George Kinder’s approach to life planning is based on the premise that advisers should first discover a client’s most essential goals in life before formulating a financial plan, so a client’s finances fully support those goals. We call it life planning because what’s really important isn’t the client's money, but their life.
Here's a real life example of life planning in action below.
The client's dream retirement was to:
Establish a bed and breakfast as a successful business by providing a special, service-based offering that allows you to engage with people. Enjoy the experience of living for pleasure rather than living and working out of duty. Have significant time to read while still engaging with the world on a commercial basis. Feel more enlightened. Have time to choose what you want to do on a spontaneous basis. Live in a rural setting with plenty of outdoor activity. Feel integrated into the community. Travel more extensively and tick off all the remaining Munros.
Her dream retirement was to:
Establish a successful bed and breakfast that has a great reputation. Feel financially secure, have their affairs in order and enough money not to worry about the future. Do fun things including travelling to visit friends that live outside the UK, go sightseeing, visit the Arctic circle to see the Northern Lights. Be a supportive grandmother, enjoy visiting friends and family. Exercise more regularly.
The financial plan required to achieve this included:
Obtaining mortgage finance for the B&B purchase, sale of two properties, sale of all their Isas, consolidating eight pensions and accessing their 25% tax free cash.
Delighted clients that are now living their dream retirement (and a recent referral to his brother).
I love being able to do this for clients and feel very grateful that I came across George Kinder back in 2008. It’s been life-changing for me and my clients.
I'll be speaking about George Kinder's approach to life planning at the CISI Financial Planning CPD meeting on May 18. Click here for more details and to book your place.