Here's an example of the type of thing that could win The Lifestyle Financial Planner of the Year Award - 2023

?? The Lifestyle Financial Planner of the Year Award ?? is now up for grabs!

(It's open to all advisers - wherever you are in the world!)

It's time to shine a spotlight on the true impact REAL financial planning has on people's lives.

Here's an example of the type of thing that could win this award...

This is an actual client case study from one of our long term Inspiring Advisers members, David Lamb CFP? Chartered MCSI (David is not allowed to enter for the award as he and I are secretly working on another project. All will be revealed soon! :-)

AN EXAMPLE

In David's own words... (only client names have been changed).

Bob and Maureen?

Bob and Maureen were recently retired when I met them. We had a cracking first meeting. During our first meeting, like I do with all my clients, I ran them through my process where I ask them to score themselves across 10 key life satisfaction areas. I noticed how they both scored themselves low when it comes to fun and recreation and also fulfilment.

I didn't press them at the time but I knew this was a conversation just waiting to be had once they knew where they stood financially, and where they were heading.

As always, I ended our meeting using your bucket concept, and they said what new clients often say?'this is what we've always wanted from an adviser'!

We agreed a date and time for our next meeting.

Back at my office, after building a comprehensive financial plan using Truth - and stress testing it in various ways - this showed they were NEVER going to run out of money.

At our next meeting, I went through the financial plan with them using Truth. When they eventually saw the lifetime cashflow, the look of relief on their faces when they got to understand that they were always going to be OK was amazing.?I then explained to them that they were, as you call them, Paul,?'Got Too Much'?type clients.

I then explained to them that, actually, there were some serious challenges of being a?Got Too Much. Tax being one of them. Surely they've already paid enough tax when they were working and running their business, and now I pointed out that inheritance tax would probably be their biggest tax bill ever. I reminded them that it's no use being the richest man or woman in the graveyard.

I asked Bob and Maureen how much they wanted to leave behind. Bob said that he certainly didn’t want to pay?"any bloody inheritance tax!"?At the time, this meant leaving no more than ￡650,000 when they die, in today's terms.

Using Truth, I quickly calculated that they could do this?and also easily spend an extra ￡30,000 each year, in todays terms, every year, for the next 10 years.

"Brilliant!"?said Bob,?"I’ll buy a new car".?

I said?"Make sure you buy one every year! Oh, and make sure each one has got really high depreciation for IHT purposes!"

Bob laughed. He got my point.

Now it was my chance to raise the issue of their low scores relating to fun, recreation and fulfilment.

I reminded them of this and said: "I noticed from your expenditure questionnaire that you don't seem to spend much on holidays. Perhaps you should be spending more money on holidays and buying some?fantastic experiences.?Perhaps going on more special holidays, so you have something to look back on when you're older and you start slowing down?"

Maureen started to look a bit uncomfortable.

As I get on really well with both clients, I felt confident to probe a bit to understand what was causing this.?

She was scared of flying!

Bob couldn't help but say, now they're retired, it was becoming a real problem for them both.?

"Here we are, with all this money, we're not getting any younger... and SHE doesn't want to go on a decent flippin' holiday!"

Driving home, I was wondering what we could do about this and I remembered a friend of mine also had the same problem but got over it by going on a Virgin Flying Phobia course at Newcastle Airport.?

I Googled the course and sent the details to Bob.?

To cut a long story short, Maureen went on the course in the February...

And the best bit?

In May, I received a surprise postcard out of the blue...

It had an orang-utan on it!

It was from Bob and Maureen!?

They were in Borneo of all places! Watching the orangutang, which had been on Bob’s (secret) bucket list for many years.

A couple of weeks after getting home, they went off to Barcelona for a long weekend to meet with friends, not being able to do that before.

Since then, now having the confidence to enjoy their money, they have enjoyed 3 - 4 mainly long-haul holidays a year, although the distances have shrunk recently as they are now getting that little bit older.

Every Christmas they send me a lovely hamper.?

They've BOTH thanked me profusely on many occasions - for genuinely being interested in them, their life and their lifestyle - and urging them to do stuff - and for going the extra mile.

Photos of the orangutang take pride of place on our Clients "Bucket List" wall in our office - along with pictures of camper vans and the Northern Lights and other wonderful reminders from clients of how we are changing their lives for the better.

All this thanks to Lifestyle Financial Planning following your training - and the efficient use of Truth Software. This not only helps give clients the confidence to enjoy their money - but, more importantly, it helps me to ask better questions?- about what the money is for in the first place!

Wow! The impact we can have on clients with Lifestyle Financial Planning!

Thanks to David for providing this simple case study.

Now it's your turn!

I bet you can do even better. If you have an example of how you've made your clients lives better, I urge you to enter The Lifestyle Financial Planner of the Year Award 2023.

Here's a link to access the Entry Form.

This award celebrates the impact you and your financial planning service has had on your clients.

This award sets itself apart from conventional 'Industry' accolades. It won't focus on your financial expertise, firm success, AUM, technical knowledge, qualifications, or systems and processes.

Instead, we're looking for one essential factor - the only thing that matters:

HOW YOU HAVE MADE YOUR CLIENTS' LIVES BETTER?!

The winner - and two runner ups - will be announced at BACK2Y - The Lifestyle Financial Planning Conference.

Entries close soon, so get a move on!

Good luck!

Paul

Oh, a post from me without a blatant advert for Inspiring Advisers just wouldn't be right, would it? ??

OK. Here goes. David was one of the first advisers to join my Lifestyle Financial Planning training programme over 10 years ago. He joined when he admits he was thinking about quitting the financial advice space. He was bored advising on pensions and investments. He knew something was missing, and that there must be a better way. David found my training and committed himself to mastering Lifestyle Financial Planning. He hasn't looked back.

If you feel something is missing in your advice proposition, that there must be a better way, then give my training a go with my 30 day no risk trial .