This is where we move from broad, long-term interests, to something very achievable for clients to act on. This is the opportunity for advisers to demonstrate how they help their clients move ideas into actions, and show how clients can really achieve their best life. It takes the process from a theoretical discussion and grounds it in reality.
To develop these goals, advisers will follow the SMART goals framework, ensuring each goal is:
Advisers then take the clients through a Goal Setting exercise via the Lumiant platform to create goals that will take them closer to their values. It asks for information such as a goal title, description, what success looks like, what is the ideal scenario, when is the target date to achieve the goal, and how much are you willing to spend. Clients can create multiple goals for each value.
E.g. if a client values ‘Master new skills or knowledge’, then they may create a goal to learn an instrument. This would require setting aside a certain amount of time and money, and could include a timeframe of one year to perform to friends and family.
Or, the goal may be to achieve a PhD, which would take more upfront investment, but could ultimately lead to a salary increase. All of these factors should be defined and considered during this module.
Once both clients have compiled actionable goals, together they can prioritise the order of importance to them, i.e. the value that they hold closest sits at the top. These decisions will inform advice on how to invest their money to achieve these goals.
How to Add a Goal
In the Workbench, navigate to the client's view tab.
Click Add Goals
This will bring you to the first page of the goal wizard. Here you will need to click and select a Goal Category for the goal you are adding.
There are several goal categories to choose from:
- Reduce my Debts
- Purchase a home or investment property
- Grow my wealth
- Change in the family situation
- Grow my family
- Provide the best education
- Save for a large purchase
- Retire comfortable
- Set aside an inheritance
- Protect my finances
- Let me live my best life
- Customise your Goal
From there the Goals module will guide you to capture the SMART goals for your client.
The details are:
- Goal Name
- Assign to - Client A, Client B or Joint
- Goal Importance
- Which Life scores or Values cards this goal supports
- Add an image
Completing the additional goal details will allow the client and advisor to capture further important details, for our Your Best Life users this will also be important as this feeds. By editing the details you will be able to set the following:
- Completion Date
- Financial Outcome (is this a non-financial goal, will the client have more or less money)
- How much will the goal increase/decrease their money by
- If it is a recurring goal
- The goal importance.
There is also a tab for notes to capture extra goal details.
Once saved you will see the Goal listed in the Goals Module.
You can track the status of it as either To Do, Doing or Done. All goals marked as Done can be viewed in under the completed goals heading.