The Institute of Financial Planning held its annual conference at Celtic Manor in Wales this week and it kicked off with a pre-conference session on life planning.
With the industry under a restructure due to the RDR, how does life planning fit into the wider adviser community?
Helm Godfrey managing director Bruce Wilson says it is the pinnacle of good, independent advice.
He says: “Life planning is about finding out what clients really want in life and creating financial planning around that. It sits at the heart of the financial planning process because it is about really knowing your client.
“The actual life planning side is not in itself a regulated activity but it becomes the core of what you build clients’ financial plans around.”
Yellowtail Financial Planning managing director Dennis Hall says he plans to move away from financial planning and concentrating solely on the life planning side of his business.
Hall says he wants to be able to sit down with clients and work out their goals, then hand the details to a paraplanner who will create a suitable financial plan.
He says: “I personally see more value in helping people see what money means to them. Most successful firms have unwittingly been doing some form of life planning and it is a valuable service that clients will pay for.”
Life planning certainly has its critics but is it a good way to add value to your proposition and help justify fees?
Is it necessary to dig down to an emotional level with clients to find out what they really want from their financial planner?
Post your thoughts below.