We have preset notions in our mind about how majority of things and events should pan out at various stages of our life such as education, marriage, lifestyle, income sources, charities, retirement plans etc.
As in other things of life, there surely would be exceptions to these thoughts too.
In the field of Personal Financial Planning, one such exceptional thought process has started germinating in the minds of the practicing professionals with regards to Retirement Planning.
It is the concept of putting across to the client an idea to pursue his “Hidden Desires” post retirement once his Financial Planning is in place.
This process emanates from the school of Financial Life Planning which takes a look at the macro picture of a client’s life purpose and the financial planning aspect on a holistic basis.
To a client this process would be a novel concept which has never been touched before.
Can you put yourself in the client’s shoes, being asked to reveal your innermost, deeply entrenched, unfulfilled desires and then top it up by being urged to go ahead and actually fulfilling it ? Sounds amazing right ?
This is exactly the feeling your client undergoes, if you as his Financial Life Planner give him the financial and moral approval to pursue his long lost passion or desire.
The word retirement in India by default immediately projects an image of contentment, satisfaction, safety and security most of the times.
No professional in today’s world, be it a lawyer, doctor or a banker serving a retired individual would think of treading into the retired person’s mindset ( or would even be remotely interested in.. ) apart from the job he is entrusted to do.
This is exactly where the Financial Life Planner steps in…
He asks him this intriguing question of ‘What are your unfulfilled desires’ in life?’ and to add on asks a more positive question “ If given a complete roadmap to pursue his passion, would he now like to do it and thus make his life complete “ ?
The Financial Life Planner works in the dual capacity of managing and advising the retired individual’s Financial profile as well as understands his psychological profile. He is equipped with the right knowledge and tools to step into this un-explored terrain.
Clients would love to have their unfulfilled wish being fulfilled. The wish or desire could be of any nature and would most of the times be linked with money.
As the Financial Life planner during his interactions has understood the relation and behavior of his client with money and life at various stages of life, he can give an approval to his client to go ahead and live his dream at this stage of life too.
The client on the other hand is delirious with joy of pursuing his passion ( be it big or small ! ) at this stage of life when he least expected it.
All it needs is the right understanding, implementation plan and the push or nudge by the Financial Life Planner to think differently from others at this stage of life where people would generally be thinking of pension and not think of making an endeavor for pursuing their passion.
This is true value addition that a professional Financial Life Planner gives his clients.