In the Estate Planning Section from the comprehensive financial planning, we often recommend clients to write a “final letter of last instruction.” A final letter of last instruction details the client’s wishes regarding the disposition of specific tangible property, as well as funeral and burial wishes.  But, this letter is a communication tool between the client and his or her estate’s executor, in the event of your death.  Will that be enough to help your clients go through the three stages of Widowhood? We are so glad to have Dr. Rehl return to continue the discussion of what matters the most?

Resources of the legacy letter.

Guest:

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows after the death of her late husband. More than 75,000 copies of this book are in circulation. She owned Dr. Rehl Financial Advisors for almost 18 years before retiring to a six-year encore career empowering widows and their advisors through her speaking, writing, and doing research about widows. Her work has been featured in articles published by the New York Times, Wall Street Journal, Kiplinger’s, CNBC, USA Today, and many others. She happily “reFired” on her 73rd birthday in 2020. Kathleen and her new husband, Charlie, concentrate on family, fun, focused-purpose, friends, and fitness. She enjoys writing legacy poetry and stories plus assisting nonprofits. Her website is at https://kathleenDr. Rehl.com.

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.

HYFLEX TEACHING BEST PRACTICE    

The hyflex teaching model allows some to work remotely while others can work face-to-face, explained California Lutheran University professor Dr. Sharla Berry. Dr. Berry is an online learning expert who has been published in multiple top-tier research publications. After a year of online teaching and online meetings, the U.S. is changing its COVID-19 protocols allowing students the option of going to a classroom on campus. Hyflex teaching allows students to be flexible with their learning and decide to learn, whether it is their home or the classroom. 

How Can Faculty Adapt Quickly Into the Hyflex Teaching Model?  

Dr. Berry firstly suggested the use of whiteboards and of course wearing masks to protect others. She also suggested having a set agenda of “what you’re going to do and how you’re going to do it,” she said. Setting goals for the day and having a schedule allows for breaks which the students can step away, refresh, and maintain on track for the rest of class, she said.  Another important application is using the Zoom chat box for students to interact with each other and the professor. Dr. Berry suggested question and answer periods to help minimize distractions and constant scanning of the chatbox for questions. 

Dr. Chien, the host of the webinar, mentioned that she likes to have a team captain monitor the chat and also be the co-host in case she loses her internet. The use of team captain rotation, and regularly stopping for questions to check in with students are valuable tools. Ultimately, if the chatbox becomes too distracting or difficult to maintain there is the option to disable its use.  

Should Cameras Be Off or On?

At the beginning of class, establish wanting to have the students be visible on the camera, said Dr. Berry. When students have the camera turned on they are more likely to be engaged, share a personal appeal, have accountability of focusing, and most importantly, it creates a positive impact on learning. I think many students would agree that they feel more attentive and focused when the camera is on as they can’t easily slip away or play Mario Kart on their phones. 

“The more engagement opportunities the course has, the less opportunity you have for people to turn off their video or be passive,” said Dr. Berry. For example, make use of polls, have random questions that they need to respond to, and use breakout rooms for engagement.  

What is the Best Way to Teach on Zoom? 

For the past year, Dr. Berry has used the pre-COVID flipped classroom method and instead uses Zoom to work with her students rather than lecture the material.  “Flipped classroom is when students do a lot of the direct learning outside of the classroom and they come to the classroom ready for a discussion,” she explained. This method allows students to learn or review the material asynchronously at home and then come to class ready for discussion and work on the subject where they can easily ask questions and develop their understanding more in-depth. Dr. Berry explained that hyflex teaching opens the opportunity for asynchronous teaching and can offer more discussion being more manageable. 

Dr. Chien said it can be hard for students to read ahead for discussion. As an alternative, she likes to have group presentations to highlight the main topics of the chapter of the class or encourage other activities and reading. Other alternatives include annotated readings or online discussion boards to help facilitate early prep of readings, said Dr. Berry.  “Letting people know how you’re going to be using a reading and how we’re going to be accountable for it, I think can go a long way,” she said. 

Another alternative are stations. In the break-out rooms, the instructor has the opportunity to jump into them to meet with the students whereas the in-person students can have a different assignment separately. Zoom allows groups to be more interactive with one another. “Giving yourself a schedule and also giving your students those manageable activities makes it easier so that you don’t have to be in all those places at once,” she said. 

How Can Students Warm Up and Engage More? 

Linda Clayton, a financial planning professor at California Lutheran University, said she likes her students to know that the classroom is a safe place to talk. Since day one of class she sets an example to participate, calling on students to answer if her question is received in silence. She said now they answer by themselves and even alternate who does it.  

Other options to help students warm up to participate more is by using polls either via Zoom or Kahoot and the results can be shared in class allowing for further discussion. Students can also work in pairs where they can answer together on a google document. Alternatively, questions can be shared beforehand, “if you have your agenda, questions, and discussion points listed people who do get lost can easily jump in and people that might be nervous and need more time to think about it, they will have the opportunity,” Dr. Berry said. 

Final Recommendations 

“There’s no reason for your in-person students to not be engaged in the virtual space as well,” Dr. Berry said. In-person students can participate in the chat on Zoom with the other students. Let the students determine what they need through surveys and natural evolving to adapt the classroom and teaching methods. Lastly, Dr. Berry said, “the students always value the opportunity to talk to you and each other about how they’re feeling.” Discussions allow the students to feel stronger about the courses and more connected with each other. 

About Dr. Sharla Berry, Ph.D.:

Dr. Sharla Berry is an Assistant Professor in the Department of Educational Leadership. Her research explores technology in K-12 and higher education. Topics of interest include technology and college access and online learning in postsecondary environments. Dr. Berry teaches a number of research methods classes.

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 Writer:

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.

CAN ROBO-ADVISORS HELP FINANCIAL PLANNING PROFESSIONALS?  

Since the beginning of the pandemic, technology has progressed rapidly allowing adjustment to living and working at home. Still relatively new to the industry robo-advising is also progressing rapidly. 

In June 2019, Vanguard’s robo-advisor managed a total of $140 billion and over 10 billion U.S. dollars was managed by the sixth-largest robo-advisor (Statista Research Department, 2020).  According to Investopedia, “The industry has experienced explosive growth as a result; client assets managed by robo-advisors hit $987 billion in 2020, with the expectation of reaching $2.9 trillion worldwide by 2025.” 

What are Robo-Advisors? 

In the interview, Dr. Jason McCarley described robo-advising as a form of automation to create statistical decision aid. He described it to be similar to human interaction with technological systems that are already in place and we are familiar with such auto-pilot systems or a Tesla. Robo-advising is related to how humans interact with automated systems. “It’s to help make choices or make judgments under conditions where there’s a lot of uncertainty,” McCarley said. Robo-advisors have the ability to improve the accuracy of predictions and judgments that humans can make.  

To put it into perspective, McCarley gave another example. This type of technology is used in predicting how well students would do in a graduate program. He explained that it is usually a simple equation but it will outperform humans at predicting success. “We find people underperform these kinds of statistical decision aids. The other thing we find is even though they are better than us, we don’t like to use them or tend to ignore or override the advice,” he said. 

McCarley explained that there are many benefits to robo-advising but what is great about robo-advisors is that decisions don’t need to be made because plans can be automatically opted for. This takes away the confusion of what percentage size to contribute to savings for example as well as what investment to be involved with. 

 The Risks of a Completely Automated System

When it comes to technology, many worry about the risks and the unknowns. McCarley explained that three main things should be looked out for. The first is knowing that occasionally it makes a mistake, so human monitoring is needed to keep a check on the system. The second is that situation awareness can be lost when those become disengaged with financial planning. Lastly, people often don’t trust statistical aids but they do trust other people. However, they are more likely to trust the robo-advisor if it is accompanied by a human. 

What Does a Statistical Decision Aid Do?

McCarley gives an analogy to Spell Check as to how a statistical decision aid works. First, it Informs. In Spell Check, this would be the line to let you know something doesn’t look right. Then it Counsels. In Spell Check, it guesses suggestions for you to replace the word or grammar. Then, it Acts, which is fixing it for you. Spell Check doesn’t act until you command it to, unlike a robo-advisor. McCarley said there is a greater chance for a mistake you won’t catch if it acts by itself. “At each level, it’s taking some of the workloads off for you but it’s also taking a little bit out of the process so you have to work a little harder to keep an eye on what’s going on,” McCarley said. 

Mechanical vs Holistic Decisions

A Mechanical decision is calculated, often doing a better job in performance compared to human decisions, whereas holistic decisions are human-made, explained McCarley. “The first thing we have to recognize is that sometimes the algorithm is wrong, that is the nature of problematic decisions is that we can’t always be right. We have to accept that even though the aid is wrong sometimes, it is probably more right than me,” he said. 

Role of Trust 

When using robo-advisors there is a certain element of trust and willingness to rely on it that must be fulfilled. The first part of trust is working out how good and reliable it is. The more mistakes that happen, the less trusting the user will find it. What’s more, occasional errors can also lead to undermining trust. 

The second part is having an understanding of the process and how it works. When users don’t understand how or why the recommendations or predictions are what they are, it can lead to confusion or even frustration. It’s also important to understand why it may go wrong and that it’s impossible to be correct all the time. 

How Much Will It Cost to Get Automatic Versus Human Advice?

The hope with robo-advisors is that people who don’t have much money to spare will find it worthwhile instead of a human advisor. The hope is to make it accessible and reduce the cost of financial advising. However, McCarley said there has been less uptake than hoped for, but the younger generations remain to be interested. “Old investors and wealthier investors are actually more willing to spend money on a human advisor. They like the interaction and they trust the human advisor more,” McCarley said. 

One of the issues mentioned earlier is that users sometimes “set and forget” when using robo-advising. The best way to avoid misuse in the younger generations or those using robo-advisors is to get the user involved in monitoring the process, explained McCarley. Goals need to be changed when the user’s goals change so the predictions can reflect. Getting involved and keeping on top of updates on their progress stops any surprises, he said.  

Advice to Financial Planning Professional About Robo-Advisors 

McCarley’s parting advice to the financial planning professionals was; “having a financial planner as a liaison between the advisor and the investor fights the problems. The investor probably trusts you so they will take your advice more than they might take the advisor from a computer. Having or wanting a financial planner for human interaction, and having that liaison is valuable for the people who can’t or don’t want to have human interaction. Encourage them to take the advice but know what they are doing,” he said. The advantage is financial planners can leverage the tool and have their clients be actively engaged.  

About Jason McCarley:

Jason McCarley is a Professor in the School of Psychological Science at Oregon State University and has previously held faculty positions at the University of Illinois and Flinders University in Adelaide, South Australia. He conducts research in the areas of human factors and applied cognition, with a focus on attention, signal detection, and human-machine collaboration.

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. 

References:

Statista Research Department. (May 4, 2020). Value of assets under management of selected robo-advisors worldwide as of March 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 05, 2021, from https://www-statista-com.ezproxy.callutheran.edu/statistics/573291/aum-of-selected-robo-advisors-globally/

Frankenfield, J. (2021, May 7). What Is a Robo-Advisor? Investopedia. https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp

Dr. Chien interviewed Professor Jason McCarley, on “Can Robo-Advisors Help Financial Planning Professionals?” on April 20, 2021, at 1:00 pm PST.

The growth of FinTech helps both consumers and financial planning professions in many ways. Financial planning professionals established relationships and trust over time. They guide their clients through their financial journeys. The use of Robo-Advisor is on the rise and is a part of many financial planning professionals’ offerings. In this session, we will discuss the following questions:

• What are some inherent biases that could harm consumers?
• What are the variables that influence automation trust and dependence?
• How to overcome these biases?
• How to prevent these biases?

Reference:

Bartlett, M. L., & McCarley, J. S. (2019). Human interaction with automated aids: implications for robo-advisors. Financial Planning Review, 2(3-4). https://doi.org/10.1002/cfp2.1059

Why Post-Widowhood Marriage Exposes Those to Future Risk?   

When Dr. Kathleen Rehl’s husband died in 2007 she experienced widowhood for the first time. According to Dr. Rehl’s research, 70% of women will experience widowhood in their lifetime compared to 80% of men who die while married. What’s more, women living in poverty are four to five times more likely to be widowed and live up to another 15 years on their own. 

Dr. Rehl first opened a financial planning business with an emphasis on philanthropy working with charitable gifts and clergy. After her husband’s death, she stepped back from the practice and decided to only accept clients who were widows or soon-to-be. In 2010, she wrote Moving Forward on Your Own: A Financial Guide for Widows and started doing speaking events for other widows. “I decided to go down the path of helping widows, I knew I could impact more widow lives than the 70 individual clients that I had at my firm,” she said. Dr. Rehl did that for six years before rotating to another career in retirement. She now works with nonprofits and sometimes does individual workshops for widows. 

Why is the Death of One Spouse Economically Devastating for Another?

As couples get older, it is common to find one spouse, typically the woman, handling the finances of the household such as the budget. Dr. Rehl explained that there is an importance of having money conversations between couples and developing a level of understanding for when someone passes on. When it is typically one spouse that handles the finances, it leaves the other completely in the dark if something happened to their spouse. It is as simple as not knowing the passwords to the bank accounts or where to find important documentation. 

“Being in pain from the grief and not understanding the money and all the issues are difficult. It can be really problematic if they’re [the couples] not having money conversations and one spouse doesn’t know,” Dr. Rehl said. She also noted that older widows who remarry build a great self-confidence about their husbands managing the finances, once again leaving them in the dark about their finances. 

The Three Stages of Widowhood:

Number 1: Taking Care of Me 

This is the financial triage stage, explained Dr. Rehl. The widow is experiencing intense grief and is particularly vulnerable. Many also refer to this stage as the jello phase due to the state of their thinking and processing during this time. The financial triage stage is where no big decisions are made, instead, there is a focus on the general finances that HAVE to be taken care of. Not all widows progress from this stage into stage two or even three. Usually, those that don’t progress from this stage are the senior widows. As a financial advisor, it is important to use the right language to communicate when with clients, Dr. Rehl said. This is a balance of being empathetic and gently helping them to try to move to the stage at their own pace. 

Number 2: Taking Care of Business 

The second stage is general planning, explained Dr. Rehl. This is the stage of growth after the initial grief has been passed. More general planning can be completed with the widow such as investments and estate planning. There is no “correct” timeline as to when the client will move into stage two, Dr. Rehl said, sometimes it can be a few months or it can take years. In this stage, it is also important for the client to reach out and seek help. It is also good to encourage the children to come into the office to also speak with the advisor so they can be involved and understand what is happening.  

Dr. Rehl explained that this stage is a good lesson for couples to learn before one passes. She suggests having “Money Dates” with your other half regularly to share little financial details. Start with an easy topic such as passwords and pins, then the following weekend look at budgets, she suggested. Take it “one little piece at a time to share information with one another,” she said.

Number 3: Taking Care of More 

This is the final stage of widowhood, where advanced planning can take place. The widow has developed a new perspective and is ready to redesign her life. This could be starting a new hobby or even start dating again. She is “blossoming into new beginnings,” Dr. Rehl said. Although this new stage rings promise and hope, there is still grieving, she explained. Dr. Rehl herself remarried many years after the death of her husband, but she said the grieving never really stops nor the memory of the spouse, yet this stage is a time of fulfillment.  

Being Financially Secure

“No matter what stage a widow is at, spoken or not, there is a common thread of wanting to be financially secure,” Dr. Rehl said. Widows want financial literacy, knowledge, an understanding of their money story, and the ability to do basic budgeting/ savings. However, this can’t happen until the client feels comfortable even talk about money. Getting to this place of comfort is essential if the client wants to start making financial decisions. Therefore, it is important to build trust and develop a relationship with them as the financial advisor. 

“The meetings you have, especially with a new widow, will not be one of the marathon meetings that go on forever and forever, they’re going to be shorter with more of them. With a widow you’re going to slow things way down,” she said. The advisor can help address their emotions and be a support system for them. If you aren’t naturally an empath or struggle to be this figure, Dr. Rehl suggests seeking out someone who is professionally trained to help widowed clients or to get them in touch with someone who specializes and understands. Alternatively, Dr. Rehl believes it is important for advisors to have some sort of understanding by at least researching widowhood a little.  

Legacy Letter

A legacy letter is a letter you can leave behind to anyone you desire to have. It is the opportunity to write about yourselves and create a life-print of detailed information to leave behind. Dr. Rehl explained that individual letters can be written or general ones to family and friends. “How many times do you think I read my mother’s will? Very rarely. I read her legacy letter often even though she passed 14 years ago” she said. If writing a letter isn’t your style, you could also record a video or get creative in another style. 

One Piece of Advice

Dr. Rehl’s final thoughts to the interview were a piece of advice. She said that everyone should consider working with widows as she believes they are the best group to work with. “Once they trust you and you’ve got their back as a thinking partner, empowering them, they will be with you forever and tell their widow girlfriends about you,” she said. 

About Dr. Kathleen M. Rehl:

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows after the death of her late husband. More than 75,000 copies of this book are in circulation. She owned Dr. Rehl Financial Advisors for almost 18 years before retiring to a six-year encore career empowering widows and their advisors through her speaking, writing, and doing research about widows. Her work has been featured in articles published by the New York Times, Wall Street Journal, Kiplinger’s, CNBC, USA Today, and many others. She happily “reFired” on her 73rd birthday in 2020. Kathleen and her new husband, Charlie, concentrate on family, fun, focused-purpose, friends, and fitness. She enjoys writing legacy poetry and stories plus assisting nonprofits. Her website is at https://kathleenDr. Rehl.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 Kathleen M. Rehl, Ph.D., CFP®, CeFT®, on “Why Post-Widowhood Marriage Exposes Those to Future Risk?” on March 16, 2021, at 1:00 pm PST.

One person of a married couple will pass first. For some, their long companionship may cause emotional hardship for surviving spouses. For others, the hardship may impact the surviving spouse’s financial stability. In this session, we will discuss the following questions:

• Why is the death of a spouse economically devastating for the survivor?
• What are the stages of widowhood?
• What is financial empowerment for the non-financial dominating spouse?
• What are some steps to increase financial empowerment before the loss of a spouse?

Reference:

Mattia, Laura, Eun Jin Kwak, John E. Grable, Carrie L. West, Linda Y. Leitz, and Kathleen M. Rehl. 2020. “Self-Empowerment Among Widows: A Financial Planning Perspective.” Journal of Financial Planning 33 (10): 52–60.

• 3 stages of Widowhood
• Impactful Empathy
• Legacy Letter
• Financial Steps for rent Widows

March 11, 2021

How Can Interpersonal Neurobiology (IPNB) Be Integrated Into Financial Planning?   

Finances are an essential part of anyone’s life. For Julie Fortin, she fell in love with intimately working with others to help them make decisions about their finances. After earning her master’s degree and working in the institutional side of financial planning as a CFP® she searched for local firms that advise via a fee. From there she shifted to a firm with advisors that were mostly women. “When I was studying for the CFP® exam I had a young child at home and was a little isolated professionally,” she said.  Fortin has found much empowerment and pride in working at a women’s firm that mostly helps other women.  

What is Interpersonal Neurobiology?

Fortin explained that interpersonal neurobiology has been evolving research since the 1990s. It is an interdisciplinary framework that includes research from over a dozen different and unrelated scientific disciplines. These patterns of unrelated scientific disciplines are studied. The neuroscience aspect looks at the way the brain changes and how it is influenced by different relationships. The clinically-based evidence looks at the way the brain grows and it is focused on well-being relevant to industries with relationships, well-being, and leadership/coaching explained Fortin. “It really does a great job of translating neuroscience into approaches and a framework that we can use with clients in financial planning,” she said. 

A Shift In Work 

There are four main concepts of Interpersonal Neurobiology; Integration, Neuroplasticity, Attunement, and Micro Awareness. In recent years, Fortin has observed a shift from financial products and sales into the realm of quality of life. A shift I think a lot of industries are currently experiencing due to the pandemic and many working from home. Fortin described the shift as the technicality and the quality of life merging together. 

To develop a greater quality of life Fortin suggests developing deeper client relationships and connections. This is beneficial for the client as they will have someone they trust in the condition of an uncertain change. “At the end of the day it’s really not about the client having more assets in their account or on paper, it’s about what they feel those assets are going to be able to provide for them or allow them to do,” she said. 

The Importance of Clients Being Financially Integrated

Fortin describes integration as the fundamental process of well-being. In order to achieve a sense of well-being, Fortin said it must be first recognized where clients are not integrated with their financial lives. Having this unique ability and relationship with clients will help them move towards a financially integrated space. Therefore giving the clients the opportunity to think about the future and have those conversations that they might not be having. An important and beneficial part of financial planning is being able to reflect on current practices and have the opportunity to think and discuss them out loud. 

“Without knowing what somebody wants and what their values and goals are the plan can’t be built. If someone is coming into the office and you’re not going deeper on about what they desire they will probably say what they’ve heard about, like retirement,” Fortin said. Therefore it is important to develop a relationship with one another and build trust to then put numbers to paper.  

What is Attunement?

Attunement is the ability of the brain to rewire itself in response to interpersonal and intrapersonal, said Fortin. Therefore it is being able to understand deeply when in a moment to know how we are feeling while being present with another person. 

Interpersonal is the client and yourself. It is hard to detect another’s emotions that aren’t your own. Intrapersonal is about yourself. It is important to reset your frame of mind before meeting a client. Having a clear mind and being centered helps to talk to the client. Like most things, you must be present and use emotional intelligence to detect and understand what is happening in front of you. 

Being Stressed is Unavoidable

Stress is going to be present in a lot of meetings, every day. By staying attuned to the client’s emotions you can acknowledge if something has shifted or what the client may be feeling. When with a client Fortin believes is 75% listening and 25% talking. “Financial planners train to give advice and answers. Sometimes it takes a lot of self-control to not say something when you want to, it’s part of the practice,” she said. 

Her advice is to get comfortable with silence. Pause and wait in case the client wants to say something, ‘The whole point of the process is to get the client clarity for themselves. It will give them calm and control again,” she said. When this happens Fortin suggests reflecting back to them when they talk. She encourages planners and advisors to use open-ended questions using how and what, as well as encouraging the client to self-understand. “I don’t think there’s going to be one size fits all like many things. I think the integration into financial planning will look different depending on the type of firm,” she said. 

Parting Advice to Younger Planners

Fortin’s parting advice was focused on younger planners, “I think it’s such an exciting time in our industry. I’m excited for younger planners that are just coming into the industry. I can’t imagine a better time as there are so many options now,” she said. She further spoke about growth in the presence of women in the industry with new young, female professionals. On the whole, Fortin believes that many women innately have the skills that are required for a non-technical job of being a financial advisor. Lastly, her advice guided towards anyone said, “Focus on what aspects of financial planning really excite you and explore that more.”

About Julie Fortin:

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.

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 Fortin, CFP®, FBS®, CeFT®, on “How Can Interpersonal Neurobiology (IPNB) Be Integrated Into Financial Planning?” on March 11, 2021, at 11 am PST

Financial planning is not just about increasing and safeguarding the client’s wealth but also their overall well-being.  In this session, we will discuss the following questions:

• What is Interpersonal Neurobiology (IPNB)?
• Why can integrating Interpersonal Neurobiology into the financial planning approach improve the client’s overall net worth and quality of life?
• How to integrate IPNB techniques into the financial planning process?
• When planners sense the client’s stress, what are the steps the planner can follow to change the narrative?
• What is attunement: knowing oneself and others?
• How to integrate IPNB into the financial planning business model?

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!

Reference:

Fortin, J., Jansen, M., & Klontz, B. T. (2020). Integrating interpersonal neurobiology into financial planning: practical applications to facilitate well-being. Journal of Financial Planning, 33(5), 46–47. https://callutheran.on.worldcat.org/oclc/8596609674

Student Resources:

https://www.kitces.com/
https://www.letsmakeaplan.org/
https://mindgains.org/
https://www.mindsightinstitute.com/team/
https://drdansiegel.com/

Diversity has been an important topic this year, but how do you define diversity and what does it mean? Dr. Daralee Barbera is a professor, professional business coach, consultant, speaker, and author with an EdD in Leadership and Organizational Change from the University of Southern California, discusses what it is and how it can be enhanced to grow your practice. 

Diversity covers the various demographics; race, ethnicity, gender, ability, sexual orientation, religious affiliation, age, and socio-economic status. “When we directly address diversity we are engaged in a respectful and engaged conversation with people that is meaningful, thoughtful, discussing solutions to problems and focusing on strengths,” Barbera said. It is a financial advisor’s job to engage others to solve problems, including diversity issues. 

Understanding the Client 

“The important part is clients can see themselves in our practices, that they feel welcome and our diversity and inclusion is visible to others,” Barbera said. Practices are a community and the client should feel welcomed when they enter. This leads to the question of do you understand the client?

Although 2020 looks different from how we connect with others whether business or personal, Zoom calls still offer the opportunity for advisors to keep and develop connections with clients. In return, advisors can keep and build community relationships and continue to check in with clients. 

People First, Not the Product 

Being a financial advisor means being a good listener. During the time spent with a client, the ratio of listening to speaking should be 4:1 Barbera said. 

It is important during the pandemic to be pandemic sensitive with others. Advisors should apply their best practices and listen, whatever the topic maybe if it is important to them, it’s important to the advisor. “The way we develop their plans is around what is important to them. We share the joy of understanding why this is the perfect plan for them. We want to be able to focus on the qualitative components now more than ever,” Barbera said.

The Importance of Asking Questions 

It is important to understand how questions are asked in order to receive the answer you need to get where you want to go. Keep asking more questions to build a bigger picture, said Barbera. What’s more, even though times are difficult right now, remind clients of the hopes and dreams they had before pre-COVID. These are all still with them but they may need reminding. 

Ask yourself, “When I say something was my message clear, and did it get received correctly? Likewise when a client says something, am I sure I understand the message and I’m receiving it correctly?”Barbera said. Further, it’s important to frame the questions about the person, not the product.

Diversity and Inclusion 

“A client should expect to be part of that planner’s community. They should expect to be put first as a person, for the planner to advocate for them as an individual, and to have appropriate planning based on who they are,” Barbera said. 

Clients should demand a diverse practice to work with when it is sensitive to that client having a seat at the table. Everyone should be hearing their voice and adjusting the meeting environment to their needs and comfort, explained Barbera. 

In order to accomplish what you want to achieve, “You must be an observer of yourself to be able to make sure that what you are trying to accomplish, is being accomplished,” Barbera said. Practices want to attract clients, keep them as clients, and grow them. In order to do this, you must be sure the client experience is tailored to the client. 

Practicing Virtually and Delivering the Client Experience 

During the pandemic, virtual communication has exploded in popularity as it is the only reliable safe way to meet with others. It is safe to assume that virtual communication is going to remain after the pandemic due to its growth in popularity and convenience. 

Holding virtual meetings is very different compared to in-person meetings therefore other experiences need to be created. Barbera suggests being as polished as possible with virtual communication and to be technology competent. 

She also suggests creating an agenda and sharing it with clients. Though everything may be online, it is important to communicate what kind of meeting you will be having with your client. Further, set it up so the client understands the time frame of the meeting. 

Ways to Enhance a Practice?

Here is a list of ideas on how to enhance diversity and inclusion in a practice suggested by Barbera in her webinar:  

Your Team:

• Being virtual is a great opportunity to build a team with complementary professions. What’s more, you can introduce them to the client instantly in a meeting.
• Have a gap assessment on the diversity of your team and hire to fill the gaps.
• Build a referral base.

The Experience:

• Have fresh eyes to evaluate the experience you provide for clients.
• Ask yourself what do you look like from a client’s perspective? 
• What is the client’s experience from the beginning when they get out of their car? Is your message what you intend right from the very beginning? 

Online:

• Looking at your website and social media, do your clients feel included? Does it speak to them? 
• Do you have a signature line on your email? Does it correlate with the message you’re sending?  
• How well does your value proposition resonate with different target audiences? Are you sharing it? Do you have a mission and vision to communicate? 
• Is your language appropriate for all audiences? Is it formal or informal? Is there a gender bias? 

In-person:

• If you eat food with clients or offer food are you sensitive to dietary exclusions? 
• How and where do you conduct your meetings? 

One out of every four women feel rushed by their financial advisor Barbera said. This is not uncommon for other groups too, therefore communication methods and frequencies are important to set clear expectations and understanding when working with clients. 

“Have an integrated financial planning practice where you really build your skills on the interior aspects and exterior aspects of financial planning to bring them together, be all client-centric at all times,” said Barbera as her closing thoughts to the webinar. 

If you would like to learn more about careers in Financial Planning, reach out to the Financial Planning program here at California Lutheran University. 

About Daralee Barbera:

Dr. Daralee Barbera is a professor, professional business coach, consultant, speaker, and author with an EdD in Leadership and Organizational Change from the University of Southern California. She is President of Diversified Professional Coaching LLC, is the former EVP of Business Development and VP of Strategic Initiatives at GAMA International, and retired as Managing Principal at Waddell & Reed where she spent 34 years. Daralee has written two books; Women Matter: The Why and How of Gender Diversity in Financial Services and What You Can Do When You Can’t: 21 Days to Personal Success, as well as her dissertation, Financial Literacy for Women and the Role of Financial Education: An Exploratory Study of Promising Practices.

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. 

“How to Enhance a Diverse Environment to Grow Your Practice?”

Approximately twenty-three percent of CFPs are women, and less than four percent of CFPs are people of color. What steps could we do to help the diversity effort for the financial planning profession?

The discussion includes the following:

• Why is there a need to have a diverse environment?
• Will clients demand a diverse practice to work with?
• What are some ways to enhance a practice?

Failure scares many of us, if not all of us in some way. Whether it is something big like not achieving our dream job or something small like undercooking a chocolate birthday cake. Carrie Beckstrom, an expert in communicating and the CEO of Power Speaking. Inc discusses how to reframe failure, vital communication soft skills everyone should practice, and how to analyze an audience plus many other topics in her interview with Dr. Chia-Li Chien. 

Beckstrom recommends these three ways to reframe failure: 

1. Focus on your strengths and be clear on what they are.
2. Step outside of your comfort zone as the most rewarding things in your life come from doing just this.
3. Practice, Train, and Research communication techniques, but most importantly commit to them. 

The first minute to two minutes is the most vital when you want to make an impression. If you start weak, it is hard to recover, Beckstrom explained. “If you do nothing else, make sure you have your opening down pat, whether it’s an interview you’re preparing for, a difficult discussion, a pitch to a client, or a presentation. You need to rehearse that opening,” she said. 

The Importance of Communication Skills

Having good communication and other behavioral skills are the new power skills said, Beckstrom. “The number one skill that recruiters, CEOs, and employers are seeking from graduates are referred to as either power or social capital skills,” she said. These skills refer to writing and verbal communication, working with others, and the ability to influence others. Now more than ever there is an emphasis on the importance of having these skills as companies are now global organizations. What’s more, having these skills lead to building strong relationships. 

How to Overcome Excuses 

We are all guilty of having excuses for ourselves, whether it is putting off doing a task or having a reason to not step outside of our comfort zones. Ask yourself, Beckstrom said, “How are your excuses and self-imposing limitations serving you?”

How do the choices are you choosing benefit you? Do you want to stretch yourself out of your comfort zone and reap the rewards from being uncomfortable for a period of time? You can only grow and get these rewards when you take the courage to step outside of your comfort zone she explained. “It doesn’t matter what level you are at, there is always an opportunity for improvement,” she said. Whether you are at entry-level or the CEO, learning, and growing will never cease. 

What Makes an Effective Communicator

If you want to be an effective communicator, you want to show others that you are not perfect. What makes us all human is having weaknesses. “Converting confidence, capabilities, aspirations and to be willing to show vulnerability and weakness that humanizes you and makes you so much more relatable,” Beckstrom said. What’s more, effective communicators always come from an audience perspective, never a speaker. We must be mindful of this especially when hosting a presentation. 

Why You Should Analyse the Audience’s DNA 

An audience’s DNA is Demographics, Needs, and Attitudes. 

Demographics covers roles and responsibilities, knowledge level, technical language understanding, and ethnic or gender considerations. 

Needs asks the questions of: Why should your audience care? What’s in it for them? (WIIFM)

And Attitudes is thinking about the expectations of the audience’s feelings. Will they be advocates or naysayers? 

To find out these answers social media resources can be used, in particular, something like LinkedIn and don’t be afraid of asking to learn more. It is important not to make assumptions about who the audience are. A successful communicator is in the preparation. 

Another thing to keep in mind with the audience is that you want to zero in on the purpose at the beginning to have a greater chance of achieving it by the end. By beginning with the end in mind, you know the goal of what you want to achieve Beckstrom said.  

What Are the Typical Objections

Typical objections often relate to cost and ROI. It is the battle of resources. Therefore, it is important to be mindful of these objections and ask yourself what makes yours rise above the others? Those you are pitching to spend their day being asked and pitched to. You want to rise above and be prepared to know how to handle objections. However, don’t ever fake the answer. Sometimes things come up that you aren’t prepared for and that is okay said, Beckstrom. 

Soft Skills Drive Wage Growth 

“The job roles that accelerated in terms of wages over the past 30 years were those that combined soft skills and the more technical skills,” Beckstrom said. To make your financial career differentiate, couple your expertise with strong soft skills for good communication. In finance, do you want to tell or make the news? By using effective communication, you can give insight into the information rather than just sharing the information. Turn a decision into action she said. 

Beckstrom also mentioned the importance of seeking out mentors that you can use to help. The host, Dr. Chia-Li Chien said to not be afraid to ask someone to be a mentor. Growth and learning will come from them. Furthermore, they can help you expand your network. 

One Recommendation From Carrie Beckstrom

The webinar ended with a final thought from Beckstrom. She said you must commit now to honing this skill of soft skills communication. “It will serve you well regardless of your pursuits and it’s a way to differentiate yourself and give yourself a greater edge and more satisfaction,” she said. 

If you would like to learn more about careers in Financial Planning, reach out to the Financial Planning program here at California Lutheran University. 

About Carrie Beckstrom

Carrie Beckstrom joined PowerSpeaking, Inc. in 2018 after more than 30 years in the learning and development field. Her mission was to help take a company that has positively impacted more than 300,000 people over the past 33 years to new heights in leading-edge communication and presentation skills development.

Prior to joining PowerSpeaking, as ADP’s Vice President, Enterprise Learning, I was honored to lead teams that made Training Magazine’s “Training Top 125” 10 years in a row. Driving those achievements was a vision and passionate sense of direction that said, “Our purpose is to make great people even greater at what they do every day.”
Carrie is passionate about her field because it changes lives, careers, and businesses. Carrie states, “I’ll never tire of seeing people transformed and elevated after learning how to speak their truths, communicate with courage and clarity, and inspire others to move their causes, business, and industry forward.”

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 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. 

Discussion topics will include strategies that enable advisors to communicate in ways that maximize client and company success or reach their goals.

• How do you communicate for success?
• What form of communication is most important when considering goal efficacy?
• How will communications help you grow your practice?

 What is Section 1202?

The Qualified Small Business Stock (“QSBS”) gains exclusion is known as Internal Revenue Code Section 1202. Section 1202 allows a portion or 100% eligible capital gains from QSBS to be excluded from federal income tax. The exclusion applies only to QSBS held for more than five years, and the percentage of eligible gain excluded by Section 1202 depends on when the shareholder acquired the QSB stock. If a taxpayer acquired QSBS after September 27, 2010, he or she might exclude the 100% eligible gain on the sale of the QSBS.

What is a Qualified Small Business?

In 2018, the Tax Cuts and Jobs Act (TCJA) added section 199A of the Code for the benefit on the Qualified Business Income from a Qualified Trade or Business. For section 199A purposes, Qualified Businesses under section 1202 are also Qualified Trade or Businesses under Section 199A. According to the definition of Qualified Trade or Business, most businesses involving services performed in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, financial services, or brokerage services are not Qualified Business for Section 1202. A business such as banking, insurance, investing, also does not qualify (Lee, 2019; IRS, 2020).

While the tax benefits for Section 1202 are very generous, a QSBS must meet all of the following tests:

• It must be original issuance stocks in a C corporation (that is, not S corporation stock).
• It must have been originally issued after August 10, 1993.
• As of the date the stock was issued, the corporation was a domestic C corporation with total gross assets of $50 million or less (a) at all times after August 9, 1993, and before the stock was issued, and (b) immediately after the stock was issued.
• You must have acquired the stock at its original issue (either directly or through an underwriter), either in exchange for money or other property (other than stock) or as pay for services (other than as an underwriter) to the corporation.
• During substantially all the time you held the stock: The corporation was a C corporation; At least 80% of the value of the corporation’s assets were used in the active conduct of one or more qualified businesses; and the corporation wasn’t a foreign corporation (IRS, 2020).

The Benefits of Section 1202

Although Section 1202 requires the QSBS to be C corporation’s stocks, companies currently operating other types such as partnerships might benefit from Section 1202 by converting under state law, being a C corporation, or transferring their assets to a newly organized corporation. The eligible gain is calculated on the date the assets contributed to the C corporation. Besides, Section 1202 permits taxpayers to hold QSBS through any partnership, S corporation, RIC, or common trust fund.

It is worth noting that the gross assets test is based on an adjusted basis rather than the fair market value of the assets. That cost-basis rule is more favorable to the business owners or investors who contribute high appreciated but low adjusted basis assets to a C corporation. However, if a taxpayer contributes property (other than money or stock) to a qualified small business corporation in exchange for stock in the corporation, the stock’s basis will be no less than the fair market value of the contributed property. As a result, taxpayers have the opportunity to increase tenfold the amount of gain subject to partial or complete exclusion by contributing appreciated property (Lee, 2019). 

Furthermore, Internal Revenue Code Section 1045 allows a taxpayer to roll over the gain on a QSBS disposition into another QSBS of a different issuer. The QSBS must be held for more than six months prior to disposition, and the rollover must occur within 60 days. That might provide a planning opportunity for those investors who wish to delay the capital gain from Section 1202.

To learn more about the Financial Planning Program at California Lutheran University contact Graduate Admission at clugrad@CalLutheran.edu or visit us at https://www.callutheran.edu/fp​.

About the Speaker:

Hratch J Karakachian, CPA, ESQ, is a senior adjunct faculty member in California Lutheran University School of Management.  He has been teaching in the MBA in Financial Planning Program since 2013.  He has taught Principles of Estate Planning, Income Tax and Strategy, Managerial Accounting and Foundations of Accounting and Finance courses.

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 the equity value of their firms. 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 in 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 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:

Jade Zhang is a graduate student at California Lutheran University expecting to graduate in July 2020. She is studying for a Master of Science in Financial Planning. 

References:

IRS. (2020). 2019 Instructions for Schedule D (Rev. January 2020): Exclusion of Gain on Qualified Small Business (QSB) Stock. Retrieved from https://www.irs.gov/instructions/i1040sd.

Lee, Paul. (2019 ). QSBS: The Quest for Quantum Exclusions. 8th Annual Institute on Tax, Estate Planning and The world Economy. Retrieved from https://drive.google.com/file/d/1-EDhRK6w5RRUdSoLAq7qHQZFBZQfVdRc/view

Elizabeth Campana’s career paths demonstrate how the financial industry is a flexible field with various areas within it to work in. Her career story also shows how there are multiple ways to transition within the industry including into her current field of work- single-family office. 

After graduating from the University of Buffalo with a Bachelor of Science in Accounting and Finance, Campana started her career at AXA Advisors as a Financial Consultant. Her role was to work in sales and work with individuals on their plans such as insurance and retirement. This coincided with the 2008 recession which proved to be an interesting time to begin working. 

She then moved to Boston to earn her MBA in business administration, finance, and financial management services at the University of Massachusetts Amherst. While living in Boston she got another job as the assistant to a partner portfolio manager at Wellington Management before becoming a research associate. A few years later she moved on to a role in a single-family office.  Since then in the last four years, she has had two positions as the Relationship Manager and is now the Director of Financial Planning. 

If you are like me, then you may not know what a family office is where Campana works. Investopedia describes it as, “private wealth management advisory firms that serve ultra-high-net-worth (UHNW) investors such as J.F Kennedy or Vanderbelt. They are different from traditional wealth management shops in that they offer a total outsourced solution to managing the financial and investment side of an affluent individual or family. For example, many family offices offer budgeting, insurance, charitable giving, family-owned businesses, wealth transfer, and tax services.” Campana describes it as looking after a wealthy family’s finances providing service, needs, advice, trusts, and looking after the wealth from generation to generation. 

The family that Campana works for has five generations and various relationships within it. The original wealth of the family started back in the 1800s. “It’s really interesting, every day is different… You help provide a process and a good framework for governance,” Campana said, describing her role. Within the office she is often their problem solver when an issue or question occurs.

As you may imagine, there are various characters within the family that can be interesting to interact with but also in terms of how to work effectively with each person. The role of the office is to provide customized solutions, which is different from how a bank may handle the situation. There is a strong personalized aspect to the business from working with individuals to providing advice. 

So what separates a family office from a large private client group? Campana said that each family office depends on the clients and family connectivity. But there are benefits of working with a family office such as maintaining confidentiality about the details of the wealth. 

One of the most important parts of the family office is maintaining relationships with individuals in the family, but also between the individuals. It’s important to have conversations, communication, and connections Campana said, “If you don’t have connectivity it’s really hard to pass wealth from one generation to the next.” She defined connectivity as having shared values and good governance. 

Campana believes that anyone can work on their financial health and wellness. “It doesn’t matter if you are very wealthy or on the other end of the spectrum, it’s [financial planning] key to your financial wellness. That can mean different things to different people.” Campana says that communication and being comfortable talking about finances is key. She also says it’s good to know and understand your own relationship to money, have good goals and values, and good habits in order to have good financial wellness and planning.

As a successful planner Campana tries to pay back to her community. She has a mentoring group with her alma mater, University of Buffalo, to help women in finance. She networks with others and works with a scholarship for high school students in STEM. Her advice to Next Gen financial planning professionals is to “Keep an open mind. Network. Don’t be afraid to put yourself out there.” Don’t feel intimidated, not worry about having a goal when you network with others. It’s just important to reach out and talk to others, taking opportunities as they come your way. 

If you would like to learn more about careers in finance and being a Financial Planner, reach out to the Financial Planning program here at California Lutheran University. Please visit http://bit.ly/clumbafp.

About the Speaker:

Elizabeth Campana (Liz) is the Director of Financial Planning at CABOT-Wellington LLC, a single-family office serving five generations of the Cabot family. Campana delivers financial planning and customized investment advice to a diverse group of clients, including ultra-high net worth individuals. She facilitates coordination among estate attorneys, CPAs, and other industry professionals as they are relevant to the client’s financial situation. Campana is a Certified Financial Planner (CFP) and a Chartered Advisor in Philanthropy and she is finalizing her Accredited Estate Planner (AEP) designation. Campana obtained her Bachelor of Science in Accounting and Finance at the University of Buffalo. She also has an MBA in business administration, finance, and financial management services at the University of Massachusetts Amherst. She is a level 2 CFA candidate and volunteers as a subject matter expert at the CFP Board. 

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 the equity value of their firms. 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 in 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 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 expecting to graduate in May 2021. She is studying Communication with an emphasis in PR and Advertising and has a minor in Creative Writing. She is currently writing a book, Windows and Mirrors, which is due to be published this summer with New Degree Press.