Suppose you suddenly found out that you only have 24 hours to live.
What are the things you'd regret not getting a chance to do? Which experiences, relationships or opportunities would you miss? Which dreams would you regret not having the chance to achieve?
These might seem like strange questions for a financial advisor to ask—after all, we're supposed to help our clients with money, right? It's true that at Northstar, we take financial planning and investing very seriously. But these sorts of profound "what if" questions can help open a window into our clients' deepest wishes, values and goals. And that can provide the basis for creating more-meaningful financial plans.
I learned this lesson in 2005, when I was trained as a Registered Life Planner by George Kinder, a pioneer who is helping to change the way we think about money and goals. The traditional approach to financial advice is mainly technical—it deals with maximizing investment returns, for example, or paying for specific goals such as retirement.