Reframe retirement

Strengthen your value proposition and foster stronger client relationships by reframing retirement discussions around wellbeing.

Supporting a better retirement should start with well-being

Advisers play a key role in setting clients up for their retired lives, yet there is a disconnect between how the financial industry has historically approached retirement planning and the reality of client needs and values.

Start by rethinking your approach to retirement by centering conversations around well-being, and kickstarting these conversations ahead of time to ease your client’s transition into retirement.

What are retirees telling us?

U.S. based study conducted through a nationally representative, five-generation study.

Family and relationships

Today’s retirees derive the greatest sense of purpose from spending time with loved ones, with 67% of retirees saying they make it a priority to stay connected with family and friends.¹

Giving and growing

Retirees also find purpose from trying new things and developing new abilities to deepen their sense of self, as well as finding ways of giving back to the community.

Financial wealthy

Being financially wealthy was last on the list. This is contrast to pre-retirees (people within 10 years of planned retirement) who draw relatively more purpose from being financially wealthy.

Build client trust with the ROI approach to retirement

Enhance your relationships with clients by renaming, optimising and igniting wellbeing in retirement. the ROI approach:

Reframe Optimise Ignite

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Re-wirement begins with well-being

What do we mean by wellbeing? What is a model for a good life, a happy life, a flourishing life, a life above “just getting by”? Researchers have come up with a model - a researched and approachable definition of well-being. Here we will explore different characteristics of flourishing individuals and ideas to help make a ‘good life’ even better.

Source: BlackRock, Designing4Better October 2022

The key elements of well-being

Relationships

Nurturing, supportive, energising and genuine connections with others. Think about what friendship means and which people matter most in life.

Engagement

Have interests and pursuits that deeply captivate you and help you grow. What tasks or activities do you get jazzed about doing?

Vitality

Taking care of bodies and minds - such as exercise, healthy diet, sleep and mindfulness.

Achievement

How we can challenge ourselves in positive ways, and feel a sense of progress. Are there ways – big or small – in which you want to challenge yourself?

Meaning

Owning a sense of purpose and contributing beyond oneself. Do you have people or activities that root you in something larger than yourself?

Positive Emotion

How can you challenge yourself in positive ways and feel a sense of progress. Are there ways – big or small – in which you want to challenge yourself?

How can you support the redesign of retirement

The second step is O – Optimise. This is where you help individuals and couples define their interests, strengths, life view and work view, and design their connection, contribution, and geography and place.

Define

Assist clients uncover their strengths, skills, interests, life views and work views.

Design

Help clients design their life to best support their vision, and to prioritise what is most important to them.

Purpose and place are key to well-being and financial needs

One’s purpose, or “reason for being,” evolves in response to life’s changes, creating a journey of self-discovery, rewarding moments and personal contribution. As life takes on new meaning in retirement, embracing your purpose will enhance your well-being.

Begin by defining purpose. Purpose often lies at the intersection of what one cares about, what one does well and what makes one feel valued. Build stronger relationships with your clients by asking the right questions, get your clients thinking and help them define and design their “story”.

Bring your client’s vision to life

The final step is I – ignite. This is where you work closely with your clients to prototype and test out some ideas. There is never one best answer, but you can significantly improve your client’s well-being during retirement by narrowing down the best options that emerge. Within the framework of financial health and maximising well-being, try to cover all grounds that play a part of retirement.