Traditional planning aims at maximising returns and saving taxes. It revolves around numbers. Life planning focuses on what clients
want. It’s about discovering the goals
that would help a person lead a better life by fulfilling the dreams or aspirations that he always wanted to achieve.
The outcome of the two approaches is different but usually not does vary widely. Only in few cases can there be a drastic difference. These are cases where a client might need to shift jobs, change his location, sell his house, and so on.
Dreams and aspirations can change with age. How do life planners tackle that?
Every two years planners take stock of clients’ goals
and check for changes. If an individual is in transition, monitoring is done more often. Changes are made accordingly.
Are there takers for this approach in India?
This approach is for everyone, anywhere, who wants to live a more fulfilling life using the funds they have. India is exploding with economic opportunity and wealth in the hands of individuals is growing. India needs more professional advisors to help people manage their wealth. Life planning can help them better than traditional financial planning.
We have so far certified 153 financial planners
in India who can offer life planning to clients.