Shape financial life to fit
your passion, purpose

What’s MORE IMPORTANT than money to you?

Last month, we addressed “What’s important about money to you?” This time, we’ll go beyond that initial concept.

When asking the question, it is important to have an adviser who is aligned with your values. In the article “Behind the Name” published in the April edition of Wealth Manager Magazine, wealth management is defined as “a long-term, broad and deep consultative relationship with affluent clients delivering customized solutions for their unique needs and goals.” The article goes on to say that only “one in 10” of the 1,177 advisers surveyed are set up to deliver on this ideal.

Discovering your core values and lifelong desires takes time and effort. It’s an ever-evolving process of discovery that your adviser should be able to incorporate your financial lives into. But the question is “How to start?”

I’d begin with writing down those goals you’d like to achieve during your life. These could be experiences, places to explore, people to meet, causes to support, activities to try, environments to be part of and basically those areas that will bring happiness to your life. One of my coaches, Steve Moeller, has a process called “Living in the Endorphin Zone” that is designed to assist in this discovery.

Steve has been a coach (or adviser) of mine for several years. His focus is designed to increase authentic happiness, and his process uses many resources, including a book written by Martin E.P. Seligman, Ph.D., called “Authentic Happiness.” Steve breaks down the process by determining what brings you happiness in each of six areas. Those are your strengths, your passions, your purpose, the positive people around you, the positive environments for you and your ability to sustain it all.

Start with identifying your interests, favorite activities and important causes (passions) and continue with your values, guiding beliefs and faith (purpose). Imagine how powerful this information will be to your family, especially if your advisers are aligning your resources to support your goals.

This is a conversation that you should have with your spouse. Take the time to ask the questions of each other and then listen to the answers. Write these down and prioritize them.

When our clients come in for the first time, we have this discussion, and it amazes me how seldom this is discussed in a family setting. Please understand, I’m no Dr. Phil, and “How’s that working for you so far?” is not part of my repertoire. However, it does help keep my family on track and focused on common goals.

Your adviser, once armed with this understanding of you, should be able to design appropriate portfolios and other tools to help you achieve many of these. One of the most important benefits of having advisers is for them to be a resource to solutions. As a financial adviser, the solutions will include investment fundamentals but also can include relationships to other advisers and knowledge of concepts that are available to assist in achieving your goals. Future topics in this column will include many of these ideas.

These last two articles have covered some important and fundamental work. We will discuss how your finances can be constructed to support your visions in the next few months.

Dale Terwedo, certified as a CFP, ChFC and CLU, is principal of Terwedo Financial Services LLC, an independent financial services firm in Edmonds. In practice since 1983, Terwedo is affiliated with FSC Securities Corp., Atlanta, Ga., a member of SIPC/NASD. For more information, visit www.tfsadvisors.com, send e-mail to retire@tfsadvisors.com or call 425-776-0446.

Back to the top/June 2006 Main Menu