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The Difference Between Life Planning and Financial Planning with Andrea Millar
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Life planning and financial planning are two distinct approaches to helping clients achieve their goals and secure their financial futures. While financial planning typically focuses on achieving specific financial milestones, life planning considers broader life goals. By understanding a client's life goals and values, financial advisors can provide more effective financial guidance and align investments and other financial decisions with the client's long-term aspirations.
In this episode, Steve talks with Andrea Millar, Founder of Andrea Millar Life Planning. Andrea is a life planner and coach who guides people to bring more joy, intention, and meaning to each day, build a work life that supports their personal life, and find renewed purpose and peace as they go through life's transitions.
With a passion for inspiring and empowering people to live their best lives, Andrea talks about her perspective on life planning, specifically how an emphasis on life planning works and its impact on the client relationship. She also shares the five buckets that make up a successful life planning conversation, the difference between life planning and financial planning, and how they complement one another.
Key Takeaways
[01:58] - What led Andrea to specialize in life planning and coaching.
[09:18] - The five buckets of a successful life plan.
[14:53] - Programs and courses on life planning and coaching Andrea completed.
[20:48] - The benefits of putting more emphasis on life planning than financial planning.
[24:01] - The risks advisors need to consider when taking an all-in approach to life planning.
[28:11] - Why Andrea believes life planning is a strategy for success.
[30:44] - The difference between life planning and financial planning.
[35:30] - A life planner's role in supporting the advisor's client relationships.
[38:40] - An event in a client's life where life planning applies.
[43:20] - What drives Andrea to inspire and empower others to live their best lives.
Quotes
[07:42] - "Many people are living life on autopilot, just getting caught up in all these should-dos and whatever busyness of life and not stopping to reflect on what's most important and how they get there." ~ Andrea Millar
[21:26] - "Clients' behavior and results are led by what they focus on, and if they shift their attention to the purpose and the why, they'll be more engaged to take action on the recommended solutions." ~ Andrea Millar
[26:56] - "You have to be willing to let go of your ego when it comes to life planning because the client is the expert on their lives. They know where they are in their life, how they feel, and when they're ready to move forward. So, you have to let go of being the person with all the answers. The most valuable thing is letting go of that and just being present, guiding them, and facilitating them to find their answers." ~ Andrea Millar
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Disclosure
For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)
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