At Magenta, we have always been proud to say that we care 100% about our client’s financial wellbeing and now we have been Accredited by the Initiative for Financial Wellbeing.
What is Financial Wellbeing?
Simply put, this is the study and application of how money can make us happy. We have all heard about someone who may have plenty of money but is not happy, as the saying goes “Money can’t buy you happiness”.
Whilst that saying may be true when financial planning is considered with the overall aim to improve a person’s financial wellbeing, money can be used to increase our happiness and fulfillment.
Maybe this can be achieved by saving up for that long dreamed of adventure to see lions in their natural habitat, family being able to visit relatives on the other side of the world, retirement and more time to volunteer and give back, or even those people who want to make their garden a longed-for oasis.
The Initiative for Financial Wellbeing (IFW) is a member-led organisation, guided by executives from the financial service community. Their purpose is to help financial planners, advisors, and coaches to improve their client’s financial well-being by not only make them wealthier but happier and more fulfilled.
To be accepted as an Accredited Practice Member of the IFW a company must go through an audit process to confirm that they are:
- Committed to making wellbeing integral to their business
2. Actively promoting wellbeing both internally and externally
3. Aligning financial wellbeing with their brand values.
4. Able to provide evidence and proof that the above is true and being completed.
Both Mandy Whitburn and I took on the audit and worked together to provide the evidence required. It was rewarding working through the audit to see how much evidence we could provide to the IFW.
As with any audit, accreditation, or exam, you worry if are you doing everything you need? doing everything right? able to evidence what you do? and most of all whether you can pass.
After nervously waiting for the information to be reviewed, we were rewarded with an audit pass (and two very relieved staff members!)
We have proved that looking after our clients and staff wellbeing is just as important as looking after their financial needs and Magenta can proudly say we are an Accredited Member of the IFW.
If you want to find out more about the IFW you can find them at The Initiative for Financial Wellbeing | Improving financial wellbeing