Values as important as goals

Adviser Voice
July 1, 2024 AEST

Values are as important to clients as goals, according to AstuteWheel, and the evidence is in plain sight.

‘A recent report by the Responsible Investment Association Australasia, for example, reveals that 88% of Australians expect their investments to be responsible and ethical,’ says AstuteWheel Director, Michael Topper. ‘This is an example of a collective values-based expectation.’

In a broader sense, Dr Topper says it suggests that increasingly what Australians also want is financial plans that help them achieve goals that are in line with their personal values.

‘US research shows that clients who feel their values are reflected in their financial plans are more satisfied with the advice than those who do not and clients of advisers who initiate a values-based discussion are likely to recommend them to a friend or colleague.’

The challenge for financial advisers, he says, is that many clients struggle to articulate their values. ‘Give a client a blank sheet of paper, ask them to write down their values, and you may get a blank sheet of paper back,’ he says. ‘This is not surprising, you might struggle to articulate your own!’

AstuteWheel’s values tool helps overcome this struggle. Clients log into their secure client portal, click on an assigned task where 49 values playing cards come up on the screen and select 15 values that resonate most with them. They then reduce the number of values to a more manageable seven.

‘A values tool helps your clients walk through a process that is both valuable and enjoyable. It is also a structured and repeatable process that can become part of how you work with increasingly values-driven clients,’ Dr Topper says.

‘Build a sound strategy, starting with the client’s own unique values, and you will be able to create a financial plan that actually inspires them to achieve their goals. The strategies and products required to achieve their goals should then fall more easily and naturally into place.’

AstuteWheel Client Engagement Platform <i class="fas fa-phone mid-blue"></i> 02 94 533 588
Book Demo