What would it be like to not worry about money?

Words KATH ORMAN

I was recently blessed with a rather different first meeting with a new client. This lady had been referred by my lovely clients, who have been with Goals & Dreams Financial Planning for 13 years. As they are a very caring couple, they drove their friend to the appointment and planned to leave to have a coffee and wait to drive her home. It was not that she couldn’t drive herself, they just wanted to do the introduction, face to face.

As they were about to leave, she commented that she has no secrets and would be happy for them to sit in on the meeting as well. So, around the table was myself, my team member Emma, who has her financial planning degree and is doing her ‘professional year’ under my wing, my existing clients, and the new client.

I walked through the process we use to find out where the client is now, where they want to be in the future and what is on their wish list in life. Financial planning is like a jigsaw puzzle, with many elements that all need to be addressed. I also like to empower my clients with knowledge and understanding, to take away any fears or pre-conceived beliefs they may have about investing.

The new client has had many challenges and hurdles to overcome in her life. This has left her with a belief that she will never have financial wellbeing, as there is always something to worry about. I suggested that she put three small words in front of those beliefs. For example, “In the past I was hopeless at managing my money”. This puts the past where it belongs, as we cannot hope for a better past. This provides a clear path for the future, to make changes that help achieve your goals and dreams and enjoy the journey.

We then embarked on learning about investing, the various asset classes, market volatility and having the correct structure. My existing clients listened throughout the meeting, only adding a few words, or having a laugh (or empathising) during the discussions. However, when we were nearing the end, the wife commented she realised how much they have learnt over the years since they started on the journey as clients. They have evolved and feel empowered and are now happily retired. They enjoy a wonderful lifestyle and no longer worry about money. They then spoke to their friend about their experience and encouraged her to do her homework (that I had listed for her) and get on the right track. Tongue in cheek, I asked if they could come and sit in on all my new client meetings.

Kath Orman is a Senior Financial Planner of her company Goals & Dreams Financial Planning Pty Ltd, which is an authorised representative of Charter Financial Planning Limited AFSL 234665. If you would like to know more email: kath.orman@goalsanddreams.com.au or phone: (07) 3350 9595.