It’s a simple truth that many wealth management firms overlook. When our clients talk about wealth, they are talking about so much more than money.
Rarely in our business does someone walk in and say that they want to have a net worth of $5 million by the time they are 45. Instead, the questions we get are much more personal and emotional. They are questions like:
How can I plan for my grandkid’s college expenses?
How can we make a lasting impact on our community?
How can I most effectively grow my business?
How can I create a plan so that my family and I can travel throughout my retirement?
When we meet with our clients, they don’t focus so much on the money itself, but how they can use it as a tool to achieve these larger goals.
That is why we at First Western Trust talk about wealth in four dimensions – and only one of them is financially related.
When we meet with a client, we talk to them about:
- Relational wealth. This is about the connections you’ve built with the people who matter most in your life: family, friends, and colleagues.
- Experiential wealth. This focuses on the experiences that have shaped who you are – your travels, your hobbies, your career, and the important moments and stories of your life.
- Spiritual/Ethical wealth. This speaks to your principles, ethics, values, and any spiritual beliefs that guide you and help direct your vision and goals for your life.
- Financial wealth. This is your net worth, assets, and liabilities. Financial wealth is used to fuel a life that is rich in these other three dimensions.
By looking at each dimension of wealth, we deliver on what we call our ConnectView approach. Grounded in an understanding of your goals for the people you care about, the important experiences in your life, and your values, we provide a truly holistic, connected approach to wealth planning that puts your story at the center.
We encourage you to visit our website at www.myfw.com/wealthisabout to learn more about our approach and how we are promoting this understanding that wealth is about more than money in each of our communities. If you feel inspired, we’d love to get your feedback about what wealth means to you!
Get involved on social media by tagging #wealthisabout, or send in your ideas and pictures to the First Western marketing team at firstname.lastname@example.org.