The Missing Element in Financial Planning

80% of financial plans don't get implemented.

I was reminded of this statistic a few days ago and I cannot get it out of my mind. It's one of those confusing and unbearable statistics about an industry I love that I am perplexed by.

I know so many capable advisors who truly want to make a difference and are brilliant. They know their numbers inside and out, they have excel spreadsheets and fancy software to back up their claims. They are ethical and hard working. I know other advisors who learn a system and can prove it works, have theories and proforma and get incredible returns in the market. But there are few advisors that I have met that have learned to implement mindset and dream planning programs for their clients.

I'm not sure why this is, but I would love to explore it, especially when these statistics exist. We are being asked to create roadmaps for clients who don't know where they are going. The destination is unclear, the desires are uncertain, the end result is unseen and yet we still power through all these undetermined variables and say "here is your professionally designed plan".

I think it is our duty to help our clients determine and imagine their future. Is this a seamless task? For many clients, it's not. They are taught to plan within their means, to keep themselves in their lane, to keep pushing harder, but aren't sure to what end. They are given vague concepts to hang their aspirations on, like "pay off debt", "grow your investments", "don't spend too much", etc. No wonder so many clients leave meetings with advisors uninspired and with little motivation.

The reality is, the financial industry can be an industry of hope and helping clients fulfill their dreams. Leaving our meetings with a pep in their step and a growing desire to make their future a reality. Advisors have the tools their clients need to accomplish their goals and enjoy life. That's the power within our industry and our profession. But it all starts with dreaming with your clients; allowing them to explain their heart's desires and then you can begin creating the plan to get them there. Without the end destination, which gives both you and your client motivation to move forward, what are you doing giving GPS directions?

Taking time to go through this process creates a dedicated & motivated client. And the bond between advisor and client will be unshakable.