“There are two possible outcomes in this life: Either you choose who you are, or it will be chosen for you.” – Mark Manson
How often do you talk with clients about their financial purpose before diving into the numbers?
Some clients spend to keep up with those around them: new homes, new cars, new benchmarks. Others save excessively, driven by fear of running out or a belief that it’s never enough. In both cases, the behavior is reactive, not intentional. When financial purpose isn’t clear, that space gets filled by emotion, outside expectations, or habits that may no longer serve them.
That’s where the statement of financial purpose comes in: A clearly defined financial purpose gives clients something solid to come back to, especially when emotions, headlines, or outside influences try to pull them off course. It acts as a lens for decision-making, helping them connect the dots between what they want their money to do and what they believe truly matters.
So how do you help clients uncover it? It starts with asking better questions (and listening for what’s underneath the surface).
What is a Statement of Financial Purpose?
If money is a tool to fund the life your client wants to live, then the statement of financial purpose is effectively the “mission statement” for that life. It can serve two key purposes:
- It condenses what’s most important to them into a digestible and memorable statement.
- It serves as the north star, guiding light, or lens that keeps them anchored to what’s most important as they navigate financial decisions.
A statement of financial purpose creates alignment between action and intention, especially in moments of uncertainty or transition.
Related: How to Make Your Annual Client Review More Meaningful
Examples of a Statement of Financial Purpose
Before exploring how to help clients craft and apply their own statement, it’s helpful to see what a financial purpose actually looks and sounds like.
These are real-world examples, phrased the way clients might naturally express them:
- “Money’s purpose in my life is to live fully and give generously to the people and causes I care about, without constantly worrying if I can afford it.”
- “The purpose of money in our lives is to provide quality time together as a family, supporting a lifestyle that satisfies our needs with opportunities to give, travel, and save.”
- “Money allows me to spend time with the people I love, explore the world, and build a life rooted in faith, flexibility, and well-being (and plenty of fresh air, sunshine, and dirt trails.)”
These statements aren’t about numbers; they’re about meaning. When clients define their financial purpose in their own words, it becomes easier to connect day-to-day decisions to what matters most over the long term. That clarity can shift the entire planning conversation.
How to Craft a Statement of Financial Purpose With Your Clients
Helping clients craft their statement of financial purpose is a two-step process: First capturing the essence, then prompting the creation
1. Capturing the Essence
At this stage, your goal isn’t to repeat everything the client said. Instead, you’re summarizing by reflecting back the essence of what mattered most to them during your discovery conversation.
Here’s one way to frame it:
“We’ve talked about a lot today, and I’m sure we’ve talked about a lot of things you didn’t expect to come in here and talk about. Like Isaid at the beginning, this is a crucial step in our process because these things will serve as the lens through which we make our recommendations. As I look back over some of my notes, the common themes were __________,
(pause)
Does that sound right to you?”
This approach can help clients feel heard, surface key values, and lay the foundation for a financial purpose statement that’s truly personal.
2. Prompting the Creation
It’s essential that the statement feels personal and grounded, truly reflecting the client’s voice. While it’s helpful to offer a starting point, the power of this exercise comes from giving clients the space to create something that’s entirely their own.
Here’s how you might frame it:
“Let’s take everything you’ve shared and distill it into what we call a ‘statement of financial purpose.’ This becomes our lens for every financial decision moving forward.”
Then offer one or more of these prompts to spark reflection:
- “Money’s purpose in my life (our lives) is to ______.”
- “The purpose of money in my life (our lives) is __________.”
- “Why is money important to you (or your family)?”
Pause and let them think. Don’t rush the moment; silence is where clarity lives.
| Key Guidelines to Keep in Mind: |
| Make It Memorable There’s no “right” length. The key is that it feels natural and easy enough to remember. A good rule of thumb? If they couldn’t comfortably share it with a friend that evening, it may need refining. |
| For Couples, Start Individually, Then Combine When working with a couple, begin by having each person write their own statement to surface individual priorities. From there, invite them to co-create a combined or “family” statement that reflects their shared vision. |
Reviewing and Recalibrating
A statement of financial purpose isn’t meant to be written once and forgotten. Think of it like an eye exam: Sometimes your prescription stays the same. Sometimes you need a new lens. Either way, the point is clarity.
The same goes for your clients’ financial purpose statements: Review them annually for relevance and resonance. Here’s how you can kick off the review conversation:
“As you know, the statement of financial purpose is your north star. It’s supposed to capture what’s most important in your life and serves as the lens through which we determine what levers to pull. So, take a minute and read it to yourself, then tell me what’s going through your mind.”
If they don’t volunteer anything to be added or removed, follow up with this question: “I’m curious to hear if you think anything needs to be tweaked or added?”
It’s important to prompt this idea and let them truly explore whether they want to add or tweak. At the same time, it’s equally important to understand that these will change far less often than goals.
Make the Statement of Financial Purpose Stick
Crafting a financial purpose statement is a meaningful step, but it’s just the beginning. It’s important to create intentional moments to revisit the statement regularly. Otherwise, the purpose that once guided decisions can get crowded out by noise, emotions, or short-term distractions.
Consider printing it on a laminated card they can keep in their wallet or placing the statement at the top of their client deliverables.
Related: The Art of Relationship-Building With Advisory Clients
Bringing Purpose to the Planning Table
Whether we realize it or not, every decision and action in life (including financial ones) is shaped, influenced, and informed by something. That’s why this work matters.
Helping clients clarify the role money plays in their lives reframes the entire conversation. It can move them out of reaction mode and into alignment. Instead of chasing returns or reacting to headlines, they can begin to filter choices through a deeper lens: Does this reflect what I value most?
For Advisors, that’s the opportunity:
- To create space for more human conversations
- To become a trusted partner not just in the “how,” but in the “why”
- To elevate your value by helping clients connect their money to what matters most
It’s not complicated, but it is powerful. And it’s the kind of work that sets you apart.
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Resources from Brendan Frazier:
- Watch the Wisdom in Wealth video series
- Listen to The Human Side of Money podcast
- Subscribe to the Wired Advisor newsletter
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- Tools to deepen client trust through behavioral finance insights and personalized planning conversations
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Let’s talk about what it looks like to build a business that’s aligned with your purpose.