Life Planning Interview

Becoming a Life Planner - Dee Blick Interviews Tracey Evans

Why one woman has put listening at the heart of her learning

Tracey Evans the Associate Partner at Ashley Law Mid Sussex Independent Financial Advisers explains to Financial Mail Women's Forum columnist Dee Blick why she embarked on an 18 month period of intensive study, learning and self reflection to become a Registered Life Planner.

What is a Registered Life Planner?

For my clients, it's an additional quality mark with regards to financial advice. But most importantly, it's about listening to them, teasing out their goals and their life aspirations, marrying the meaning in their life with the money in their life.

I would expect an independent financial adviser to do this?

Sadly that's not the case. Research has shown that most independent financial advisers listen to a client for just 82 seconds before interrupting and bringing out their sales brochures and charts. Clients are interested in themselves; the direction of their lives. That's not to say there are many good independent financial advisers who are accomplishing elements of the life planning process. The problem is that they are not placing sufficient value on the power of really listening, allowing a client to share their fears and hopes around their future spontaneously and in detail, knowing that they will not be interrupted as they do so.

What made you put yourself through such a pretty stringent and time-consuming process?

I am in the top 10% of independent financial advisers in the United Kingdom. However, I reached a watershed last year. Although my clients were delighted with my service and, I had never experienced any complaints or negative feedback, I did not feel completely fulfilled in my work. I felt there was more I could do. I wanted to make more of a difference and, to challenge myself. I attended a seminar about the value of being a Life Planner and it was a light bulb moment. I had been exploring how I could engage with my clients at a deeper and more meaningful level to deliver an even better, more holistic service. And so I began working towards becoming a Registered Life Planner. I am now working towards Chartered status and am one of just 40 Registered Life Planners throughout the UK

Did you go back to school?

It certainly felt like it with 18 months of intensive studying running parallel to my day job! I initially attended a two-day course, followed by a five-day residential course, then a six-month mentorship programme. It cost a fortune too but I knew that I had to do it regardless of the time and money involved.

How do clients benefit?

There are five phases to life planning - exploration; vision; obstacles; knowledge and execution. In the exploration phase, you meet with your clients and encourage them to open up. So, you are non-judgemental, asking questions about what their ideal life would look like, finding out their attitudes towards money and whether earlier experiences around money have influenced present attitudes. This can be quite awkward. I am a person who likes to fill voids but it is always in those quiet moments of reflection that a client will share something quite profound.

It's incredible how your previous experiences of money can hold you back and, you often need permission to be able to move forwards. For example, a client can be materially very comfortable, but still held back by the poverty mentality they grew up with. After exploration, we move into the vision phase and this is where my clients are given a little homework with three key questions to ponder. It's their answers that provide the tinder to light the torch. You're trying to find out what a fulfilled life would look like for that person, that couple. Maybe one of them wants to write a book... give up their day job... perhaps they want to embark on a world cruise or even start a business jointly.

With these answers, we develop a torch statement; an attainable vision. This becomes the buy in phase for clients. We then move into the obstacles phase. We’re now trying to get to the heart of what could be preventing that vision from being attained. There could be a myriad of different reasons... prioritisation of time... the need to build bridges with a family member... existing limiting beliefs around money.

Finally, we enter the phases of knowledge and execution. This is where most financial advisers are at their most comfortable and where they usually start the process after they have listened for 82 seconds! This is the fact-finding process. Do we need to restructure the investments... drawdown from the pension fund and so on? What has to happen financially for the clients to achieve their vision of a fulfilled and happy life? For some people, it's simply a matter of ticking the boxes because the listening process reveals that they are doing the right thing.

However, often a couple will reveal and share information that they have never discussed with another human being before. For example, a wife may share that she is unhappy with her career unbeknownst to her husband. And yet this discussion has never taken place before now. The session gives them the time and space to think. It's not for everyone but its power is immense.

What type of clients benefit from this?

It's a process that works well when people are in transition. Perhaps the children have left the nest; the couple are approaching retirement; maybe a divorce is on the cards or remarriage. The loss of a loved one may have made a person want to assess their own life and, where it's going.

You sound like a coach or a mentor...

Although you are using the most advanced coaching and mentoring techniques, you have to remember that you are helping people with their money and their emotions around their money and nothing else.

How have your clients reacted to this?

Most love it! However, it is not for everyone. Some people are not ready either because they are not in transition or mentally in that space. I am now weaving elements of the life planning service into the conversations I have with clients on a daily basis.

Do you think this will ultimately render the traditional IFA offering obsolete?

Our entire industry is geared towards qualifications and quality standards, on filling out innumerable forms and ticking boxes. Sometimes we forget that the people we want to help are human with emotions; that they want to be listened to without interruption. It is not easy by any means to become a Registered Life Planner. It takes an awful lot of time, patience, personal funding and, commitment. I don't know about obsolete, but I do think that if we want to get close to the heartbeat of our clients to help structure their finances so that they can ultimately lead a fulfilled and happy life, we have to put listening at the centre.

You mentioned that this learning process has changed you...

I've become much more philosophical about life, less likely to overreact in situations that previously would have pressed my buttons! I am more fulfilled, enjoying my job even more. I've realised that I really can make a difference to the financial future of my clients and, consequently to their emotional well-being. It is powerful stuff and very exciting.