Competition continues to heat up in Bermuda?s financial services sector as the Island?s banks seek to build on their role as ?trusted advisor? among clients.

Bermuda?s youngest bank, Capital G, is conducting a new series of workshops to raise awareness and understanding among its clients about setting life goals before trying to develop a personal financial plan. And the bank is considering opening the workshops to the general public this autumn as they believe the broader community could benefit.

?A lot of people still don?t seem to understand that you need to have a life plan and think about the goals you want to achieve long-term, and then you set your financial plan to support your goals,? said Jennifer Patterson, vice president and head of personal financial planning at Capital G.

?People come in to us talking specifically about products, such as setting up a trust, for example, but the purpose behind doing that often isn?t defined,? she said. ?I get them to back up and try to identify specific life goals so that they can put their decisions about financial planning into context.?

Mrs. Patterson recently completed the first in a two-module series of workshops for the bank?s Select Banking and investments clients which focused on retirement.

?Although ?retirement? as a term these days is becoming a bit archaic and more people are viewing that period of their lives less as a finishing line and more of an opportunity to keep working if they love their work or to apply their skills to something new,? said Mrs. Patterson.

She added that the workshops were more of a life planning course than a sales presentation, and provided participants with techniques to align their individual skills and personal goals with the basics of financial planning for long-term security. For this reason the bank was thinking about offering the workshops to the public for raising general awareness on the importance of these topics.

?We aim to educate participants in how to prioritise their goals, determine the money required to support them, assess risk in putting their investments or finances together,? she said. ?It?s about teaching the participants to take control of their lives. What we?re promoting is what financial planners would call financial literacy. We?re trying to increase people?s understanding and to help them have a good foundation for their long-term financial health.?