Why Financial Planning and Life Coaching Go Hand in Hand

By Janet Lipson
Freelance Writer

You might be surprised to discover that financial planning has anything to do with life coaching. But think about it – your finances are influenced by every aspect of your life. And for your financial planner to most effectively help you identify your life goals and plan for a healthy retirement, both mentally and financially, it's important to take a life–coaching approach and look at the big picture.

In an interview for Value Research, George Kinder, founder of the Kinder Institute of Life Planning, discusses why life planning is so essential in the financial planning process.

“There are two ways in which life planning can be defined,” Kinder says. “One is that it is simply financial planning done very well. The other is that it is understanding what must happen before a financial plan can be made. In other words, it is a process to know who the client is, what he or she is passionate about, what he cares about, his secret aspirations or sorrows. You then make a financial plan that really fits the client”1

Many people wait until they're thinking about retirement to seek out a financial planner. But there are many other life events that could benefit from financial direction. Say you're starting out on your own for the first time, or launching a new business. Perhaps you're having a baby, or you inherit a large sum of money. It's never too early to seek out the advice of a financial planner.

“You really get to know who the client is, what he or she is passionate about, what he cares about, his secret aspirations or sorrows. You then make a financial plan ther really fits the client.”
– George Kinder

Financial Advisor and Partner Ricky Biel, CRPC®, agrees.

“Many of my clients come to me not because their goals and questions are strictly financial but more because they're experiencing a pivot point in life, and their finances play a role in their decision–making. Some examples of this include experiencing a divorce, losing a spouse, expanding your family or sending a child to college. When these events happen, they wonder, ‘Now what?’”2

You may not be going through anything specific; you just have no idea what direction to take next. Your financial planner may guide you in writing a life purpose statement. This can help you uncover your true desires in life and prioritize the right steps to achieve them.

With so many competing financial demands such as mortgage payments or putting a child through college, Kinder explains how financial planners can help you balance both living your dream and fulfilling your financial duties. “The great advantage of having a life–planning process is that the life planner helps us to think through the relative importance of both. If a passion/dream of one's life is going to be totally lost because of fulfilling one's duties toward others, that is counterproductive, too. What we then try to do is to find out how could we balance and fulfill both.”

No matter what stage of life you're in, a financial planner, like a life coach, can help you live life to the fullest and plan for an exciting future well beyond your retirement years.

Visit Jackson.com and learn how you can start funding the life you want.

The opinions and forecasts expressed are those of the author and individuals quoted and should not be construed as a recommendation or as complete. Janet Lipson is not affiliated with Jackson National Life Distributors LLC.

Information in this article is summarized from these sources:

  1. Krishnana, A. (2017, March 22). “Going beyond financial planning.” Value Research. Retrieved Nov. 18, 2017, from https://www.valueresearchonline.com/story/h2_storyView.asp?str=33337
  2. Bile, R. (2017, March 22). “The intersection of life coaching & financial planning.” Haydel Biel & Associates. Retrieved November 06, 2017, from http://www.hbawealth.com/blog/the–intersection–of–life–coaching–financial–planning

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