Financial Advice: How Do I Measure Success? 

As with any professional service, personal financial advice comes with a cost and commitment on behalf of the client and the professional. Whether you’re new to engaging financial planning services or have a longstanding relationship with a financial adviser, the main question is always the same: “How do I measure success?”. 

The below article explores this question and looks at how the relationship with a financial planner is improved with intentional goal setting. 

Most financial planners – ourselves included – work collaboratively with people to achieve identified goals. When we meet with clients, our partnership is built on the premise that their aspirations – whether they relate to retirement, home ownership, education funding, or other financial milestones – are the foundation of the advice and strategies developed.  

Setting clear and actionable goals from the outset is critical for both a client and their adviser to ensure a successful and sustainable relationship. The goal-setting process might seem overwhelming at first, especially when it involves delving deeply into personal aspirations and values. However, as a client it’s essential for creating a financial plan that reflects what truly matters to you.  

By spending time together to carefully craft and refine these goals, an adviser can gain insight into what drives you and can ensure that the plan is tailored to align with your unique vision for the future. This process forms the bedrock of the relationship developed through various life stages, with thoughtful financial strategies and clear benchmarks for success.  

Cohesion 

When we are aligned to achieving the same goals, the entire financial planning process becomes more effective and purposeful.  

Clear goals create a shared reference point, ensuring that every strategy, decision, and recommendation made throughout your financial journey is in service of the same desired outcomes. For example, whether you are aiming to retire comfortably, buy a second home, or pay off debt, these objectives will guide decisions on investment strategies, budgeting, and the types of insurance coverage recommended.  

A cohesive approach to goal setting also enhances communication between the adviser and the client, making sure any adjustments or updates to the goals are incorporated into the financial plan as life circumstances evolve. Ultimately, when both parties are focused on achieving the same objectives, the likelihood of success increases, and you can both feel confident in the plan’s direction. 

Trust 

Trust is the cornerstone of any successful financial planning relationship. It’s vital that you feel confident in the advice and strategies recommended, both in favourable market conditions and during periods of financial uncertainty.  

By establishing clear goals from the beginning, an adviser can provide a roadmap that outlines how to navigate various market cycles and achieve long-term objectives. This shared understanding fosters security, as you can rely on this expertise to stay on course, even when short-term fluctuations or setbacks occur. Whether facing a market downturn or unexpected life events, clients who trust their financial planner will feel more confident in their ability to weather challenges and remain committed to their financial goals.  

Over time, this trust is reinforced through consistent communication, transparency, and the ability to adapt strategies as needed to keep on track. 

Holistic Approach 

A holistic approach to financial planning is one that considers all aspects of your life in relation to your goals. 

For example, it’s not enough to simply focus on retirement savings; a comprehensive plan also considers factors such as household cash flow, insurance needs, tax efficiency, estate planning, and more. A good adviser will help ensure that each component of a financial picture works in harmony with the others, creating a unified strategy to achieve long-term aspirations.  

This approach goes beyond just addressing immediate financial concerns – it’s about creating a well-rounded, future-flexible plan that evolves with each person through different life stages. Through regular review, a strategy can be adjusted and refined as circumstances change, making sure it remains aligned with evolving needs and goals. 

Education 

Ongoing education is a critical component of the financial planning relationship. Our role extends beyond offering advice and developing strategies; it also includes empowering people with the knowledge needed to make informed financial decisions.  

By staying up to date on industry changes and emerging trends, we can help explain how these developments may impact financial plans. Whether it’s tax law changes, new investment opportunities, or evolving retirement planning strategies, it’s highly beneficial to understand the factors that could influence financial well-being. Moreover, a reliable financial planner serves as a trusted source of independent, objective information, helping you navigate the complex world of finance with confidence.  

The SMART Method of Goal Setting 

Many studies and financial experts emphasise the importance of using the SMART method when setting goals. SMART is an acronym that stands for: 

• Specific 

• Measurable 

• Achievable 

• Realistic 

• Timed  

This method helps ensure that goals are clear, actionable, and aligned with your broader financial objectives. By applying the SMART framework, you can better define short-term, medium-term, and long-term goals that are both attainable and meaningful.

For example, instead of a vague goal like “save for retirement,” a SMART goal might be “Save $500,000 for retirement by age 65, using surplus income to make monthly contributions.” This specific, measurable, and time-bound approach provides a tangible reference point that can be used by both the adviser and the client to track progress and make necessary adjustments over time.  

As life circumstances change and milestones are reached, new goals can be set, keeping the financial plan dynamic and responsive to evolving personal needs. 

Don’t Go It Alone! 

It’s important to remember that you do not need to navigate the goal-setting process alone. Financial advisers are experts in helping people uncover what’s truly important and developing strategies to achieve these personal and financial aspirations. Whether it’s around planning for retirement, managing debt, or saving for a major life event, they can guide you through the process of setting realistic, meaningful goals.  

So, how do we measure success? It’s very simple. We set the goal, create the strategy, and then execute. Our outlook on a person’s goals is that they drive every action we take. We create a strategy with them, not just for them. This means it’s easy to measure the success of the relationship at any point: when we have clearly defined the goals and what we are trying to achieve together, it’s easy to see if we are on track to reach those targets or if adjustments need to be made to stay on course.  

Brody Flew
Financial Planner, Your Future Strategy
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References 

Koestner R, Otis N, Powers A P, Pelletier L, & Gagnon, H (2008), Autonomous Motivation, Controlled Motivation, and Goal Progress, Journal of Personality. 

Winchester D, & Huston S, (2014), Does a relationship with a financial service professional overcome a client’s sense of not being in control of achieving their goals?, Financial Services Review. 

Locke E, & Latham, G (1991), Goal-Setting Theory, Organizational Behavior 1. 

Potts N, & Labotka D, (2025), Financial Advisors: Where Are Values in Your Value Proposition?, Morningstar. 

Lamas S, Murphy R O, & Sin R, (2020), The Value of Advice What Investors Think, What Advisers Think, and How Everyone Can Get on the Same Page, Morningstar.