For Lakeside Wealth Management, helping clients plan for retirement is more than saving the “right” amount of money. Lakeside asks the “uncomfortable questions” to help clients plan for the emotional side of retirement. Relationships, social life and non-monetary stresses are all part of the puzzle but are rarely discussed. To that end, Lakeside CEO, Mark Chamberlain, sees his job as being much more than a financial consultant.
“I would say that far greater than 50 percent of my job, if I’m good at it, is to be kind of a psychiatrist,” he said. “It’s an important part of what we do and requires educating, being psychologically supportive, and helping [clients] think about things they otherwise wouldn’t.”
To help Lakeside clients who are inching closer to retirement ease into the transition, he invited them to a Retirement Bootcamp, designed to address what he identified as one of the biggest flaws of the wealth management industry.
“So much of the focus is put on what they’re leaving behind, be it their job or career,” he said. “That leaves very little focus on what they’re going into. I’ve observed many people going into retirement and then being miserable because they didn’t do anything mentally or socially to prepare for being retired.”
Donned in his Cubs Hawaiian shirt, comfortable shorts and relaxed shoes, Chamberlain asked his clients three big questions—are you prepared to spend the rest of your life around your spouse or partner 24/7, are you ready for the most dramatic shift in your social life that you’ve ever had, and are you prepared for the “PIP” (previously important person) identity?
“Four or five years ago I had a friend who retired after being the CEO of a major company,” Chamberlain said. “Within 30 days he was miserable. He hadn’t thought about any of those things.”
The first two topics are outcomes of working 40 or more hours a week. Retirement completely shifts the dynamics of your family relationships and the relationships you’ve created with co-workers you spend most of your waking hours around. Those social relationships are suddenly absent from your life. The third topic addresses how people tie their identities to their careers, so when they stop working, they can feel as though they are not the same person.
Chamberlain noted how important it is to discuss these topics with the people close to you, and to formulate a plan that goes beyond finances. He told a story about a friend of his who had been a passionate golfer during his career and had enjoyed every moment on the greens. After retirement, he spent his days at the golf course and his demeanor was totally different.
“He was totally red in the face, always angry or upset at how he was playing,” Chamberlain recalled. “I asked him ‘What happened, you always loved golf,’ and he told me that since his retirement, golf became his job. If you’re not careful, passions can turn into obligations.”
Inside the crowd at the bootcamp were a few clients who have already transitioned into the retirement phase of their lives. They relayed to the crowd just how accurate Chamberlain’s advice was to the journey.
“The things he talked about are right on the money,” said one Lakeside client, who retired early after selling his business. “You lose your identity. You go from this person people look to on a daily basis, to kind of a nobody.”
Chamberlain offered solutions, such as the example of one former client who took up a part-time job at a bookstore to fund her reading habit. Some of the retirees echoed his advice, talking about their time spent volunteering, traveling, and staying healthy.
For more information on Lakeside Wealth Management, visit https://www.lakesidewealth.com/.
Investment Advisor Representative offering services through Lakeside Wealth Management Group, LLC Registered Representative offering securities through First Allied Securities, Inc. A Registered Broker/Dealer Member FINRA/SIPC Lakeside Wealth Management Group, LLC and First Allied Securities, Inc. are not affiliated companies.