Advisor, Know Thyself

Olivia Mellan, the veteran IA columnist, psychotherapist, and money coach, suggests that in helping clients plan their retirement, it’s essential not only to determine clients’ goals, but also for you to understand your own biases about retirement so you do not unfairly judge your clients’ goals or sabotage their wants. “Take time to explore your own judgment, fears, feelings, and opinions about retirement,” she told attendees at the second of the six-city Future of Retirement Planning conference sponsored by Lincoln Financial Group and Investment Advisor, Wealth Manager, and Research magazines in Hollywood, Florida. Some of your clients, she says by way of example, may just want to play golf all day, and that’s fine, even if you think it’s a waste of time. As with most biases, the point is to be aware of your own prejudices and not let them unduly influence how you listen to and serve your clients.