Financial Dna - Discovering Your Unique Financial Personality For A Quality Life

Do you want greater family unity, and hence greater family harmony, wealth and ultimately a quality life? If yes, the key then is to start planning a family meeting and hopefully make it an annual event. Remember, every family has some level of dysfunction so you need to realize that but not let it deter you from having a meeting.

One of the questions I am often asked is does birth order influence your behavioral style? Well, based on the research we have performed, birth order does not influence your natural behavior.

Recent research into the human mind has found that the secret to success in any long-term endeavor, whether it be in business, relationships or investing, is an attribute called ‘Emotional Intelligence’ (otherwise known as ‘EQ’). EQ is a type of intelligence that’s significantly different to the standard IQ-based definition of ‘smart’ we’re all used to. The topic of ‘EQ’ has received significant coverage in the business world in the last few years, fueled in particular by Daniel Goleman’s books which are aimed at helping business people use the skill to further their careers and effectiveness.

Life purpose discovery is difficult and in many ways a journey in its own right. However, the process of discovery does become easier if a process is followed and you have a way of thinking about it. I recently read a great book on life purpose, and by chance today found out that Oprah is currently doing a series on it. The book is "A New Earth - Awakening to Your Life's Purpose" by Eckhart Tolle.

The topic of money is missing from the coaching agenda full-stop. Why? Talking about money can be a very emotionally charged issue for both the leader and the consultant/coach. Many people are, when it gets down to it, mystified by money and the power of its impact.

Last night I was called by a family friend (for the sake of the innocent Amy) who was being pushed by an advisor to make a major decision in regard to transferring her retirement savings account. Why was Amy asking me the question...?

Many financial decisions are a reflection of your life and behavior. Key to finding balance is helping the client objectively understand their inherent strengths and struggles based on who they uniquely are, and then their preferences. So, the balance will be different depending on our different behavioral styles.

My approach in working with client's has been to fairly early on in the conversation ask them: What are you passionate about? I have found this to be a very powerful question in finding out where their life is at and where they want to go. This is so important if you are helping someone set their goals and direction. I do not really believe you can do financial planning for a person without knowing their passion because it is so fundamental to their life. Having clarity of your passions regardless of what they are means you can make decisions with confidence and commitment.

What sets a truly great individual apart from others is often found in their ongoing commitment to growth and personal development. An important step for business leaders, financial advisors or any person seeking to get to the next level in their life and career is being prepared to be coached or mentored. By experiencing coaching or mentoring you will also become better equipped to guide others to success and building a quality life.

During a recent Wealth Mentor Training with a group of financial advisors we were discussing our definitions of a “Quality Life”. A number of advisors made a very key observation: Is there such a concept as a balanced life? Can a person really have balance? This discussion really hit a chord with me as this point really gets to the core of what the Financial DNA program is all about.

Recently I asked the following question to a group of entrepreneurial businessmen that I was facilitating: “Who is in the way of your success?” I was amazed to hear the answer: “ME”. Yes, that is correct. All of them acknowledged that they are the person in the way of their own success. This was equally true in running their business or their own life and relationships. I was very happy to hear this answer because it is the truth. So often we have trouble seeing through our own ego and blind spots to acknowledge that it is us who is in the way. There are other factors too of secondary importance such as lack of capital, finding the right people, market forces etc

What does money mean to you? What role does money play in your life? What are your motivations for earning money? How do you measure your worth? What do you spend money on? These are big questions that have to be considered whether you are an advisor or an investor. The truth is that answering them says a lot about who you are, the life you are living, the life you want to live and your financial goals. Money is the vehicle that enables your life to happen. But while money itself does not have a personality, you do. Your relationship with money will be no different regardless of how much you have. It is inherently part of your Financial DNA Code!!

I have had some really interesting conversations with advisors during the past few weeks during presentations. In particular, when I have been talking about family dynamics and asking the question who is your advice really impacting? Generally, the obvious answer would be that your client is the person who currently has the wealth for which financial planning is required (the “Wealth Holder”). What about the beneficiaries of the wealth? Their lives are generally being impacted by the decisions that get made in the financial and estate plans. To some degree aren’t these beneficiaries also your client? In providing advice, you need to understand the unique behavioral styles of BOTH the Wealth Holder and the beneficiaries. If you do not take into account the unique financial personality of the beneficiaries then the plan could be useless once the wealth does transfer to them. Isn’t this at least partly why we see so many financial and estate plans practically fall apart, breakdowns in family relationships, and

Where is your focus? What message are you conveying? Whatever you are doing in your life or business, perhaps consider the message which is behind the following google research that I have recently done with one of our Certified Wealth Mentors George Vieth whilst "word-smithing" how we define our own values and brand messaging. This may help you re-define your own messaging in terms of focus, simplicity and connecting to what people are looking for. For us, it very much clarified the Financial DNA brand promise is that "we guide and give you the education to help balance your life and money". This is very consistent with our "Understanding People before Numbers Philosophy".

How confident are you in the business, financial and life decisions you are making? Do you have times of doubt? Have you ever created thoughts in your mind that are not reality, or what can be called gremlins? These questions are equally valid whether you are an investor, executive or advisor. When you have confidence almost anything can be achieved, adversity can be handled, your mind opens up to new possibilities, you get unstuck, relationships can get built, people are attracted to you. Personal confidence is an energy force that sustains you. With plenty of confidence, there can be never ending growth in ALL areas of your life.

What really drives you in your life? What types of activities motivate you? When are you the most productive? Where do you believe you could have never-ending improvement? These are questions we often guide people in finding the answers to. You may well ask what has this got to do with wealth creation. Well, if you believe the greatest source of wealth creation is the productive use of your human capital then it is significant. Discovering your Unique Gift is a foundational component of your Life Purpose which is vital to determining your goals and ultimately the purpose of money in your life.

Just as eye glasses or contact lenses improve the clarity of what you are seeing, the Financial DNA Discovery Process has been designed to clarify what you are doing with your life and how your financial decisions are aligned with your life. Seeing what you want is the first step – finding your passion. But it is vision that takes that discovery from a want to a plan. Vision is what allows you to flesh out a two-dimensional life of commitments to a three-dimensional life of vitality. Having a clear vision can deliver your life purpose by bringing your passions from the realm of your dreams to the realm of your waking life. The vision will determine the shape of your life, although people with very similar passions can end up with very different visions.

Do you have the right clients? This is a very topical issue for many financial planners, particularly those who have already built a business to a reasonable level. Actually, it is as important as the client selecting the right advisor. In the end there must be a mutual relationship with the parties comfortable with each other. The relationship cannot start out (but it often does) with the client simply having dollars in the bank account and some financial planning needs, and on the other side the client believing the advisor has the skills and the necessary integrity. In fact, these are all assumed to get to the point of the first meeting. Bob Veres of Inside Information (www.bobveres.com) has written a great article this month called "Segmentation or Bust" mainly directed at advisors to consider the structure of their client base.

This topic came from a discussion I was having this morning with some of our wealth mentors. So, you may well ask the question: What on earth has mastering your personal energy got to do with building wealth? Let me tell you it is totally connected if you believe in an "inside-out" approach to building a quality life and creating wealth, whether that be measured on financial or non-financial factors. There is no doubt I am seeing this more and more for myself every day and also a fast growing number of others are experiencing it too. Your personal energy can be described in many ways and is sourced from many things. Let's try describing it as your level of personal confidence, the positive way you feel, the balance of your emotions, your mood, contentment with your inner self, the warmth of your heart, comfort in dealing with others, the ability to show gratitude, and there is much more. Perhaps, your personal energy is at its highest when you are living in alignment with yourself and totally believe in who

An activity I enjoy doing every month is moderating a discussion amongst a group of high powered, highly successful and highly interesting entrepreneurs with very different businesses and from different backgrounds. When you are amongst them for a few hours every month the ideas and perspectives that come out can be mind blowing. For me also, in a subtle sort of way, it is an opportunity to play the role of educator. Of course that connects to my passion and purpose in life. At the start of the last meeting, as usual I asked this group an "Ice Breaker" Question: How has initiating a difficult conversation resulted in a benefit for you?