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Financial Wellbeing Assessment

Financial Wellbeing Assessment


Date published

‘A financial plan is very simple: work out what you want from life, then spend your money on that.’

We totally support this approach and have recently incorporated a new financial plan into our client reports. The aim of this plan is to support clients with all elements of their financial wellbeing, including:

  • A clear path to identifiable objectives.
  • Control of daily finances
  • The ability to cope with a financial shock.
  • Financial options in life.
  • Clarity and security for those we leave behind.

Gibson Lamb’s purpose is to make our clients happier, not just wealthier. By helping people identify what makes them happy, we can work with them to find ways to use their wealth to achieve and maintain this happiness.

Financial wellbeing is nothing new to Gibson Lamb, it’s probably always been at the heart of our approach, just without an official name up until recently. Bringing it formally into our annual review meetings and other client processes hopefully not only makes our intentions in this area clear, but also offers the chance for more conversations to open up.

By asking questions in our meetings and finding out more about what goals you have and how you feel about the future and the possible uses of your investments, we can make sure that your perspective is always applied. Rather than making decisions based purely on a black and white analysis of fund performance, we can reframe the process and act based on what matters most to you. Our planning can then work towards your wider goals and help you to achieve financial wellbeing.

We were the first company to pass the Financial Wellbeing assessment in 2019 and the first to be reassessed late last year – although it’s taken a long time for the results to reach us!). I’m really thrilled with the results. The headline I wanted to share is:

“Gibson Lamb clearly continues to put the wellbeing of their clients and employees at the heart of the company.”

This assessment is so important for us because it represents an external agency coming in and testing the standards we’ve set and making sure they’re as high as we say. The positive responses within the report are a welcome validation of the work we’ve been putting into our approach to your financial wellbeing. We hope your experience is in line with that of the assessor from the Initiative for Financial Wellbeing.

Financial wellbeing is going to continue to be a foundation of our approach to providing financial advice and we’re looking forward to receiving stronger results in each year’s IFW audits!