With the launch of the Institute for Financial Wellbeing last week, we thought we should take a look at what financial wellbeing should look like when we are giving financial advice.
You need to be happy with the advice you receive.
You do not need to be the richest person in the World, nor be trying to achieve huge amounts of income or growth, you need to be happy with how you are using your money.
We suggest there are two sides to financial planning, the hard facts i.e. the numbers, the tax but there are also the soft facts of your health, your views, your dreams, you own personal goals.
Using behavioural finance to work with your life experiences, your bias, your habits, your social influences.
Understand what makes you happy, you help you spot your fears and things that restrict your actions.
Financial wellbeing is a journey that constantly changes, it is never a one of solution with your money.