Chia-Li Chien, PhD, CFP®, PMP®

When stress-related ill health threatened the author’s career, she consulted with a financial planner to help with her financial situation and found herself attracted to the financial planning field. She set goals and time frames for formal training and to accumulate working capital and started a financial planning practice. It took her a few years to achieve the type of practice that satisfied her personal and cultural goals and she shares some key practices here. Attention to demographic information is important, but while baby boomers are the current hot market, be aware that too high concentration of a single demographic can increase risk and decrease the firm’s equity value. Business revenue should be diversified for the health of the business. She suggests that rather than being a “quarterback” for the client, the practitioner should be a project manager, managing all aspects of a client’s wealth with her/his personal and cultural goals in mind. Common client goals and objectives include areas of lifestyle, retirement, education, parent care, estate planning and special needs. Taking the Chinese-American demographic group as an example, the goals of higher education for children and attention to and long-term care of parents supersede retirement goals. Know the clients to know their priorities. Some people use financial planners with the modular approach and investment thresholds to manage their portfolios, but the portfolio is only one of many assets on the retirement balance sheet. Financial product implementation as a practitioner’s priority does not integrate all assets in management, protections, community, social and family legacy. A case study regarding education funding shows that a quick recommendation of a 529 account fails to consider other available options, singly and in combination. Employing the same processes for oneself in business as for the client helps to position the business in a satisfying manner. Once in the field, a practitioner can diversify the work and client base for a happy career and career end.

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Leveraging Financial Planning to Grow your Practice

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Chia-Li Chien

Assistant Professor and Director of Financial Planning Program at California Lutheran University School of Management

Chia-Li Chien, Ph.D., CFP®, PMP, is a Succession Strategist of Value Growth Institute, dedicated to helping private business owners increase the equity value of their firms. Dr. Chien is also Assistant Professor and Director of the Financial Planning Program at California Lutheran University. She is the award-winning author of the books "Show Me the Money" and "Work Toward Reward." Dr. Chien can be reached at jolly@chialichien.com.

Latest posts by Chia-Li Chien (see all)

• Do-over Exit? - May 14, 2019
• The Future of Financial Advising - April 24, 2019
• Show Your Love in Social Security Claiming - April 23, 2019

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