• How does anyone begin to find their personal intention in the financial service industry?
• Where does your passion come from? 
• What advice would you have for anyone who feels lost in their journey?
• How can financial planners deal with imposter syndrome? 
• How can financial professionals face their challenges and cope with failures? 
• What are some steps anyone can take to find their “Tribe”? 
• How does DEI play a crucial role in the financial services industry?
• How does a company go about inclusion of diverse professionals to be welcomed into the firm?  

Guest:

Angie Ribuffo was born in Augusta Georgia, the child of a military family and lived in Germany and Thailand.In 2008 she decided to move into the world of financial planning by becoming a financial advisor and in 2019 opened her own firm Raion Financial Strategies LLC. She holds 6 designations CFP®; RICP®; ChFC®; CDFA®; CLTC® and WMC®. In 2018, Angie was recognized by InvestmentNews ,Women to Watch and inducted into the Anchorage Athena Society. 2017-2018 , the National President of Women in Insurance and Financial Services (WIFS). In 2012, she was awarded the Women in Insurance and Financial Services (WIFS) ANGEL award recipient. From 2012- 2021 she has been recognized as a WIFS Circle of Excellence recipient. Angie is married to her husband of 40 years, Steve, has 2 adult sons, Stephen and Daniel, a 8 year old granddaughter, Tahli and 4 year old grandson, Malcolm and her golden retriever, Abby.

Host: 

Chia-Li Chien, Ph.D., CFP®, PMP®, CPBC, is an Assistant Professor and Director of the Financial Planning Program of California Lutheran University. Before her academic role, she held several senior management positions in Fortune 500 companies, including Diageo, ABB, CIGNA, and RSA Insurance Group. Dr. Chien is a frequent speaker about succession planning at national conferences and has published three books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” She publishes research on succession topics in a variety of academic and practitioner research journals. Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®). Chia-Li Chien is pronounced Jolly Jan.

There are a lot of priorities from the Biden-Harris Administration Immediate Priorities, American Rescue Plan, and the American Jobs Plan, just to name a few. Attorney Carcone will help us to break down what changes are expected in the next few years.

Guest:

Colleen Carcone J.D., CFP®, is a professor at California Lutheran University, as well as an Income Tax and Estate Planner, and author. Colleen is a tax attorney with more than twenty years of experience who has escaped practicing law and now works in-house for a financial services company partnering with high-net-worth individuals. Colleen has been teaching estate planning and income tax planning for various programs for twelve years. An estate planning expert, Colleen co-authored Principles of Estate Planning, the third edition of which was published in 2018 and has been quoted in many articles. Colleen has served as a Director of Wealth Planning Strategies for TIAA for more than 14 years, where she has been serving the firm’s high-net-worth families with specialized advice and sophisticated financial, income tax, and estate planning strategies.

Host:

Hossein Salehi, Ph.D., CFP® is an assistant professor in Financial Planning at California Lutheran University. He has a doctorate in personal financial planning and is a Certified Financial Planner (CFP®). He also has an M.Sc. in Personal Financial Planning from Texas Tech University, an M.A. in Economics from Texas Tech University, and an M.Sc. in Financial Management from Tehran University.

Certified Financial Planner or CFP® often recommends the clients set up a trust when their financial situation warrants such a valuable tool.  One out of five financial advisors is a CFP® accordingly to CFP Board or Certified Financial Planner Board of Standards, Inc. There are three general business models in the financial service industry. In this interview, Mr. Cosentino will help us better serve the clients an understanding of what trust companies do and how to communicate that with the clients.

Guest:

Eric W. Cosentino, CTFA, is a Vice President and Private Wealth Advisor with FineMark National Bank & Trust. Mr. Cosentino has nearly 30 years of experience in the financial services industry, with half of that time in Southwest Florida. He works directly with clients to build and preserve their wealth while developing meaningful relationships in Lee and Collier counties. Mr. Cosentino holds a Bachelor of Arts from the University of Massachusetts at Amherst and has earned the Certified Trust and Financial Advisor (CTFA) designation. He also completed National Trust School at the University of Chicago and the National Graduate Trust School at Northwestern University. Mr. Cosentino currently serves as a board member and volunteer for the STARability Foundation, a local non-profit that provides educational, vocational, and social services to individuals with disabilities. He also serves as the Treasurer and volunteer for Delnor-Wiggins Pass State Park, Community Service Organization.

Host:

Chia-Li Chien, Ph.D., CFP®, PMP®, CPBC, is an Assistant Professor and Director of the Financial Planning Program of California Lutheran University. Before her academic role, she held several senior management positions in Fortune 500 companies, including Diageo, ABB, CIGNA, and RSA Insurance Group. Dr. Chien is a frequent speaker about succession planning at national conferences and has published three books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” She publishes research on succession topics in a variety of academic and practitioner research journals. Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®). Chia-Li Chien is pronounced Jolly Jan.

How Should Advisors Leverage the Continuum of Business Models?  

William C. Van Law III fell into a career of financial planning by tagging along to roommates interview during university and by walking out hired for the job. In his webinar interview, “How Should Advisors Leverage the Continuum of Business Models?”, Van Law explained his father worked in the financial planning industry also. After exploring both technology and the financial planning industry, Van Law decided to pursue a job at Merrill Lynch straight out of university and “never look back.” 

Pathway From Entry to Executive 

Now an executive, Van Law said his pathway to his role was due to “hard work and being open to possibilities.” He advised that others should try to find the best fit for what they’re interested in or for their skill set, “so they go down the path that they feel will be the most rewarding.” He started in the industry as a junior member as a financial planner helping bring new client relationships to the senior advisor. At the age of 25, Van Law flew solo earning his CFP ® designation in 1990, to focus on estate planning and building his business around the subject. 

Van Law later had the opportunity to mentor new advisors and grow the training program, helping him build a career in leadership. Van Law explained that at Merrill Lynch they had a strenuous approach to be hired through a series of interviews, simulation, and role-playing to either be passed, failed, or deferred. “It’s a great lesson in overcoming obstacles,” he said. Van Law then moved to Florida to run his first office. “I thoroughly enjoyed my time as a financial advisor, however, I was just intrigued by the challenge of being able to influence people’s lives from a leadership standpoint and the variety of issues in leadership,” he said. 

Business Models Are Not One Size Fits All 

Van Law explained that there are four types of business models; independent employee business, traditional employee business, business development for independent broker-dealer, and president of RIA custodial business. Regularly, Van Law said he is asked the same question of which model is right? The right answer depends upon circumstances and it’ll change over time, he said. Each model has its pros and cons, so the person must decide what is best for them and their business. 

The Benefits of Mentors and Being a Mentor 

“Mentors can be both opportunistic and something that you actively seek out,” Van Law said. He advised others to be thoughtful with who they build relationships with and to have respect for a mentor’s guidance. Opportunities can appear, but you must be aware of them arising and proactively seeking out relationships, he said.

Technology and Innovation in Financial Planning 

Van Law explained that relationships with clients work the best when you can connect with them in a way that works best for them. Recently, there has been a shift in the impact of business models, especially independent models, said Van Law. “As an independent firm you’re able to pivot more quickly and so some might even argue today that there’s more freedom and flexibility in terms of technology innovation,” he said. FinTech has empowered independent advisors and firms. “Technology really enhances your ability to have an impact on your clients, connect with clients and deliver financial solutions to your clients,” Van Law said. 

Five Most Common Drivers in the Business Model

1. Risk and Responsibility 
2. Freedom and Control
3. Financial Implications
4. Growth Opportunities (through referrals and marketing) 
5. Succession Options 

The Continuum of Business Models?

Van Law explained that each business model progresses differently and the more business, the more risk is taken on. However, a general low to high risk is traditional employee, independent employee, independent contractor, hybrid adviser, and independent RIA.

Freedom and control gradually get greater, said Van Law, “as a business owner you’re taking a business risk but the financial benefit that you gain from greater levels of independence partially is the fact you’re taking on new roles.” You gain greater responsibility for both running and managing the business, but you will get paid for both which is a greater financial benefit.  

However, the biggest benefit according to Van Law is leverage, as the business grows, the expenses don’t grow as rapidly as revenue. “I would encourage any of you that are out there currently in practice and that have grown advisory firms to be thoughtful about the next generation and mentoring the members to have the opportunity,” he said. He believes that it is important to provide mentoring to the next generation of advisors in financial planning and to be aware of the impact. 

How Can Advisors Create Equity Value For Their Practice? 

Van Law has four pieces of advice to create equity value. Firstly, to proactively think about your practice. Secondly, having a key performance initiative and focusing attention on the key important things, “you can’t improve what you don’t measure.” Thirdly, have administrative roles and surround yourself with people who are just as passionate about their roles, “life and business are better for the team.” Lastly, your business will have a higher valuation when it comes to selling if you’re thoughtful about the firm, “create a business that is an awesome business to own.” 

Final Advice

Van Law’s final advice in the webinar was to “be thoughtful so you can come to the right conclusion for you. Recognize it’s the right business model for you.” He also emphasized the importance of relationships and how they create opportunities to have experiences you might not have imagined and continue love and passion for lifelong learning.  

About William C. Van Law III CFP ® :

Bill Van Law is an experienced financial professional with a track record of success. Perhaps most importantly, Bill is known for his commitment and compassion as a leader in business and the community.

A frequent speaker and industry thought leader, Bill has been quoted in numerous publications including, Wealth Management, Think Advisor, Investment News, Research, and On Wall Street. He has spoken and led sessions at many of the top events in the wealth industry including, Barron’s Top Independent Advisors Summits, Tiburon CEO summits, Deals and Deal Makers Summit and Market Counsel. He also leads sessions for Wealth firms of all sizes including strategic planning workshops as well as keynote addresses for corporate events. 

About the Host:

Dr. Chia-Li Chien is a succession program director at Value Growth Institute, a succession consulting practice dedicated to helping business owners increase their firms’ equity value. Before her private consulting practice, she held several senior management positions in Fortune 500 companies. Dr. Chien is a director of the financial planning program at the School of Management at California Lutheran University. Dr. Chien is a frequent speaker about succession and retirement planning at national conferences and has published three award-winning books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®).

About the Author:

Rosie Baker graduated from California Lutheran University with honors and departmental distinction in May 2021. Her Bachelor of Arts degree Communication with an emphasis in PR and Advertising, minor in Creative Writing. In July 2020, she published her first book, Mirrors & Windows: Unlocking a New Framework to Envision Your Success, with New Degree Press.

Dr. Chien interviewed William C. Van Law III, CFP, on “How Should Advisors Leverage the Continuum of Business Models?” on May 04, 2021, at 1:00 pm PST.

Businesses adapt and change over time from the giant Amazon to solo-entrepreneurs around the world. “Change” holds constant in the everyday environment. Why should financial planning practitioners consider changes in their business model? In this session, we will discuss the following questions:

• Why is there no “right” business model for every financial planning practice?
• Why does technology & innovation play a key role in financial planning practice?
• What are the most common five drivers in the business model?
• What is a continuum of business models?
• What should advisors do to create equity value for their practice?

References:

Van Law, B. (2020). A framework for choosing a business model to fit the evolving needs of your business and clients. Journal of Financial Planning, 33(12), 24–26.

Lead Like an Ally   

Julie Kratz’s passion and calling in life is to help others with the often difficult conversation of diversity, equality, and inclusion, leading as an ally for others. Working in corporate America for 12 years while also earning an MBA, Kratz had the opportunity to help women leaders with their game plans. She spent time with her consulting clients helping women build their careers. It was this opportunity that led her to the career she has today of being an executive coach to help others. 

When to Make a Change 

Challenges will always be presented throughout your career, but there’s never a right time to make a change of career or start a new project, said Kratz. She shared these same thoughts when making the leap from corporate America to be a coach, “Knowing I had enough traction and I tried doing some of the coaching and leadership development with women, I knew it was my calling. It was what I was most passionate about in my career,” she said.  

Listening to your calling is essential if you want the most fulfillment out of your job. Kratz said you should ask yourself about what you lose yourself in? What do you enjoy doing on your best days? Too often people are stuck in their ways with their job, their responsibilities holding them back from taking a leap and doing something they think is their calling. “There’s something inside you that is unique to you, that not everybody is thinking about and it’s probably always been there since you were little,” Kratz said. She advised spending time to reflect on what you want.

What is a Game Plan?

Kratz spends time helping women put together their game plans. Typically, it is women in their mid-career point putting together a plan. Due to the pandemic and changes in primary care, now more than ever before is an important time for women in the workplace to take a look and put theirs together while asking themselves, how can they be more inclusive? 

To answer this huge question, Kratz suggests creating a one-page document. In this document answer, what is your purpose? This is who you are and what you stand for. Then set yourself a maximum of three goals. What are you going to do? List your skills, behaviors, and attributes to fine-tune your goals, and make sure that they are obtainable and realistic so you can achieve them.

The host of the webinar, Dr. Chia-Li Chien also suggested having three 90-day action plans to hold yourself accountable with your goal. If you are struggling to reach the goal at the end of the 90 days then reach out and find a mentor or coach to help. “One thing that is important is the discipline of self-accountability and energy to drive towards success,” she said.

As a Leader, How Can You Facilitate Positive Change?

It’s important to have diverse perspectives on your team, Kratz said, “Women make a lot of decisions but are underrepresented from a financial planner perspective.” The next generation entering the workforce and the next generation of consumers are the most diverse so far with their race, gender, and fluidity, she said. Therefore, it is important to value diversity and also reflectivity within the team. “Make sure everyone on your team is feeling heard and seen and that they belong,” she said. As a leader, it is your job and responsibility to empower people. The best way to achieve this is by listening, empathizing, and understanding them. They need to know that their leader is there for them but also cares about them. She furthered explained that you don’t want others spending mental energy to not be themselves in the workplace. Ultimately, that is a waste of mental energy that could be used in other, more productive ways. Importantly, everyone on the team needs to be involved in the conversation, including those with power and privilege to make a difference. 

Making a Change with Confidence 

When you think your voice won’t make a change in the workplace it can leave you feeling deflated with little to no reason to speak up. However, without your voice, there will be no change. So, ask yourself, are you ok with things not changing and being the same? It starts with having the confidence to advocate for yourself and as COO of Facebook, Sheryl Sandberg said, lean into the conversation. “If you think your workplace is conducive to change, if there are certain leadership members that have demonstrated that they might want to be an ally, get their attention,” said Kratz. Talk to them about advocating with you and for you. As a leader, ask yourself, how can you show others you are a safe place to talk?

Clients and Consumers Are Getting Younger 

As those in the workplace get older, it means the clients and consumers are getting younger. With growing gaps between the different generations, how can you listen to those that are younger? The current Gen Z mindset is very different from those that are the oldest in the workplace as they grew up with inclusive relationships and perspectives. Therefore, it’s important to show vulnerability, empathy, curiosity, listening, coaching, and mentoring when working with them. 

To learn more about yourself and the mindsets of your generation, question your assumptions and process of thinking. How do you know it is true? Check and challenge one another’s biases to help rethink them for the future. The older someone gets, the harder it is and the more mental energy required to rethink processes. 

A great way to learn about unconscious biases that we all have is by using the Harvard online test, Kratz suggested. It allows you to pick different categories and learn about biases you may not even be aware of. Our bias can play into our behavior, she said, “It’s not my fault I have a bias, however, it is my responsibility to be aware of it and make sure my actions don’t result in the ways that make people feel othered.” The earlier this conversation can be started with children and adults, the better it’s going to be, she said.  

Inclusion Culture

Kratz explained that inclusion starts at the top of the business organization. When the top members are passionate as well as consistent with an intentional approach, it can create a great inclusive culture within the workplace. So, how do you intentionally talk about diversity and inclusion? Kratz suggests training and having open communication within the organization to voice concerns etc. Training can be as simple as self-paced learning in short ten-minute bursts or a monthly inclusion lunch. 

A Piece of Advice to Financial Planners

Kratz closed the webinar with a piece of advice specifically to financial planners. Ask yourself these questions, she said. 

• What customers do you want to serve?
• What customers do you want to attract? 
• What ethnicity, gender, and sexual orientations do you want to attract? 

Lastly, ask yourself, why is it important to be inclusive? 

About Julie Kratz:

Julie Kratz is a highly-acclaimed speaker and trainer who led teams and produced results in corporate America. After experiencing her own career “pivot point,” she developed a process for women leaders to build winning plans. Promoting gender equality in the workplace, Julie is a TEDx speaker, a frequent keynote speaker, and an executive coach. She holds an MBA from the Kelley School of Business at Indiana University, is a Certified Master Coach, and is a certified unconscious bias trainer. Her books include Pivot Point: How to Build a Winning Career Game Plan, ONE: How Male Allies Support Women for Gender Equality and Lead Like an Ally:  A Journey Through Corporate America with Strategies to Facilitate Inclusion.  Meet Julie at NextPivotPoint.com 

About the Host:

Dr. Chia-Li Chien is a succession program director at Value Growth Institute, a succession consulting practice dedicated to helping business owners increase their firms’ equity value. Before her private consulting practice, she held several senior management positions in Fortune 500 companies. Dr. Chien is a director of the financial planning program at the School of Management at California Lutheran University. Dr. Chien is a frequent speaker about succession and retirement planning at national conferences and has published three award-winning books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®).

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University, graduating in May 2021. She is studying Communication with an emphasis in PR and Advertising and has a minor in Creative Writing. In July 2020, she published her first book, Mirrors & Windows: Unlocking a New Framework to Envision Your Success, with New Degree Press. 

Dr. Chien interviewed Julie Kratz on “Lead Like an Ally” on February 2, 2021, at 1:00 pm PST.

Human Capital is not in any business’ balance sheet. Yet, Human Capital is the most important and valuable assets of any company. Financial Planning professionals are leaders in their firm as well as leaders to their clients.  In this session, we will discuss the following questions:

• How can financial planning professionals facilitate positive changes through leadership strategies?
• How can financial planning business owners attract and retain diverse talents and clients?
• How to become inclusive leaders?
• What can financial planning professionals do to have an inclusive culture?

About Julie Kratz

Julie Kratz is a highly-acclaimed speaker and trainer who led teams and produced results in corporate America. After experiencing her own career “pivot point,” she developed a process for women leaders to build winning plans. Promoting gender equality in the workplace, Julie is a TEDx speaker, a frequent keynote speaker, and an executive coach. She holds an MBA from the Kelley School of Business at Indiana University, is a Certified Master Coach, and is a certified unconscious bias trainer. Her books include Pivot Point: How to Build a Winning Career Game Plan, ONE: How Male Allies Support Women for Gender Equality and Lead Like an Ally:  A Journey Through Corporate America with Strategies to Facilitate Inclusion.  Meet Julie at NextPivotPoint.com

What is International Financial Planning?   

As globalization becomes more apparent in our lives, there is an increase in the number of people moving around the world and owning properties in more than one country. We are all global citizens which means we have the ability to live where we choose, however, what happens to your finances and taxes when you make the big move? 

Ashley Murphy is a tri-citizen of the USA, Australia, and the UK. He has had years of first-hand experience of what it is like to not only move to another culture but deal with the side no one really talks about – finance, insurance, and tax. His niche of international financial planning developed from his experience when moving from Australia to the USA in 2005. He spent years looking for more information on international financial planning but couldn’t find what he was seeking. Murphy decided to bring the information together and help others who are in the same boat. He is a CFP in America and is currently studying the CFP in Australia which will make him one of the few financial advisors to be qualified in both countries. 

International financial planning is working with clients that have moved, are moving, or own properties, in two countries. The clients Murphy works with are in various stages of their expatriate journey, someone who has been sent by their firm to a foreign country, there has to be something already in motion, he said. Whether that is a job offer, or they have already moved, or the dream the couple had is finally being planned. The clients come to him with a set of concerns or questions, seeking the answers they need to continue their motion of moving. 

Financial Planner’s Change in Australia 

In Australia, there has been a recent decrease in the number of those working in the financial planning field due to regulation changes, Murphy explained. Last year, there were 2400 departures and just 15 entrants into the financial planning field. The commissions have now been restructured to be fee-only changing the way planners work and interact with their clients, Murphy said. This new change is difficult for any financial institutes to adopt, including CFPs.

This new commissions structure is different from how commissions work in the US. In the US there are typically three business models; the first model is commission only, the second model is commission and fee-based, and the third model is fee-only. 

Murphy shared an example with the webinar about how this new change in Australia is creating an expensive barrier. “If someone with a 401K plan is seeking advice for their average funds, they will want to move from a high-cost structure to a low-cost structure,” Murphy said. This is a relatively simple and easy answer that people are seeking the recommendations for but the high fees are creating an expensive barrier, he said. The commission restructuring has changed the way financial planners need to work in Australia.  “Having clients in different countries with different complexities, we’ve really had to tweak how we work with them to make it profitable,” Murphy said. 

Knowing Your Countries

Every country is different with their taxes, retirement plans, insurance, etc. therefore as an international financial planner it is important that you know both the countries you are working with, he said. Taking on a client with countries that you are not specialized in, nor have worked with before, is a huge challenge and it will consume your time with trying to learn and understand how it works for the client. It sounds very ethnocentric, he said, but it is important to concentrate on certain information. There is not enough time in the day to work with clients who have a multitude of living in other countries. As a planner, you must know your limits of much you can take on and help your clients. Therefore, you must know when to turn them to someone that can help them more than you can.

Murphy’s specialty in Australia and America is what makes his business effective. He understands the financial services and planning of both countries and has even had first-hand experience of living in both.  “Clients are seeking to reduce the number of contact points. People are busy, so if they can meet with someone that understands both environments and has this knowledge set, it is beneficial to them. You need the US financial knowledge, the knowledge of the foreign country, and the knowledge of how the two work together. It’s going to be unique” he said.  Every combination of countries is different which is why it is important to have your niche. 

Murphy also explained that when working with an international financial planner, it is best to work with someone who lives in the same country you are currently living in. Murphy works and lives in the US, therefore, although his knowledge of Australia’s financial planning is fantastic, it will never be quite as good as someone who is currently living there. “Someone that lives and breathes the news cycles, the updates in retirement and tax laws, they are hearing about the changes that are happening,” he said.  

Working with Tax

Each country’s tax treaty differentiates, he said. It’s important to know when the treaty came into existence in relation to the other country. This is why it is a good idea to work with a handful of tax attorneys to seek their advice and bounce it off one another as they will all have varying opinions. Further, you need to have trust in the service providers, but also in yourself. Take the time to weigh in your thoughts even if you’re not an expert by using knowledge and interpretations, Murphy said. 

“You need to be competent,” he said, “The riches are in the niches.” When a client works with someone who has made it their career to specialize in those countries, it helps them more and you. 

The Future

When many clients move across borders they have the benefits from the employer but still need help. They have tax help but it is more compliant for the employer with little to no focus on personal finances. “I think we’re beginning to see the very start of executive cross-boarding financial services,” Murphy said. 

The generation of baby-boomers is beginning to move into retirement. During this time, many decide to migrate to another country and live their dreams on a warm, tropical beach or an apartment in a European city. Retirement cross-border planning could be a niche that the financial industry may see developing in the next few years. 

About Ashley Murphy:

Ashley is a tri-citizen of the USA, Australia, and the UK. In 2005, he ventured to the United States to pursue his dreams in the San Francisco Bay Area.

He has been quoted in the Wall Street Journal and was profiled in Financial Advisor Magazine. From 2014 – 2017, Ashley taught aspiring CFP candidates at UC Berkeley Extension and Golden Gate University. Presently, he is a Knowledge Circle host for the International and Cross-Border Knowledge Circle with the FPA and a regular conference speaker. He was awarded the CFP® designation in 2012 and voted Secretary of FPA NexGen the same year. Ashley is currently undertaking CFP® studies in Australia which will make him one of the few financial advisors qualified in both countries when completed.

About the Host:

Dr. Chia-Li Chien is a succession program director at Value Growth Institute, a succession consulting practice dedicated to helping business owners increase their firms’ equity value. Before her private consulting practice, she held several senior management positions in Fortune 500 companies. Dr. Chien is a director of the financial planning program at the School of Management at California Lutheran University. Dr. Chien is a frequent speaker about succession and retirement planning at national conferences and has published three award-winning books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®).

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University, graduating in May 2021. She is studying Communication with an emphasis in PR and Advertising and has a minor in Creative Writing. In July 2020, she published her first book, Mirrors & Windows: Unlocking a New Framework to Envision Your Success, with New Degree Press. 

Dr. Chien interviewed Ashley Murphy, CFP®, AIF® on “What is International Financial Planning?” on Dec 2, 2020, at 1:00pm PST.

Globalization fuels the need to move top talents to enable them to expand their markets. As a result of these talents who are working outside of their home countries, their wealth grows internationally. Hence, international financial planning becomes complex. In this session, we will discuss the following questions:

• What are clients with dual or tri-citizen typically looking for in planning?
• What can financial planning professionals do to help dual or tri-citizen clients?
• How about a non-us citizen spouse?
• Why is international financial planning in demand?

Resource: Global Financial Planning Institute

Why is Talent Management Important for Financial Planning Practices?    

We all know the definition of talent and management, but what exactly does talent management mean?

Vlad Vaiman explored this definition when opening his webinar interview with Dr. Chia-Li Chien. Essentially, talent management is a set of meaningful techniques. Vaiman explained there are four components to it;

• Identifying and Attracting (which includes the process of recruitment).

• Developing talented employees.

• Managing the employees.

• Retaining the organization’s most valuable employees.

Many confuse talent management with human resources as the roles appear similar, but Vaiman explained they are different from one another. The human resources role is to assist talent management. Human resources work with all the employees within the company, while talent management works with a niche of those who have key skillsets and talent. 

Executive Talent Management Forum

For the previous five years, Vaiman has been participating in the Executive Talent Management Forum. This forum brings experts and organizations together from both inside and outside of the local Ventura area, such as The Cheesecake Factory and Amgen. It is to build a bridge between the industry and academia through leveraging participants extensive knowledge and experience, Vaiman said. Every year a different topic is explored and looked at, this year the virtual forum discussed Talent Management Automation and Employment.

How Should Companies Keep Up with Employees?

Living in a digitalized world we are more connected and virtual than ever before, especially after using virtual meetings to work and connect with others due to the pandemic. “More and more companies are using some sort of automation, either artificial intelligence or digitalization or process automation or robots or even virtual reality. Over 60% of the responses from the survey said they are working with talent management differently due to the changes in technology. Companies need to keep up with this,” Vaiman said. It is so essential to stay up-to-date with technology and incorporate it into the workspace.

Maintaining Skills and Competition

Vaiman explained there are three ways that skills and competition can be maintained.

• Redeploy
• Upskill
• Reskill

Redeploy looks at transferring employees to another part of the company. Upskill is taking the essence of what an employee does and helping them improve to be more advance and gifted. In the financial industry, an example of this would be developing counseling and coaching skills with clients.

Reskilling is reframing to do something new. What could a person with a set of skills be good at in the future? This is the opportunity to help prepare them and be strategic, Vaiman said. as it makes an “Effective and efficient use of human capital.” A great hockey player named Wayne Gretzy said “I always thought not where the puck was, but where it was going to be,” when asked about success. This is the mindset employers need to have with their employees, explained Vaiman.

In order for reskilling to be effective, there should be clear communication between employees and employers from the start. Don’t create false expectations, Vaiman said. The most effective way to fulfill this is to be explicit during recruiting as it creates an environment of mutual trust. Good companies encourage promotion from within therefore you want to have mutual trust and clear expectations from the start.

Talent Shortage

Talent shortage happens in some industries and there are a number of outside reasons that are currently affecting the employee market. An aging population, decline in skills, and changed employee attitudes, such as seeking more power and a better work-life balance, means shortages are happening in many areas. The financial industry is one of those areas that are currently facing a shortage. There are two options to recruit effectively, explained Vaiman. The first is attracting new talent, and the second is retaining talent.

The areas of importance for attraction are;

• Talent in planning and deployment
• Employer branding
• Aggressive sourcing
  • Target specific individual profiles – skillsets or personality.
  • Employ from foreign markets.
  •  Create a more diverse pool of applications using non-traditional sources.

“Having 100% retention is not healthy, you need to have some fresh blood once in a while. But, in order to achieve a proper or acceptable level of retention you always need to look for signs of trouble. Look for low morale and lack of trust, concentration, or decreased productivity,” Vaiman said.

The six reasons for maintaining retention from an employee perspective are;

• Exciting work challenges
• Career growth opportunities
• Work autonomy, therefore, no micromanagement
• Fair play and benefits
• A good, understanding boss
• Recognition for a job well done

Vaiman suggested these ideas to keep retention within the workplace;

• Pay close to project staffing – have teams on rotation
• Make assignments interesting and stimulating.
• Emphasize the recruiting process
• Delegate the decision making power
• Employ analytical tools to manage human capital e.g. engagement, satisfaction
• Help employees find a proper balance between personal and professional lives

Vaiman’s Recommendations to Companies That Need to Grow

For the companies that want or need to grow Vaiman said, “Do whatever makes sense to you, to your company, and your strategies on whether you should promote from within or find someone new. Everything depends on your strategy. The problem is many organizations start in the middle. You must start with your strategy. What is your mission and vision? What do you want to achieve in five year’s time?” 

By looking at the very beginning of the steps of what the company is about, it will help you determine what is the next best move is in order to achieve the goals, explained Vaiman.

Lastly, Vaiman’s parting advice in the webinar was to those that want a growing team within their company. “Get to know your people… Know what they like, dislike, family situation, and what motivates them, only then will you be able to help them most effectively and efficiently,” he said. 

About Vlad Vaiman:

Dr. Vlad Vaiman is a professor of International Management at California Lutheran University in the USA and is a visiting professor at several top universities around the world, including Aalto University School of Business and Hanken School of Economics (both in Finland), Danube University of Krems, and Management Center Innsbruck (both in Austria), Reykjavik University (Iceland), ISEG (France), etc.

He holds a Ph.D. degree in International Management from the University of St. Gallen in Switzerland and has received his MBA in Strategic Management and Human Resources at the School of Business of the University of Wyoming, USA.  His professional experience included working on various consulting assignments for a number of major organizations throughout the world, including the USA, Canada, Switzerland, Austria, Russia, and some other European countries.  Dr. Vaiman is a long-time member of the Canadian Association of Management Consultants and a highly sought-after speaker on topics of talent management and cross-cultural communication and negotiations.

Dr. Vaiman has published five very successful books on managing talent in organizations – Smart Talent Management: Building Knowledge Assets for Competitive Advantage (Edward Elgar Publishing); Talent Management of Knowledge Workers: Embracing the Non-Traditional Workforce (Palgrave MacMillan); Managing Talent of Self-initiated Expatriates (Palgrave MacMillan); Macro Talent Management: A Global Perspective on Managing Talent in Developed Markets (Routledge); and Macro Talent Management in Emerging and Emergent Markets: A Global Perspective (Routledge).

Dr. Vaiman’s academic work has appeared in several top academic journals including the Academy of Management Learning & Education, Academy of Management Perspectives, Human Resource Management, Thunderbird International Business Review, International Journal of Human Resource Management, and others. He is also a co-founder and Chief Editorial Consultant of the European Journal of International Management (EJIM), an ISI/SSCI indexed publication (www.ejim-global.org), and a member of editorial boards of three other major international academic and practitioner peer-reviewed journals.

About the Host:

Dr. Chia-Li Chien is a succession program director at Value Growth Institute, a succession consulting practice dedicated to helping business owners increase their firms’ equity value. Before her private consulting practice, she held several senior management positions in Fortune 500 companies. Dr. Chien is a director of the financial planning program at the School of Management at California Lutheran University. Dr. Chien is a frequent speaker about succession and retirement planning at national conferences and has published three award-winning books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®).

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University, graduating in May 2021. She is studying Communication with an emphasis in PR and Advertising and has a minor in Creative Writing. In July 2020, she published her first book, Mirrors & Windows: Unlocking a New Framework to Envision Your Success, with New Degree Press.

In this webinar, Dr. Chien interviewed Dr. Vlad Vaiman on “Why is Talent Management Important for Financial Planning Practices?”

The aging advisor population and shortage of talents in the Financial Planning industry could reshape the profession. In this session, they  discuss the following questions:

• The latest Executive Talent Management Forum 2020 (participant survey results) and recordings.
• The financial service industry is known for using technology such as  FinTech. What should employers do to retain their talents?
• What could employers and employees do to up-keep their skills and remain competitive?
• What are some firm team structures that could help employers address the shortage? (4-10 partners firms)

The owner’s financial service business is required to meet industry compliance, as well as the owner’s retirement, needs to exit successfully. To do so, they often rely on appraisers or financial intermediaries to facilitate the exit or succession transition. The research results suggest that using specialized financial intermediaries favored sellers but not buyers. Financial statement items alone did not provide a complete picture of the fair market value. Industry adjustments such as the quality of a practice’s clients, the quality of the team, and the quality of the platform tend to reside only within specialized financial intermediaries.

Learning Outcome:

• Practice Types and Transfer Channels
• Rules of Thumb for Selling Multiples
• Proper Planning Business Model To Get The Most Out Of Your Practice

Measurable business results:

• Understanding the components of what makes planning practice valuable

Resources:

• Webinar slides.
• Webinar recording.
• CFP Career Path Guide: team structure.
• Process Improvement – public class

Bio:
Dr. Chia-Li Chien is an assistant professor and director of the financial planning program at California Lutheran University. She is also a succession program director at Value Growth Institute, a succession consulting practice dedicated to helping business owners increase the equity value of their firms. Before her private consulting practice, she held several senior management positions in Fortune 500 companies, including Diageo, ABB, CIGNA, and RSA Insurance Group. Dr. Chien is a frequent speaker about succession and retirement planning at national conferences and has published three books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” She publishes research on succession and retirement topics in a variety of academic and practitioner research journals. Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a CFP.