Be Careful What You Wish For

Watch the full video here: https://bit.ly/3Q3WPXF

Are you considering a career in Financial Planning?

Well... be careful what you wish for.

The challenge is that Financial Planning is a term used by a wide range of Financial Advice and Planning firms – regardless of the actual services they offer.

It’s a bit like joining a band.

You’ve decided you’ll make a great singer and want to join a group.

But you wouldn’t just join any band – you’d find one that matches your singing style.?

Otherwise, if you drop a gangster rap verse at a choir recital, things might get a little... well, awkward.?

In my mind, I picture the different services that make up Financial Planning as distinct labels.?

1. Lifestyle Financial Planning – Life coaching helps clients visualise and articulate their desired outcomes, guiding them toward their goals.?
2. Financial Planning – Using Cashflow Modelling to create a structured Financial Plan that guides future decisions.??
3. Financial Advice – Giving product specific advice and arranging transactions.?

All are valuable, but they’re different services.?

Now, if you’re already in the profession and have been around the block a few times, I could name a few financial firms, and you'd likely be able to match them to the right service category.?

But, if you’re new to the profession, it all just sounds the same.?

Like some music does if you’re not into it.

And the problem is, if you only want to deliver great product advice and transactions, then a Lifestyle Financial Planning firm is probably not going to suit you.?

Likewise, if you want to deliver great life coaching, you’re probably not going to enjoy being in a more transactional style Financial Advice organisation.?

Either way, you’ll feel like Aled Jones warming up the audience at a Megadeth concert.?

I see this a lot from people entering the profession…sometimes they’re so chuffed about getting into the Financial Planning band, they forget to ask what music they’ll be playing…?

So, what to do?

Well, if you were thinking about joining a band, you'd go see them perform first.?

You'd check them out—see if their music matches your style.?

So, do the same when considering a Financial Planning firm.?

Visit as a client, listen to how they deliver their service, and get a feel for their approach.?

If you walk away feeling excited and inspired, it's probably a great fit for you as an employee.?

But if you feel like a goth at a Fleetwood Mac festival... you might be in the wrong place.?

So, which 'band' are you playing in—Lifestyle Financial Planning, Financial Planning, or Financial Advice? And how does it shape the way you approach your work???

I’d love to hear your thoughts in the comments...

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Watch the full video here: https://bit.ly/3Q3WPXF