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Holistic wealth management

Setting goals with ‘new’ wealth management planning

Since the late 90s, wealth management planning has evolved. It’s a process of planning and incorporating psychological and emotional preparation for moving through life’s stages with a focus on quality over quantity. Most financial planners who have since adopted it describe it as a comprehensive approach to planning, incorporating a range of disciplines including investment management, tax planning, business continuation and estate preservation. 

Wealth management for the psyche 

The “new normal” economy that sprung from the steep recession of 2008 ushered in a new, holistic view of financial planning. It’s centered as much on the mental and emotional aspects of life as it is for planning the financial aspects. For decades, financial planning had emphasized the quantitative side of life — crunching numbers, if you will. It has since given way to a more holistic approach that broadens the scope and refines the clarity of an individual’s vision and life ambitions.

Increasing life expectancies, economic uncertainty, extreme market volatility, and concerns over geopolitical crises have contributed to new attitudes about money and happiness. Even for those who find themselves financially prepared, more people are beginning to realize that they may not be physically, psychologically, or emotionally prepared to deal with a rapidly changing world. In fact, the growing trend in financial advisory circles is to add a “wealth psychologist” to the advisory team.

Planning for financial and emotional security

Values-based and goal-centric wealth planning paves the way to establishing more compelling, tangible, and reasonable goals. When goals are formed around our attitude and beliefs, they are much more likely to remain aligned with our values. That strengthens both our emotional and financial security. 

Studies indicate that even though people may not feel financially secure, they live life with much less stress if they feel emotionally secure about their future.

Of course, this approach to wealth management doesn’t ignore the financial elements but enables a person to put them in context for more meaningful planning. Priorities become crystallized and decision-making becomes more deliberate.

It requires a precise process for establishing financial objectives, quantifying them, setting benchmarks and allocating assets to reflect individual risk tolerance and investment preferences. More importantly, the process needs to include continuous monitoring and updating to maintain alignment between your priorities and the evolving state of your finances.

Whether you work with a financial advisor or on your own, your goal should be to develop a plan that will close the financial gap in your life as well as the emotional gap. While it is essential to address critical financial concerns, it is equally important to solve life-critical emotional concerns. 

Before submitting to the quantitative side of your plan, it’s essential to discover the qualitative side — to discover your values, attitudes, and beliefs you hold — to understand what it is that you would want people to say about you as a person, and how that will translate into the actions you’ll take.

Looking for a wealth management partner? Alpine Bank has a wealth management division devoted to helping clients and customers with their asset management, investments, legacy planning and more. 


Products of our Wealth Management service are not FDIC insured, may lose value and are not bank guaranteed.

About This Author


Alpine Bank Staff

Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado’s Western Slope, mountains and Front Range.

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