My business coach recently shared with me the equation f x r = suffering. In this equation, f stands for frustration and r stands for resistance. To determine why this equation matters to your practice, we need to look closer at the frustration and the resistance.
Many clients — and advisors — experience frustration about reducing assets under management to apply to protected income available in retirement or waiting for the market to peak. And resistance refers to the amount of resistance that we have to any type of change — even those changes that eventually lead to better results. Together, frustration and resistance lead to suffering as your clients try to figure out how to be successful in retirement.
If we don’t take frustration and resistance seriously and offer our clients ways to overcome them, suffering is inevitable. And with suffering comes the risk of losing clients.
The change needs to start with us. By not starting right now we’re increasing that resistance to the change and likely increasing our clients’ suffering. So, here’s what I would like you to do. Try a new approach by taking income out of AUM and putting it in different channels. We’ve talked this month about our Income Alpha strategy, and that’s a perfect place to start.
Begin with your personal retirement plans because you’re intimately familiar with the assets and the workings of your income plan. By taking the challenge and using annuities to provide an income stream, we find that most people actually have more income with fewer assets. Then take the assets you’ve freed up to use for other investments or to address other concerns such as long-term care or legacy planning with the use of life insurance.
You can create liquidity using protected income. If you’d like to take that challenge, reach out to one of our retirement income consultants at (800) 589-3000. We’ll walk you through a JourneyGuide presentation with our Income Alpha approach and show you how it can benefit you as well as some of your clients.
Use our Income Alpha approach to take frustration and resistance out of the retirement planning equation. It will lead to less suffering and more guaranteed income for your clients.
Recognize the opportunity to transform your business by taking our free course.