Getting Tightwad Clients to Spend

Holly Thomas, a CFP in Tampa, Fla., has a retired client who says she’d like to travel to Europe and Asia. After a lifetime of planning and saving, this wealthy client could easily afford to travel. But is she buying tickets? On the contrary: She rarely leaves town.

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Comments (2)
This is an interesting article. Although it does not directly affect financial advise, it helps in connecting with your client which in the long run is going to benefit you. You need to advise to spend because a happy client is a satisfied client. It is not only money-at-the-bank which provides comfort, it is the little joys which provide satisfaction and happiness. A little self-pampering can work wonders. Do not always, compulsively save.
Posted by cashinasnap | Wednesday, January 29 2014 at 12:42PM ET
Cashinasnap, if you don't think this article is about financial advice, then you are missing the boat on financial planning. Assets are only the tools used in a financial plan, much like lumber, light fixtures and sinks are used in building a house.

The article is not about making your clients happy so they put more assets with you and benefit you in the long-run. It is about understanding them because a good planner talks to and knows what makes his/her clients tick, what keeps them up at night, and what they might regret 20 years down the road. It is about asking questions that help them achieve their goals and realize their vision for what their life is. It is about helping them create a legacy of more than just a nice inheritance.

Great article!
Posted by CPR CFP | Wednesday, January 29 2014 at 8:26PM ET
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