From Financial Advisers to Well-Being Advisers

Well-being is more than financial well-being. The domains of well-being also include family and friends, health, both physical and mental, education, work and activities, values, religion and spirituality, and more. Whereas many financial advisers see themselves as wealth managers, focusing on maximizing clients’ wealth, well-being advisers strive to maximize clients’ well-being. Financial advisers must evolve into well-being advisers if they are to compete for today’s clients and future ones, because many of the traditional services of financial advisers, whether portfolio asset allocation or portfolio rebalancing, are now generic, provided by robo-advisers at lower costs. Well-being advisers enhance not only the well-being of their clients but also their own, turning a job and career into a vocation whereby they do good for themselves as they do good for their clients.