For Bill Bell, President and founder of Bell Financial Inc. in Aurora, Ont., financial planning is not about the money — for either him or his clients.

“I practise a slow-motion business model,” says Bell, who spoke at the Top Advisor Summit held in Toronto in June. “I focus on helping as many people as I can in the most profound way I am able. I have an insatiable curiosity about people, and love to help them do what they most want to do in life.”

Not to say money isn’t important. Originally a high-school math teacher, Bell made a career transition — first to working in the insurance business and then to owning his own financial planning firm — because he saw the opportunity to earn a higher income. But Bell believes it is the defining and realization of life goals and dreams that are truly important. Until clients are able to define what is motivating them, it is difficult for them to commit fully to a financial plan. And comprehensive financial planning is at the core of Bell’s practice.

“If I’m going to help someone, I really need to know him or her,” Bell says. “People always think they want more money, but that’s not really it. What they really want is something else, such as the ability to travel or stay at home and raise their kids or start their own business. Once they define what these things are, they are inspired to do what needs to be done on the financial planning side.”

Don’t focus on making money, he told advisors attending the Top Advisor Summit. Focus on helping as many people as you can.

Bell, who is affiliated with Manulife Securities International Ltd., starts every client relationship with a long, free-flowing conversation to unearth the client’s deepest aspirations. He finds that for many people, money is a source of stress or worry; they feel the pressure of having enough money. Clients are also concerned that they’ve made mistakes with money in the past, and are almost afraid to plan optimistically for their dreams because they see the obstacles as insurmountable. But, Bell says, most clients will find they have enough that they can enjoy life in the present and lay the groundwork for the future.

“For the typical Canadian, money is a sustainer of existence,” he says. “As a financial planner, I see my role as a dream fulfilment provider.”

After the client has painted a picture of his or her desires, Bell focuses on the nut and bolts of building a comprehensive financial plan. He says most clients are surprised at how much wealth can be built over time through regular contributions to a balanced, diversified portfolio and through compounding returns. He tailors his recommendations so they match both the goals and the personality of each client — and that can range from aggressive to conservative. His recommendations typically include mutual funds, segregated funds and fund-of-fund wrap programs, and will also include life and disability insurance policies when appropriate.

“Once we’ve focused on the details of the client’s desired life, the client can then see the role of the product and the trade-offs between risk and return,” he says. “I no longer have to sell the product. The solution pops out and virtually sells itself.”

Bell does not believe in the theory that asset allocation is determined by an age-based formula. He has some clients in their 70s who are invested in equities because that suits who they are. Others are 30 and in GICs, and that’s where they should be. The key is the plan’s ability to get clients to where they want to go, Bell says, and there are a multitude of paths to get there.

Bell manages $65 million in assets for about 450 client families. He has no “target client” as defined by assets, but simply seeks people who are looking for help, who are willing to accept the kind of help he offers and with whom he would enjoy working. His clients range from millionaires to regular working folk making small monthly contributions to savings.

“I look for people with common values,” he says. “The people who want to make a lot of money as fast as they can are often the people with the most money, but they’re not for me. It’s a pleasure for me to help the middle class become upper-middle class, and to achieve things such as putting their kids through university and having a comfortable retirement.”

@page_break@Bell avoids manipulative sales techniques. For example, if a client objects to what Bell recommends in the initial meeting, Bell takes this as a sign that the client is not for him and the relationship would be an ongoing struggle. So, rather than “coercing and strong-arming” reluctant prospects, he suggests the client may find a better fit with another advisor.

People who are looking for the latest tax shelter or hot stock are also a poor fit for Bell, who places a high value on professionally managed investment funds.

Bell also avoids using fear as a motivator. He steers clear of those negative conversations about all the risks and unknowns in life used by some salespeople. Instead, he believes positive visualization provides a much stronger spark. “Inspiration is the magic ingredient,” Bell says.

Sometimes people have difficulty indulging in what Bell calls “blue-sky thinking” and pinpointing what their dreams really are because they’ve been so caught up in the demands of daily life. To get them brainstorming, Bell asks what they would do if they had all the money in the world, and how they would spend a typical day.

“Some of the roads people will go down are surprising, and they become quite elated,” he says. “They will leave that first meeting excited that somebody is willing to join them in this endeavour. For others, it’s not so easy, and it can take years to let go of all the constraints and to determine what’s important to them.”

If he’s unable to engage the client in a meaty dialogue initially, Bell will continue to pursue the development of a financial plan, based on the goals the client is able to articulate. Typically, once the client sees how much money they can accumulate with the help of a plan, new ideas arise about what else they can do with their lives. Financial plans tend to spiral outward with time and growing possibilities, Bell says.

“Life is not linear; it’s textured, and can change in unexpected ways,” Bell says. “The financial plan is evolutionary.” IE

Inspiring clients to think big