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Episode Summary
Here’s the quote that sums up why Justin Castelli decided to shift his business model away from the traditional financial planning model he had known for 18+ years:
“My clients were planning for the life they were told to live. Not the life they wanted to live.”
For example, think about a 55 year-old client that meets with a financial advisor.
The advisor would almost certainly ask some version of the following:
“What are your goals with your money?”
OR
“Have you considered retiring?”
Either way, the client is likely to respond and say they want to retire when they’re around age 65.
But, have you ever stopped to wonder why they chose 65? Or why they want to retire?
Is it because that’s the best route to maximize their life?
Or is it because that’s what society and other influences have convinced them they’re supposed to do?
Mark Manson, author the popular book The Subtle Art of Not Giving a F*ck sums it up this way:
“There are two potential outcomes in life. Either you choose who you are or it will be chosen for you.”
And too often, our clients have their life chosen for them by what society tells them, what their family did, the pursuit of success, and so on.
But, what if you could help your clients design the life they want to live? A life that’s in alignment with what’s most important to them?
What if you could help them intentionally craft a life around their passions and purpose?
That’s exactly what Justin Castelli is setting out to do as he transitions his business model to let life guide the financial plan rather than the financial plan guide their life.
And, in this episode, he shares his personal journey that led him to pivot his business model and how he plans to do this with both new and existing clients.
Things You’ll Learn
- Why Justin decided to pivot away from “traditional financial planning”
- His new service offering that looks more like life coaching than financial planning
- Why most clients live a life they’re told to live rather than the one they want to live
- The power of asking “Why” to align money and life
- Where his approach differs from regular “life planning”
- The 2 exercises he suggests for clients to uncover their authentic life
- How he plans to use the Enneagram to improve communication
- Questions that uncover passion and purpose
- How he uses content to get clients comfortable opening up
- The conversation he had that shifted the way he views the role of an advisor
- How he harnesses regret to help the client get clarity on what’s important
- How this approach forever changed a client’s life
- Why a plan focused on life requires “outside the box” financial planning
About Justin Castelli, CFP®
Justin Castelli is the founder of RLS Wealth, co-founder of The Advisor Growth Community, and most recently, the founder of the creative collective PRST.
In other words, he’s an advisor/planner, a leader of advisors/planners, and a creator.
He’s been named one of Financial Advisor Magazine’s “Advisors To Watch”, Investopedia’s Top 100 Financial Advisors, and Investment News’s 40 under 40 Class.
And, he would also want you to know he’s a husband, a dad, and a lover of Kendrick Lamar.
Other Episodes You’ll Like On Helping Clients Maximize Their Life:
- Designing A Discovery Process To Maximize Return On Life with Mitch Anthony
- Crafting A Values-Driven Process To Attract And Acquire Ideal Clients with Bill Bachrach
- Infusing Life Into The Financial Planning Process with Tim Maurer
Resources
More Than Money: Life Stories of Financial Planning
Ep. 37: The Irrational and Invisible Influences That Drive Human Behavior with Rory Sutherland
Ep. 36: Integrating A Life Planning Approach Into Your Practice with Scott Frank
The Alchemist: A Fable About Following Your Dream by Paulo Coelho
Whenever you’re ready, there are 3 ways I can help you master the human side of advice:
- Human Side of Advice Masterclass: Build a human-first planning process in 8 weeks alongside like-minded advisors
- The Ultimate Intro Meeting: Learn how to qualify and convert prospects in 30 minutes without being salesy
- HSOA Community: An online space to meet, collaborate, discuss, brainstorm, learn and grow with other advisors passionate about the human side of advice
If you want more information on any of these, let me know here.