Conduct a Social Network Audit
Time Management Analysis (TMA)
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This article first appeared in Rethinking65.
Clients who feel socially connected are likely to fare better in many ways, and it could benefit your business, too.
Toward the end of 2024, I went back to “corporate world.” As my wife and I planned out 2025, we saw an opportunity for Susan to focus all her efforts on her non-profit. However, it would require us to have a more predictable income. Therefore, I partially hibernated my consulting business and took a leadership role with a former employer.
When I started my own business as a solopreneur, I was not prepared for the social isolation I experienced (even though I am an introvert). I quickly realized that many of my relationships were tied exclusively to work and did not carry over into my personal life. I got a taste of what retirement life is like. When a person fully exits the workforce and shifts all their time to private activities, it is quite an adjustment.
Now back in a structured professional setting (even though it is remote), I have a flood of new relationships and contacts demanding my time and effort. Yet I am more aware than ever that before I exit into post-career life, I need to invest time in meaningful personal relationships that will stay endure regardless of my employment status.
Loneliness and Social Isolation is Common
According to a report from the National Academies of Sciences, more than one-third of adults aged 45 and older feel lonely. The study also reports that nearly 25% who are 65 and older are considered to be socially isolated. That means today there are some 14 million people in the United States alone who lack basic interaction with other people. As the population grows older, this number is bound to increase. You probably do not have to go far from your house to find a neighbor who spends most of their days alone. I bet wealth managers see this often.
As financial advisors guide clients into the next phase of life, one crucial yet overlooked area deserves their attention: their clients’ social network. Just as advisors audit assets or liabilities, they can also encourage clients to conduct a social audit — a tool that can protect both the clients’ emotional health and financial well-being.
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David Buck is the author of the book The Time-Optimized Life, coauthor of The Retirement Collective, and owner of Kairos (Time) Management Solutions, LLC. Learn how to apply the concepts of proactively planning and using your time. Take the Time Management Analysis (TMA), the Retirement Time Analysis (RTA), or all the other free resources offered to help bring more quality time into your life.