life coaching + financial planning = the evolution of “the financial planning experience” aileen...
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Life Coaching + Financial Planning
= The Evolution of
“The Financial Planning Experience”
Aileen Miga, CFP, Life Coach
Inspired Wealth
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
“We live in the most affluent societies in human history, yet we
are still not using money intentionally to achieve our highest goals and fulfill our
biggest dreams.”
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Trends
• Aging Clientele– Life Transitions ~ Transitioning TO something new– Right Brained Thinking
• Changing nature of the workplace– Entrepreneurialism – Meaning ~ work and play are converging
• Self-Actualization with the help of Coaches– Maslow: Basic needs are met, next Self-Actualization– Self-care and simplicity movement– Lifelong Learning ~ Journey ~ Conceptual Thinking
~Adapted From Put the “Life” into your Practice; Barry LaValley
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Opportunity
• Help clients regain a sense of alignment and strength as they cope with life transition and change.
• Help clients use money intentionally, with meaning, purpose and direction to create the fulfilling lives they desire.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Evolution of Financial Planning
• The “Financial-Life Planning” approach requires a new skill set.
• “ In the future financial planners will become more like “financial coaches”: utilizing coaching skills and principles to help people use money intentionally to attain their highest goals and increase personal freedom.”
Aileen Miga, Inspired Wealth
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
A coach is someone who tells you what you don't want to hear, who has you see what you don't want to see, so you can be who you have always known you could be."
- Tom Landry•
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
What is Coaching?
• Coaching is inspiring an individual or team to produce a desired result through personalized teaching, expanding awareness and designing environments.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
What is the focus of Coaching?
Where are you now in relation to where you want to be?
What are your goals? Are they based in your values?
In order to get what you want from any situation, what are the areas of strength and what are the areas for improvement and focus?
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Financial Planning Process
Step 1
Collect Data
Step 2
Set Goals
Step 5
Implement
Step 4
Develop A Plan
Step 3
Identify Problems
Step 6
Review and Revise
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
12 Principles For Financial Leadership
• Life Coaching Principles applied to each of the Six Steps of Financial Planning
• It is a continuum that combines Wealth Creation and ongoing Personal Development
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
www.inspiredwealth.com
Copyright © 2003 by Aileen Miga. All rights reserved.
12 Principles To Reach Your Highest Goals
Money = Energy
Energy = The ability to get work done.
Are you using your resources intentionally to attain your highest goals?
Money is a symbol of appreciation, it flows to those who add value.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Truth Will Set You Free
In all learning it is essential to know where to begin.
Know the truth about your money. Internal integrity is an opportunity.
Money awareness is the first step to financial freedom.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Honour Who You Are
Embrace your desires: They are a part of your unique job description.
Use money in ways that are congruent with your values to increase fulfillment vs. wants
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
You Are A Creator
All things are conceived in thought.
Creating vs. Competing
We are all here to manifest.
Create more value…attract more wealth.Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Expand Who You Be, Not Only What You Have
Building a life gives you energy, building a lifestyle is seductive and depletes energy.
Are you building a lifestyle at the expense of your life?
How are you managing your potential?Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Let Go and Eliminate
Let go of what no longer serves you, including goals that don’t reflect your true values.
Eliminate the things you are tolerating that keep you stuck.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Be Willing To Climb Your Mountain
Often what we must do is not what comes easiest.
Accept that it is not easy to stick to your plan with money…be willing to do it anyway.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
You Can’t Get There On Empty
Get your needs met.
Become “Self-ish”.
You can’t give what you don’t have.
Build reserves: Not having enough reserves can be expensive in many ways.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Wealth Takes Courage
Courage needs to be nurtured and consciously developed.
Avoiding risk can be risky…do something that scares you everyday.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Life Rewards Action
Action is a choice, so is not taking action.
You need to plant the seed before you can expect a harvest.
What seeds have you planted lately?
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Present is Perfect
The present is an efficient feedback mechanism… …it’s perfect to learn and grow from.
The sooner you learn, the greater is your compound rate of return from your learning.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
There Are No Limits
Our ability to create makes us un-limited.
Avoid judging what’s possible…
continue to grow and enrich your life.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Collect Data
1. Money = Energy
2. The Truth Will Set
You Free
Implement
Develop A Plan
Identify Problems
Review and Revise
5. Expand Who You Be - Not Only What You Have
6. Let Go and Eliminate
Set Goals
3. Honour Who You Are
4. You Are A Creator
7. Be Willing To Climb Your Mountain
8. You Can’t Get There on Empty
11. The Present Is Perfect
12. There Are No Limits
9. Wealth Takes Courage
10. Life Rewards Action
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Mountains and Money
Sustainable Wealth Creation….
Demands Continuous Personal Development
Moving Forward and Upward
Financial Planning
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
3.WHAT YOU FACE“ENVIRONMENTAL ELEMENTS”:
RISK AWARENESS: Death; Illness; Disability; Job Loss
UNEXPECTED EXPENSESINFLUENCE FROM OTHERS/MEDIA
TAXES & FEESLAW CHANGES IMPACTING OWNERSHIP
ESTATE LAWSWINDS OF CHANGE=TRANSITION MANAGEMENT
CURRENT AFFAIRSMARKET CYCLES
FUTURECHALLENGES
2.VISIONMEANING, PURPOSE & DIRECTION
VISION MAPPINGGOAL SETTING
RE- VI SION
GOAL SETTING
RE- VI SIONVISION MAPPINGGOAL SETTING
FUTURECHALLENGES
1. WHO YOU ARE
PERSONAL FOUNDATIONPERSONAL AWARENESS PERSONAL RESERVES
BODY, MIND & SOULRELATIONSHIPS
SKILL DEVELOPMENTPERSONAL ROLE MODELS & MENTORS
FINANCIAL FOUNDATIONFINANCIAL AWARENESS FINANCIAL RESERVES
INSURANCE PROTECTIONCAREER & BUSINESS DEVELOPMENT
ASSET ACCUMULATION & ALLOCATION,INVESTMENT POLICY
FINANCIAL STRUCTURE, CASH FLOWESTATE PLAN
12 Principles ProvideGuidance
New Possibilities
More Possibilities
The 12 Principles Of Inspired Wealth1. Money = Energy
2. The Truth Will Set You Free3. Honour Who You Are
4 You Are A Creator5. Expand Who You Be, Not Only What You Have
6. Let Go & Eliminate7. Be Willing To Climb Your Mountain
8. You Can’t Get There On Empty9. Wealth Takes Courage10. Life Rewards Action
11. The Present Is Perfect12. There Are No Limits
SURPRISE! A BRIDGE
SURPRISE! ANOTHER BRIDGE
Copyright © 2004 by Aileen Miga, Inspired Wealth. All rights reserved.
Happiness - Satisfaction - Fulfillment
Happiness - Wants• We are happy when we get what we want
- short-lived and fleeting
Satisfaction – Needs•We are satisfied when we recognize what we need, and get our needs met
- deeper sense of self
Fulfillment – Values•We are fulfilled when we orient around our values
- authentic and sustainableCopyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Your New Job Description
• A Financial Planner helps their clients get a clear picture of where they’ve been and are, where they’re going and stay with them as they climb their mountain to help get them there.
• The future of this business is about teaching and coaching and helping the client relate their money to their life.
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Evolution of Financial Planning
Dreams
Meaningful Goals
Purpose - Clarity
Legacy
Retirement Projections
Stated Goals
Career Path
Estate Planning
Getting Needs Met
Overcoming Challenges
Life Transitions
Investments & Insurance
Taxes
Market Cycles
Personal Awareness
Financial Consciousness
Abundance / Gratitude
Financial Data
Cash Flow
Balance Sheet
Vision
Foundation
Environment
Coaching/Interior Technical/Exterior
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
More is no longer enough
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
The Experience Economy
Obtain Coaching Skills
• Experiencial and conceptual learning
• You can’t take a client where you haven’t been yourself.
• Climb your mountain
• Get a coach
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Partnering with Coaches• International Association of Coaches
• www.certifiedcoach.org
• International Coaching Federation• www.coachfederation.org
• Coachville • www.coachville.com
• CoachU• www.coachinc.com
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Inspired Wealth
Website: www.inspiredwealth.com
Email : [email protected]
Aileen Miga, CFP, Coach
Inspired Wealth
(416) 476-3479
Copyright © 2005 by Aileen Miga, Inspired Wealth. All rights reserved.
Connecting….