14th August 2024

Real financial planning - is it just about the money?

What is the value (to a client) of a financial planning relationship?

Far too many financial advisers and planners seem to assume that a client’s primary interest is in financial products, investments, and what the markets are doing.

Yet the truth is that this is more often the adviser’s primary interest rather than the clients.

The true value of a financial planning relationship

I read about a sociological survey of fifty people (source: Life Expectancy by William Keiper) each of whom was at least ninety-five years old. They were asked the question:

“If you could live your life over, what would you do differently?” Some of the key findings were that they would have:

1. Taken more risks when they had the opportunities to do so.

2. Been more reflective about their lives and whether they were living in accordance with their values and priorities.

3. Created a legacy that demonstrated their lives counted in a way that they would be remembered. 

What does this say to you? To me, it says that we want to live meaningful lives and fully express who we really are, yet we often do not follow through with these things. 

If financial planning is not addressing and encompassing these things, then what is its purpose?

A default future vs. a created future

Human beings are creatures of habit. Most people are living from the same set of beliefs and assumptions about life that they took on when they were young.

Your default future is what will play out if these unconscious habits continue to dictate how you live your life.

A created future is a conscious decision to imagine, create, and live the life you want. It is facing the fact that you have a finite amount of time and deciding what you will do with it.

Of course, there are no guarantees, but it is proactively facing the truth that life is limited.

Who is better placed to have this conversation (repeatedly) with a client if it’s not you, as a financial planner?  

Are you willing to begin with a blank slate?

The way into deeper conversations with clients is to begin with a blank slate.

What this means is choosing your language carefully, dropping all your assumptions, and avoiding projecting your thinking onto a client.

Instead of a loaded question like “When do you want to retire?” you can use a question like, “Where do you see yourself in xxx years from now?”

These may seem like small and insignificant details, but you will be often amazed at the difference it makes. Genuine curiosity with no agenda is powerful.

You will find yourself connecting with clients in a deeper, more human way. They will get significantly more value from your conversations and what you can do for them because it is meaningful for them in the context of their life.

P.S. Did you enjoy this article? 

You can download a FREE copy of ‘Magical Client Meetings Every Time.’ You will discover the ten essential keys and use the score sheet to immediately decide your next steps. Click here to download. 

Business Development, John Dashfield, Dashfield Coaching & Development Ltd