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Values-Based Financial Planning : The Art of Creating and Inspiring Financial Strategy

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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.

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.

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.

As a financial professional who strives daily to help my clients make smart choices about their money, I am impressed by Bill's personalized approach to helping people take control of their lives by showing them ways to create and implement a viable foundation for their ideal financial future. There are many approaches of course, perhaps infinite, to planning wisely for your future. No one method or process is perfect. However, if you're truly serious about taking financial control over your future, whether you invest for yourself or work with a competent professional, then seek ideas and methods that are focused on helping YOU fulfill what's important to you in life. Bill's work talks directly about doing this and in beneficial ways that can help you make real progress towards achieving your lifetime goals and fulfilling your values.

Bachrach does a great job at helping investors identify their own personality type and recognize what is really important to them in investing. You wont find stock tips in this book but you will find the tools needed to create an overall roadmap and financial plan to help you meet your true root financial goals. This is the important part. One of my favorite points that Mr. Bachrach makes, one that I emphasize with people I advise is that there are certain things you can't hire someone to do for you: spending time with your family, exercise, travel etc. There are some things you can delegate- financial planning is one of them. Bill Bachrach also has a healthy and objective view about advice for investors who are not sure if they want to use the services of an advisor.

If you want the book with the hot trading tip of the day to add to your 500 book collection of investing books, this is not the book for you. If you are looking for an overall strategy to help meet your financial goals then this book is recommended.

This fast-read is a must for people wanting to start the process of planning their financial futures. This is not a book about how to pick stocks or bonds or mutual funds. This book walks the reader though a series of exercises which will result in an inspiring vision of your financial future, focusing on what's most important to you in life. I've been a financial advisor for over a dozen years and this is the best book I've read on the topic. A "must read"

Don't buy this book. Get it for free from your local Values-Based Financial Planning professional - who will also offer you a complimentary 20-minute telephone consultation to help you understand how the concepts in the book can have a positive impact for you.

Contrary to what some other reviewers have said, it is not a gimmick designed to sell, manipulate, or convince you to do anything. It is about helping you align your financial choices with your core values - so you can have a better quality of life.

I am a Certified Financial Planner practitioner, have been a financial advisor for thirty years, and a practitioner of Values-Based Financial Planning for four years. In my considerable experience, the philosophy described in the book is one of the best for helping you achieve your goals and realize your values.

But it only appeals to a certain segment of the population: people who are serious about financial success and who want to be financial delegators. It does not appeal to do-it-yourselfers or collaborators. There's nothing wrong with doing it yourself or collaborating with a financial advisor. Just remember that the best professionals in any field don't collaborate with amateurs.

My life is so much more focused and simple than it was even 2 months ago, and I attribute that to the values-based financial planning process. Because of this book, I now have a clear reason in mind for all my time and money decisions - even how I spend time at the office. I am a better employee because of this newfound inspiration to boost my own productivity at work. Now, I connect my success in the workplace with the achievement of my financial goals and ultimately the fulfillment of what's important TO ME in life.

If you are an Advisor, read the book for the good of your clients. If you are a client, read the book for your benefit and the benefit for your Advisor. The main focus is on personal values, but the issue of the Client-Advisor relationship is explored as well. You may be a nightmare Advisor, or you may be a nightmare Client. Find out, and if so, fix it!

With the markets so volatile and world events shaking our confidence, this book shows us what we should be focusing on- the things that are really important to us, and a financial plan that will help us succeed in life. Bill Bachrach has written a wonderful book to help anyone get started on the path to financial freedom.