Financial Planning ‘in the Life Gap’

Three thoughts that could change the way your customers view risk.

When it comes to wealth management planning with clients their response might come from:

  1. The life they are living
  2. The unlived life they could be living
  3. The Life Gap in between these two.

I wonder how much potential your customers have that lies unrealized in the Life GapTM? Life Planning in the Gap, financial planning risks, financial risk behavior

  • A new business venture
  • A more radical approach to the way they currently conduct their business
  • A long laid down dream that needs finance to ignite
  • A chance to build a dream house
  • Finances to go to/return to University
  • Become a philanthropist

As an advisor, consider this thought:? what keeps intelligent, energetic, vibrant individuals from achieving their wealth building and wealth management objectives?

Some key thoughts to consider are emotional, behavioral and communication factors.

Lets look at some obstacles to building wealth that can inhibit people from taking action to achieve their financial independence and to encourage their decision making to be from knowing whats in their Life Gap and leveraging it to move them to the life they could be living.

  • Fear of not making good decisions ? how well do you know your clients? Have you any insight into what might lay dormant in their Life Gap?
  • Fear of making a bad investment – what happens if something goes wrong? Do you know their preferred communication style? How could knowing this assist you in uncovering historical information and experiences to help improve the advisory process?
  • Procrastination – when it comes to finances, they need to take an honest look at themselves and their habits to figure out what they are doing that prevents them from succeeding and realizing whats in their Gap. Do you know how to uncover such information?

In a highly competitive industry, as is the financial planning industry, success may well come from having an edge over competitors. Being able to reveal the position from which clients make their financial decisions and knowing the natural risk taking behavior is foundational because it is inherently stable over long periods of time and therefore predictable through different market events. The natural hard wired behavior will always instinctively reveal itself and take over when a person is under financial and emotional pressure. Therefore, such behavior strongly influences their decision-making. This is when they are likely to make decisions from the life they are living and close down the personal skills, opportunities, what ifs which remain unrealized in their Life Gap.

Visit the Financial DNA website and learn how to discover your clients’ risk taking behaviors in order to help them achieve their wealth building and wealth management objectives.

Carol Pocklington

Carol Pocklington

Carol Pocklington - Chief Insights Accelerator

Carol is a Human Performance Accelerator. She has worked with Hugh Massie since 2001 since the Financial DNA understanding concept was conceived. She works with people and businesses worldwide. Her real-world application of behavioural insights, gives her the capability to serve as a business strategist, coach, mentor, and trainer. She is also a prolific blogger, a public speaker and author, specializing in human behavioural insights.

Carol's DNA Natural Behavior Style is - Facilitator

Carol is a Facilitator. Facilitators are persistent, goal-oriented people who promote team effort in order to complete tasks. Facilitators lead by setting examples and by achieving goals. Their strong work ethic encourages others to excel and they have an excellent ability to deal calmly yet firmly with people using a facilitative style.

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