Advisers and planners are well-versed in helping clients prepare financially for retirement, yet having the finances in place to stop working is only one part of the equation.

    People’s occupations and working lives are often wrapped up in their sense of who they are, so when that stops it can leave clients leaving feeling bereft, and as if they’ve lost their purpose. 

    Holland Hahn & Wills partner Amyr Rocha-Lima wrote eloquently on this subject for Illuminate last year.

    He described how a client had up until recently been a senior human resources executive used to managing a multi-million-pound budget and overseeing dozens of staff.

    But she found herself frustrated as a recent retiree – unable to do simple tasks like getting a plumber to show up on time.

    The psychological adjustment clients go through in retirement is also borne out by research carried out by Harvard Business School.

    The researchers found the transition to retirement begins smoothly enough, but retirees can struggle with restructuring their lives following leaving the world of work.

    To better understand the shift into retirement, we held an Illuminate roundtable debate to discuss the emotional issues clients may be grappling with, and how the advice profession and wider financial services industry can support clients in making this transition.

    The panellists were:

    • Holland Hahn & Wills partner Amyr Rocha-Lima
    • Intelligent Pensions technical director Fiona Tait
    • Be-IQ founder and director Neil Bage
    • Henwood Court Financial Planning managing director Nick Platt
    • Pensions Policy Institute deputy director Sarah Luheshi

    You can watch the debate's video highlights and read the full report here

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