Great tip for advisors with younger clients. Get them to imagine themselves as senior citizens, and they'll pump twice as much into their retirement accounts.
A professor at Northwestern's Kellogg School of Management took photos of his students and doctored them to look like they'd aged 40 years, then showed them to the kids again.
On average, the kids then allocated twice as much money to their retirement than they would've ordinarily.
So far, advisors are using this technique for their personal clientele.
But if you also advise retirement plans, think of how this could help boost participation and contributions.