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[Music] [Music] we start our financial planning process by sending two clients and usually our clients are couples a set of questions and the questions start with a question about what are the issues that keep them up at night just to start them thinking about financial questions and financial issues and what might be important to them and then we ask directly about goals about short-term goals and long-term goals then we have a meeting after they've had a chance to review those questions and we will talk for an hour and a half or two hours through that that list of questions and the list of questions is a page double spaced so there are relatively few questions and we're when we talk about short-term goals we ask about what are you likely to spend money on over the next five years and then we push there are categories that that that into which goals fit so family education vacations family events investments in housing then we will also talk about changes in career are people happy with the job that they're doing and and recently we had a very fruitful discussion with a client who actually started out by looking and this was not in a plan but in an annual update meeting started out by looking at investment returns and we ended up having an in-depth conversation about career goals and whether their current role was satisfying and whether they might want to change their career and if they did would they have to work longer if they had to accept a lower salary and how much lower salary could they accept and it was a discussion that was almost accidental but and in fact I would say it was it was it was serendipitous it was a very valuable meaning for the client and a very valuable opportunity to find out about goals so I guess I would say it's important to have a process but it's also important to be open to the possibility that goals might appear almost out of nowhere [Music] I think that's all true I think I think that in this case the client found it valuable because there's really no one they can talk to about it other than their spouse and their spouse is biased their spouse says whatever makes you happy right and and the client appreciates that but the client wants an objective perspective and in this particular meeting we had there were two advisors two relatively senior advisors and we were representing different perspectives one of us was saying well you should really think about what you would what you would enjoy and what would really make life enjoyable and your career enjoyable and the other one was saying but you've got to be careful about your earning power and and you you have very substantial earning power now and moving to a position that you might enjoy more could be very expensive so there was a lot of value in the interchange between the two advisors but also I think the client felt that there was an opportunity for him or her to talk to somebody objective but interested if that's if that's if that's clear it's both of those are important [Music] [Music] that's right and when we think about goals and the trade-offs thinking about those issues from a life time perspective is really helpful and we can talk about the implications of different decisions on living standards on sustainable living standard and we can say working five years longer allows you to spend this much more and buying a house that's this much more expensive will cost you so much in living standard and again people find that very helpful