Helping Clients Achieve Fulfillment

As financial planners we hold a privileged position which allows us to really make a difference. How can we help our clients achieve happiness and fulfillment?

There is a clear distinction between being rich and being wealthy. As Brian Portnoy discusses in The Geometry of Wealth, money can alleviate sadness, but it cannot buy you happiness. He argues that Funded Contentment is true wealth, rather than the constant treadmill of craving more and more. And without clarity of purpose it is hard to see how we can achieve this true wealth.

As the financial planning industry shifts from being product to coaching-focused, we need to do more to help clients and remain relevant and valuable over the coming years.

This rings particularly true now, when people are reflecting on their lives and thinking about making changes to careers, lifestyle, family and their community. Financial planners must ask clients the deep questions to help them make decisions. We must help them understand the impact of those decisions on their finances and their lives in general.

I recently had a series of conversations with some clients of mine, Jane* and John.* I already knew their finances: they had pensions and money in the bank. But through a deep exploration process, I discovered there was more to their situation than you might think.

In really listening to them and following their energy during the conversation we discovered some really life changing goals.

Firstly, John enjoys spending more time at home with the family. He is done with corporate life and wants to follow his own path.

Jane is great at her job and would like to become recognised as one of the top people in her profession. Focusing more on her career could also vastly increase her earnings.

We were able to discuss and work through the various obstacles and they created their own actions and accountabilities. We can now plan out these scenarios using Voyant and create a really meaningful financial plan which changes their lives.

The impact of that process is clear to see. John is going to leave his high paid job to do something he loves, and Jane is going to kickstart her business to gain much greater satisfaction and a sense of self-worth. This fulfillment is a testament to the power of financial planning.

* Names have been changed.

Adrian Murphy is CEO of Murphy Wealth and a Financial Life Planner. Adrian was awarded Financial Adviser of the Year in the 2019 Growth Investor Awards and has been increasingly acknowledged for his bold vision of making an impact in the industry and community. The firm is taking life planning and behavioural insights and developing a unique proposition with the client truly at its heart.

The views expressed in this article are that of this author and do not necessarily reflect the views and opinions of Voyant.