Excite and delight—that’s what we encourage financial advisors to do at every touch point with their clients. It’s our way of saying that, to make sure you are heard, remembered and valued, it’s important to connect with clients in ways that engage and motivate them. One good tactic is to introduce your clients to something new and exciting, something cutting-edge and thought-provoking—like technology.
In today’s world, smartphones, apps, and constant connectedness make information and services available literally at our fingertips. According to new research by the MIT AgeLab, emerging technology may be changing how we age and improving our quality of life in retirement. Financial advisors who are looking to “excite and delight” their clients may want to try introducing them to some of these new technologies, helping them to understand how to use the technology and how it can help them have a better retirement.
There are five ways that retirement may be impacted by new technology. I’ll tackle two of those areas this time and will share the next three in a later post.
Thanks to technology, retirees today might be able to earn extra income in a manner previously unavailable to them. Online classes, through services such as EdX or Coursera, could enable retirees to broaden existing skills or develop new skills entirely, and those newly learned skills could turn into a second career or a way to pull in some extra cash. Additionally, for those retirees who are often on the go or have extra room, participating in a service like Airbnb could allow them to rent out rooms or their entire house for some additional income with very little effort. For clients who worry about idle time in retirement or not having enough income, show them these sites or tell them about your own success using Airbnb during a recent vacation.
One reason many retirees wind up having to move into a family member’s home or an assisted living facility is due to health concerns, but technology has an answer for that. Inventions that can help us age in place longer are becoming more prevalent, such as smart rugs, which can sense if a person has fallen and calls for help, contact lenses that measure glucose levels, and mirrors that monitor vital signs. Share an article on one such innovation with older clients so that they can better understand what the future could hold and how they could potentially live on their own while also keeping family members informed and at ease.
It is no surprise that technology is becoming more advanced every day and that we rely on technology more and more in our daily life. Older generations might be a little slower to embrace all of the latest electronic fads, but so many of them are being developed with retirees and the elderly in mind. The new life-changing technologies are a simple, logical way that advisors can connect with clients. Use technology as connection point by showing them how they work, sharing the latest information, and helping them get started. If nothing else, doing so could be a great conversation starter, helping you on your mission to “excite and delight” your clients.
Hartford Mutual Funds may or may not be invested in the companies referenced herein; however, no particular endorsement of any product or service is being made.
The MIT AgeLab is not an affiliate or subsidiary of Hartford Funds.