Over the past six months, we’ve introduced a new meeting into our process for clients, and the insights we've gained have been invaluable. This idea stemmed from a desire to better understand clients I haven't worked with closely over the years. While I could have read client notes or discussed their situations with colleagues, nothing compares to hearing directly from clients themselves.
When designing the structure of this meeting, I considered what would be most helpful for both clients and our team. I decided to frame the discussion around three key areas: past, present, and future.
The Past: Lessons Learned and Financial Foundations
This portion of the meeting allows us to explore clients’ financial histories—the experiences that shaped their attitudes, habits, and beliefs about money. We discuss how they grew up with money, what financial lessons they’ve learned, and the good or bad decisions that have influenced their financial mindset. These past experiences often explain current financial behaviors and even highlight potential differences in how couples approach money.
The Present: Financial Well-Being and Decision-Making
Next, we focus on the client’s current financial life. We explore what they feel good about, where they’d like to improve, and what values guide their decisions today. We also dive into their decision-making process—what keeps them up at night, where they seek financial information, and how they evaluate whether a decision was successful.
A key part of this discussion is clarifying expectations. Words like "success," "risk," and "safe" mean different things to different people, so defining them ensures we’re aligned. A great framework I recently came across is Daniel Crosby’s Happiness Formula: Reality – Expectations. It’s a simple yet profound way to assess decision-making, experiences, and relationships. Next time you feel disappointed or elated, try applying this formula—you might gain a new perspective!
The Future: Values, Goals, and Clarity
Finally, we focus on what lies ahead. This conversation helps clients identify their most important values and goals. The clearer their vision for the future, the easier it becomes to make financial decisions that align with their priorities. Some clients think 20 years ahead, while others prefer a shorter-term focus—and both approaches are completely valid.
A Valuable New Approach
This meeting has already proven to be a powerful tool in deepening our understanding of clients and enhancing the planning process. By exploring their financial past, present, and future in this structured way, we can provide more personalized, effective guidance. This approach will continue to shape the way we work with clients moving forward, ensuring that their financial plans truly reflect their unique values and aspirations.