Uncertainty is not new, but for clients nearing or in retirement, financial volatility can create unique challenges. In his recent Journal of Financial Service Professionals article, John N. Migliaccio, PhD, RFG, FGSA, MEd, draws on lessons from past disruptions including the Great Recession and the COVID-19 pandemic to explore how advisors can help clients reframe risk and focus on what truly drives financial decision making.
Migliaccio highlights research conducted at MetLife’s Mature Market Institute, which found that beyond money, retirees and pre-retirees place great importance on health, relationships, and a sense of purpose. The “Good Life” model, developed with insights from Richard Leider, emphasizes four components: Money, Medicine, Meaning, and Place as essential elements of financial and personal well-being. During periods of economic stress, meaning and purpose often outweigh financial goals, with clients valuing time with family, personal health, and fulfilling activities more than asset growth.
For financial professionals, the takeaway is clear. Successful retirement planning requires more than addressing income needs. By integrating conversations about values, aspirations, and life purpose, advisors can build stronger and more resilient relationships with clients. Migliaccio underscores that helping clients rediscover meaning and align financial strategies with personal priorities can transform uncertainty into opportunity.
NAIFA members can read the full article, “Financial Gerontology in Uncertain Times,” by John N. Migliaccio, PhD, RFG, FGSA, MEd, in the Journal of Financial Service Professionals.
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