NAIFA LA Meeting: Selling a Planning Practice: The Relationship between Revenue Multiple and Revenue Size Part 2

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

Learning Outcome:

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

Measurable business results:

• Understanding the components of what makes planning practice valuable

Resources:

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

There have been several legislative changes this year that have provided changes that will affect the finances of clients. The Secure Act 2.0, a proposed expansion of the original Secure Act, promises significant shifts in retirement planning, tax strategies, and estate management. In this article, we will delve into the key provisions of the Secure Act 2.0 and examine how these changes can impact the financial planning industry.

Expanded Access to Retirement Plans

One of the pivotal changes under Secure Act 2.0 is the broadening of access to retirement plans. This legislation seeks to increase retirement savings opportunities for more individuals, including part-time workers and those in small businesses. Financial planners must now be well-versed in the intricacies of these expanded plans, enabling them to offer tailored advice to a broader demographic.

Previously, many part-time workers and employees of small businesses were excluded from employer-sponsored retirement plans. The Secure Act 2.0 aims to rectify this by making it easier for these individuals to participate in retirement savings programs. Financial planners must educate clients about these opportunities and help them make informed decisions about their retirement futures.

Gradual Increase of Required Minimum Distributions (RMDs)

Secure Act 2.0 proposes an increase in the age at which individuals must begin taking Required Minimum Distributions (RMDs) from their retirement accounts, from 72 to 73. This shift has profound implications for retirement planning strategies, allowing individuals to maximize their tax-deferred growth further. Financial planners must adjust their approaches to account for this extended window, optimizing clients’ portfolios for prolonged growth.

This extension of the RMD age recognizes the trend of people working later in their lives and the desire for extended tax-deferral opportunities. Financial planners will need to consider the implications of this change on their clients’ overall financial plans, factoring in potential adjustments to income streams and investment strategies.

Introduction of Auto-Enrollment in Retirement Plans

The Secure Act 2.0 also emphasizes the importance of automatic enrollment in retirement plans. This provision is a game-changer for the financial planning industry since planners must help clients understand automatic enrollment, including contribution rates, investment options, and participation benefits.

Automatic enrollment can be a powerful tool in encouraging individuals to save for retirement, but it also requires careful consideration of individual circumstances and preferences. Financial planners must guide their clients in understanding how automatic enrollment aligns with their overall financial goals and help them adjust their retirement savings strategies.

Enhancements to QLAC Rules

The proposed changes to the Qualifying Longevity Annuity Contract (QLAC) rules provide new opportunities for individuals to secure a reliable income stream in retirement. Financial planners should familiarize themselves with these modifications, enabling them to guide clients toward sound investment decisions that align with their long-term financial goals.

QLACs offer a unique opportunity for retirees to ensure a steady income stream throughout their retirement years. Planners will need to assess whether a QLAC is a suitable option for their clients and, if so, help them navigate the selection process to ensure it complements their overall retirement strategy.

Expansion of the Saver’s Credit

Secure Act 2.0 seeks to expand the Saver’s Credit, which provides tax incentives for low- and middle-income individuals to save for retirement. This change will undoubtedly impact how financial planners advise clients on tax-efficient strategies, potentially opening new avenues for retirement planning for a broader audience.

Expanding the Saver’s Credit is a significant step towards making retirement savings more accessible for a broader range of individuals. Financial planners must incorporate this change into their tax planning strategies, helping clients take full advantage of the tax benefits and encouraging a culture of long-term financial security.

Implications for Estate Planning

The Secure Act 2.0 introduces provisions that could affect estate planning strategies. Changes to inherited IRAs and eliminating the ‘stretch’ IRA could necessitate a reevaluation of estate plans. Financial planners must be equipped to offer guidance on how clients can navigate these alterations, ensuring a smooth transition of assets to heirs.

The alterations to inherited IRA rules may profoundly impact how individuals plan to transfer their wealth to future generations. Financial planners must work closely with their clients to understand the implications of these changes and help them make any necessary adjustments to their estate plans, ensuring that their legacy is preserved according to their wishes.

Conclusion

The Secure Act 2.0 represents a significant retirement planning and tax strategy shift. For financial planners, the importance of staying informed about legislative changes and adapting strategies to serve their clients best. By understanding the implications of these provisions, financial planners can offer tailored advice that aligns with their clients’ evolving economic needs and goals. With Secure Act 2.0, the financial planning industry is transitioning to a new era of opportunity and growth.

Reference

The United States Senate Committee on Finance: The United States Senate Committee on Finance. United States Senate Committee On Finance. (n.d.). https://www.finance.senate.gov/download/retirement-section-by-section-

• What is a retirement style? 
• What types of retirement style options do clients have during retirement? 
• How does RISA™ help clients meet their financial goals?
• What should clients do before retirement? 
• How can clients find their retirement style that best fits their needs? 
• Why should financial professionals begin to incorporate retirement styles in their practice? 
• What are some of the tax issues that may arise for a retiree during their retirement? 
• What are several important decisions retirees or soon-to-be retirees make before they officially retire? 

References:

• Murguia, Alejandro and Pfau, Wade D., Retirement Income Beliefs and Financial Advice Seeking Behaviors (February 1, 2021). Available at SSRN: https://ssrn.com/abstract=3788425 or http://dx.doi.org/10.2139/ssrn.3788425
• Get your free RISA Assessment here.

Guest 

Wade D. Pfau, Ph.D., CFA, RICP®, is the program director of the Retirement Income Certified Professional® designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA, as well as a co-director of the college’s Center for Retirement Income. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and has published more than sixty peer-reviewed research articles in a wide variety of academic and practitioner journals. He hosts the Retirement Researcher website and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal.  Wade’s newest book is Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success. 

Host: 

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

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

Guest:

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

Host: 

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

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. 

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.

Peer-influencing has dominated how consumers seek advice. Many financial planning practitioners navigate popular social media platforms with compliance guards.  Ms. Williams will share with us how to best leverage social media platforms with leads in emotional triggers.

• The best social media platform for financial planning practitioners
• What are the do’s and don’ts in social media to be evergreen compliance?
• What are the emotional triggers that could generate leads?
• What are the best practices for marketing in social media?

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:

Sarah E. Williams, VP, Marketing Communications at CreativeOne. With almost 20 years of experience in sales, marketing, advertising, and public relations, Sarah leads the company’s outreach efforts, showing financial advisors and independent insurance agents exactly what they can accomplish through branding, lead generation, and social media. She has helped hundreds of producers expand their businesses, showing them how to grow revenue while positioning them as an industry of thought leaders since joining CreativeOne in 2011.

As CreativeOne’s chief ambassador, Sarah communicates how marketing and practice management can help agents and advisors expand their practices. She leads the education channel, recruiting prospective agents and advisors who want to join CreativeOne. Her knowledge of marketing, combined with her embodiment of CreativeOne’s philosophy, makes her a formidable leader in this ever-changing industry.

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.

Professor William (Bill) Klepper started his career in teaching by “picking up the phone.” His employer, Bill Mason, asked him one day if he would be interested in teaching. Having thought about the idea of it previously, Klepper enthusiastically replied with a yes. When interviewing for the job, one of the questions they asked was if he had his CFP ®, which he did, however unknowingly to the employer he only had it for a mere two weeks! “I was in the classroom within three weeks. I absolutely loved it and I never looked back,” Klepper said.  

Klepper’s passion in financial planning is money management and his specialty is retirement planning. “I like getting people set up properly so they don’t have those devastating down periods. I want to see people protect their assets,” he said.

Teaching At California Lutheran University

At California Lutheran University, Klepper currently teaches the undergraduate wealth management class, a class where many of the students become financial planners, “there’s a great need for financial planners and there’s not many going into it. It’s a great career,” he said. Klepper also teaches the financial literacy class, a recent course worth one credit that teaches the topics of insurance, investment, car loans, and credit reports to undergraduates to a variety of majors. “You’re telling them topics that nobody ever teaches that they’re dying to know,” he said. 

During his classes, Klepper enjoys bringing real-life examples to help communicate the material.

“I teach ‘war stories’. My students love the war stories of hearing what is happening in real life. The biggest thing with teaching is people remember stories. If you tell a story they will remember but not a data dump,” he explained. His aim in the classroom is to create a relaxed, no fear, no-pressure environment so students feel comfortable to ask any questions.  “Cal Lutheran is a great school and the students are great! Since I teach both graduate and undergraduate I thought there would be a big difference, but there is no difference,” he said.

Making the Classroom a Fun Environment 

Teaching isn’t just a job to Professor Klepper, but an enjoyment. “The interaction with students is a lot of fun. It’s not working. I enjoy the students and I want to make sure that they learn,” he said. His priorities in the classroom are to make sure the student has an understanding of the material while creating a good learning environment.

“I think the best professors are the ones that interact with the students and they’re not just speaking on the topic. It’s the ones that actually make sure the students learn, that is a good teacher,” he said. On the other hand, Klepper believes that a good student is one with a sense of humor and intrigue to ask questions, “that makes the class fun,” he said. 

The Long-Term Connections as a Professor

One of the most rewarding parts of teaching for Klepper is hearing from his students after class has finished. He enjoys hearing the “thank you’s” and receiving messages, but “I’m shocked how many students become friends. I always tell them just because the class ends you can still ask me anything,” Klepper said. Further, Klepper’s favorite part of teaching is watching the “lightbulb go off” after explaining the various concepts to the students. 

Good Times and Cooking!

In his free time, he enjoys hosting dinners for his friends from ten various barbecues he owns in his backyard. “I’m a smoker! I smoke meat and I have ten barbecues!” he said. Every Sunday night for the last 25 years, Klepper has had between 6 and 16 people over for dinner. Community and friends are very important to him, as well as cooking and entertaining.  

About William Klepper: 

William F. Klepper has served over 30 years in the financial industry. He is currently employed by RNC Genter Capital Management as Senior Vice-President Regional Director. He has worked for Union Bank of California, Wilshire Associates, Imperial Trust Company and Wm. Mason & Company, Inc.. He has worked in all aspects of the financial field (Marketing, Management, Administration and Trading). William is President of the Rotary Club of Simi Sunrise 2020-21, Past President of the Simi Valley Police Foundation and current board member, and is on the Ventura County Fire Protection Board.

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.

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.