47 of 49 people found the following review helpful:
4.0 out of 5 stars
Layperson's Guide to Financial Planning, March 6, 2001
This review is from: Values-Based Financial Planning : The Art of Creating and Inspiring Financial Strategy (Hardcover)
Values-Based Financial Planning: The Art of Creating an Inspiring Financial Strategy is an interesting tool for the financial services professional. At first glance it appears to be a "Layperson's Guide" or a "How To Book" for financial planning. However, upon further review one finds a useful organizational tool for pre-financial planning. Bachrach's approach uses a combination of goals and values to assist clients in creating an organizational system that can be used later to seek financial planning advice. From the practitioner's stand point it is a win-win situation. Potential clients are programmed to be organized and to seek financial planners rather than salespersons. On the other hand, practitioners may use the volume to educate clients and create an appropriate mental attitude. A road map and case-type examples are included in the book, both of which are valuable learning techniques. Attaching values to goal setting is a reasonable and inspirational process. This is a new approach to an "Old School" style of financial planning.
The book is divided into two sections:  What are the first steps in planning for my future?  How do I get the most for my money? Section 1 is almost a Dale Carnegie approach of getting people interested in financial planning. It focuses on what is important to them. The term values in this context are those qualities and principles intrinsically valuable or desirable to you. Most financial planning starts off with goals. Goals are the tangible results you seek, while values are the intangibles that make pursuit of those goals genuinely meaningful to you. They are the emotional payoff.
It is in Section 1 that the organizational process takes place. This includes:  Defining values  Setting specific goals  Gathering your documents  Creating the Financial Road Map
An interesting question is asked. What would your life be like if you had a financial strategy based on what was truly important to you, where your investments and insurance programs were working in harmony to achieve your goals? Instead of reacting to life events, people are motivated to design and implement a financial plan. The values conversation in Chapter 1 leads into the goals formation in Chapter 2 with a stepwise, logical approach. The reality check in Chapter 3 is important in the organizational process making readily available records and documents that are necessary to set up the road map in Chapter 4. Each chapter has checklists, examples, and explanations. The documents checklist is an integral part of setting up the Road Map that illustrates "Now" and "Want to Be." The Road Map is exactly that, a road map. It has a starting point ("Where I Am Today") and personal milestones all along the way to show progress. This process encompasses reinforcement, an important factor in maintaining progress and keeping a client interested and on track.
Section 2 helps one decide "How to Get the Most for My Money?"
The process includes:  Deciding whether or not you need help  Identifying the 3 types of financial professionals  Testing the trustworthiness and competence of a financial professional  Starting your financial future today
With the organizational phase completed in Section 1, the second section of the book helps you decide how to proceed. The three choices are to do-it-yourself, to collaborate, or to delegate. You may do whatever you want, but there are two issues to consider-your financial planning ability and your quality of life. Mr. Bachrach's reasoning is compelling. It is very difficult to develop the expertise of a Certified Financial Planner (CFP) practitioner without studying to be one, and in making that attempt you sacrifice quality of life (free time, good health, etc.). For example, it might be smarter to exercise than to spend your valuable free time trying to discover financial planning as a hobby. The Quality of Life Enhancer Worksheet in Chapter 6 is a tool designed to keep financial management in perspective. This should help one decide which way to proceed.
The last two chapters are informative and motivational. Chapter 7 is filled with guidelines on how to pick an advisor and how an advisor should select a client. The last chapter encourages one to "Get In the Pool." The following statement is representative of the motivational spirit of this book:
"One of these days is none of these days," an old English Proverb tells us. Procrastination can be a terrible thief, robbing your of your energy, focus, and even your dreams.
Bill Bachrach does an excellent job in coordinating a tool for both the layperson and for the professional. He gives financial planning a good name and represents the CFP certificant with the up most professionalism. Good job all around!
Gordon Hampton, M.Ed., D.Ph. is a business consultant and financial advisor in Lubbock, TX.
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11 of 12 people found the following review helpful:
5.0 out of 5 stars
Live your life following what's most important- Your Values, February 29, 2004
By A Customer
This review is from: Values-Based Financial Planning : The Art of Creating and Inspiring Financial Strategy (Hardcover)
Bill Bachrach's book can help all investors, young and old, to reach all their financial goals so they can live the best possible life. Because everyone is different, that best life will be different for everyone.
Even the "do-it-yourself" investor can make better decisions by understanding that investing is not about getting the highest returns all the time, because no one can do that, but, it is about getting the returns they need to reach their financial goals without taking undue risks.
"Collaborators", those who like to get ideas from, and bounce ideas off, an investment salesperson, can make better decisions about where to invest their money.
Finally, "Delagators", those who want to spend their time on those things that are more important than money, such as their health, their important relationships, and their career or retirement, can have a way to find a "Trusted Advisor" who will help them reach their financial goals by preparing a proper investment, tax, and estate plan and coach them to implement the plan.
Inside, the reader will find a blank "Financial Road Map" to complete at home, or, with their advisor. There is also a valuable comparison of a "Trusted Advisor" and a "Salesperson" to help in the selection of someone to help implement the plan.
Bill Bachrach has developed this approach over the last fifteen years. Bill has been recognized as one of the most influencial people in the financial services industry in the U.S.A. He has coached hundreds of advisors in North America and around the world in his process. His stated goal is to help change the financial services industry to become more client oriented.
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13 of 15 people found the following review helpful:
5.0 out of 5 stars
Fantastic intro to financial planning, October 13, 2003
By A Customer
This review is from: Values-Based Financial Planning : The Art of Creating and Inspiring Financial Strategy (Hardcover)
Bachrach's book is a valuable read, whether you are a financial whiz or still looking for direction. I was impressed that the book is endorsed by Stephen Covey (see back cover) but was not surprised. Bachrach encourages us to focus on our values first because there is a direct connection to what is important to an individual and their money. The book also does a wonderful job of helping people determine whether they should do their own financial planning or hire an advisor. Bachrach gives some great tips on finding a "trusted advisor" rather than a salesperson. This book was well worth the money. I now have a great deal of clarity about my values, goals, and the next steps I need to take to make my Financial Road Map a reality.
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