FINANCIAL THERAPY FOR FINANCIAL PROFESSIONALS

“I’ve heard about financial therapy, but I don’t understand what it is or how it could help my clients or me.”

Life Planning has been around for a while, and you completely understand that financial planning is about more than giving financial advice. It’s a relationship that can go deep and be long-lasting.

But sometimes, things get tricky for your clients in their family, friend, and business relationships; and sometimes, it even gets tricky in their relationship with you!

You’re wondering how financial therapy comes into play, and you’re concerned about crossing professional boundaries.

“I love my clients, but it doesn’t seem like we are making progress on their financial goals.”

You’re thorough. You gathered extensive data and ran all the numbers, created lots of scenarios, and found some creative ways to make your client’s future retirement dreams work out on paper. You found ways to save them significant money on taxes and hooked them up with a great accountant.

You identified business vulnerabilities that could be devastating if they don’t get some business entities and insurance coverage in place. You presented it all so clearly in the meetings. They seemed totally on board with your recommendations and so grateful for your work, so why is the implementation stalled?

“Sometimes in meetings, I start feeling frustrated. It doesn’t seem like we are really connecting.”

It feels awkward that this is the fourth meeting in a row that you’ve followed up on that annuity they agreed would be best if they 1035 exchanged. You’re starting to feel like a pest. They smile and say they forgot and will do it this week.

It’s easy to brush it aside and talk about something else, but you wonder what’s really going on and how to go about finding out.

“My client is now a widow. There are so many planning opportunities, and she is grieving.”

You’ve been here before with clients. Maybe you’ve even had some training in working with clients in transitions like this. But this time it feels harder, and you think maybe a little support (for you) might be helpful.

“I’m good with money, yet sometimes the financial situations my clients are facing start making me feel uncomfortable. What is that about?”

Oh no. Bill is talking about his brother, Sam, again. Sam lost a lot of money on an investment last month, and their father bailed him out. What’s strange about it, though, is that you seem to be more upset than Bill is! What’s that about?

“I’m in over my head. There’s tension between my clients during meetings, and I don’t know how to help them.”

One partner dominates the conversation and makes all the decisions. The other barely says a word, and you notice occasional signs, closed body posture, and mostly checking out. You sense there is more to be said, but you’re not sure how to bring it up since their partner has all the answers. You wish you knew how to feel less stressed in these meetings, and you are starting to dread seeing them again.

“I’m ready to expand my skill set.”

That’s great. Sometimes, it’s a good idea to refer to a financial therapist. There are many, many situations you can handle without crossing professional boundaries. Let’s get started exploring how to do that.