“Many studies show that the accumulation of wealth is at best unhelpful, and at worst determinantal to our happiness,” Chris Budd, chairman at Ovation Finance, told International Adviser.
“I wrote The Financial Wellbeing Book to counter this, and we produce an ongoing Financial Wellbeing podcast.
“This hit a nerve and more and more advisers are focusing their financial advice on happiness, rather than tax or investment issues.”
The result was the creation of the Institute of Financial Wellbeing.
“[It] provides a meeting place for like-minded advisers and planners who want to help their clients to become happier, not just wealthier,” he added.
Budd said that over 160 financial advisers, planners, coaches and paraplanners have shown interested and want to join the institute.
“We will be reaching out to other organisations both within and outside of financial services.
“Wellbeing affects everyone. Whether it is mental health issues, trying to find purpose in life, even the divisions in our society being caused by the current crop of politicians in the UK, our wellbeing is constantly under pressure,” he admitted.
This is why financial advisers and planners should take on the responsibility of considering their clients’ wellbeing just as much as their financial situations.
“Financial advice tends to focus on products and technical issues, such as tax and pension rules.
“Clients aren’t really interested in that, they are interested in how their money can help them to be happier.
“Financial planning is really very simple – work out what you want from life, then spend your money on that.”