Life events are simply the significant happenings in our lives, for instance buying a home, getting married or preparing for retirement. The reason for starting with life events is simple: if you ask someone directly to describe their goals, they may give you a blank look: many of us cannot describe our goals, let alone the time periods over which we’d like to achieve them.
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.
Global Advice Training offers a digital tool called LifeXplorer that reflects and embeds this life events-based approach to defining client goals. If you'd like to know more about goals-based advice and the role it plays in the provision of professional advice, visit mylifexplorer.com where you can see the LifeXplorer app in action.