How to Implement Longevity Planning Into Your Practice
Episode 8319th October 2022 • Human-centric Investing Podcast • Hartford Funds
00:00:00 00:26:14

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It’s not easy to shift your mindset on the type of advice you offer clients. Jonathan Ainsley, CEO of InvestInU discusses how financial professionals need to be intentional when transforming into a longevity planning practice.

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And sometimes I feel like starting to plan and talk about it and watching the experiences that they had is there's so much that I can learn from to apply to my life, but pulling all the pieces together can be really complicated and overwhelming. I don't know if you've had any of those thoughts lately, especially after the couple of years we've all lived through.

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building out over the last ten years, as we've been focusing on this longevity dynamic. And the first one is mindset. So you'll see references to pillars of longevity in your travels. You know, what we're creating here isn't necessarily unique, but the focus we're applying. You may see in other areas where lifestyle is referenced while our lifestyle is dictated by our thinking. So the whole mindset dynamic and the difference you get, we've got a lot of feedback from planners saying, Well, we plan clients to 95 or 100, but the responses, I don't want to be old and decrepit. That's not going to be me. So straight off the bat, the recognition, while more and more people are living longer than they expected, we have this revolution in aging. So the first pillar of the mindset and how we approaching that is very key and fundamental. The second pillar is health and more intentional health. And again, we've sort of drifted you look at this 120 year time span and how we think and how we live and how we behave. We've really not really been trained how to do things or how to be with sort of far more caught up in the vortex of life. And so having a better understanding that the average span of chronic illness in the US is 12.4 years. Well, how many people would willingly vote for 12.4 years of chronic illness? I've heard you reference about the MIT work and research that there is an epidemic of boredom, loneliness and isolation. I seem to recollect that again, how we're looking after ourselves. So, you know, we have a vote, how what I'm putting into my body and how I'm exercising and keeping moving and being more intentional. So that's the second pillar. The third one is really around purpose or ikigai and having that intentionality. But on a longer time frame, a lot of people retire and think, okay, here we go. And they'll go and do something for a period of time. But as my father at 88 speaks of, it's more about time filling. Whereas once you're open to the possibility of 100 or living to 100 and obviously there is no guarantee but purpose, it's not so much about the destination, it's about the journey. And so living purposefully makes a big difference. And that's that's the third pillar. And then finally, the importance of community, those around us. So even down to the mirror neurons, how we use the environment we are operating in. Birds of a feather flock together. And so the importance of community and really when you look at a society, those four pillars over the last 50 years or so have all been in decline. And so part of the longevity advising is putting a focus and an intention back towards those things to deliver a far more powerful outcome than we're sort of witnessing at the moment.

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know, leadership is, you know, a lot. It's looking at the numbers and driving results. We've got a feeding frenzy out there in mergers and acquisitions and succession planning. And underneath all of this, the fun thing about it or one of the fun things is this will deliver on virtually every metric that that a leader is being measured by. So it's being supported at the leadership level, I think is another important sort of avenue to approach this from as well.

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When I went back, he said, Well, actually, I've already got one now on the calendar with some clients. Let me try it and see how he got on. And after his third one he said, This is so much fun. And how many advisers in today's world are saying, hey, I'm having a lot of fun here. So it's trying to get that message across. It's discovery. It's when you have a client in the workshop who says nothing and then introduces a $17 million client to you. And that client turns up and the first thing they want to talk about is their longevity. Then the financial planning. And finally it's about the portfolio and where the money is invested is completely reverse engineering, but you've got to see it to believe it in many ways. And that is the biggest challenge is crossing that Rubicon where advisors I've had a 30 year CFP say you're showing us something right in front of our noses. We have no idea that it exists. So even talking about it and even getting excited and wow, this is amazing, doesn't necessarily get people to step over and say, okay, I'm bringing my curiosity. I need, I need or I want to learn more about this.

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Potentially it could be a less seasoned advisor or maybe a planner on the team or someone that really this is kind of part of their primary role and responsibility is to lead this charge and ask some of these questions and engage clients a little bit differently. Is that what I heard? Maybe we could tap into that a little bit just for those lead financial professionals that are sitting there thinking, I love it, I want to do it, but I have no idea how I would possibly squeeze another 5 minutes out of my day in order to even engage in these conversations.

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service that's transcended today's world is well, what is your client experience? And so, you know, if you start with the end in mind and define well, what is it you're really delivering to your clients? And I think many practices haven't really, you know, updated. Let us say, you know, we're always getting updates for our phones and things like that. And, you know, to to have an advisor look at their practice and, you know, stress that stress test that, you know, what upgrades have you provided to what you do for your clients and how does that bear out? I think another element of this that, you know, we're seeing develop advisors can now use testimonials for their marketing and yet very few have actually got on board with that. And I think there's a fear of actually asking the clients, well, okay, how would you describe to someone else what we do for you? So by starting with the client experience and really defining what that looks like, again, the whole evolution of team, we live in a much more complex world where an advisor with support staff doesn't necessarily deliver the best client experience. And so having role specific within the team to address, make sure that, okay, we've identified what the client experiences wrong and how are you standing out in a sea of sameness? I mean, this thing is so off the charts. It's ridiculous in the difference it makes when you have advisors saying, I've never had my clients engaged like they now are. I've heard clients say to their advisor, We've always wanted to refer you, but we never knew how to differentiate you from what our friends got. Now we can. So it's such a compelling story. But unless you're focused on the practice, how are we relaying that story into the marketplace? And then you get into the role specifics of, okay, who owns this to deliver it? And consistently. So again, it's not just the, you know, a few key clients with a long tail. It's ensuring that there is a consistent process that each client gets to experience and benefit from.

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Julie Genjac [00:24:27] Are you messy or neat?

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