*This is a continuation of the conversation that started in the previous episode (Episode 118). We highly recommend listening to that episode first!

A statement of financial purpose serves as the mission statement for your client’s financial life.

It acts as the north star for making financial decisions that are in alignment with the things that are truly important in life.

Most advisors love the idea, but they don’t know how to do it.

Fortunately, Andy Baxley created an entire course on it.

And, in this conversation, he reveals the 3-step process he takes his clients through to craft a statement of financial purpose.

You’ll Learn:

The power of helping clients turn vague goals into vivid visions
Questions to help clients narrow down what’s most important to them
Why you need to help clients separate short-term and long-term goals
A framework for turning a statement of financial purpose into tangible goals
How to use a statement of financial purpose throughout the planning process

Resources:

33: Values-Based Financial Advice That Works in Real Life With Natalie Taylor
A 3-Step Process For Crafting A Statement of Financial Purpose – Part I
“Die With Zero” by Bill Perkins
“Your Money Or Your Life” by Vicki Robin, et al.

Connect with Brendan Frazier:

Connect with Andy Baxley:

About Our Guest:

Andy Baxley, CFP®, CIMA®, CeFT®, is a Sr. Financial Planner at The Planning Center. Andy’s approach to financial planning goes beyond the numbers; it’s about helping the individuals and families he serves achieve clarity, confidence, and a sense of purpose around their money. Ultimately, Andy doesn’t just want his clients to feel financially secure; he wants them to feel empowered to plan with a sense of optimism and possibility.

—

Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

María Kodama

The AI-powered Podcast Player