Following from my article Money is not about Money, I now pose the question to you, If it is not about money then why do we talk about money?
As Financial Planners we are great at telling people how to reach their goals. We teach them that they need to plan, protect their plan and how to do this is monthly savings, investments and payment of insurance premiums.
The reason most people to not reach their goals is the lack of willpower and motivation.
The goals can be realistic and challenging and in most instances, they are not easy for our clients to achieve. In the plan that we present to people, we generally require them to save a substantial amount of money, pay insurance premiums for something they might not use during their lives.
As Financial Planners we are generally very passionate about Financial Planning, crunching the numbers for our clients. We are satisfied with the process when they have committed to the plan and implement our recommendations. Now what?
A year pass and you check in with the client, and you again present numbers and we feel satisfied by the clients appreciating our efforts. Another couple of months down the line and the client has missed his debit order, now what?
The reason is not that your planning was poor, it was not because of the client not buying into their(your) financial plan, but is more likely that the client has lost motivation and the willpower to continue.
As financial planners, we need to help clients focus on the why as often as we can. The why is their own accountability measure of their dreams and goals. The why is the reason they made a sacrifice in the first instance is the reason they will remain dedicated and focused on the plan.
Are you sure you get to their WHY?
Find out more on how to ensure you get the why in my next article.
*If you are in the Financial Planning Profession, reach out to find out more about how Barbara Mundell Consult(PTY) LTD help you change the experience and build trust.
Barbara Mundell,CFP® BAP(SA)™
Barbara Mundell Consult (PTY)LTD