Financial planning has evolved significantly over the past decade, with one of the most notable entrants being lifestyle financial planning.

Lifestyle financially planning takes into account the need for each client to have a robust financial plan underpinned by bespoke solutions that can be adjusted as and when life happens. This means that client engagement and the discussion on possible solutions remain key.

The traditional approach involves proposing or presenting a suggestion/product for consideration, discussion and/or implementation. The intention is to move forward without involving the client in a conversation on possibilities or problem-solving.

However, when solutions are rather co-created, it involves a collaborative process where clients and planners work together to generate ideas, solutions or outcomes. Instead of the planner dictating recommendations, clients share their preferences and insights on what is possible for them at that moment in time. Co-creation builds trust, improves communication and leads to more engaged and satisfied clients.

It also results in a financial plan that is tailored to the client's unique needs and circumstances with a shared responsibility between planner and client for the eventual outcome.