Getting Tightwad Clients to Spend

Holly Thomas, a CFP in Tampa, Fla., has a retired client who says shed 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.

Get access to this article and thousands more...

All Financial Planning articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?

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
Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here