Goal Setting – A Win-Win for Advisors and Clients
People actively working toward clear goals are 10 times more likely to succeed1. Your discovery meetings and review meetings can be a great time to talk with clients (both existing and prospective) about their financial goals, both for the current year and beyond. Any new goals can be added to the client’s financial plan, and existing goals can be reviewed and updated. Below are broad examples of some short-, medium- and long-term goals.
Short-Term Goals
- New Car
- Repairs or Renovations
- Vacation
New Car
Repairs or Renovations
Vacation
Medium-Term Goals
- Master’s Degree
- College Funding
- New House
Master’s Degree
College Funding
New House
Long-Term Goals
- Early Financial Independence
- Retirement Planning
- Leaving a Legacy
Early Financial Independence
Retirement Planning
Leaving a Legacy
In addition to gathering specific details, you will likely want to assist clients with prioritizing goals. It is generally best to work toward multiple goals simultaneously, but prioritization helps to determine the best path to take. If the financial plan indicates that any goals are under- or over-funded, then re-allocating resources or modifying goals may be appropriate.
These same conversations can also be used as an opportunity to identify additional “goals” such as protecting loved ones in the case of premature death. It can be difficult to discuss sensitive topics, so empathy is of the upmost importance; however, it is important to be proactive in planning ahead.
1 Savology: The Top 6 Benefits of Financial Planning
For Use with the General Public. Financial Planning and Advisory Services offered through Vicus Capital, Inc., a federally Registered Investment Advisor.
