The landscape of financial advice is changing. For too long, the financial adviser has been defined by investment performance, asset allocation, tax optimisation and retirement strategy.
These are, of course, essential reasons for people to go to an adviser. However, they only address half of the financial challenges people need help with.
Today’s reality is different. People’s lives are no longer neatly divided into education, work and retirement.
We navigate career breaks, retraining, sabbaticals, entrepreneurship, caregiving and multiple transitions. And as lives get longer, we’re asked to balance not just financial security for the future, but happiness and meaning in the present.
This is where I believe a financial life planner can make a real difference. But what does that mean?
Financial life planners are not career coaches. They recognise that career is just one of many factors in a person’s evolving financial story
A financial life planner is not simply a “life planner” who might help you find purpose or chart your dreams, but often lacks the technical grounding in finance.
Nor are they a pure financial planner focused just on numbers and products, or a financial coach (though they borrow from a financial coach’s toolkit and approaches).
Financial life planners also aren’t career coaches, but they recognise that someone’s career is just one of many factors in an individuals evolving financial story.
They understand how career changes, breaks or aspirations intersect with long-term financial wellbeing.
So what is a financial life planner then, in essence?
In Conversation With… Tom Mathar, head of Aegon UK’s Centre for Behavioural Research
A financial life planner helps people actively manage the most important trade-off in modern life: the balance between happiness and financial security, both now and in the future.
Every major decision sits at the intersection of those trade-offs.
Financial life planners help clients define what a “good life” means to them and align (and realign) their money with their values and aspirations, instead of simply maximising returns or minimising costs.
They guide clients through life’s major transitions and emotional crossroads rather than just planning for a distant retirement date.
Financial life planners provide ongoing behavioural coaching and holistic support, equipping clients to make confident, balanced decisions for both today and tomorrow, not just once-a-year investment reviews.
Financial life planners help clients define what a ‘good life’ means to them
At Money:Mindshift, powered by Aegon, we’re making this vision practical.
We’ve built a hub for advisers who want to evolve, with a podcast and learning resources designed to help them become true financial life planners.
Our mission is to help advisers support clients with not just the how much and when, but also the why, what for and how do I live better now?
Through real conversations with thought leaders and practitioners, we uncover what it takes to make financial advice genuinely life-changing.
At Money:Mindshift, we believe the best financial advisers of the future will be those who can help clients navigate all these trade-offs, finding the sweet spot between financial security and happiness, for today and tomorrow.
Dr Tom Mathar is head of Money:Mindshift at Aegon
