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Paraplanner technical hub
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Exploring the psychology of retirement
Retirement planning is often framed as a purely financial exercise – a calculation of assets, liabilities, and expected income streams. Yet, the evidence suggests that retirement readiness is as much a psychological and social experience as it is an economic one. The transition into retirement brings with it not only financial considerations, but also profound questions about identity, security, and trust in professional advice.
We've investigated the key drivers and barriers to achieving retirement readiness and satisfaction within the adviser-client relationship. Our insights aim to enhance advice practitioners' understanding of the psychological aspects that impact clients as they approach retirement – a practical knowledge that proves invaluable throughout the advisory process.
While financial wealth lays the groundwork for retirement, it is the blend of knowledge, confidence, and trust in financial advisers that ultimately shapes whether individuals feel truly prepared to embrace this new chapter in their lives.
In collaboration with Cowry Consulting – renowned global behavioural science specialists with proven track record in the finance sector – we’ve applied behavioural science, psychometric research techniques, and predictive modelling, to uncover not only what clients say, but how they truly feel about whether they are financially and psychologically prepared for retirement.
To bridge the divide between theory and practice, we’ve delved into behavioural science. Using a combination of insights, as well as conversations with practising financial advisers, to better understand the realities of their role and the tools at their disposal, we have identified three key areas that outline how advisers can effectively support clients in both the financial and emotional aspects of retirement readiness.
Guiding clients through life’s pivotal moments is all part of being a trusted financial adviser and you can enrich these interactions by improving your understanding of emotions. We’ve curated a series of training videos to help you develop your emotional intelligence – a skill that can elevate the way you work with clients.