What are core values?

Author

COREnology
September 20, 2024

Module 3 — Lesson 1

In this lesson you’ll learn:

  • What core values are

  • How understanding your clients’ core values will make you a better advisor

  • Why core values are important to your clients’ legacy

  • How understanding your client’s core values can impact your business

What are core values?

Core values are those values you hold most deeply. They often originate from the most meaningful experiences in your life.

These values drive what you do, guide your decision-making, and help you create long-lasting connections with others.

Understanding your clients’ core values has a dual impact:

First, it strengthens the client-advisor relationship.

Research by eMoney Advisor shows that advisors who implement Financial Psychology (FinPsych) principles with their clients see an increase in loyalty, trust, and satisfaction—and they see a 250% increase.

The study states:

Out of the 21 actions we tested, here are the top five practices that have the greatest positive impact on a client’s overall satisfaction: 1

  1. Helps me identify meaningful personal and financial goals and objectives.

  2. Tries to understand my values and priorities before delivering financial advice.

  3. Always considers what I value most in life.

  4. Makes an effort to learn about my money behaviors and attitudes.

  5. Communicates recommendations in terms that I can understand.

As you can see, the top four most impactful FinPsych principles can be addressed using COREnology reports — specifically the COREvalues report.

A 5-minute conversation about a client’s core values can build more trust and connection than years of successfully managing their investments.

The second impact of helping your clients (and their family members) identify their core values is empowering them to live those values intentionally.

This can have a powerful ripple effect within a family, including:

  • Developing deeper understanding and empathy between each member of the family

  • Helping clarify their family legacy

  • Identifying values that could be in conflict and creating a plan to navigate that

  • Strengthening marriages

  • Strengthening inter-generational bonds

  • Resourcing financial assets with intention and purpose

Values clarification is a win for your clients and a win for your business.

Now, let’s learn how to use the most efficient and effective tool to accomplish this with your clients!