My best guess is that these questions, in some form or another, have plagued thoughtful humans for as long as humans have been thoughtful. Philosophers, poets, theologians, playwrights and authors pontificate about them. They occupy dinner tables, taxi cabs, talk shows, bar stools, classrooms and meditation retreats. They consume sleepless nights, disrupt the tasks of the day and generally generate an inarticulate chaos for far too many of us. How might I best live this life of mine?
Now depersonalize these questions to anticipate the issues that plague our clients, particularly those blessed by substantial treasure but few clues as to how to use it most effectively.
Enter financial planning. Think. It is so apt for this challenge. Since our profession's inception we have been addressing our client's "goals and objectives." We have been discovering "assets" and "liabilities." We have been identifying issues and problems, then suggesting resolutions and action steps. We have been reviewing actions taken and imposing accountability. Truthfully, any honest assessment of "assets" necessarily includes review of time and their talents. From there, it is a short step to considering this whole issue of personal stewardship.
OK, OK. This is this eternal Boy Scout's version. At best it is an idealized expansion of so much that has passed with just a nod and wink under the financial planning aegis. Nonetheless, I suggest it is but small departure from our most honored notions of best practice. It simply mixes purely financial focus with purpose, capability and self-perception. True, it expands upon "goals" in manners not taught on the CFP® exam. Yet, with the new attention being focused upon the interior-including notions of wisdom, "life planning," and the soul/money dialectic-our own best principles and practices send us logically down the path of purposeful stewardship and assisting our clients with its address.
So, what does this mean? How might we explore helping our clients face the living tests of traditional stewardship issues? Indeed, how do we explore our own stewardship?
Brief diversion to reality: Obviously, not all of us are ready for this. It takes us beyond our familiars. Accordingly, many of us will not want to do this work for an array of reasons. No problem. Not all doctors do heart surgery or become psychiatrists.
However, on the "make a living" side, I assure you that huge numbers of people are looking for help integrating their tangibles and intangibles healthfully and productively. They are not looking for therapy; they are looking for someone to help them make sense of their assets and assist them with healthful stewardship.
I suggest we are just the people to give it to them. I further suggest the efficacy of a financial service/product designed to address these issues- a "Stewardship Policy." Comparable to an investment policy, different from "coaching," it generates a document within a limited process. It is of finite duration. It is a document of decision.
A Stewardship Policy engages self-governance. As with a financial plan, it addresses money issues. As with an investment policy, it asserts discipline and self-authority. Unlike a financial plan or an investment policy, it also addresses the client's time and talent in addition to money.
In other words, a Stewardship Policy is a document of wisdom, not just craft. In my opinion, a Stewardship Policy need not engage in the technical-although reasonable people can certainly disagree. Rather, it looks at the client's unique issues and intangibles, then puts them into highly personalized contexts.