If an adviser helps clients to invest money, the conversation in meetings will be about their investments. This does not generally excite clients.
If an adviser talks to their clients about how their money makes them happy, the client is more likely to enjoy the meetings.
If an adviser helps their clients use money to be happier as well as wealthier, the client will eagerly await their meetings.
This is the purpose of the Financial Wellbeing conference.
Four years ago my wife told me about the work of the Penny Brohn UK cancer centre, where she had begun working one day a week in addition to her job as a cancer nurse.
At Penny Brohn they help people to ‘live well’ with cancer. This involves making life changes around health, nutrition, mindfulness and stress which, research proves, has a significant effect on our resilience.
It occurred to me that money is often a significant contributor towards our stress. I had also dealt with many clients over the years of being a financial planner who were solely focused on the accumulation of wealth.
There must surely be ways, I concluded, in which advisers can help clients see their money as a way of getting happier, not just wealthier.
At the time, Barclays had coined the expression ‘Financial Wellbeing’ in a report about money stresses among employees. One branch of financial wellbeing still focuses on debt and budgeting. When I set about writing The Financial Wellbeing Book, I wanted to research the positive aspects of money.
In the book, and the subsequent podcasts, we have been exploring all aspects of money and happiness. This includes behavioural finance; money and anxiety; how to spend money to be happy; philanthropy; the importance of purpose; wellbeing in the workplace; and how to measure happiness.
All of these topics and more will be covered in the Financial Wellbeing conference, which takes place in Bristol on the 19 June.
There will be exhibitors who know all about money and happiness. There will be a book stall. There will be a panel discussion, which will be recorded for a future Financial Wellbeing podcast.
Plus there will be a very special announcement of a potentially industry-changing nature, which will include an offer only available to attendees.
Tickets are £200 plus VAT, with an early-bird offer of £150 plus VAT for anyone who buys their ticket before the end of April (any profits we make will go to Penny Brohn). We have already had pre-launch interest of nearly 50% of tickets, so don’t delay!
We look forward to seeing you and exploring how you can help clients to become happier as well as wealthier.
You can sign up to the conference here.
Chris Budd is chairman of Ovation Finance