There is a powerful synergy between the two; well-being provides the character strengths to secure wealth, and wealth affords a richer experience of well-being.
A virtuous circle emerges where well-being increases wealth, and wealth increases well-being, in an upward spiral of flourishing.
Abraham Maslow, in the 1940s and 50s, developed a needs hierarchy that neatly laid out the needs and aspirations that lead to a fulfilling life. His research confirmed that we naturally build, step by step, to higher levels of life satisfaction, ultimately resulting in self-actualization.
In 2015 global business consulting firm, Bain & Company, modified Maslow’s hierarchy for commercial application and developed “The Elements of Value” pyramid. Bain’s hierarchy listed the 30 elements of value, in ascending order, that consumers are seeking in their shopping experience.
Fidelity Investments, working with Bain & Company, took the exercise one step further and built “The New Advice Value Stack”, a Maslow/Bain-like hierarchy for financial advisors to guide them in creating a more valuable and satisfying experience for their clients.
With these three hierarchies (Maslow, Bain and Fidelity) as our guide we at Bluestone Financial created our own Bluestone Hierarchy of Wealth and Well-being, uniquely crafted to work with our clients and assist them in their quest to secure wealth and enjoy well-being.