What Does Money Mean to You?
The Awesome Power of Your Personal Financial Plan
A great financial plan gives you invigorating clarity. It also creates the context for your investment strategy. Private Ocean Wealth Management principals Chip Pyfer and Sarah Wotherspoon share lessons they’ve learned helping clients define and realize their dreams. Hint: It’s more than financial – it’s emotional too.
“It’s a completely different way of working with clients when you say, ‘We’ve got all the numbers and we’ve heard you. Let’s put those together,’” says Sarah Wotherspoon, advisor at Private Ocean Wealth Management, a wealth advisory firm based in San Rafael. “Let’s look at both of these – who you are and what’s important to you, plus the financial analytics to make the best decisions for you.”
Some may think financial planning is a purely quantitative, numbers-oriented activity with the goal to preserve and grow your money. While financial planning is part numbers, the path one takes to get there is also based on the emotional goals of the client. As Chip Pyfer says, “The incredible thing about the human condition is that no two people are the same; we each have very different past experiences, unique present circumstances and very personal future aspirations.”
According to Sarah, the financial planning work that Private Ocean does sets up the investment strategy. “Some of our clients know a lot about finance and some know very little. What they have in common is they don’t want to spend all their time thinking about money, so we help them make those decisions in the context of who they are and what’s most important to them.”
A good advisor wants to understand your values, your family dynamics, and what you care about most. What makes you passionate? What is your ambition in life? A financial plan is incomplete without knowing where you come from, your investment history, and even what emotions you associate with money.
Wondering if your plan is meeting both your personal and financial goals? For more food for thought, watch this 5 minute video and download our Guide to Happiness to learn more about what to look for in a great relationship with your wealth manager.