Your client's financial goals clash with their personal values. How can you navigate this delicate situation?

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When your client's financial aspirations seem to conflict with their core beliefs, it's like trying to navigate a ship through a stormy sea of ethical dilemmas. As a financial advisor, you're tasked with charting a course that aligns with both their monetary objectives and personal values. This balancing act requires a deep understanding of their priorities and a commitment to finding creative solutions that honor their principles without compromising their financial security.

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Braden Howell, CFP?, CEPA, RICP?

Lead Wealth Advisor

1 Understanding Values

To effectively navigate the clash between your client's financial goals and personal values, start by gaining a deep understanding of what they hold dear. Ask probing questions to uncover the beliefs that shape their worldview and listen intently to their concerns. This understanding is crucial because it allows you to see the financial landscape through their eyes, ensuring that any advice given is tailored to respect their ethical boundaries while still moving towards their financial objectives.

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Braden Howell, CFP?, CEPA, RICP?

Lead Wealth Advisor
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My journalism degree was instrumental in teaching me the art of asking questions, and it is something that has served me well throughout my career. One of my professors told me that every article had to include the "5W+H" which stands for "Who, What, When, Where, Why, and How." That same format can be useful in financial planning when trying to understand a client's values. Data is important, but you will never get the full picture if you don't get the story behind the data. Asking better questions generally gets you better answers, but asking the right questions will help reveal what truly matters to someone.

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2 Goal Alignment

Once you understand your client's values, it's time to examine their financial goals through this new lens. You must identify where the conflicts arise and determine if the goals can be adjusted to better reflect their values. Sometimes, this might mean redefining success or exploring alternative investment strategies that align with both their financial aspirations and personal principles. It's a delicate balance, but with open communication and a willingness to adapt, alignment is achievable.

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Braden Howell, CFP?, CEPA, RICP?

Lead Wealth Advisor
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Goals-based planning sees money as a tool, not the objective. The goal should never be about earning, saving, or accumulating a certain amount of money. Instead, the goal should be something that is an expression of a client's values. Money is simply the tool that will allow them to live out that expression. The idea that you can tell someone's priorities by looking at their bank account and their calendar holds true and, with proper goal alignment, your calendar and your bank account will reveal your values.

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3 Ethical Investments

Introduce your client to the concept of ethical investing, which involves choosing investments based on personal values, such as social responsibility or environmental sustainability. Explain how they can contribute to causes they care about through impact investing, which targets companies or projects committed to positive social or environmental outcomes. By integrating their values into their investment strategy, they can feel good about where their money is going while still pursuing their financial goals.

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4 Creative Solutions

Creativity is key when your client's financial goals and personal values seem at odds. This might involve crafting a unique portfolio that excludes certain industries or finding socially responsible funds that match their ethical stance. Encourage them to think outside the box and be willing to explore unconventional paths to wealth accumulation. With a creative approach, it's possible to build a financial plan that is both profitable and principled.

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Braden Howell, CFP?, CEPA, RICP?

Lead Wealth Advisor
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Throughout my career, I have often been asked the question "What is better?" as if every aspect of financial planning can be deduced cookie cutter "this or that" answers. "Should I use mutual funds or ETFs?" "Should I do term or permanent insurance?" "Should I use variable insurance or whole life?" "Should I uses index or active investments?" "Small Cap or Large Cap?" "Growth or Value?" My answer is almost always the same: "Yes!" Everything in finance is a tool and, when used appropriately, they can build something amazing! Don't prevent yourself from exploring an opportunity just because your neighbor had a bad experience. It may not have been right for them, but it could be right for you.

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5 Ongoing Dialogue

Maintaining an open line of communication with your client is essential in navigating the tension between their financial goals and personal values. Regular check-ins allow for adjustments to their financial plan as their values evolve or new ethical considerations arise. It's important to reassure them that their financial journey is flexible and can adapt to reflect their changing priorities. This ongoing dialogue fosters trust and ensures that their financial strategy remains aligned with their values.

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6 Professional Guidance

Lastly, remind your client that they don't have to make these tough decisions alone. As a financial services professional, you're there to provide guidance and support every step of the way. Encourage them to leverage your expertise and resources to find solutions that satisfy both their financial ambitions and moral compass. With professional guidance, they can navigate this complex terrain with confidence, knowing that their financial plan is in harmony with their personal values.

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Braden Howell, CFP?, CEPA, RICP?

Lead Wealth Advisor
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The real reason why people should lean on financial professionals to help them with their retirement savings and financial planning is not because they need help picking the right investments. It is because they need an objective observer and guide to keep them from making emotional mistakes that derail their plans. The expertise and resources professionals provide is just the icing on the cake!

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Your client's financial goals clash with their personal values. How can you navigate this delicate situation?

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1 Understanding Values

2 Goal Alignment

3 Ethical Investments

4 Creative Solutions

5 Ongoing Dialogue

6 Professional Guidance

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