When people think about financial planning, they often think about investments. But clients are more than their portfolios, and their goals extend far beyond returns and account balances. That’s why I believe in holistic financial planning.
A holistic approach starts by understanding what and who is important to them as well as their whole family. Financial goals matter but so do personal goals. By bringing together investment management, tax planning, risk management and estate planning, advisors can create a plan that truly supports what clients want to achieve in life.
Case study
One client reminded me why this approach is so important.
She had mobility challenges, and while we discussed long-term care needs and future expenses, what mattered most to her was maintaining the freedom to visit her son, who lived more than two hours away. Public transportation wasn’t a realistic option, so she needed a vehicle that could accommodate her scooter and mobility equipment.
Without understanding her personal circumstances, it would have been easy to overlook this goal. Instead, we incorporated those costs into her financial plan, ensuring she would always have the resources needed to maintain her independence and quality of life.
Creating a complete plan
This is why holistic advice matters. If one piece of the puzzle is missing, the plan isn’t complete.
I’ve also seen situations where a client wanted to provide for a disabled grandchild. Had we focused only on investments, we could have missed opportunities to explore specialized savings programs and planning strategies designed to support that goal. Understanding the broader family picture allowed us to build a more effective plan.
Holistic financial planning also strengthens client relationships. I spend a significant amount of time learning about clients’ lives, families and aspirations. Those conversations build trust and help clients feel understood.
At its core, holistic planning isn’t about selling products. It’s about helping clients achieve the life they want to live. When advisors take the time to understand this, they deliver greater value, uncover new opportunities and build relationships that last.
Tara Ennevor is a four-year MDRT member and a four-year Top of the Table qualifier.
For more about holistic financial planning, MDRT members can watch
