However, ask someone about the events going on in their lives, and they’re far more likely to engage with you in a conversation. Once you’ve identified significant life events, the task of converting these into goals becomes relatively straightforward.
Goal-based conversations with clients help improve long term relationships, because most goals involve long-term time horizons. In addition, helping a client identify and understand their goals is a genuine aspect of ‘discovery’ in the advice process, and gives the client a feeling of control over their financial futures that is difficult to achieve using any other planning paradigm.
If you’d like to know more about the benefits of Goals-based Advice, and practical ways in which to achieve this in your own practice, contact your CDM and ask about Global Advice Training’s LifeXplorer app. This app provides a way to engage clients in a goal-based conversation using life events.
Did you know?
- The #1 reason clients don’t return to their financial advisers is a feeling that their advisers don’t understand them. Source: Australian Financial Adviser, White Paper May 2013. The Trusted Adviser – Honouring the Client At Every Turn. Based on AFA Adviser of the Year Award research.
- Technical know-how was only the 7th most important attribute of an adviser, as ranked by clients. Source: Australian Financial Adviser, White Paper May 2013. The Trusted Adviser – Honouring the Client At Every Turn. Based on AFA Adviser of the Year Award research.
- Women are more likely than men to consider their finances in the context of their family and environment, and think more along the lines of long-term goals. Source: Dr. Roslynn Russell: Industry Fund Services Financial Planning Conference, 9 – 10 August 2016.