How Do You Help Clients Prioritize Their Financial Goals?

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    Advisor Brief

    How Do You Help Clients Prioritize Their Financial Goals?

    When it comes to aligning financial strategies with personal aspirations, we've gathered insights from top financial experts. From a CEO & Independent Financial Advisor's structured planning to a Lead Financial Planner's roadmap for success, discover the diverse approaches in these four valuable responses to prioritizing financial goals.

    • Prioritizing Retirement with Structured Planning
    • Helping with Diverse Financial Goals
    • Balancing Retirement and Education Savings
    • Creating a Roadmap for Financial Success

    Prioritizing Retirement with Structured Planning

    One of my clients, a successful professional in her mid-50s, came to me with a variety of financial goals: paying off her mortgage, saving for retirement, and setting aside funds for her children's education. After conducting a thorough cash-flow analysis and reviewing her entire financial situation, we discovered that her current retirement savings were insufficient to maintain her desired lifestyle in retirement.

    We worked together to prioritize her goals, focusing first on increasing her retirement contributions to take advantage of catch-up provisions and employer matching. We then developed a plan to allocate her remaining cash flow to pay down her mortgage more aggressively while still setting aside some funds for her children's education. By creating a clear hierarchy of goals and a structured plan to address them, we were able to put her on a path toward a more secure financial future.

    Dominic Murray
    Dominic MurrayCEO & Independent Financial Advisor, Cameron James - UK & Expat Financial Planning

    Helping with Diverse Financial Goals

    In financial planning, it's crucial to recognize that each client's situation is unique, and a one-size-fits-all approach doesn't work. For instance, I once assisted a client who had a diverse set of goals, including retirement planning, saving for a home, and funding their child's education.

    Understanding the complexity and the emotional weight of these decisions, we adopted a step-by-step strategy. We began by asking the client to articulate their immediate priorities, then matched these with our professional assessment to identify any critical gaps, such as the need for income protection despite their focus on life insurance. This collaborative process not only educated the client on the nuances of financial planning but also empowered them to make informed decisions that aligned with their life's narrative.

    Ultimately, the client chose to prioritize retirement savings and income protection (critical illness insurance), feeling confident and reassured in their path forward. This experience underscores the importance of a tailored, client-centered approach in financial advisory.

    John Lysack
    John LysackFinancial Advisor, John Lysack Wealth Management

    Balancing Retirement and Education Savings

    Recently, I spoke with a family that was torn between saving for retirement and funding their child's education. To address this, I reviewed their financial situation in detail, including their income, expenses, current savings rate, and investments. Then, I facilitated a detailed discussion with the client and their spouse to understand their priorities and long-term aspirations.

    We discussed the importance of prioritizing retirement savings to secure their financial future—you can choose to send your children to a more affordable college or consider student loans, but borrowing for retirement isn't a viable choice. Ultimately, we developed a plan that allocated resources effectively for retirement and education savings. By guiding them through this process, we helped the client gain clarity and confidence in their financial decisions and will monitor this plan with them over time.

    Ryan Haiss
    Ryan HaissFinancial Planner, Flynn Zito Capital Management, LLC

    Creating a Roadmap for Financial Success

    I recently assisted a client in prioritizing their financial goals amidst a significant life transition. We began by conducting a thorough assessment of their current financial situation and discussing their long-term aspirations. Through open communication and careful analysis, we identified their top priorities, including saving for retirement, funding their children's education, and building an emergency fund. Together, we developed a step-by-step action plan, outlining specific strategies and timelines to address each goal effectively. By aligning their resources with their most important objectives, we were able to create a clear roadmap for achieving financial success and peace of mind.

    Chad Lively
    Chad LivelyLead Financial Planner, Lively Financial LLC