An advisor we knew once called himself the Retirement Caddy. A lot of his stories and metaphors related to golf. He would talk about standing on the tee box and seeing the hazards — water, trees, bunkers … plenty of things that could cause peril. And, just like that caddy who tells you where to hit the ball, your advisor sees those hazards in retirement and advises you how to avoid them.
Well, that one’s pretty easy. But what if that’s your best story — and your client doesn’t golf? Now what?
Having a list of story types to pull from is a good thing, but having a list of stories everyone can relate to is even more important. Here’s just a few Impact has encountered to show how they can apply to your next meeting — and keep a client’s attention the entire time.
Driving to the Point
We did a commercial once about your blind spots while driving — most of us, after all, drive a car. Everyone’s turned their head, checked the mirrors, started to change lanes, and then heard the horn. We didn’t see him. He was in our blind spot.
In the same way, things you didn’t see coming will affect your retirement. Who saw inflation going from two to nine percent? That market development was in our blind spot too.
Hungry for the Right Solution
Another story premise everyone can relate to is eating. One of our advisors talks about making cookies. First, you need the right ingredients. You can’t substitute salt for flour. That’s a bad tasting cookie. In your portfolio, you need the right ingredients just as much.
He goes on to say that cookies also need the right portion of each ingredient. You might get the flour and the sugar right, but an entire bottle of vanilla extract can ruin everything when only a teaspoon was needed. Again, a bad tasting cookie. That speaks to allocation and too much of one sector or being overweighted in one stock.
And then there’s the process of baking the cookies. How long do they stay in the oven? When do you take them out? Wait too long and they get burnt. Staying in a falling stock market can do the same thing to your retirement dollars.
Another relatable story is going to the grocery store. One of our advisors uses this example to talk about risk. Do you drive 90 miles an hour to go to the grocery store? Of course not. Your double-stuffed Oreos and ice cream are still going to be there if you drive 35, and you’ll get there and back a lot safer. So why is your 401(k) fully invested in the market?
Avoiding the Risks of the Road
Here’s another story about risk and being on the road. That same advisor recently said: think of us as your radar gun for risk. We’ll do the analysis and we’ll tell you right away how fast you’re going.
Another example along the same lines: you’re driving down the road, and you see a sign that says, “Dangerous Curves Ahead.” What do you do? You start applying the brakes and slow down. That’s exactly what we do as we monitor the markets for you. If we see those warning signs, we don’t tell you to pull off the road or go the other direction — just ease off the gas pedal a little bit. You still have an ultimate destination, but getting there safely is just as important as your final stop.
Bringing The Story Back Home
As you put these stories in your mental bookshelf, make sure you have a wide variety of story types for your clients that golf and hunt and fish and love baseball or football. But also have those stories that are universal — examples everybody can relate to.
If you like and subscribe to the Impact YouTube channel, you’ll be alerted when our newest stories — chock full of relevant advice and helpful tips — come out. That way, you’ll never miss the next story that takes your practice to the next level.
