• What is a T-CRUT?
• Why did you decide to form a T-CRUT?
• How can clients form a T-CRUT?
• What are the advantages and disadvantages of forming T-CRUT?
• Why should a client consider forming a T-CRUT?
• What requirements need to be met before the T-CRUT can be formed and avoid trouble with regulators?
• What are some taxes or tax deductions the owner and beneficiary have regarding the assets placed in a T-CRUT?

Assist Clients to “Give It Twice with a T-CRUT with Dr. Kathleen M. Rehl, Ph.D, CFP®, CeFT® Part 1

Assist Clients to “Give It Twice with a T-CRUT with Dr. Kathleen M. Rehl, Ph.D, CFP®, CeFT® Part 2

Her financial planning career journey began in the early stages because she loves numbers and working with people. However, she was unsure if her clients would take her seriously because her clients would be working with a young financial advisor. Furthermore, while studying for her undergraduate degree, she knew that she loved people, numbers, and establishing a relationship with clients. She chose the MBA Financial Planning Program at California Lutheran University because the program will advance her knowledge. Also, “during my undergraduate, I did not have real-world experience. With the advancement of technology and the rise of fintech companies, I wanted to stay ahead of the curve. I love education and learning too because we never stop learning.” Several reasons to attend CLU are “the flexibility the program offers, the advancement of the courses, and the price of the program.” The most impactful course for her was the small business planning course because it was a learning experience, and the course was eye-opening when working with small businesses clients. Also, the applied research in financial planning because the course is eye-opening. She is writing a research paper on financial literacy in children and the available tools for children to learn financial topics. Finally, she advises students to “be ready to roll up their sleeves and do not think about it too much. Taking one course at a time allowed me to focus on that particular topic.” 

To prepare for the CFP®, she mentions that she completed her course work at UC Berkeley and purchased a “robust crash course from Kaplan.” After studying through the course, she felt more prepared to take the six-hour exam. Also, she advises that “you do not need to learn everything in the tax code; only the conceptual basis will be enough to help you answer the questions in the exam.”

Cristina Campbell, CFP®, is a Lead Advisor at Empirical Wealth Management. A typical week at Empirical Wealth Management begins with scheduling quarterly client meetings and client reviews to meet with clients to stay up to date with their current situations. If some of her clients went through life-changing events, she would map out how it would change their overall financial situation. Also, she spends a third of her time prospecting for new clients, and some of her clients are referred directly from Charles Schwab. 

In the next 5 to 10 years, she wants to continue working at her firm and someday become a partner. The final pieces of advice that Campbell offers to students are, “It does not happen overnight; incremental changes make a huge impact over the course of your lifetime. What I learned is that adding small amounts over time adds value.” Also, “it is important not to get stressed out about the little things. Focus on the big picture, work hard, and be kind to people.” 

About Cristina Campbell, CFP®: 

Cristina Campbell, CFP®, is a student at California Lutheran University studying for her MBA in Financial Planning. She is a Lead Advisor at Empirical Wealth Management, who assists clients reach their financial goals, creating and implementing their financial plans, and developing effective investment strategies. With over 13 years of experience, she specializes in retirement planning and strategies.

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. In February 2020, he created a personal finance blog called Financial Crumbs. 

Cristina Campbell, CFP®, is passionate about assisting her clients in reaching their financial goals by creating effective financial plans and investment strategies. She has over 13 years of experience in the financial services industry and specializes in retirement planning. While studying for her MBA in Financial Planning, Campbell had the opportunity to work at Empirical Wealth Management. Campbell has worked for several companies, including Charles Schwab and Fidelity Investments. Her previous experience and the CLU program have prepared her to continue servicing her clients. 

Her financial planning career journey began in the early stages because she loves numbers and working with people. However, she was unsure if her clients would take her seriously because her clients would be working with a young financial advisor. Furthermore, while studying for her undergraduate degree, she knew that she loved people, numbers, and establishing a relationship with clients. She chose the MBA Financial Planning Program at California Lutheran University because the program will advance her knowledge. Also, “during my undergraduate, I did not have real-world experience. With the advancement of technology and the rise of fintech companies, I wanted to stay ahead of the curve. I love education and learning too because we never stop learning.” Several reasons to attend CLU are “the flexibility the program offers, the advancement of the courses, and the price of the program.” The most impactful course for her was the small business planning course because it was a learning experience, and the course was eye-opening when working with small businesses clients. Also, the applied research in financial planning because the course is eye-opening. She is writing a research paper on financial literacy in children and the available tools for children to learn financial topics. Finally, she advises students to “be ready to roll up their sleeves and do not think about it too much. Taking one course at a time allowed me to focus on that particular topic.” 

To prepare for the CFP®, she mentions that she completed her course work at UC Berkeley and purchased a “robust crash course from Kaplan.” After studying through the course, she felt more prepared to take the six-hour exam. Also, she advises that “you do not need to learn everything in the tax code; only the conceptual basis will be enough to help you answer the questions in the exam.”

Cristina Campbell, CFP®, is a Lead Advisor at Empirical Wealth Management. A typical week at Empirical Wealth Management begins with scheduling quarterly client meetings and client reviews to meet with clients to stay up to date with their current situations. If some of her clients went through life-changing events, she would map out how it would change their overall financial situation. Also, she spends a third of her time prospecting for new clients, and some of her clients are referred directly from Charles Schwab. 

In the next 5 to 10 years, she wants to continue working at her firm and someday become a partner. The final pieces of advice that Campbell offers to students are, “It does not happen overnight; incremental changes make a huge impact over the course of your lifetime. What I learned is that adding small amounts over time adds value.” Also, “it is important not to get stressed out about the little things. Focus on the big picture, work hard, and be kind to people.” 

About Cristina Campbell, CFP®: 

Cristina Campbell, CFP®, is a student at California Lutheran University studying for her MBA in Financial Planning. She is a Lead Advisor at Empirical Wealth Management, who assists clients reach their financial goals, creating and implementing their financial plans, and developing effective investment strategies. With over 13 years of experience, she specializes in retirement planning and strategies.

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. 

• 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. 

The Carson Group partnered with BlackRock to develop a program for undergraduates interested in joining the financial planning services industry. Participants will gain both a broad and deep understanding of the financial services profession, as well as access to a coach, a mentor, and the resources that will set them up for a successful career.

The FinServ Foundation’s goal is to help create better and stronger next-generation, financial planning professionals, by addressing the issues of barriers to entry, support, and mentorship. Furthermore, the program wants to give Americans better access to financial planning, a more diverse, inclusive, and driven group of young professionals to the profession of financial planning.

The event will provide detailed information about the eligibility requirements, the application process, and the deadline to apply.

The event held on Tuesday, November 9th at 5:00 PM – 6:30 PM PDT on Campus at Lundring Room.

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

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

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

The Moderators that will host the event

Dr. Inga Timmerman

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

Dr. Chia-Li Chien

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

The Panelist that will be in the Diversitas Event

Leighann Miko

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

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

John Eing

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

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

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

Luis Rosa

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

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

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

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

How to Attract Women Clients?  

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

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

Why Are Women Important in Financial Planning?

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

What Are Some of the Characteristics of Women Clients?

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

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

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

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

How Can Financial Planners Market to Women Clients?

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

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

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

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

How to Work with Women Clients Efficiently?

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

Profile + Behaviour = Tailoring Business Model 

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

Advice to Future Planners About Working With Women Clients?

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

About Shine Lei:

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

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

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

About the Host:

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

About the Author:

Rosie Baker graduated Magna Cum Laude from California Lutheran University in May 2021 with honors and departmental distinction. Her bachelor’s degree is in Communication emphasizing PR and Advertising, minoring in Creative Writing. In July 2020, she published her first book, Mirrors & Windows: Unlocking a New Framework to Envision Your Success, with New Degree Press.

Dr. Chien interviewed Dr. Shine Lei, CFA, CFP®, on “How to Attract Women Clients?” on May 18, 2021, at 1:00 pm PST.

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

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

Reference:

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

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/