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The Your Values module helps you understand what is truly important to your clients. Armed with this knowledge, you can define a strategy to use their resources to live their best life.
Your Values takes the client through a deep-dive activity aimed at understanding what they truly value in life and connecting money to meaning. The values exercise will create the guardrails that inform clients' choices at key turning points in their lives.
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As you go through these activities below always encourage the less dominant person to speak first by addressing them by name.
Watch below for a short 5 minutes education on how to use your values:
How to run a values session, step by step
Activity 1: 3 Things...
Note: If this is done with a couple, the less dominant should be invited to speak first. The Lumiant platform will automatically start the conversation with the client flagged as the non-financial spouse in the platform.
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Activity 2: Picking and Ranking Your Values
Adviser: Leads into the Values module
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Associate: Navigate to Your Values module.
Here is where you might like to introduce some rules to help keep the session on track and help the client have a little fun.
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- No judgement - You're about to learn a lot about each other and I want you to know this is a safe space to share what's really most important to you.
- No Peeking - Don't feel the need to copy your partner. Your individual thoughts and feelings are most important.
- No interrupting - We want each person to be able to share their opinions. Try to sit and listen to your spouse without interruption.
- Have fun with it - Most of all, it's here for us to have a bit of fun with and learn how we can help you live your best life aligned with your values
Adviser: Addressing the Non-Financial spouse first.
We'd like you to pick 5 of these cards from any colour or colour combination. Pick the statements that are most important to you. We'll discuss them a little bit later.
Captures the non-CFO's top 5 value cards.
Ranking Values Cards
Adviser: Once each client has selected the 5 values most important to them, they are then asked to rank them in order of importance separately.
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Associate Adviser: Mirrors the same order using the digital interface
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Discussing Values Cards (Non-CFO Partner)
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You want to take notes in each section and you can also use our Voice text to record the client's responses.
Adviser: Starting with the non-financial spouse, the adviser asks them to share what each card represents. Advisers can use the questions listed in the next section to guide the conversation. It's often the third question that uncovers the deep, true answer.
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Once you understand the 'why', during the conversation, you might notice there are goals that the client would like to achieve that relate to particular Value cards. Capture these by clicking +add quick goal for this value so you can capture this important goal for the client and unpack this a little later.
All: Repeat for all 5 cards
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All: Repeat the process for Values Selection, Ranking and Discussion with the CFO client
Aligning cards (couples only)
The aligning of the cards is where we move from combining the top 10 cards across the household down to the top 5 values for the household.
Adviser: After each client has gone through and shared why the values are important to them, encourage a discussion between the partners to come to a shared set of 5 core values.
“It’s quite common that couples don’t discuss or know what their partner values, so hopefully this has been enlightening for you as well as me.
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Note: Each card selected by the client will be represented on the left. If both partners have selected the same Value card this will be captured by showing both their initials on the card. This can help to facilitate the conversation.
“Does this card rank higher than the others? Why?”
Note: In the aligning of the card as you get more experienced you will begin to recognise that there are similarities in the reasoning of the cards. This will help to identify if there are perhaps 2 cards chosen that might mean the same thing to the couple.
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This marks how they feel they are aligning with their values in daily life. The scale ranges from 1-10, and will ideally rise over time.
The important aspect of the scoring is understanding what things your client is wanting to do to live their values. Understanding where clients feel they sit in terms of their progress will help you to direct the conversation further.
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Note: When you are asking the client "what do you need to do to progress this value", this is where you are teasing out and uncovering their tangible goals and what needs to be put in place to help them progress their values. A great way to capture these goals is by using quick goals. This is where you can add a category title and rate its importance or add any notes to help define the goal.
A good tip here is to record your meeting or use our voice-to-text to capture the client's responses so you can fill in any blanks in your goals later.
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Prompting the client for details so that the goal is SMART will help you in defining the goals post the values session. You might even ask the client how confident they are in achieving the goal or how important it is to them.
For further guidance on how to run a Values session review our Webinar: Discover your client's values with Lumiant.