The 3 P’s for Financial Professionals
Recently, I was playing with my three-year-old daughter in our playroom, and as she was running around in her favorite Elsa dress, she turned to me and, with a sweet little voice, said, “Daddy, I love you.” In this moment, I realized that all the work I do is for a much larger purpose – supporting my family and allowing for more of these moments to happen.
I have found that this underlying driver is true for many financial professionals (private equity professionals, investment bankers, and asset managers). The long hours, travel, and stress all lead back to the more significant reason we work and accumulate wealth. Through our experience working with individuals in this industry, we have found that the three P’s – Passion, Perspective, and Purpose – help lead to more moments like the one I experienced with my daughter. We will briefly mention them here, but we will look to expand on each of these in more depth in future blogs.
In working with financial professionals, we have found that our full life planning has helped identify what wealth means and work on meaningful contributions to achieving personal goals. Some of those passions could include spending time with family, investing time in a hobby, supporting a charity, or continuing with their career ambitions. Understanding the underlying passion often can help create the proper planning to achieve those goals with peace of mind.
Alongside a healthy understanding of what is driving you, there also needs to be a perspective on investments and the bigger picture. On the investment front, we can help you understand the bigger picture of risk (including private equity investments, stock grants, and other compensation) and the right level to support the family goals. Adding in perspective on how to think about introducing the family to money, gifting over time, or providing insights into what other families are thinking can help you make the most informed decisions.
Once you understand your passion and perspective, you can begin defining your family’s legacy and understanding the intersection of personal wealth and core values. The purpose of this, like those moments with my daughter, will evolve over time, and the plan should also grow alongside the purpose in your life.
When considering your wealth management goals, most people focus on the total dollars or the investment return, which are undoubtedly important. However, when you can frame these in the context of the three P’s as described above, your financial life can take on a path towards achieving more “I love you Daddy” moments.
Matt is a Wealth Manager at BDF and leads the Financial Professionals Practice Group and serves as the Director of Client Experience and Growth. He serves as the personal CFO to families, private equity professionals, investment bankers, and asset managers. Matt loves to help make the complex simple and help clients enjoy a full life.