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A young child playing with a wooden shapes puzzle in his home.

Blog Problems with the Traditional Planning Model

July 15, 2019

I don’t think the traditional approach to financial planning works if you’re a business owner. Too often ill-fitting sales concepts and products are used by advisors when a custom solution is required.

Have you felt that way? I’m sure you’ve had someone walk into your business and try to sell you a product that sounds good but doesn’t really fit with your unique business and family situation. Maybe you’ve found yourself thinking “I see how this helps you, but how does it help me?”

I’m going to digress for a moment with a short story:

My toddler enjoys playing with his shape sorter. You know the toy I’m talking about with the wooden shapes which fit in similarly-shaped holes? He’s pretty good with it now, but it wasn’t always that way. For a while, he found other ways to get the blocks in the toy. He’d jam the circle in the space where the square was supposed to go. One time he took the lid off and put all the shapes in that way. His solutions worked, but they weren’t right. Now, with practice, he has learned how to identify shapes, name them and fit them in the right places.

I think financial planning is like this in many ways. My son approached his toy with an end goal in mind – an all too common approach we see in the traditional financial planning model. Too many advisors just want to sell as many products as possible in the shortest period of time. To do this, they use mass-marketed sales concepts. With this approach, how can you know you have the right solution for your needs? Is it possible for the same solution be the best fit for every family business? Of course not.

The traditional approach to financial planning is designed to succeed for the advisor and his or her firm, but not necessarily for the client. Unfortunately, many problems with these one-size-fits-all approaches aren’t apparent until the family is ready to retire, sell their business, etc.

Even though my son thought he succeeded by fitting his shapes through the wrong hole, he didn’t because he didn’t do it right.

For this reason, we do things differently at Three60 Wealth & Estate Solutions. Our process digs deep to learn about your goals and the planning you already have in place. We do this to ensure our financial planning recommendations are fully aligned with your unique situation. Our process uncovers your blind spots and solves potential problems before they happen, saving you time and money.

Why? It’s simple. We do this so you can live more and worry less knowing that you have a wealth and estate plan in place that’s a perfect fit for your family’s needs – a plan which recognizes that wealth is about more than just dollars and cents. At Three60, we believe this is the right way to approach financial planning for business families.

If you are looking to transition beyond your business, the advisors at Three60 Wealth & Estate Solutions can help. Three60 Wealth & Estate Solutions helps business families reclaim their time, gain peace of mind and achieve their own unique version of success. The team of Calgary-based wealth and estate planners have curated a trusted network of professionals to eliminate your planning blind spots and identify potential opportunities you may not realize you have.

For a truly different financial planning experience, contact our office online or at 403-640-4414 to schedule an introduction meeting.

Authored by: Wayne De Boer, Wealth & Estate Planner at Three60 Wealth & Estate Solutions Inc.