Supporting a US based financial advisory practice to investigate how to embed wellbeing into their services for customers.
Building on existing evidence
I undertook a literature review to establish the links between financial planning and components and drivers of wellbeing. Evidence was synthesised from What Works Centre for Wellbeing, Gallup’s research into wellbeing and other research centres. The evidence was synthesised around the dynamic model of wellbeing conceptual model, to reduce overlap of concepts.
From theory to practice
The literature review was used to inform a diagnostic tool for the practice to use in their initial meeting with clients, and subsequent annual reviews. The diagnostic tool includes 10 likert scale questions, taken from verified sources, which combined give a snapshot of someone’s wellbeing. Alongside the tool, we created a series of follow-up qualitative questions to gather deeper insight into the client’s answers. The tool will help the practice and their clients to better prioritise what matters to them, and how financial planning can aid meeting their goals for them and their family.
More information
NEF Consulting mapped out the process and findings in their blog and WMBC described how they have been implementing the tool in the PracticeLab podcast.