True Wealth™ Planning:
MQ's Approach to Financial Life Planning
Discover a robust model that aligns financial strategies with what truly matters to clients – their definition of True Wealth™.
True Wealth™ Planning is a research-based, multidisciplinary model that takes into consideration the psychological aspects that are at play at each stage in your relationship with your clients. It develops a framework for conversation that’s comfortable for clients and helps build trust so that you can help clients uncover their definition of True Wealth™ and motivate action.
"Working hard for something we don't care about is called stress. Working hard for something we love is called passion."
Simon Sinek
The Five Stages of True Wealth™ Planning
Our research-based True Wealth™ Process has five stages to it. Each stage is designed to facilitate an effective communication cycle and support successful client engagement.
EXPLORE
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This is the initial data gathering stage that applies to all prospective clients. In
this stage, the advisor’s main objective is to gather enough qualitative and
quantitative information to 1) understand the client’s main issues and concerns, 2)
estimate the scope of the engagement, and 3) verify that the client/advisor
relationship will be a good fit for both parties. This is also the time when the trust
building process begins, making it an important opportunity for the advisor to
differentiate himself/herself from other financial professionals. Both research and
experience have shown that trust in the advisor is developed by expressing the
importance of having the client’s values and priorities shape the financial plan as well
as having the client experience a more holistic process via life-centered exercises and
conversations.
ENGAGE
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The second stage begins when a commitment has been made—by both the
advisor and the client—to move forward with a working relationship. The main
purpose of this stage is to identify and clarify the client’s true values and priorities. It
involves an in-depth data gathering process of both qualitative and quantitative
information which fully engages the client’s heart and mind. One of the goals in this
stage is to understand where the client is now in several areas of life as well as the
journey that brought him/her to this point in time. This insight will help the advisor to
understand the client’s unique perspective on many issues and how best to
communicate with him/her. For the client, this discovery process increases selfawareness, develops a sense of connection to advisor, and builds enthusiasm for the
financial planning process.
ENVISION
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The objective of this stage is to assist the client in creating a vision for the
future that is compelling, fulfilling, and inspiring. This mental picture will include
everything that is important to the client and contributes to his/her happiness and life
satisfaction. The next step is to mutually define personal and financial goals that align
with and support that image. For the advisor, the visualization and goal setting
process will establish clear guidelines for creating a financial plan that is aligned with
the client’s values and priorities. For the client, this process will foster trust in the advisor
and commitment to the plan and advice that is developed.
ENLIGHTEN
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In this stage, the advisor will summarize and clarify his/her new insights and
knowledge about the client’s values, priorities, concerns, transitions, goals, and
objectives. The purpose of this stage is to verify understanding of what the client has
communicated and to demonstrate a commitment to putting the client’s interests first.
When presenting the financial plan, the advisor can then explain how the financial
solutions he/she proposes supports the life vision and goals the client has created.
EMPOWER
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Armed with new insight and knowledge, the client is “empowered” to take
action. Because of the direct link between 1) the financial plan or advice delivered
and 2) the client’s unique perspective of “quality of life,” he/she will be motivated and
committed to implementing the advisor’s recommendations. The advisor will continue
to act as a guide in this stage, monitoring progress and helping to maintain focus on
the client’s personal and financial goals. Because unanticipated events occur and
priorities shift over time, it is important for the client and the advisor to regularly review
the client’s True Wealth Plan to make sure it remains relevant to the client’s life journey.
This is also a stage where the on-going True Wealth Process will continue to strengthen
the advisor-client relationship and nurture the client’s financial well-being and life
satisfaction.
Enhancing CFP Board's 7-Step Financial Planning Process
Explore
- Establish and define the client/planner relationship
Engage
Envision
- Gather client data and establish goals
Enlighten
- Analyze and evaluate the client's financial status
- Develop the financial plan
- Present the financial plan
Empower
- Implement the financial plan
- Monitor the financial plan
True Wealth™ Planning Inquiry Categories
Our True Wealth™ Process helps you structure your qualitative inquiry into four key areas.
Satisfaction/Values
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Satisfaction and Values enables you to help your clients think about and assess their own levels of financial and life satisfaction while also identifying and clarifying their values. Understanding your clients' values and helping them to assess their life satisfaction in various facets of life is crucial in developing successful financial plans.
Biography
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Biography helps you gather information about your client's past and present lives that will give you clues concerning the experiences that influence their financial beliefs and behaviors. Important biographical data include family, work, histories, current family circumstances, current life, transitions, and likely future transitions.
Transitions
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Nearly all of life's transitions have a financial tether, thus it is important to understand that making successful transitions requires both practical strategies and emotional fortitude. Financial resilience requires a foundation of basic financial knowledge. From an emotional standpoint, financial resilience requires self-confidence.
Goals
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Setting goals is a method of anticipating, planning, and preparing for the future. By helping facilitate a meaningful goal setting process, your clients will be intrinsically motivated to pursue the life and financial goals that will bring them meaning. Meaningful goals help align your clients' vision of the future with their personal values and priorities.
What Others Say
"Clients who experience the True Wealth Process often discover things about themselves or their partners that they've never shared before."
- William Pitney, CFP®
"The True Wealth Process helps clients feel truly seen and heard. It's a safe and transformative experience for them."
- Lexi Olian, CFP®
"The True Wealth Process creates clarity for clients, helping them uncover what truly matters in their lives."
- Aries Jiminez, CFP®
Deepen Your Approach to Financial Planning
Curious about how True Wealth™ planning can deepen your approach to Financial Life Planning, strengthen your client relationships, and enhance your skills and impact? Sign up for our foundational program, Fundamentals of True Wealth™ Planning.
Fundamentals of True Wealth™ PlanningWant To Learn More?
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