abrupt. Most of the time aging is a gradual process with intermittent periods of more drastic change. The loss of a job, change in familial bonds and other occurrences are a more radical change often accompanied by concern, worry, and apprehension. Our tastes and goals vary to some degree or another over time. As our clients approach retirement, it takes on a much greater priority in their lives, as it well should.
Knowing what we know about the financial planning process and the amount of time
and effort that it takes, we need to prepare and lead our clients to make the decisions that will help with the changes that we know are coming. We do this by listening, asking the right questions and doing what we have been trained to do. Keeping up on technology, laws, products, and other best practices will allow us to be the support and strength that our clients need. We know that what we do is of great value to our clients and should not be reticent about sharing what we do. Failing to plan is just planning to fail. Our clients need to help us create a plan for them and then implement and follow the plan. Wayne Gretzky said “You miss 100% of the shots you never take”.
Being the catalyst for proper change is very important to us as financial consultants, advisors and planners. Tony Robbins opined “By changing nothing, nothing changes”. Being the go to person when unexpected change happens is equally as important because with all of our best efforts, we can’t anticipate the timing or magnitude of the changes that will occur in our client’s life. Some we can. Some we can’t.
I remember working with my father on his financial plan in the early nineties and he all but wanted to put his assets in a mattress. I spent a large amount of time discussing different strategies and plans. He was afraid of stocks because of past experience. He had unintentionally embraced the buy high and sell low strategy. When stocks were performing well, he would eventually invest. Then, when they would go down, he would eventually sell. By working on a buy and hold strategy, and getting him to not believe everything he heard on MSNBC, he did well for the rest of his life. When the market was performing poorly, I would get a call, asking if we should sell. I told him unless he
needed the money he should hold tight. After a few ups and downs in the market, he instead would say “the market dropped, but we’re just staying firm, right?” That’s when I knew that he finally understood.
By doing our best and being the caring fiduciaries that we should be, we can enhance the good, soften the bad and provide comfort and peace of mind in a world that is always changing, whether we want it to or not. Be the change that clients need and want. Be the best you. �
Bradley K. Maples, Sr., MRFC
Bradley K. Maples, Sr., is IARFC Board Member. Brad is an Investment Adviser Representative ® , and holds the FINRA series 7, 63, and 65 licenses as well as insurance licenses for Life, Property and Casualty, Life Consultant and Variable. He has earned the MRFC, RICP ® , and CFP ® designations. Brad graduated from Brigham Young University and lives in Weber County with his wife Maureen. They have 12 children and currently 13 grandchildren.
Contact: 801.622.5774 firstname.lastname@example.org www.rrgroupinc.net