Advice can only be holistic with life coachingBY HARRY GOLDBERG | THURSDAY, 23 JAN 2020 5:40PM There is no doubt about it: The financial advice industry is changing. We have advisers leaving the industry, more stringent compliance requirements, constantly shifting legislation ... Upgrade your subscription to access this article
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Further Reading
Cover Story
Moving mountains
MAGDELINE JACOVIDES
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
On top of running a successful practice, Mazi Wealth founder Deline Jacovides is a fierce advocate for closing the superannuation gender gap and has built a highly popular social media presence that takes financial literacy to the next level. She tells Karren Vergara where her passion comes from and how she integrates it all with family life.
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This is a pretty liberating approach Harry, I had a manager once who said - you are a good manager if you make yourself redundant. I guess, being a good financial adviser is much the same. At some stage, your clients should be strategically at least, able to go off into the abyss without failing terribly, at that stage - if they choose to stay, its through relationship and the desire to delegate that management, rather than a requirement to do so.
Wealth coaching is to financial planning as homeopathy is to medicine.
It is dependent upon fakery and delusion, but most of all on the credulity of customers swallowing the weasel-worded narrative necessary to support the charade.
"It's about utilising their finances intelligently to support them living the life they love."
"We go deeper to make sure clients leave our meetings empowered to actually live the life they love."
"So what does the fulfilled life look like? There is no single answer"
Apparently, with a homeopathic planner...sorry, 'wealth coach', you can expect to be asked:
"Why aren't you playing full-out in life?"
"What is holding you back from being playful, curious, loving & joyous?"
"[What is your] depth of connection with community?"
"[What are your] ways of contribution (sic) to society?
To suggest this is the changing face of financial planning is a big fat lie.
This is what con artists do; they take words (e.g. financial planning) and either change the ordinary meaning of the word or they co-opt the words to lend legitimacy to wholly unconnected activities.
But don't take it from me, read this article and see if you can spot what's actually going on here (https://bit.ly/38HmwFC).