A purpose-led approach
A purpose-led conversation creates the space for families and individuals to discuss their preconceptions of wealth and their emotions around it.
But what does a purpose-led conversation look like in practice?
It starts with identifying the purpose of one's wealth: effectively an answer to the question, 'what is it all for?'
More often than not, this leads clients to reflect on their own upbringings, what they had and what they lacked, their values, and how this has impacted and influenced their relationship with money - and wealth more broadly.
The conversation continues by incorporating this relationship into the wealth strategy we create with them.
An example of this could be a client with a significant net worth, who grew up in an environment where money was scarce.
Driven by continued feelings of financial insecurity despite their newly abundant wealth, they may place significant value on having immediate access to cash.
A purpose-led approach would recognise this need for access to - and visibility over - their wealth, and incorporate it into their strategy accordingly.
Engaging with the right-brain, and recognising the client’s emotional reassurance that comes with feeling heard and understood, is crucial in our minds to creating a meaningful wealth strategy.
Recognising the diversity that exists in the wealth relationship allows open discussion, breaking down taboos and highlighting the variety of meanings that wealth holds for each and every one of us.
Ollie Saiman and Katherine Waller are founders of advice firm Six Degrees
