Have you ever heard the expression that "My eyes were too big for my stomach?” Sure you have, and so have many retirees. They wanted a little bit of everything at retirement and did not separate the essential vs. discretionary needs. You have seen them, they just could not get hold of the fact that no new employment income will be coming in. We would have to rely on pensions (if they had one), social security and any other assets that we could turn into income. Plus, many retirees have a rough time "saying no to themselves.” Bottom line, there will be a financial change for most people in retirement. Let's face facts... most people don't have a large enough stash to turn into the type of income necessary to stay in the world they have become accustomed to. So, what should we do?
We need to have frank discussion with our clients and new potential prospects. No need to sugar coat the situation. First off, they know where they are and where they need help. But, they have no idea as to where they will find the help. They will not discuss with family or friends as they don't want to upset anyone. Bottom line, just like Thanksgiving... it’s perfectly fine to splurge once in a while. But, too many splurges will bring about some feelings that "make you sick to your stomach.” Talk frank, ask questions, isolate the problem, present the solution and convince the prospect (patient) to take the medicine now.
Until next time... good selling!