Firms that develop life planning services add value to their business and offer their clients a more rounded service, says Yellowtail Financial Planning.
At the Institute of Financial Planning annual conference in Wales last week, Yellowtail managing director Dennis Hall said: “”Life planning is about really getting to know your clients and understand what their goals are. That is something that has been lost in the mass market of advice.”
Hall added that life planning is a service clients are willing to pay a fee for. “This is something many firms are giving away for free when it is something that life coaches charge a lot of money for.”
He said he plans to move away from financial planning and concentrating solely on life planning for clients. “I want to be able to sit down with my clients and work out what their goals are, then hand the brief over to our paraplanners to work on the money side,” he said.
Helm Godfrey managing director Bruce Wilson said: “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. It is the pinnacle of financial planning.”