Millhaven: Let the Negotiations Begin
We wanted to share a story from one of our longest-standing customers and supporters, James Williamson, Managing Director at Millhaven. James has been with Lumiant almost since the company started and has conducted over 100 values sessions with clients. Having practiced values-based advice for a number of years, he has become a pro at helping clients unpack what is truly important to them in life.
But that doesn't mean every client he meets is necessarily open to the process.
A Client Who Just Wanted to Get It Done
None more so than a new client James brought on this year. The financial spouse was a CEO of a reasonably sized firm who wanted to get financial management ticked off his to-do list. He was so direct that James wondered whether he might not be suitable for a values session at all — and the client's attitude confirmed it. He just wanted to get stuck into financial planning and didn't even see the need to bring his spouse to the meeting.
But James knows never to assume. He pressed ahead, convincing the client that the first meeting needed to include both him and his partner if they wanted a personalised plan that would help their family live their best lives.
So they came in — and from the moment they sat down, there was tension in the room. The financial spouse wasn't sure this process was for him and couldn't comprehend how a values session would have any bearing on his financial plan.
When the Balance of Power Shifts
As James worked through the values session — starting with the non-financial spouse — something shifted. She began to take control of the meeting. She was actively engaged, asking questions of both James and her partner, and drawing out a conversation that clearly hadn't happened at home for quite some time.
Once the individual values sessions were complete, the couple found they aligned on just two cards. The financial spouse's selections were largely financial in nature, while the non-financial spouse had chosen more emotional and social cards centred around family and nurturing relationships. From there, they came to the negotiation table — working through what was truly important to them as a couple and as a family.
They found their compromise: a mix of financial, emotional, and social values, including "Feel confident in my finances," "Dedicate more time to those I care about," and "Spend without guilt."
The outcome couldn't have been better. More importantly, it opened a conversation this couple hadn't had in years — about what actually mattered to them. That's one of the most powerful benefits of Your Values. It gives couples the space to stop, reflect, and articulate what matters most in a world that rarely slows down enough to allow it. They left the meeting feeling inspired about the future, knowing they now had a financial advisor who would help guide them toward their best lives.
James' Top Tips for Getting Clients Across the Line
James' overarching advice: never assume. What you think are the key drivers in a client's life are often wrong, and it is only by allowing them to unpack their values that you can truly get to the heart of what motivates them.
If you're struggling to get clients on board for a values session, here are his three tips:
1. Have a pre-vet call. Find out whether the client fits your roster, identify their burning issues — the things that must be addressed because that's why they reached out in the first place — and explain the why behind your process and what it involves.
2. Frame Your Values as a diagnostic process. In James' words: you might go to the doctor about a problem with your arm, but it could be something else entirely causing the problem. A good doctor never assumes — they ask questions to diagnose the true cause. Financial advice works the same way. Without understanding what's important to a client in life, you risk targeting a symptom rather than the underlying desire. You'll never create a truly personalised plan without that foundation.
3. Let the financial spouse know their time will come. When you get into the detail of a financial plan, there will be meetings focused purely on tactical financial matters — tax planning, portfolio management, and so on. Let the financial spouse know that those will be their moments. But before you get there, you need the full picture from both partners to pinpoint the financial strategies that will truly meet the needs of the family.
Want to learn more? James was interviewed for the Lumiant Live podcast, discussing this case study and how he approaches the review process using Lumiant.
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