Dominique J. Henderson Sr. comes from a family that has a military background. Also, he grew up not having many friends because he was often moving, and most friendships weren’t as long. Due to his upbringing, he gained a broader perspective in working with clients because he met new people every few years.

He wants to be remembered as a thinker that Henderson Sr. created the acronym R.E.A.L. which stands for relatable, empathetic, attentive, and listening. After leaving his former firm to start his practice, he thought about “how to move the needle.” Also, “what mindset do I need to bring when having meetings with clients?”

The launch of The Jumpstart Coaching Lab began when he noticed that many advisors were not doing videos to help advisors learn more about financial planning. He wanted to create something different and an impact for everyone interested in the career of financial planning. During the coaching sessions, Henderson Sr. noticed that individuals would fall into one of the three categories. He mentioned that “individuals would fall into the following categories; find out more about the career and existing financial professionals but are unhappy with their position.” Some of the issues that arose in the coaching lab are “obtain CFP or not, career changers deciding to pursue the career, and when it is the right time to leave and start their firm.”

Henderson Sr. describes several methods to attract the right clients by having a system in place. He begins by asking, “what does everyone have in common.” He mentions that “everyone has an ethos, where they have specific goals that they want to accomplish.” The specific people he caters to are people who value time over money because he believes that money can always be replaceable, but time is irreplaceable. Furthermore, he wants to help clients that want “to create an impact and seek a particular perspective.” For clients that do not have much time to look over which investments to purchase for retirement, Henderson Sr. mentions that he offers solutions that save clients time. Also, he recommends actively listening to what clients have to say and utilizing the skills you have to assist them with their needs.

Henderson Sr. discusses some of the most effective ways to get your message across to clients. For example, he mentions that active listening and utilizing your skills are the first steps to getting your message across. Using social media to your advantage when setting your message is important because many clients listen to what you have to say. Furthermore, he explains that clients come to him for advice because of the videos and content online. “Mastering the skill of video is a worthwhile investment because most clients today are meeting online and tend to trust you more when they view your content.” Also, having content online gives the client a perspective and allows them to know you before the call.

Before students can begin their journey in financial planning, Henderson explains some ways the next generation of financial professionals can prepare in the financial services industry. Financial planners need to understand that clients want you to manage their money. Also, he mentions that “you do not have to be a financial planner from start to finish, and you can start as a financial coach for several years and then a financial practitioner.” There are many options today for anyone who wants to pursue a career in the financial services industry.

The final piece of advice Henderson Sr. offers to students pursuing a career in financial planning is to “find your why which will lead you to your who. Which inevitably leads you to your how.”

Dominique J. Henderson Sr. CFP®

Dominique J. Henderson, Sr. CFP® began serving the financial industry in 1998. Ever since elementary school, he knew he had a mission to help people “win with their money”. Professionally, Dominique has spent over two decades in financial services building a diverse skill set in strategy, data analysis, investment research, portfolio management, financial planning, and business coaching. Prior to founding his registered investment advisory firm, DJH Capital Management in 2016, he spent years in institutional fixed-income trading circles, real estate, and the back office of one of Dallas’ premier hedge fund managers. Now as 2x founder, Dominique spends his time helping both consumers and providers of financial services. DJH Capital Management focuses on helping clients make the “bigger, better” decision with their money while The Jumpstart Coaching Lab educates and coaches the next generation of financial professionals to serve the growing group of individuals seeking financial advice. Dominique has been featured on various media platforms such as US News & World Report, Yahoo, GoBankingRates.com, and Investopedia’s Advisor Insights. He was named as one of Investopedia’s 100 Top Financial Advisors in 2021. He’s the host of the Conversations for Financial Professionals podcast dedicated to helping both consumers and providers of financial services by shaping the next generation of financial advice. Dominique holds a bachelor’s degree in Finance from Prairie View A&M University, a Master’s in Securities Analysis and Portfolio Management from Creighton University, and the Certified Financial PlannerTM designation.

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:

Rafael Nieves Rios is a graduate student at California Lutheran University, graduating in 2024. He is studying for an MBA in Financial Planning. 

This event was the first Diversitas regional event hosted by California Lutheran University Financial Planning and California State University Northridge Financial Planning. Diversitas is an event where financial planners and wealth managers come together with career influencers to discuss financial planning with young people and career changers.

The event allows our attendees to network with professionals in the industry, learn more about their career journey, receive insight information about the industry along with career advice, and the event is free.

Three incredibly successful financial planners will be sharing their career journeys with their perspectives in the financial services industry. We will also cover the importance of financial planning along with the impact financial planning brings to our communities.

The Moderators that will host the event

Dr. Inga Timmerman

Dr. Inga Timmerman, Ph.D., CFP® joined the faculty at CSUN in 2015 and is the Dr. Mary Jean Scheuer Professor of Finance. She has a Ph.D. in Finance from Florida Atlantic University and is a Certified Financial Planner (CFP®). Her research is mostly concentrated around two fields: corporate finance and financial planning. Dr. Timmerman’s current projects explore the use and perceptions individuals have about the financial planning profession and the drivers that motivate people to save. One of her main goals at CSUN is to increase student interest in the financial planning profession.

Dr. Chia-Li Chien

Dr. Chia-Li Chien, Ph.D., CFP®, PMP®, is an Assistant Professor and Director of the Financial Planning Program at California Lutheran University and a Succession Program Director at the Value Growth Institute. Dr. Chia-Li Chien has published three award-winning books, Show Me the Money (2010), and Work Toward Rewards (2012). Her latest peer-reviewed research book, Enhancing Retirement Success Rates in the United States: Leverage Reverse Mortgages, Delaying Social Security, and Exploring Continuous Work, was published in 2020. She has appeared in many speaker engagement events at both the local and national levels. Also, she hosts the succession blog at valuegrowthinstitute.com, leads pro bono projects, and is a national board director of Women in Insurance & Financial Services Association (WIFS). Dr. Chien was the Chair and President of FPA Charlotte from 2013 to 2014. Chia-Li served as Chair of the Pro Bono Advisory Committee for the FPA on the national level from 2011 to 2012.

The Panelist that will be in the Diversitas Event

Leighann Miko

Leighann Miko, CFP® is the founder of Equalis Financial, a California & Oregon-based independent fee-only firm specializing in financial planning, investment management, and tax & business management services.

With a passion to empower and equip underserved communities, Leighann works with thoughtfully ambitious progressives, especially LGBTQ+ creatives in the entertainment industry. Her goal is to help them stay in their right brain by acting as a stand-in for their left brain.
With a commitment to human-centered financial planning, Leighann devotes time to understand the whole person before addressing their finances. This intentional approach was born from a desire to help others create the financially secure life she never thought she’d have. Having grown up in a household faced with constant financial volatility, Leighann recognizes the value of financial stability. Knowing what it’s like to be underestimated herself, her mission became clear: to balance the financial playing field for all.

John Eing

John Eing is a partner and relationship manager at Abacus Wealth Partners.  As a financial advisor, John is passionate about helping his clients gain peace of mind by listening deeply to his clients and creating sound financial strategies so that they can do what they love most. He also serves on the firm’s M&A team and investment committee.  He holds an MBA from the Anderson School of Management at UCLA, a BA in Economics from UC Berkeley, is a Certified Public Accountant, and a CERTIFIED FINANCIAL PLANNER™.

In his free time, John and his wife, Andrea, enjoy spending time with their two children Nathan (9) and Mia (5).  In his free, free time John is an avid fan of the Los Angeles Lakers.

LinkedIn: https://www.linkedin.com/in/johneinglosangelesusa/
Website: https://abacuswealth.com/team/john-eing/

Luis Rosa

Luis is the founder of Build a Better Financial Future LLC. He came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City and now living in California, Luis noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education.

From participating as an FPA NexGen ambassador and host to speaking at the CFP Board Center for Financial Planning’s Diversity Summit and being a CFP Board Ambassador, Luis uses his platform to help spread financial literacy via media outreach as well as encourage younger and diverse planners to join and thrive in the industry.

He is the host of the “On My Way to Wealth” podcast, co-founder of the BlatinX (BLX) Internship Program and LatinXcellence – an initiative that seeks to bring awareness to and help close the wealth gap in the LatinX community.  Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch, as well as Investopedia Top 100 Financial Advisors in 2020 and 2021 and named one of 8 Hispanic Personal Finance Influencers to Follow for Money Advice by The Penny Hoarder.

Register now, and you will receive a confirmation email containing information about joining the meeting. This is an event you won’t want to miss.

Guest:

Julie Fortin, CFP®, FBS®, CeFT®, is a Partner and Wealth Manager at Northstar Financial Planning, a women-owned, holistic, financial planning firm dedicated to enriching the lives of women and couples by helping them use their money to achieve their life, family, and legacy goals. Julie holds an MS in Finance degree from Suffolk University and a graduate certificate in Financial Psychology and Behavioral Finance from Creighton University. She is a Certified Financial Planner professional®, a Certified Financial Behavior Specialist®, and a Certified Financial Transitionist®. She has been quoted in publications including the New York Times and Nerdwallet and published in the Journal of Financial Planning. Julie volunteers with the programs Junior Achievement and Invest in Girls. She serves on the board of the Financial Therapy Association.

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.

From consumers to financial planning practitioners, everyone needs to understand what financial behaviors are. However, very few know how to apply them when working with clients. In this interview, Dr. Chien will discuss Mr. Franks’ renowned podcast FinWizdom and how his wisdom can help financial planning practitioners serve clients better.

• What are obsessions with possessions?
• How to avoid temptations?
• Can niches reveal financial motivations?
• “I’ve been framed,” is that a good thing?
• Have my employers “anchored” me away from saving for retirement?

Mr. Franks suggests visiting the following resources before this interview:

• Financial DNA – Behavioral Finance Resources
• CFA Institute  Enterprising Investor – Behavioral Finance

Register now, and you will receive a confirmation email containing information about joining the meeting. This is a webinar you won’t want to miss!!

Guest:

Joel Franks has diversified business roles and his strong financial marketing background has enabled him to combine both the science and the art of creating innovative storytelling that is relevant, engaging, and shareable. With extensive financial marketing experience in banking, investments, and insurance, along with his behavioral finance and content marketing skills, he offers a unique perspective on financial literacy.

Mr. Franks has a proven record of accomplishment in the area of marketing strategy, social media, innovation, team building, partnership development, influential communications, and the ability to cultivate an organization’s initiatives. He has extensive knowledge and familiarity with a digital presence, public relations, sales and service training, executing through multiple distribution channels, and value proposition implementation.

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.

Returning to His MBA

Fast forward to the present and Padilla has now had his CFP® for about seven years but he did not finish his MBA. After COVID-19 began, Padilla decided it was time to return to California Lutheran University to finish the program. “I’m so glad I did return. I’ve seen a difference in the program on what I had to learn the hard way with clients and employees. There’s a lot of soft skills, selling skills, and empowering associates and employees skills to help you with what to do. It made me really want to finish my MBA!” he said. 

Padilla’s Key Values of the Program

Working in the financial service industry for over 20 years, he sold his practice and naturally found himself going down the route of entertainment and sport through his young children and their activities. Previously he earned an undergraduate degree in business administration, marketing at California State University, Northridge. “I went back to start my MBA as I only had a few classes left. I see the value in the program. If I was just starting out or starting another financial service practice, I would definitely want to do this program. It provides value and it’s really practical. I highly recommend anyone in the financial services to go through this program,” he said. 

One of the key values that Padilla found in the program was the topic of financial counseling. “As an advisor and business owner, I never thought about financial counseling. I didn’t know you could earn a certification in it,” he said. Padilla also mentioned that he recently started thinking about succession planning due to a class and wished he had known more about it to use in his previous financial services business. 

Padilla also found value in the practical learning and skills that he developed from the program. “Before I was going through the motions to get the piece of paper, but now I’m really finding a use for it and I’m learning from it. I wanted to go back and get my MBA to also show my kids there is value in education,” he said. 

Earning an MBA and CFP ® 

California Lutheran University meets the CFP ® education requirements and students can earn an MBA at the same time. This was the main reason why Padilla chose the program, what’s more, the classes were convenient for his schedule and also local to where he is based. To Padilla, it was important for him to earn the CFP® to help clients and be respected in the financial services industry. 

To the Future

In five to ten years time, Padilla sees his company, MVP Sports & Entertainment Management, as one of the biggest firms that provide a variety of services for athletes and entertainers. “I feel the program is very revolutionary and it provides a lot of value to relay the direction that financial planning services are going. This program gives people the tools to go in the direction of an ensemble practice,” he explained. An ensemble practice is a type of practice where multiple partners come together to provide more values to the clients instead of the traditional idea of just one advisor in a practice acting as a lone ranger. 

Advice to Others

Padilla’s advice to someone who is starting a career in financial planning is to find someone who is successful and to learn about what they do. “Continue to educate yourself, whether that is a program at California Lutheran University, getting coached, going to conventions to learn more and make connections. Model from those who know what they are doing,” he said. He also mentioned the importance of finding mentors that you can model.

Making Time for Sport

In his free time, Padilla enjoys coaching volleyball and being active in his children’s sports. He also enjoys traveling, particularly to cold, snowy places where he can snowboard. 

About Don Padilla: 

Don Padilla is CEO of MVP Sports & Entertainment Management, a Talent Manager, Certified Financial Planner™, public speaker, and published author of “Not Another Broke Athlete.” He was former National Football League Players Association (NFLPA) Registered Player Financial Advisor. Don has taught and lectured retirement and life planning courses at various universities and colleges. He has been in the financial services industry for over 20 years and has managed over a quarter of a billion dollars. He has two children, Naiya (10) and Elijah (8), and enjoys coaching volleyball and snowboarding during his free time. 

About the Author:

Rosie Baker graduated Magna Cum Laude from California Lutheran University in May 2021 with honors and departmental distinction. Her bachelor’s degree is in Communication emphasizing in PR and Advertising, minoring 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.

Davis’s Passion 

“My passion is to ensure that the personal financial planning gift is accessible, competent, and ethical for all people irrespective of their income and wealth,” she said. Davis is the Founder and Executive Director of Sage Financial Solutions, a San Francisco Bay area-based organization that develops comprehensive financial capability programs for low- and moderate-income communities internationally and throughout the United States. Her goal is to have both professionals and consumers work with their wealth at all levels. She wants finances to “no longer be a burden or a barrier.”

Her role involves training financial planners, helping consumers find people who can help them, and building and developing programs for low and middle-income communities. She founded her company after working in the non-profit sector for 25 years or so. “People who were getting help from community-based organizations were not getting long-term help that was sustainable. They weren’t getting comprehensive support,” she said. Her role is to “make complex financial topics accessible for all people.”

Her Passion for Teaching

Davis is currently in her first semester of teaching at California Lutheran University, however, she has been teaching since 2006. She is recognized as a distinguished professor at Golden Gate University and she also teaches at the American College. “I teach because I want people to see someone who does something other than the traditional financial planning path. I want them to have the opportunity to broaden their perspective on what a financial planner is” Davis said. 

Teaching Experience

Davis enjoys watching students reconcile something they thought they already knew. “I am a believer that students can’t learn something they thought they already knew,” she said. Learning these skills enhances their whole life, she explained, not just their work. Davis recalled a time when one student told her how the class material helped her at an annual family event. Usually, she would find it stressful, but this time around it was enjoyable and she was able to engage with people in a different way due to what she learned. 

Davis’s Favorite Part of Teaching

“I teach by example,” Davis explained, “all of my classes are practicum based. The students actually have to practice what they are learning. My favorite part about it is taking academic concepts and making them practical through practice,” she said. Davis wants her students’ time in the classroom to be hands-on and for them to learn by doing, not just by reading from a textbook. 

Instead of being a teacher or professor, Davis describes herself as a facilitator, “I have information and I lead with curiosity,” she said. She doesn’t want her students to repeat what the book or lecture said but she wants to hear what they think about it.

What Makes a Good Professor and Student?

To be a great professor Davis believes you need to be a lifelong learner. Along with allowing students to have the space to share and learn from their own experiences. To be a great student Davis believes they should lead with curiosity. She explained that a student should be willing to question what they know and be willing to explore beyond what you already know, allowing yourself to be uncomfortable as you explore rather than focus on the grade. 

Davis’s Inspiration

Davis’s inspiration was a professor who taught insurance, however, it wasn’t the typical reason you may expect. “In every class he said ka-ching,” explained Davis. This was followed by a statement when money could be made. “It inspired me to not be that way and everything I did is to be in service of the human I am working with,” she said. Davis spends her time training others to do the same in hopes that they too can find their “why” and that money isn’t the only reason behind doing what they do. 

Advice to Others

Davis’s advice to others is to be “able to connect with people where they are, whatever that means to them. Understanding their unique concerns and abilities and barriers as well as their perspectives,” she said. 

Outside of the Classroom

When Davis isn’t working or teaching she enjoys pursuing life-long learning by trying new hobbies. Most recently, she has found a passion for gardening her own vegetables during the COVID-19 pandemic. “Things I’ve learned about being a gardener is to have patience and timing is everything,” she said. Being part of a community garden she has found it as a constant learning adventure and discovers something new every day.  

About Saundra Davis: 

Saundra is a US Navy veteran, financial coach, educator, and consultant who is nationally recognized as an expert in the financial coaching field and for her work with community-based organizations. Ms. Davis is the founder and Executive Director of Sage Financial Solutions, a San Francisco Bay area-based organization that develops comprehensive financial capability programs for low- and moderate-income communities throughout the United States.

She developed and facilitates the Financial Fitness Coach (FFC®) certification program to promote the highest standard for professional services for all people, irrespective of wealth, and income. As a Financial Behavior Specialist (FBS®), her philosophy of the financial health continuum of care has shaped the financial coaching efforts around the country.

Saundra holds a B.S. in Management and an M.S. in Financial Planning from Golden Gate University where she is currently a Distinguished Adjunct Professor in the Personal Financial Planning program.

In 2020, Davis was part of the webinar “How to Use Financial Counseling and Coaching Skills to Help Your Clients with D. Chia-Li Chien. Watch it here or read the article. 

About the Author:

Rosie Baker graduated Magna Cum Laude from California Lutheran University in May 2021 with honors and departmental distinction. Her bachelor’s degree is in Communication emphasizing in PR and Advertising, minoring 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.

The California Lutheran University Financial Planning Program prepares its students for their CFP ® certification while earning an MBA, it is the only business school on the list of the top 10. Its USDLA award-winning program consists of eight courses and a capstone project taking on average 18 months to complete.

The department is thrilled to announce such fantastic news and would like to recognize the faculty, as well as the students’ hard work, who are working professionals located across the United States and world. This fantastic achievement would not have been possible without the faculty’s dedication, expertise, and skills to the students.

If you are interested in earning an MBA or MS in Financial Planning please visit our website to learn more.

How to Attract Women Clients?  

Dr. Shine Lei is one of few individuals to have a CFP ® certification in both the U.S. and China. In the webinar, “How to Attract Women Clients?” Dr. Lei shares her research and insight on working with women clients.   

Her career began as a trained typical corporate finance professional during the financial crisis of 2008. After the crisis, she reconsidered her career path to be a financial planner. In China, the CFP ® Board was recruiting financial planners, interested in the idea, Dr. Lei joined them and had her eyes opened to a different world. “It’s part of the finance world, but from a different angle. It’s working with the individual investors directly rather than the corporates,” she said when reflecting on her time working on the board. She said she worked with many professionals on the board and wanted to know if financial planners can add value to the client’s investor performance. To find her answer, Dr. Lei moved to join the University of Missouri in the U.S. 

Why Are Women Important in Financial Planning?

Based on her research, the increasing wealth of women are making the role of women in financial planning more important and relevant every day. “Women are more and more independent in their investment decision-making, which means they are not relying on their own judgment but also become the dominant role in household financial decisions,” Dr. Lei said. 

What Are Some of the Characteristics of Women Clients?

Her co-authored research found that women more likely to use financial planning services are more likely to share these characteristics: wealthy, well-educated, and financially literate. As progressive society sees more women earning careers, they are also becoming more financially literate. 

Interestingly, Dr. Lei said she didn’t find women have a gender preference with their planners. However, she noted, women planners remain to be underrepresented as they only represent a small fraction of financial planners within the industry and are paid less. 

The host, Dr. Chia-Li Chien noted the majority of her clients are women or the women are the dominant partner in the relationship. She also noticed the general characteristics of a woman being nurturing, sensitive, and detail-orientated are great characteristics to have as a financial planner when working with clients as it is a sensitive topic. 

“Women clients are more likely to go to women planners especially for divorce planning,” said Dr. Lei. “I think it is because women planners can relate more to the clients because of their natural features. I think they are more likely to attract women clients and be successful in the financial planning industry,” she said. 

How Can Financial Planners Market to Women Clients?

Dr. Lei said the following tips are important for marketing for both female and male clients as financial planning professionals.

“It’s a cliche but it’s also important to know your clients,” Dr. Lei said. Firstly, profile the women who are more likely to use the services i.e. wealthy, well-educated, and financially literate. “It’s helpful to target the right group of people to help you grow your business,” she said.

Secondly, use the right method to communicate with the women. “It’s critical to know how to speak to the audience using the right language and words. The goal is to ensure the message correlates with them but being relevant with respect to their values and beliefs,” Dr. Lei explained. 

Lastly, test and learn the techniques of communication. Why are your clients taking action and meeting you? Was it a discount? Recommendation? Likewise, why are your clients not taking action? It’s important to take note of the techniques that work effectively and those that don’t.  

How to Work with Women Clients Efficiently?

Dr. Lei suggested having a better understanding of relevant emotional behavioral factors.  “What emotions and social influences do you notice between the clients and the planners? Notice if you can share with clients your understanding and help them back to the correct financial planning path,” she said. By carefully understanding and placing detail, the client’s journey and the client’s experience of the journey can have adjustments made to improve the experience. 

Profile + Behaviour = Tailoring Business Model 

Placing the client profile with learned behaviors through conversation with them can identify the factors that are dominant and their buyers. E.g. Are they detail-orientated? Or do they prefer not seeing all the details and rather see the bigger picture? 

Advice to Future Planners About Working With Women Clients?

To close the webinar, Dr. Lei’s parting advice to others wanting to work with women clients is to “know your clients and practice your soft skills.” 

About Shine Lei:

Shan (Shine) Lei, Ph.D., CFA, CFP® is an Assistant Professor of Finance at the Perdue School of Business, Salisbury University, and a member of the University System of Maryland. Before that, Shine worked as an Assistant Professor of Finance and Financial Economics at the Paul and Virginia Engler College of Business, and West Texas A&M University under the Texas A&M University System. She served as the Director of International Relations at Financial Planning Standards Board China and had been an adviser at PwC before joining academia.

Whilst at academic institutions, Shine held the responsibility to teach undergraduate and graduate finance and financial planning courses both online and on campus. This instructional responsibility involved designing and developing course content and assessment tasks for students with various academic and work experience backgrounds.

Shine has been an active scholar in conducting research regarding investment decision-making, portfolio allocation, and retirement preparation. She has been published by the International Journal of Bank Marketing, Journal of Women & Aging, Journal of Personal Finance, Journal of Financial Planning, Journal of Financial Planning and Counseling, and Applied Economics Letters. She has presented her research at several national conferences. She is also a peer reviewer for several academic journals. Shine is a member of the CFP Board, CFA Institute, American Council on Consumers Interests, and Financial Planning Standards Board China. Shine holds Charted Financial Analyst and Certified Financial Planner (both in the U.S. and China) qualifications. She holds a Ph.D. in Personal Finance from the University of Missouri-Columbia, a master’s degree in International Economics, and a bachelor’s degree in Finance.

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 Magna Cum Laude from California Lutheran University in May 2021 with honors and departmental distinction. Her bachelor’s degree is in Communication emphasizing PR and Advertising, minoring 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 Dr. Shine Lei, CFA, CFP®, on “How to Attract Women Clients?” on May 18, 2021, at 1:00 pm PST.

Many financial planning practitioners like to work with women clients. As matter of fact, many planning firms are created by women and service only women. Women clients might be your target market. You might service and plan for women. In this session, we will discuss the following questions:

• Why are women important in financial planning?
• What are some characteristics of women as clients?
• What are some characteristics of women as planners?
• How do we market to women clients?
• How to work with women clients efficiently?

Reference:

Lei, S., & Kordes, M. H. (2020). Women, wealth, and demand for financial planning services. Journal of Financial Planning, 33(8), 48–55.

How Can Advisors Improve Tele-Financial Planning?   

Before becoming a financial planner, Derek Sensenig was a military training instructor. Unsure what career to pursue, Sensenig put himself out into the world and rapidly networked with those he met through varying opportunities. It was then he found a job at a bank through a network connection where he worked as a sales manager in Texas. Further, he went on to complete his MBA degree and become a CFP before working in the financial planning industry. “It wasn’t a direct path but it’s a path I wouldn’t change,” Sensenig said. Recently, Sensenig was published in the Journal of Financial Planning with his article from September 2020 about utilizing what we know about tele-mental health in tele-financial planning. 

Why is Tele-Mental Health Comparable to Tele-Financial Planning?

In the summer of 2020, there was great economic impact and change within financial planning as well as the rest of the world. As an industry that works in the traditional sense of being face-to-face to discuss financial planning with clients, however, when the pandemic happened everything went online and business was done virtually. 

“How do financial planners adapt now in the changing environment to still serve our clients and do it even better?” Sensenig asked. His research showed similar parallels to tele-mental and tele-financial planning. He found that the further away the mental health client was from the therapist’s office, the higher level of efficacy they found in those situations. In the experiments, there were still people who didn’t come to meetings and those were similar in comparison to face-to-face tele-mental health situations. Sensenig noted that tele-financial planners also have clients that don’t come to meetings online. 

Are There Virtual Gains Compared to Being In-Person

Sensenig said that there are two gains from being virtual compared to being in-person. The first is geographical distance. When working face-to-face it creates geographical limits of where the clients are from. By removing this restriction, clients are subjected to a wider range of advisors to choose from, therefore they can find a planner that works best for them. The second advantage is efficiency. It is easier for clients to go to appointments that are virtual as they don’t need to leave their personal spaces for the meeting. It also allows spouses to be in different locations yet still meet with their advisors at the same time. 

What Are the Challenges in Licensing?

“Compliance is the biggest piece someone needs to address in this situation,” Sensenig said. Working in a fee-based business has its bonuses when in a virtual environment. Sensenig also noted that being virtual has left clients more satisfied with their experience. “I get incredible feedback about how much they’ve enjoyed it because it makes life so much easier for them,” Sensenig said. Being virtual allows people to cross states or even cross the border yet still be available to meet online. 

The Benefit of “Fit”

“Clients have information overload. There is not a lack of information on the internet. […] They want somebody that explains it to them and puts all the cookies on the shelf where they can reach them. When they meet or interview financial planners they can get the person that they feel is the best fit and make a personal connection,” he said. It is important as an advisor to think about what you can do to make the client comfortable as well as to think about whether you have the right technology to make sure you can communicate efficiently for different learners, Sensenig explained. 

Limitations of a Virtual Environment 

Sensenig explained that the firm and compliance department have to be aligned during this process with the correct systems in place. “If you don’t think the clients will want it, you’re going to be exactly right. With the advent of Facebook and FaceTime and Skype combined with the pandemic, almost as a blanket statement, everybody is comfortable with technology. The target should be to go after those that are comfortable with it and helping them get comfortable,” he said. 

The research found that tele-mental health therapists were providing webcams for their clients when they didn’t have access. Sensenig believes it is worth investing in webcams and cheap pieces of technology like this if your client doesn’t have them and is someone you want to work with. It makes a huge difference to them and is really helpful in allowing them to work virtually with others. 

Another limitation is privacy. Sensenig explained privacy must be addressed and advisors need to be cautious along with forward-thinking about what could happen when working virtually. For example, clients may host a meeting in public when talking about money and personal information. As an advisor, it is important to be ready to have those conversations and set expectations moving forward for future meetings including where to hold meetings. 

Lastly, another limitation is security and recording. When talking online about finances and personal information, it can be worrying for the clients. Therefore, it is important to have a conversation about the changing virtual environment. “It is a constant conversation and you should be proactively looking for potential security issues and making sure you’re addressing them,” Sensenig said. Ideas include having a locked Zoom and using a virtual private network (VPN).   

Best Virtual Practices

“You have to look at the client’s experience from their side,” Sensenig said. Be prepared to talk more to get the conversation flowing and be personal which is relatable and more comfortable. Sensenig likes to have personal items behind him when on camera as it creates a sense of being homely but also acts on what would be his desk with family photos and items. Invest in good lighting, a good camera, good internet, and present yourself with confidence. “The client needs to feel like you’re the expert and that you’re bringing value to them and they understand that value,” Sensenig said. Be confident, Sensenig advises practicing in front of the camera to develop a natural feel when in front of it. 

Another part of the virtual process is adapting your processes to a virtual setting. Sensenig suggests looking for ways to bring additional value such as offering updates, having a whiteboard to write on, and saying happy birthday to the client. Likewise, have a conversation about how you’re meeting virtually. Do the clients need help with the technology? Do they have a laptop or phone? Sensenig explained that it is a continuous learning process and you must apply what you learn to the next client to improve. 

Leveraging Virtual Environment From Prospecting Perspective

LinkedIn is a site more and more people are using to connect with those they don’t and do know. It’s a powerful tool when used correctly that can build relationships and even careers. Sensenig suggests connecting with others who are doing virtual financial planning and learn how they are doing it. “The angle you have to take is, someone is doing it better than me and I need to find out what that better way is,” he said. It’s important to ask for help from others that are more experienced at virtual financial planning to learn how to improve.

Sensenig also stressed the importance of asking yourself what you can bring to the table. He likes to begin with the end mindset. Who do you want to serve and reach? When you have answered this question then you can create valuable content and attract clients to you that are beyond your normal geographical bounds. 

Develop Your Niche

Like in most businesses, people need to find their niche of clients. If you are unsure what yours is, Sensenig suggests asking your current clients why they like to do business with you. Why did they want to work with you? The next step is to then go searching for those types of clients. Interviewer Dr. Chia-Li Chien added that the niche finds you, you don’t need to create it. 

Sensenig noted that sometimes clients have a hesitancy even if they are willing to talk to you virtually. “There’s a natural ebb and flow of being an advisor that you just have to be okay with. Know the ups and downs are just going to happen. Focus on the people that do want to meet with you. You can’t serve everybody,” he said. 

Parting Advice

Lastly, Sensenig’s parting advice for other financial planners was to be always be learning. “Look for a better way to improve and know that a better way is out there and know it’s your job to seek that out. Is there a better system and process you can use for your client?” he said. There is of great importance to learn and adapt to not be left behind and to say you’ve figured it out in a changing environment. I think no matter what your specialization is this advice is useful and should be put into practice, especially during this time when we value and use virtual connection. 

About Derek J Sensenig:

Derek J. Sensenig, MBA, CFP® is an owning partner and Senior Vice President of Financial Planning for Encompass Advisory Services, LLC in Houston, TX. The firm is an independent RIA and also operates as a SmartVestor Pro with Dave Ramsey’s team. At his previous company, he served as a Regional Financial Sales Leader, Supervisory Principal, and Sales Consultant for more than 65 wealth managers. Prior to entering the financial services industry, Derek was a Technical Sergeant in the U.S. Air Force and served as a Military Training Instructor at Joint Base San Antonio (Lackland AFB). He was also stationed in Alaska, Kuwait, and Korea. Derek is currently pursuing his PhD in Personal Financial Planning from Kansas State University. He has been married to his wife, Angela, for 20 years and they have two boys: Jordan (6) and Jaxon (4). In his free time, Derek enjoys playing softball, watching MLB baseball, and hanging out with his sons.

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 Derek J. Sensenig, MBA, CLU®, ChFC®, CFP®, RICP®, on “How Can Advisors improve Tele-Financial Planning?” on April 06, 2021, at 1:00 pm PST.

The tele-financial planning (or virtual financial planning) practices is not new. However, the coronavirus pandemic came with the new normal of tele-financial planning. In this session, we will discuss the following questions:

• Why is tele-mental health comparable to tele-financial planning?
• How will tele-financial planning present a limited value?
• What are some of the best practices in tele-financial planning?
• What are the best ways to prospect new clients in the “new normal” of a virtual world?

Reference:

Sensenig, D. J., Walsh, B., Machiz, I., Stanley, N., Russell, M., & McCoy, M. (2020). Utilizing what we know about tele-mental health in tele- financial planning: a systematic literature review. Journal of Financial Planning, 33(9), 48–58.

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