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Financial Leadership Leading the Retirement Transition Financial Leadership Leading the Retirement Transition

Financial Leadership 1. Retirement is change 2. Change is hard 3. Major reason is Financial Leadership 1. Retirement is change 2. Change is hard 3. Major reason is lack of leadership 4. We need to lead 5. What leaders do – a model

Financial Leadership Retirement is Change • Life is about beginnings and endings • Change Financial Leadership Retirement is Change • Life is about beginnings and endings • Change is challenging • Loss – loss of a role – loss of a person – loss of a place – loss of a sense of where you fit in the world • Change forces us to let go of the familiar and face an uncertain future

Financial Leadership VULNERABILITY Financial Leadership VULNERABILITY

Financial Leadership Life Transitions Financial Leadership Life Transitions

Financial Leadership High Anxiety 80 70 60 34 50 42 40 40 Moderately Anxious Financial Leadership High Anxiety 80 70 60 34 50 42 40 40 Moderately Anxious Extremely Anxious 30 20 40 10 28 21 0 45 - 54 55 - 64 65 and over Source: The Mc. Kinsey Quarterly 2005

Financial Leadership Percentage of people who expect or currently enjoy retirement “a great deal” Financial Leadership Percentage of people who expect or currently enjoy retirement “a great deal” 80 75 70 65 60 +16 Yrs before 6 -15 yrs before < 5 yrs before 1 yr after 2 -15 yrs after 16 yrs after Source: Ameriprise Financial New Retirement Survey 2005

Financial Leadership Change is hard Financial Leadership Change is hard

Financial Leadership Change is Usually Mis-managed Financial Leadership Change is Usually Mis-managed

Financial Leadership Advisor Evolution Salesperson “Buy something” Leader “Fulfill your potential” Consultant “Buy into Financial Leadership Advisor Evolution Salesperson “Buy something” Leader “Fulfill your potential” Consultant “Buy into something”

Financial Leadership A Framework for Leading the Retirement Transition Financial Leadership A Framework for Leading the Retirement Transition

Financial Leadership Leading the Retirement Transition + Expertise + Implementation X Vision + Expertise Financial Leadership Leading the Retirement Transition + Expertise + Implementation X Vision + Expertise + Implementation Motivation Vision X + Expertise + Implementation X + Implementation Motivation + Vision Expertise + Expertise X Implementation = = = Successful Transition Resistance Confusion Anxiety Frustration Adopted from Ambrose 1987

Financial Leadership Leading the Retirement Transition X Motivation + Vision + Motivation Expertise + Financial Leadership Leading the Retirement Transition X Motivation + Vision + Motivation Expertise + Implementation = Resistance • What is the value? • What’s in it for me/my family?

Motivation Motivation

Motivation Retirement Risks • Longevity • Inflation • Health care costs • Market Motivation Retirement Risks • Longevity • Inflation • Health care costs • Market

www. ci. com/pd New Retirement Realities (SS) Client version This presentation provides a look www. ci. com/pd New Retirement Realities (SS) Client version This presentation provides a look at the new realities of retirement and how the changing retirement experience will impact investors. Multi Media | PPT | PDF

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Motivation Discussion Points for Clients • 7/10 investors concerned with short and mid-term spending Motivation Discussion Points for Clients • 7/10 investors concerned with short and mid-term spending • “Surprise” retirement puts a big wrinkle in plans of many • 7/10 expect to continue to work • > 50% expect to use equity in their home • Retirement income planning is not understood

Leading the Retirement Transition Motivation X + Vision Shared Vision + Expertise + Implementation Leading the Retirement Transition Motivation X + Vision Shared Vision + Expertise + Implementation = Confusion • A common, understood, compelling future state • Provides direction and a sense of unity • A leader provides a “reframed future”

Shared Vision The human being is the only animal that… thinks about the future! Shared Vision The human being is the only animal that… thinks about the future!

Shared Vision 1. We don’t imagine or vision well Shared Vision 1. We don’t imagine or vision well

Shared Vision Presentism “The tendency is for current experience to influence one’s view of Shared Vision Presentism “The tendency is for current experience to influence one’s view of the future”

Shared Vision “What do you want to be when you grow up? ” “What Shared Vision “What do you want to be when you grow up? ” “What do you want to be NOW? ”

Shared Vision The Ideal Financial Advisor While older retirees and pre-retirees want a financial Shared Vision The Ideal Financial Advisor While older retirees and pre-retirees want a financial advisor who is trustworthy, those 55 - 64 seek life-planning guidance, especially help in visualizing their future. Characteristics that best describe the ideal financial advisor 60% 50% 40% 51% 47% 39% 43% 45% 44% 43% 37% 30% 20% 10% Source: AIG Sun. America / Harris Interactive “Resourcing Retirement” survey

Shared Vision 1. We don’t imagine or vision well 2. Seek out people who Shared Vision 1. We don’t imagine or vision well 2. Seek out people who are actually experiencing the future events we are merely thinking about

Shared Vision Engage the Clients • Set up and host retirement “Advisory Groups” • Shared Vision Engage the Clients • Set up and host retirement “Advisory Groups” • Have clients of different ages share stories

Shared Vision The Taylors Shared Vision The Taylors

Shared Vision 1. We don’t imagine or vision well 2. Seek out people who Shared Vision 1. We don’t imagine or vision well 2. Seek out people who are actually experiencing the future events we are merely thinking about 3. Logical and emotional feedback

Shared Vision Shared Vision

Shared Vision Discussion Points With Clients • Factual motivation or crisis is not enough Shared Vision Discussion Points With Clients • Factual motivation or crisis is not enough • Fear of death • Speak to people’s feelings • Help people see problems and solutions in ways that influence feelings/emotions – not just thoughts • Positive, inspiring and emotionally resonant Joy of life

Leading the Retirement Transition Motivation + Vision Expertise X + Expertise + Implementation = Leading the Retirement Transition Motivation + Vision Expertise X + Expertise + Implementation = Anxiety • The skills and knowledge needed to move into the new reality • A range of expertise • A holistic integrated approach

Expertise What makes an expert? Expertise What makes an expert?

Expertise • • X Straight talk/common sense Really cares about people Long term, patient Expertise • • X Straight talk/common sense Really cares about people Long term, patient view Communicates in stories and real life situations • Helps people put finance in context of their lives

Expertise It Takes a Village…. • Team Approach Expertise It Takes a Village…. • Team Approach

Expertise Ph Investment Tax & estate advice management H co ea or lth di Expertise Ph Investment Tax & estate advice management H co ea or lth di c na ar tio e n Insurance Legal guidance m C an a ag sh em en t Li fe co a ila nt hr ch in g op y Retirement Transition Team

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Expertise Discussion Points With Clients • Consolidation of advice – with you as the Expertise Discussion Points With Clients • Consolidation of advice – with you as the LEADER • “Quarterback” the team of professionals • Relationship manager is key role

Leading the Retirement Transition Motivation + Vision Implementation + Expertise X + Implementation = Leading the Retirement Transition Motivation + Vision Implementation + Expertise X + Implementation = Frustration • Making sure things that are supposed to happen actually happen • Translate big thoughts into concrete steps for action • Following through with accountability

Implementation Leaders Are Passionate About Getting Results • Involvement of all key players • Implementation Leaders Are Passionate About Getting Results • Involvement of all key players • Details on the “hows” of execution • Milestones for progress with strict accountability • Contingency plans to deal with the unexpected

Implementation Written Financial Plans Work Living my dream retirement Retirement worked out as planned Implementation Written Financial Plans Work Living my dream retirement Retirement worked out as planned Feel very/somewhat prepared for retirement Anticipate feeling optimistic in retirement Plan No Plan 68% 42% 78% 54% 93% 70% 84% 69% Source: Ameriprise New Retirement Landscape 2006

Financial Leadership Leading the Retirement Transition Financial Leadership Leading the Retirement Transition

Financial Leadership Leading the Retirement Transition + Expertise + Implementation X Vision + Expertise Financial Leadership Leading the Retirement Transition + Expertise + Implementation X Vision + Expertise + Implementation Motivation Vision X + Expertise + Implementation X + Implementation Motivation + Vision Expertise + Expertise X Implementation = = = Successful Transition Resistance Confusion Anxiety Frustration Adopted from Ambrose 1987

Financial Leadership Helping Clients Deal with the Emotional Rollercoaster Motivation + + Implementation Vision Financial Leadership Helping Clients Deal with the Emotional Rollercoaster Motivation + + Implementation Vision + Expertise + Implementation X + Implementation Vision Motivation X Motivation Vision Motivation + Vision Expertise + Expertise X Implementation = = = Successful Transition Resistance Confusion Anxiety Frustration Adopted from Ambrose 1987

Leadership All Types of Leaders • Visionaries • Deal makers • Administrators • Enforcers Leadership All Types of Leaders • Visionaries • Deal makers • Administrators • Enforcers • Transformers • Laissez-faire leaders

Leadership Servant Leadership • Begins with the natural feeling that one wants to serve Leadership Servant Leadership • Begins with the natural feeling that one wants to serve – to serve first • Then the aspiration to lead • Different from one who is “leader” first – for power or to acquire possessions

Leadership Servant Leadership – Characteristics • • Listening Empathy • • • Stewardship Commitment Leadership Servant Leadership – Characteristics • • Listening Empathy • • • Stewardship Commitment to people’s growth Building Community • • • Persuasion Conceptualization Foresight

Thank you Please email pd@ci. com if you have any questions or concerns. All Thank you Please email pd@ci. com if you have any questions or concerns. All charts and illustrations in this guide are for illustrative purposes only. They are not intended to predict or project investment results. ®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. ®Sun. Wise is a registered trademark of Sun Life Assurance Company of Canada.