Increased human longevity, rapid economic changes and chaotic world events have caused people to reexamine their lives. Many potential clients—and advisors—have concluded that life means more to them than bank account balances and spreadsheet projections. They're looking for a purpose-driven financial solution for truly rich and fulfilling living.

This development has created a subtle but potentially seismic shift in the financial planning world. Traditional planning has tended to treat money, not people, as the client. Armed with calculators, spreadsheets and software, advisors offer products and services focused on accumulating, preserving, spending and passing on money.

Today, many clients are demanding more from their advisors. They want deeper conversations about what they can do with their money-and their lives. Why should you create a plan for your life—and your clients' lives?

1. When plans are carefully thought through and written out, they tend to come true, whatever the obstacles.

2. A life plan can serve as a guide to align your deepest values, beliefs and goals with your earning power and financial resources, so you can realize your dreams.

3. Proven investment strategies and a heartfelt life planning process make it more likely you'll get where you want to go.

4. Life planning will inspire and motivate advisors and clients, and give your actions greater meaning.

FIVE PHASES

Life planning is the process of melding money with meaning. It helps people discover how to live richer, fuller lives—personally, professionally, financially and spiritually. But it's not a do-it-yourself proposition. For the plan to take hold and move forward, the skills of a trained life planner are required. The life planning process involves the "EVOKE" model, which has five phases—exploration, vision, obstacles, knowledge and execution.

Exploration: The starting point of creating a life plan is truthfully answering three simple yet profound questions:

* Question 1: Imagine you have all the money you need, now and in the future. How would you live your life?

* Question 2: You just found out that you have only five to 10 years to live, will you change your life? How will you live it?

* Question 3: You just found out you only have 24 hours to live, what regrets do you have? Who did you not get to be?

The answers to these questions, along with the results of three other related exercises, reveal what people really want out of life, but may be failing to accomplish, due to a variety of "money excuses." In the hands of a qualified life planner, one's "heart's core" values are revealed. On that bedrock, the planner and the client can begin to place the building blocks of a meaningful life plan.

Vision: The skilled life planner challenges clients to imagine their ideal lives in as much detail as possible. The rush of vigor and vitality surrounding this phase provides clients with the energy to achieve their vision in the shortest time possible-not in 10 to 15 years from now, but now!

Obstacles: The client and the life planner must identify and address potential roadblocks. The life planner provides important support to keep the client on track for success through this difficult phase.

Knowledge and Execution: Once an ideal life vision has been created and obstacles are defeated, the planner uses his or her traditional financial planning skills (asset allocation, risk management and product selection) to complete the design and implementation of the life plan. The execution is surprisingly easy: The client wants to follow the plan because it represents the path to the life they really desire.

TAKING ACTION

Clients come to planners at times of anxiety, anger and frustration. Life planning identifies a clear path to resolving these difficulties, bringing clients a newfound sense of safety and confidence that they can achieve their loftiest goals.

The solution is unique for each person-and can be relatively simple. One busy professional couple's dream of freedom included spending more quality time with the family. The biggest impact of the life planning process was rearranging their spending priorities to include a housekeeper. Relief and peace of mind (not to mention a clean house) were all achieved with this one small change.

For another couple, both husband and wife had the same response to Question 3: "I wish I had read Tolstoy." They were building a new house, so their planner suggested they design a dedicated reading room, where they could retreat with no other distractions. That cozy room, filled with overstuffed chairs, tables piled high with books and soft reading light, answered a simple, yet important, need.