Financial planning isn't about making people richer, it’s about making their lives richer. In this guest blog, Chris Budd explains why all advisers should attend the Financial Wellbeing conference.
The role of financial planners has changed over the years. It is no longer enough to just focus on investments and price. Truly loyal clients come from providing financial advice that is focussed on making clients happier as well as wealthier.
We (the team behind the Financial Wellbeing Podcast) are putting on a conference for financial planners and advisers. Those who attend will:
Learn about the principles of money and happiness;
be inspired to help clients use their money to find purpose and meaning;
come away with lots of practical tips to help clients increase their wellbeing.
There will also be an announcement and offer, exclusive to attendees, that is likely to have a massive impact on how we all deliver financial planning!
What actually is financial wellbeing, and what will you get from attending a conference on the subject?
What makes us happy?
Well, it’s not money! At least, not in itself. The main contributor to wellbeing is actually the quality of social contact (if you come to the conference, you’ll see proof of this statement). Having purpose in life can also be a significant factor.
Money is a facilitator to happiness.
Financial wellbeing is therefore the use of money to generate happiness.
Money and happiness
The phrase ‘financial wellbeing’ is used by many to refer to budgeting and handling debt. Workplace lending companies have been particularly active in promoting this use of the expression. The reduction in wellbeing from debt is certainly an important aspect of money and happiness.
For financial planners, however, there are positive ways of helping clients to actively increase wellbeing. These are covered in detail in Chris Budd’s The Financial Wellbeing Book, a copy of which you will be able to buy at the conference. They are:
A clear path to identifiable objectives
Control of daily finances
Ability to cope with a financial shock
Clarity and security for those we leave behind
Examples of how money can be used as a positive contributor to wellbeing include: spending on experiences; philanthropy; making better financial choices; cashflow forecasting; providing security for loved ones; enabling purpose.
The financial adviser who helps their clients in such areas is going to have extremely loyal clients!
The Financial Wellbeing Conference
We have a line up of speakers at the conference intended to inspire you as well as give you ideas to implement. The topics that our speakers will cover include:
Financial planning to increase happiness
How anxiety can lead to poor choices – and what to do about it
Maximising wellbeing from giving
How to measure happiness – and why
Wellbeing in the workplace
The changing role of money in the event of a life limiting illness
The wellbeing biases that lead to poor financial decisions
There will be a book store, the opportunity to meet with the Money Charity, and to find out more about the work of the Penny Brohn UK Cancer Centre (who will receive any profits from the conference).
So, hurry up and book your tickets, as they are selling fast (no, really, they actually are!).
With thanks to Darren Cooke for the opening line.