What is the difference between a need and a want?
At a recent conference run by Distribution Technology, a senior member of the Financial Conduct Authority, Head of Life Insurance and Advice Supervision Debbie Gupta, said;
“Advisers consider what a client wants, but few consider what the client really needs”.
Put simply; needs are something that you must have for survival. Wants, on the other hand, are good to have, but arguably not necessary for survival.