Lately, I’ve been hearing about how some people feel that the quality of financial advice provided by their Financial Advisors has been lacking. Does this sound familiar… “The only time I get a call from my Financial Advisor is during RRSP season” or worst yet, “I never hear from them.” Some people throw it off to it being their fault because they are not calling their advisors either. Let’s remember the client is. It’s not ok if you are not hearing from your advisors. It’s their fiduciary duty to call you.
Our provision of financial advice is year round and not just made in RRSP season or in line with serving your investment assets. We address that gap with our approach with our clients. We advocate Financial Life Planning. Financial Life Planning begins with a notion that will seem obvious at first, namely, that Financial Advisors should first discover their clients’ most essential goals and aspirations before and financial analysis or developing recommendations. That’s straightforward enough. So what’s different?
The issue is that traditionally, Financial Advisors have focused on the numbers without exploring the broader context of a client’s life. As well, people approach their advisors with similarly preconceived ideas. Some people only seem to only be able to put their questions in financial terms. The assumption is that Financial Advisors are only financially wise. Given the right inputs, they can only figure out the best way to invest, pay down debt, or reduce taxes.
Financial Life Planning approaches things from a more holistic standpoint. The philosophy is founded on the idea that every human being strives to live a life of meaning and purpose. A Financial Life Planner’s task must therefore begin with a discovery of each client’s unique aspirations – a process that is often complicated or confused by the client’s own fear or reluctance to share such sensitive, yet meaningful, content.
For most people, our passions are deeply personal and closely-guarded because at some point in life they have been forgotten or stymied. Almost everyone necessarily chooses security and predictability at some point. These choices can eventually feel like a straightjacket and can often be lost in the traditional financial planning process.
Life becomes boring and empty of vitality. When we remember our earlier hopes and dreams, we feel a residue of resignation and even shame. Financial Life Planners help break through these self-imposed limitations by asking some big questions to help us consider what truly matters in our lives.
- If you had all the time or money you needed what would you do?
- What do you want to do or be so you will feel that you’ve lived fully?
- How do you want to be remembered by your friends and children?
The results are often startlingly powerful. Time and time again, Financial Life Planners find that clients hide submerged or forgotten dreams that, once articulated, unleash tremendous enthusiasm and vigor. Long delayed aspirations come to the forefront and other obligations are set aside.
If a Financial Life Planner can help us dispel some of our financial anxieties and truly connect to our deeper dreams and aspirations, it can free us from the automatic pursuit of more money and possessions that could waste the precious years of our lives. It finds the balance between living a quality life today and prudent planning for your future allowing you to live a better tomorrow. People are more connected to their goals and aspirations when seen in light of the financial obligations and goals they face.
It’s our mantra and part of Keeping Life Current for our clients. To discuss your Financial Life advice, contact Northern River Financial at 1.855.5NRIVER or info@NorthernRiverFinancial.ca.
