Trying to engage your clients in a discussion about their retirement that may be 10 or 20 years away can be more challenging than making derivatives a light lunchtime chat. An Employee Benefits Research Institute study revealed that nearly 50% of clients have not even opened their statement envelopes for over a year. And an ING Retirement Research Institute survey echoed that lack of client engagement when it reported that 71% of Americans do not have a retirement plan.

While behavioral finance has shown the limited rationality of investors, the real problem lies in the fact that they are more rational in the short-term than in the long-term. People focus on what is in front of them today-the urgent, immediate and sometimes novel. And that, of course, is the problem when it comes to retirement planning.

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