Our profession is continuing to evolve from the traditional focus on financial products towards financial planning, underpinned by cashflow modelling. Rather than a pure focus on money and how much clients want to invest, it is now about plans for the future.
When it comes to retirement, it is no longer just about a pension but about how much will be enough, so clients can live the lifestyle they want without running out of money. I am sure most would agree that this adds far more value than just product advice.
All the same, are we guilty of playing it safe? Or even worse, are we doing clients a disservice in terms of what we are providing to them?
I know most planners will have experienced the positive impact of helping a client live the life they want by retiring early or making a big change in their lives. That’s an amazing service to provide.
So, why does it feel like we (and I strongly include myself in this) are still holding back – talking about building wealth rather than shouting loudly “this is what we can do can transform your life”? Does it feel like too grand a statement to make?
Are we guilty of playing it safe? Or even worse, are we doing clients a disservice in terms of what we are providing to them?
How many people are out there with successful careers or businesses, yet feel consumed by them? They may have financial success, but still sense that something is missing – that their ‘wealth’ isn’t aligned with the rest of their lives. In truth, they don’t feel they have real wealth at all.
This is what a financial planning service could provide for them: an ability to combine wealth, career and life together into something truly meaningful, ensuring they don’t wake up in 15 years full of regret.
Surely this is the message and service we should be delivering, knowing that as financial planners we are uniquely placed in people’s lives to help them do so.
When it comes to our process, are we focusing enough on this aspect? An approach that aims to help clients understand the vision of what they want. A space where they can truly take the time to think and explore what this would look like.
In other words, not just questions around when they want to retire or the lifestyle they want, but deep soul-searching questions. Instead, are we guilty (unintentionally) of leading them to desired outcomes that we know we can provide?
I understand why we might avoid doing this deep work with clients – it’s a bit like being on a high wire with no safety net. Yet is this where the true magic happens, where we can help clients gain insights into themselves and what they want.
I know I need to be braver, to take the risk, to try. Otherwise, I will be the one living with regret in 15 years
I started writing this post thinking it was going to be about how we market financial planning – about how we can better position ourselves to prospects. But I now realise we could be bolder in the service we actually deliver.
I want to provide something that is truly transformative. I even have most of the offering mapped out and what would be involved. Yet I am still scared to own it and market it for fearing of alienating people. I’m scared to have such a big vision.
I know I need to be braver, to take the risk, to try. Otherwise, I will be the one living with regret in 15 years.
The first step is to go out and own it. This is who I am, this is what I believe and this is how it will help you. Then to take my own leap of faith.
I guess the real question I need to answer is: am I bold enough to take this leap?
And when it comes to your own financial planning service, what do you need to be bold enough to go out into the world and claim?
Ian Richards is founder of Work to Live Financial Planning
