Editor’s Note: This article is based on Steve Sanduski’s podcast interview with Seth Streeter of Mission Wealth. To access more than 100 interviews with industry leaders, subscribe for free to Steve’s podcast, Between Now and Success by
The money management side of what financial advisors do is quickly becoming a technology and cost-driven activity that will soon leave little margin for advisors. If you continue to focus your business around this function, your income will whittle away at an ever-increasing speed.
What will replace money management as the profit-driver for financial advisors?
The short answer is Life-Centered Planning.
Life-Centered Planning involves putting your client’s life at the center of the conversation, not their money.
Your greatest value lies in helping your clients make better decisions at the intersection of money and life.
Top advisor Seth Streeter is on the leading edge of merging money with the life conversation. As part of their approach to managing $1.6 billion in assets, Seth’s team at Mission Wealth helps clients think about wealth beyond their money, so they can enjoy more balanced, impactful and fulfilled lives.
An Epiphany
“For the first couple of decades in my career, I was really focused around the financial dimensions,” said Seth. “It was helping people retire. It was helping people sell their companies. Then I realized that I was helping people accumulate and secure their wealth, but it didn’t necessarily mean that they were that much more fulfilled, or that they had greater meaning or purpose in their lives.”
I know many advisors have experienced the same thing as Seth. You’re helping rich people get richer but it’s not necessarily making anybody happier. So, what do you do?