What retirement issue has hit you or your clients out of left field, and how did you resolve it?
Medical premiums. They can approach $1,200 a month or more for a couple before they reach Medicare eligibility, and still a significant amount after that. We now have a separate entry for them, with its own inflation rate.
What prospecting methods have been most successful for you in attracting retirement-planning clients?
Referrals. They’re the most effective way to get clients. If you do an outstanding job for clients, go beyond their expectations, they refer you to others.
Do you face any frequently occurring retirement-planning mistakes with prospects?
Yes, unrealistic expectations of one kind or another. For instance, prospects who want to be more aggressive in their investments to “make up” for an inadequate retirement fund. What’s happening now in the markets is the best illustration of why that won’t work. We believe strongly that you have to remain balanced and conservative and have reasonable expectations for returns over time. Some don’t get that though, and if not, we politely send them elsewhere.