It is rarely possible for clients to have all they wish for and they may need help prioritising their goals. They should first be encouraged to identify what goals they need to achieve and which they merely want. For example, they may need to accumulate sufficient wealth on which to retire and this may need to be in the order of a capital amount of $750,000. While they may want to retire on $1,500,000, they actually need $750,000.  Once they have sorted the difference between what they actually need and what they want, they can then use one of two methods to determine the priority of their goals:

Order of priority

If a client has six stated goals, you can ask them to place those six goals in order of priority, with number one ranking as the highest priority and number six as the least.  This does not mean that it is not important for the client to achieve the lowest priority goal, it simply helps you understand the relative order of their importance.

Scale ranking

Here the client is asked to rank their goals, according to how important they are to them. For instance, on a scale of 1 to 5, where 5 represents the highest importance and 1 the lowest. Those ranked higher will drive your recommendations.

 

 

Activity

Consider your list of Lifestyle Goals.

  • Rank them first in terms of needs and wants, then prioritise them using one of the methods described above