3 Planning Topics That Are Top of Mind for Clients Today

It’s no accident that October was chosen as Financial Planning Month. With the looming holiday season, an emphasis on financial planning in October serves as a reminder to keep spending in check and prepare budgets for an upcoming costly time of year.

Several things are at the top of clients' minds today: alleviating the stress of money management, setting goals for retirement, and leaving a legacy, among others. Advisors who have defined strategies for addressing these topics can further engage clients on their desired planning topics.

1. Planning to Help the Financially Stressed

There’s no escaping the constant news cycle related to the current economy. Many consumers are feeling the effects of high costs on their budgets. In a recent survey, nearly half of Americans (47 percent) say 2024 has been the most stressful year of their lives financially. Another 42 percent say they avoid looking at their checking account balance out of fear.1

Understanding the financial psychology of clients plays a big role in helping them alleviate their stress and achieve their financial planning objectives. Today there are more and more resources are available to help advisors learn about its application.

2. Preparing for a New Type of Retirement

The undisputed goal of so many for so long was a simple retirement where people would enjoy a few years of rest and relaxation after a lifetime of work. But this notion has changed significantly.

Many now see retirement as an exciting and fulfilling next phase of life—a time of renewed purpose used to explore changing freedoms and challenges. Retirees with a strong sense of purpose are happier and healthier, more active and socially engaged, and they live longer.2

Through financial planning, advisors can provide a framework for helping clients work out what they want the retirement phase of their lives to look like and ensure they have the resources in place to fund it.

Read our case study to learn how one firm uses life planning combined with financial planning to provide a holistic, transformative experience for its mass affluent clients.

3. Helping Clients Create a Legacy

By now, everyone is aware of the Great Wealth Transfer—the estimated $84 trillion in accumulated wealth that is expected to change hands from older to younger generations through 2045.3 But knowing about it and planning for it are two vastly different things.

Financial planners must be prepared to work with clients who are seeking advice from both sides—those leaving the legacy and those who will receive it. Older generations will be looking for guidance on a variety of elements including estate planning, tax planning, and charitable giving. Those who inherit may be new to financial planning and not have a plan for how they’ll deal with an inheritance. They will also be looking for advice on a range of topics from tax strategies to investments.

You’ll find more guidance on helping clients through life transitions by viewing our on-demand webinar, Exploring Life Transitions: Financial Planning for Clients Experiencing Major Change.

Stay Prepared

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Sources:

1. MarketWatch Guides. “Financial Stress Survey,” April 2024.

2. Amanda Macmillan, “People Age Better If They Have Purpose in Life,” Time, August 16, 2017.

3. Cerulli Associates. “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets,” January 2022.