Maslows Heirarchy And Values Based Financial Planning
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Maslow's hierarchy of needs is used to understand a client's values in financial planning. A values-based financial planner helps clients achieve life goals that have profound personal meaning at the self-actualization and self-esteem levels through coaching and supporting challenging projects. They also focus on building trust and addressing safety and security needs through effective cash flow and risk management.
Maslows Heirarchy And Values Based Financial Planning
- 1. Maslow's Heirarchy and Values Based Financial planning Maslow's Heirarchy Client Needs How a values based financial planner can add value Support client in achieving challenging things that have profound personal meaning Level 5: Self Actualisation Growth and self actualisation unmotivated by material outcomes and no guarantee of success (e.g.. first marathon at age 65, dream business, working without remuneration in an underprivileged community etc.) Level 4: Self Esteem Needs Self respect and the respect of others Focus on life goals progress ('I said it, I did it') encourage personal project planning and achievement Provide support and build a relationship of trust through coaching, Level 3: Love and Security Needs Feeling disconnected from people around them (E.G. when going through social transitions such as retirement education, communication (personal letters, reviews, webinars/seminars Level 2: Safety and Security Needs Security from perceived threats (including Focus on Cashflow, Assets, threats to financial security) Liabilities, Insurance Level 1: Physiological Needs Oxygen, Water, Nourishment, Sleep etc. Maslow's Heirarchy and Values Based Financial planning.mmap - 24/07/2011 - Mindjet