The financial services profession has come a long way from the early days of transactional planning to a revolution that made comprehensive advice a true profession. But as our CEO, Doug Lennick, reminded us in his recent keynote, the journey isn’t finished.
Today, advisors face a new challenge: helping clients navigate not just their wealth, but their health, happiness, and values. The future of advice is about preparing people for the truth the certainty of uncertainty and ensuring they’re not late for their own lives.
From Transactions to Transformation
In the 1970s, financial professionals primarily sold products: banking, insurance, and investments all in silos. By the 1980s and 1990s, a revolution took place: financial planning became a profession, one where clients would pay for advice the way they did for accountants or attorneys.
But something shifted. Too often, “advice” narrowed into asset management alone a model Doug calls little A. The real work of advising, or Big A, is about comprehensive advice that prepares clients for uncertainty and helps them live aligned with what matters most.
As Doug puts it:
“It’s not about selling a plan. It’s about using planning tools to provide advice.”
Know Me, Know My Life
Clients today demand more than transactions. They want to feel known. They want advisors who understand their situation, their options, and their values.
Trust, as Stephen Covey once said, comes from both character and competence. In financial advice, that means being technically skilled and deeply human. Advisors must empower clients to participate in their own decision-making, collaborating on agreed-upon behaviors that bring goals and values to life.
That’s the foundation of behavioral financial advice: values → goals → behaviors → collaborative advice.
Living a Legacy vs. Leaving One
Too often, professionals talk about “leaving a legacy.” Doug challenges us to shift our thinking: legacies aren’t just left behind—they’re lived every day.
Living a legacy means:
- Knowing your values
- Acting on what matters
- Serving others in ways that transcend money
For Doug, those values are family, happiness, wisdom, integrity, service, and health. For clients around the world, the most consistent top three are family, health, and happiness. When those aren’t chosen, people often default to purpose-driven values like integrity, fairness, and helping others a reminder that most people, at their core, care about each other.
The Human Advantage Over AI
Technology has changed the profession, but it hasn’t replaced the advisor. Artificial intelligence can crunch data, but it lacks the four uniquely human gifts:
- Life
- Conscience
- Free will
- Emotions
These gifts are what enable advisors to connect with clients, guide them through stress, and help them make values-based decisions that last.
As Doug noted, every decision is a values-based decision. The question is whether it’s aligned with what matters most or distorted by impulse. That’s where advisors make the difference.
Money, Health, and Happiness: The Future of Advice
Research shows that reducing financial stress improves health and happiness. Rich or poor, financial anxiety erodes well-being. Advisors who help clients prepare for uncertainty emotionally, behaviorally, and financially unlock a deeper kind of value.
The future of advice lies at the intersection of money, health, and happiness. It’s about guiding people to behave in alignment with their values, creating confidence in their decisions, and ultimately helping them live better lives.
As Doug closed his session:
“There is no end to better. Don’t be late for your life.”
That’s the challenge for advisors today. Not to simply leave a legacy, but to live one alongside the clients they serve.
