Your financial adviser keeps calling. This is why you should call them back.

By Morey Stettner

Some retirees avoid their financial adviser. Are they missing out?

There are two types of retirees. Some follow the stock market and track their portfolio closely. Others couldn't care less about money.

Both types of retirees might hire a financial adviser. But only the former group-the ones who scrutinize their brokerage accounts and enjoy tallying their assets-welcome discussions about their money and how to accumulate and save more of it.

Retirement marks a shift from wealth accumulation to wealth preservation. The challenge is to make your money last for the rest of your life because you won't earn more through work.

Apathy about money puts you at risk. If you're at least somewhat engaged in your portfolio, you're more apt to enjoy a fuller, richer retirement free of money worries. It's comforting to have a financial plan in place to protect you from outliving your savings.

To build a lasting relationship and provide ongoing value, an adviser seeks regular contact with clients. But what if they are uninterested in such contact-or simply hard to reach?

They might be too busy enjoying retirement to return their adviser's calls. Or perhaps they're caregiving for an ailing friend or family member and unable to focus on their investments.

Marianne Nolte occasionally has clients who say, "I don't like thinking about my investments. I know you're there to pay attention."

"I don't like to hear that because I want them to keep me up-to-date with their lives," said Nolte, a certified financial planner in Lake Havasu, Ariz.

She applauds them for living full lives in retirement. But she wants them to involve her in their financial decisions-and solicit her input-when their friends or adult children discuss money issues with them.

"I remind them frequently that I'm pleasantly persistent in keeping in touch," she said. Even if they don't return her calls, she leaves friendly voice mails and sends "Hot Topic" messages about timely issues such as cybersecurity and fraud prevention.

She aims to meet with every client twice a year-in March and September. Some clients say, "I'm good with just one meeting a year" and she obliges.

"But I tell them they will still get a reminder for the other meeting," she said. "I want to keep that line of communication open, even if they don't."

It's unfortunate that some seniors don't want to talk to their adviser every six months to review their financial situation. It's a minimal time commitment-and it can benefit them to know how their portfolio is performing and how any life changes can impact their finances.

Some retirees simply don't like to think about money. The whole issue overwhelms them.

Recently widowed retirees may suddenly rush to learn how their spouse handled their money. The learning curve can prove steep and treacherous.

Other obstacles can arise. As many as 18% of people age 60 and older have mild cognitive impairment. As cognitive decline sets in, anxiety and confusion about money often takes hold.

Ideally, caring family members provide support and help with bill-paying, shopping and other household financial matters. Keeping a trusted financial adviser in the loop adds another layer of protection in safeguarding your nest egg.

Seasoned advisers don't take it personally when older clients keep their distance. Instead, they dig to determine why.

"I'm looking for the reason they're not in touch," said Karen B. McIntyre, a Philadelphia-based certified financial planner. "It can be more than apathy. It might be fear."

Some older retirees may feel vulnerable or uncomfortable talking about money, especially if they're newly widowed. They may also fear running low on cash, even if they're wealthy, so they avoid their adviser's calls.

"They may be afraid that they won't understand what we're talking about," she said. "Or they don't want to admit they made a mistake, like an overdraft on their account" or falling prey to a fraudster.

An ever-increasing number of scams target seniors. For retirees who don't stay in touch with their adviser-or who don't have an adviser-the risk of falling victim to fraud increases.

An adviser won't monitor every dollar you spend in retirement. But maintaining regular contact with your adviser and sharing updates on your saving and spending activity helps reduce the likelihood that you'll suffer financial abuse from bad actors.

For example, advisers can set up monitoring systems tied to your bank accounts, enact cybersecurity measures to protect your personal data from hackers and educate you about the latest scams.

Some seniors battle physical or mental issues that prevent them from staying on top of their money. Whether they're beset by chronic back pain or caring for a partner with dementia, they may deplete their energy just getting through each day.

As stress swirls around them, they may fret about money without knowing if their anxiety is grounded in reality. They may lack the bandwidth to respond to their adviser's repeated calls, texts and emails. And if they're stubborn by nature, they may refuse to ask for help.

When McIntyre doesn't hear back from elderly clients, she keeps trying. Once she eventually reaches them, she strikes a tone of genial curiosity and asks, "I notice you didn't return my call. Is there a reason? Is there a different way we can connect?"

"The reply can surprise you," she said. For example, they might admit that a decline in their hearing makes them reluctant to talk by phone.

She also assures clients that she's monitoring their financial health, even if they're not.

"They know we will only reach out to them if it's important," she said. Examples include clarifying their charitable goals and discussing some aspect of their tax return that merits attention.

From her decades of experience as an adviser, McIntyre has learned that one of the best ways to stay engaged in the lives of busy or preoccupied retirees is to keep it personal. Rather than press them to talk about their finances, she looks for openings to chat about other topics.

Recently, for instance, a client notified her about the birth of a grandchild. Pouncing on this happy news, McIntyre congratulated the client and mentioned a Section 529 savings plan as a tax-advantaged option to consider.

"It gave me an opportunity to talk to them and gush over them," she said. "They like that."

-Morey Stettner

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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09-16-24 1606ET

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