“Empathy is seeing with the eyes of another, listening with the ears of another, and feeling with the heart of another.” Alfred Adler
Empathy is an essential skill that helps us connect with others and understand their perspectives. In today’s fast-paced and ever-changing world, it is more important than ever to cultivate empathy and use it in all aspects of our lives, including our financial planning.
As Alfred Adler put it so eloquently, empathy is about seeing with the eyes of another, listening with the ears of another, and feeling with the heart of another. When we approach our financial planning with empathy, we open ourselves up to understanding our own values and the values of those around us.
Financial planning is often seen as a numbers game, with a focus on budgets, investments, and retirement plans. While these elements are undoubtedly important, they only scratch the surface of what true financial planning can achieve.
When we approach financial planning with empathy, we begin to see it as a tool for aligning our financial goals with our values and the values of those we care about.
For example, imagine you are planning a vacation with your family. Your partner wants to go on a luxurious cruise, but you are more interested in a low-key road trip. Instead of simply compromising or giving in to the other’s desires, you can use empathy to understand why your partner values a cruise, and they can understand why you prefer a road trip. By doing so, you can work together to find a compromise that fulfils both of your needs and aligns with your shared values.
Empathy can also help us avoid financial conflicts with family and friends. For instance, when a family member is in financial distress, it can be tempting to give them money outright. However, this approach often ignores the root of the problem and can create resentment and dependency in the long run. Instead, we can use empathy to understand the source of their financial troubles, and then work together to create a plan that addresses the root cause while also providing support.
At WellsFaber, we believe that empathy is an essential component of lifestyle financial planning. Our team of financial planners works closely with each client to understand their unique goals and values, and then create a customised plan that aligns with those needs. Whether you are planning for retirement, buying a home, or saving for your children’s education, we can help you navigate the complex world of personal finance with empathy and expertise.
Let us embrace empathy to create meaningful connections and build financial security for ourselves and those we care about. With empathy as our guide, we can achieve our financial goals while living a life rich in meaning and purpose.
We advise, you thrive.