The Future of Retirement Income is Service, Not Strategy

Horizons was a special event nestled on the coast outside of San Diego, where retirement income-focused advisors and financial services professionals gathered to connect as a community. Attendees came together to learn from one another, share best practices, and future-proof their businesses. This type of community is essential for staying ahead of industry trends, sharpening our skills, and providing the best service to our clients. Since retirement income planning is complex and still in its infancy, such collaboration is invaluable.

We are constantly developing new research around income distribution strategies, retirement income tax strategies, and financial products to serve today’s and tomorrow’s retirees. I expected to gain insights into various tactical retirement income distribution strategies and best practices from my friends and professional colleagues, including Wade Pfau, PhD, CFA, RICP®, Eric Ludwig, PhD, CFP®, Lindsey Lewis, MBA, CFP®, ChFC®, Carolyn McClanahan, PhD, Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA, and Don Graves. As expected, they did not disappoint. I learned about innovative reverse mortgage strategies, money management tips for women in retirement, new insights from retirement income literacy research projects, and the importance of aligning distribution strategies with a client’s risk profile.

What Client Service Has to Do With Retirement Planning

What might surprise you is that my major revelation about the future of retirement income didn’t come from anyone in the retirement field. Instead, it came from American restaurateur Will Guidara. He is well-known for his books on client service, his co-produced show “The Bear,” and his remarkable tenure at Eleven Madison Park, a top restaurant in New York City. Over the past decade, I have had excellent experiences, attended hundreds of talks, traveled the world, and led advisor teams at some of the largest firms. However, I have rarely felt as inspired as I did after hearing Will’s speech. He told a room full of advisors and retirement income enthusiasts that the future wouldn’t be found in our calculations, research, products, and strategies, but something more human — exceptional service.

Will told a story about how at Eleven Madison Park they strived to deliver extraordinary client experiences. They did this through focus, being present, and truly listening to their clients. One day, they overheard that a couple that was dining with them had just been married, but due to some family dynamics had to cancel their wedding. The team got together, cleared their back space, figured out what would have been their first dance song, and set it all up. At the end of the evening, they took them to the back for their first dance. This was a truly special moment that cost almost nothing but time and listening. It elevated the experience to a crazy level and changed lives.

Retirement income strategies and best practices are essential to our work. Just as outstanding food is crucial for maintaining the status of a top restaurant, it serves as the foundation of our services. However, to truly stand out and be number one, we must go beyond just a good product; we must offer exceptional service.

How to Deliver Excellence in Retirement Planning Service

While delivering excellent service may seem straightforward, it can be quite challenging in today’s fast-paced world. Great service involves genuinely listening to clients and ensuring each person feels seen and heard. Remember, financial planning, investment management, and retirement income are all part of the financial services industry; at our core, we are a service industry. When a client says they are worried about market volatility we must stop and listen for the why. Did their parents lose everything in a market crash? Do they have children with special needs? If we listen to the why behind the strategy we can also deliver a better experience for clients.

Often, we forget that our primary purpose is to serve our clients. While goal-based planning was a positive step forward, many firms strategically collide to provide almost identical services and products, enhanced by scaled technology and a consistent narrative about efficiency. As a result, we risk losing the essential human element and connection. This ongoing pursuit of the efficient frontier threatens to take us away from providing the exceptional service our profession should strive to deliver.

As I headed home from Horizons, I felt inspired to prioritize service. I want my team to be constantly service-oriented. It’s important to me that every client feels their retirement income plan is the most significant. I want people to feel acknowledged and understood rather than being lectured. It’s essential for them to know that their plan is uniquely theirs. The future of retirement income planning is not just about the next strategy or product; it’s about delivering exceptional service that allows all Americans to feel heard and valued.

I want to challenge you to think about how you can enhance your service. How can you go beyond the mere delivery of our strategies and products to a new level? Where do you make people feel valued and heard? Do we celebrate everyone’s retirement? Do we recognize financial milestones with our clients? In a commoditized world of investments and advice, the only way to stand out and provide the exceptional planning clients deserve is to refocus on the client experience by delivering outstanding service.

More From The College

• Get the tools to meet your client’s retirement planning needs with the Retirement Income Certified Professional® (RICP®) Program
• Become a better planning partner by sharing The Retirement Course™ with your clients
  
   

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