Editor’s Note: This article is based on Steve Sanduski’s podcast interview with Dr. Martin Seay, program director and associate professor of personal financial planning at Kansas State University. To access more than 100 interviews with industry leaders, subscribe for free to Steve’s podcast, Between Now and Success by clicking here.
Are your multi-millionaire clients any happier than your merely millionaire clients?
As your client’s net worth increases, have you seen a direct rise in their level of happiness?
Have you ever felt frustrated that all your hard work on the financial side of your client relationships didn’t move the needle in their sense of well-being?
Helping clients save, grow and protect their money is a service that clients value and appreciate. But there is so much more you can do to help them beyond just the numbers.
Let me ask you this: On a scale of 1 to 10, with 10 being maximum life satisfaction and well-being, what would be the impact if you could help your clients move from a 6 to a 9? Or even to a 10? How much meaning would that add to your work and how much satisfaction would it add to your client’s life?
I believe we are heading into an era where advisors will be measured by the impact they have on their clients’ lives rather than the return on their clients’ investments.
The Positive Approach
About 20 years ago, Dr. Martin Seligman rocked the world of psychology by proposing that psychologists formally study what could make healthy people healthier instead of just trying to make ill people well. This new branch became known as positive psychology.