FinTech or Financial Technology for those of us who are not familiar with the abbreviated term is the use of technology to improve financial services for the public. Think back to the last time you went to the bank, why were you there? Chances are it was not to deposit a check as we can now do that on our phones in the comfort of our own homes. Banking technology has revolutionized in the last few years along with other FinTech services. 

We all know by now that technology is rapidly changing and developing. It is shaping small parts of our everyday life without us thinking much of it anymore. We can stay connected with long-distance friends, receive breaking news at our fingertips, take high-quality photos and listen to music, all on our smartphones! Ten years ago we would have had separate devices to do half these things, and not be able to do the other half. 

In Jeffrey Lang’s webinar, How to Leverage FinTech in Your Firm? Lang discusses the development of technology, he even mentions how in sub-Saharan Africa people are now banking on their iPhones. Financial technology is developing in every corner of the globe, even places that are considered less developed. 

So how can FinTech help in a financial workplace such as being a Certified Financial Planner (CFP)? It can help make processes faster, develop trust, reduce cost, increase security, increase accessibility, and be a relationship enhancement. Leverage the technology and use it to help in delivering the message which will then impact your clients. 

Lang asks, “How do we want our clients to feel? How do we want our staff to feel? How would we like to feel?” When thinking about our financial future, it is a good idea for us students to start thinking about the last question now. We should be asking ourselves at the beginning of our financials, how would we like to feel and where would we like to be with our financial situation ten years from now? Thinking ten years into the future can feel like a long time away, but how quickly did the last ten years past? Or even the last five years past? I think too quickly. 

Other questions asked in the seminar were by an audience member, Chia-Li Chien, CFP, “if any advisor or people out there start using a lot of FinTech do we automatically become stupid?” Lang answered by saying not stupid, but lazier. Think of instruction manuals for example, when was the last time you read one, or did you look it up on YouTube? I know that when we struggled to put our Christmas tree back in the box we looked it up on YouTube instead of the manual. 

Chien also asked, “is using FinTech contradicting when trying to keep the clients emotionless? Does different behavior develop?” A CFP should understand the objective of the client said Lang, the information can then be delivered in a way that they can see, hear and understand. This then raised the question of can technology deepen the relationship with a client? Lang believes it is possible if the message is delivered in a way the client wants to hear it, and technology can be used. 

Having this technology is great only if the CFP, the client and the public know how to use it. “Can you still be a firm that is performing at top pace if you don’t recognize what software, hardware and what knowledge the ability to use?” asks Lang in his webinar. How well do you know your banking apps? Have you sat down and looked through all the different sections of it? 

Developing technology is exciting, and it has great potential for the future of finances. But it is important that as individuals we know how to use it and that we use it to the best of its ability. As a student, take the opportunity to start thinking now about how you want to feel about your finances in the future. 

To learn more work with a Certified Financial Planner (CFP) practitioner or reach out to the Financial Planning program here at California Lutheran University. 

About the Speaker:

Jeffrey Lang is the director of supervision for the southeast division and a financial planner of Lincoln Financial Advisors, a registered investment advisor, and broker-dealer. He attended Townsend University in Baltimore, Maryland where he received his Certified Financial Planner certificate in 1984. Lang also earned a charter leadership fellow and chartered life underwriter designation from the American College.

He attended Richard de Irwin Graduate School at The American College. He got his Masters of Science in financial services degree there in 1992, his Masters of Science in Management degree in 1995 and chartered leadership fellow designation in 2004 as well as a chartered life underwriter designation in 2012. Lang is a Ph.D. candidate in the financial and retirement planning program at an American college. He is currently an adjunct faculty for Baltimore and Villa Julie College, as well as being invited as a frequent lecturer at the university and other places of the establishment. In January Lang will be an adjunct professor at California Lutheran University.

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University studying Communication with an emphasis in PR and Advertising. She is also minoring in Creative Writing.

Watch the archived webinar below:

How to Leverage FinTech in Your Firm – Jeffrey Lang

Learn more about Cal Lutheran’s Financial Planning Program here and follow us on social media:

Facebook: https://www.facebook.com/financialplanningclu

LinkedIn: http://linkedin.com/company/financialplanningclu

Instagram:  https://www.instagram.com/financialplanningclu/

As college students, we spend a vast amount of our time talking about our futures, after all, we spend our four years at college focusing on graduating and our careers. We imagine what jobs we may have, the people we will meet, where in the world we will have traveled to and where we will be living in ten years. It’s a time of excitement and unknown that we can’t wait to find out the answers to, but how many of us think about the end of our lives? 

As young people, it is unlikely that we have put much thought into this topic. What’s more, it is difficult to think about by yourself, let alone bring up in conversation with family and friends. It’s not a dinner party topic to discuss what would happen if someone was unconscious or dying in a hospital. The reality is we don’t know when or how our lives will come to an end and that this conversation is not spoken about enough in our culture. Surely it is better to have discussed this and know, than not know?

According to Jeffrey Lang in his webinar Advance Directives: A Practical Conversation Part 1 only 30% of Americans have an advance directive, whereas 60% think it is a good idea as it allows you to have control and choice. 

Lang talks about a well-known right-to-die, legal case called the Terri Schiavo case in the 1990s and early 2000s. After a cardiac arrest at the age of 26, Terri was left in an “irreversible persistent vegetative state” (Wikipedia). Her husband and legal guardian wanted to remove her feeding tube, whereas her parents did not want to. After years of appeals, the federal court ruled the original decision to have the feeding tube removed in 2005, two weeks later Terri passed away. 

This case is a good example of why advance directives are relevant to everyone, even college students. If Terri had an advance directive, which is a free, end-of-life plan, legal document, the situation could have been very different for her and her family. It would have reduced confusion about what her wishes would have been, stopping others from choosing her and it could have also been a very different story financially for the family.  

As mentioned above this form is free, therefore there is no excuse as to why we should not each do one and encourage others around us to do so as well. It can be easy to forget about these types of forms, but that is extremely important if they are ever needed. If you change your mind about any of your decisions, the form can be changed at any time by filling out a new one. This link explains the different sections on the California advance directive form in more depth, you will need two witnesses for the form to be completed. Click here for the link to the form. 

To learn more work with a Certified Financial Planner (CFP) practitioner or reach out to the Financial Planning program here at California Lutheran University.

About the Speaker:

Jeffrey Lang is the director of supervision for the southeast division and a financial planner of Lincoln Financial Advisors, a registered investment advisor, and broker-dealer. He attended Townsend University in Baltimore, Maryland where he received his Certified Financial Planner certificate in 1984. Lang also earned a charter leadership fellow and chartered life underwriter designation from the American College.

He attended Richard de Irwin Graduate School at The American College. He got his Masters of Science in financial services degree there in 1992, his Masters of Science in Management degree in 1995 and chartered leadership fellow designation in 2004 as well as a chartered life underwriter designation in 2012. Lang is a Ph.D. candidate in the financial and retirement planning program at an American college. He is currently an adjunct faculty for Baltimore and Villa Julie College, as well as being invited as a frequent lecturer at the university and other places of the establishment.

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University studying Communication with an emphasis in PR and Advertising. She is also minoring in Creative Writing.

Watch the archived webinar below:

Advance Directives: A Practical Conversation Part 1 – Jeffrey Lang

Learn more about Cal Lutheran’s Financial Planning Program here and follow us on social media:

Facebook: https://www.facebook.com/financialplanningclu

LinkedIn: http://linkedin.com/company/financialplanningclu

Instagram:  https://www.instagram.com/financialplanningclu/

If you are a student, then like me you probably do not remember the days when depositing a check meant going to a bank, and checking the balance meant doing everything manually, by keeping a book to write down the money going in and the money going out.  

Over the last few years, banking has been revolutionized and we may not even realize it.

In stores, we can now use Apple Pay on our phones without the physical card. If your friend owes you money for lunch, they can now pay you back on Venmo or PayPal digitally. If you want to deposit a check in the bank, you can take a photo of it on your phone! 

Half of the world’s population does not have access to a bank account. However, in the last two years, there have been 1.1 billion new banking customers online according to Lang. Having the ability to have online banking accounts has revolutionized our world. It has allowed people in less-developed countries to have access to bank accounts. 

As technology develops with banking, so does Bitcoin, cryptocurrency, and blockchain. These are terms you have probably heard of over the past few years but what do they mean and how are they used in the world? In Jeffrey Lang’s webinar Blockchain and Cryptocurrency, he explores and explains the new world of digital currency and technology developing.

I think it is important for students, in particular, my generation and the generations after mine, to understand cryptocurrency and what is happening. Personally, I feel as if it is not spoken enough about. Perhaps this is because it is only 10 years old which in perspective means it is still new. 

According to Lang’s webinar, there are six stages to a Blockchain.

1. User requests a transaction
2. A block representing the transaction is created
3. Block is broadcasted to all the nodes of the network
4. All the nodes validate the block and transaction
5. Block is added to the chain
6. The transaction gets verified and executed
   

These blocks are linked together using cryptocurrency to form the foundation for Bitcoin. 

You may be reading this and feeling confused as to why it is relevant and if you should consider being part of the cryptocurrency world in the future. Lang explains the various sides of cryptocurrency in the webinar, but one point he does make is that people are still hacking digital currency. This suggests that may not be ready and safe yet.

“I think that the opportunity here today is to understand the technology innovation,” Lang said at the end of his webinar. I really liked this quote not only because it highlighted the theme throughout his webinar, but because this statement can be taken into so many different areas of our lives. 

Similar to the last blog post, How to Create a High-Performance Practice, technology is going to continue to develop and change the world we are living in. Bitcoin may only be the beginning of what we will see in the near future. 

To learn more work with a Certified Financial Planner (CFP) practitioner or reach out to the Financial Planning program here at California Lutheran University. 

About the Speaker:

Mr. Jeffrey W. Lang Sr. is the Director of Supervision for the Southeast Division and a Financial Planner of Lincoln Financial Advisors, a Registered Investment Advisor and Broker-Dealer.

He attended Towson University in Baltimore, Maryland. He received his CERTIFIED FINANCIAL PLANNER (TM) certification from the College for Financial Planning in 1984. Jeffrey has also earned a Chartered Leadership Fellow and Chartered Life Underwriter designations from the American College. He attended The Richard D. Irwin Graduate School at the American College where he earned a Master of Science in Financial Services degree in 1992, the Master of Science in Management degree in 1995, a Chartered Leadership Fellow designation in 2004 and a Chartered Life Underwriter designation in 2012. Jeffrey is a PhD candidate in the Financial and Retirement Planning Program at the American College.

He is presently an adjunct faculty member at California Lutheran University’s Financial Planning program. He has been a member of the adjunct faculty for professional studies for the CFP® program at the University of Baltimore and Villa Julie College. He is frequently invited as a guest lecturer at The American College, The University of Maryland, The University of Baltimore, as well as professional associations. Jeff served as the Financial Planning Association of Maryland’s President in 2003 and as its Chairman in 2004.

About the author:

Rosie Baker is an undergraduate student at California Lutheran University studying Communication with an emphasis in PR and Advertising. She is also minoring in Creative Writing.

To watch the archived webinar, click the link below: Block-chain and Cryptocurrency – Jeffrey Lang

Learn more about Cal Lutheran’s Financial Planning Program here and follow us on social media:

Facebook: https://www.facebook.com/financialplanningclu

LinkedIn: http://linkedin.com/company/financialplanningclu

Instagram:  https://www.instagram.com/financialplanningclu/

Every day we are exposed to persuasion whether that is from tv commercials, our friends or Instagrammers promoting their latest sponsored product. Without realizing it we are surrounded by persuasion more than ever.

When turning on the t.v. it is not uncommon to see celebrities promoting or using a product during commercials. They are often asked to be part of commercials as their presence is more likely to persuade consumers. For example, celebrity Jennifer Aniston, best known for playing Rachel Green on the hit sitcom Friends, can be seen in Aveeno commercials, and Emirate Airlines commercials.

Consumers see her as someone who can be trusted as she is well-liked by a variety of ages. What’s more, everyone has heard of Friends and knows who she is when they see her face. If you saw a celebrity you liked in a commercial using a product, would it persuade you to buy it?

In Jeffrey Lang’s second webinar of the two-part series Persuasion vs. Manipulation he discusses how persuasion can be used and the different ways of persuading that are effective. Other ways Lang discusses that help with persuasion is putting the news first or “anchoring” along with repetition, reciprocity and using simple language.

An example of repetition could be McDonalds; everyone knows their saying of “I’m lovin it” and the standard of food to expect. It does not matter whether you are in England, America or Japan – when buying McDonald’s the consumer knows what type of food to will be available and what the inside of the fast-food chain restaurant will look like to eat in.

Reciprocation is the idea of “I do something nice for you, you’re obligated to do something nice for me,” said Lang. Think of the example of being waited on in a restaurant. If the waiter introduces himself and then asks questions throughout the meal to make sure you have everything you want, you are more likely to give them a bigger tip compared to a waiter who does not do this.

People, in general, respond very well to these techniques mentioned and often will not realize they are being persuaded a certain way. Lang mentions how persuasion can be used when working with clients. It does not have to be harsh, but sometimes being assertive when persuading is necessary.

These ideas can be taken and applied into real life whether that is trying to convince a group member about something in a college project or to go on a family vacation to Hawaii rather than Florida. Persuasion is an important and useful skill to have and use.

I think students like myself need to learn when and how to use persuasion so it can be developed into a skill and then used when necessary. It may seem like a long way in the future to be working with clients but sooner rather than later, that time will come around. Listening to Lang’s webinar will help develop an understanding of what persuasion is. He also gives useful tips along with explanations and examples that helped me understand the difference between persuasion and manipulation.

To learn more about financial planning work with a Certified Financial Planner (CFP) practitioner or reach out to the Financial Planning program here at California Lutheran University for more information.

About the Speaker:Mr. Jeffrey W. Lang Sr. is the Director of Supervision for the Southeast Division and a Financial Planner of Lincoln Financial Advisors, a Registered Investment Advisor and Broker-Dealer.He attended Towson University in Baltimore, Maryland. He received his CERTIFIED FINANCIAL PLANNER (TM) certification from the College for Financial Planning in 1984. Jeffrey has also earned a Chartered Leadership Fellow and Chartered Life Underwriter designations from the American College. He attended The Richard D. Irwin Graduate School at the American College where he earned a Master of Science in Financial Services degree in 1992, the Master of Science in Management degree in 1995, a Chartered Leadership Fellow designation in 2004 and a Chartered Life Underwriter designation in 2012. Jeffrey is a PhD candidate in the Financial and Retirement Planning Program at the American College. He is presently an adjunct faculty member at California Lutheran University’s Financial Planning program. He has been a member of the adjunct faculty for professional studies for the CFP® program at the University of Baltimore and Villa Julie College. He is frequently invited as a guest lecturer at The American College, The University of Maryland, The University of Baltimore, as well as professional associations. Jeff served as the Financial Planning Association of Maryland’s President in 2003 and as its Chairman in 2004.

About the author:Rosie Baker is an undergraduate student at California Lutheran University studying Communication with an emphasis in PR and Advertising. She is also minoring in Creative Writing.

To watch the archived webinar, click the link below:

Persuasion vs. Manipulation Pt. 2 – Webinar

Learn more about Cal Lutheran’s Financial Planning Program here and follow us on social media:

Facebook: https://www.facebook.com/financialplanningclu

LinkedIn: http://linkedin.com/company/financialplanningclu

Instagram:  https://www.instagram.com/financialplanningclu/

Both concepts are very similar and can be confused with one another, but they are useful skills when working with others and in particular when working with clients. If someone needs to understand a certain point you are trying to communicate with them, sometimes manipulation may be more successful than persuasion.

Going to back to the examples of a child not eating their vegetables or wanting a hamster, a parent could choose to either manipulate them or persuade them. But before doing so they need to figure out which one will work the best for that situation.

In Jeffrey Lang’s first webinar of the two-part series Persuasion vs. Manipulation, he discusses the power of communication, in particular when working with clients. Throughout the webinar, Lang uses examples to help explain his points to the listener. For example, how would you want to hear bad news? Would you be okay with a social media message or status, or a text, or would you prefer a phone call?

When working with clients may not seem important to students now, but learning the skills during college will be beneficial when going into work. It is no secret that personalities and viewpoints are different in a group of people, meaning you will definitely work with some people in the future that you will find difficult to communicate with and for them to understand where you are coming from.

Lang said only 7% of all communication is verbal meaning the remaining 93% is non-verbal. So when working with others it is beneficial to be physically present with them, rather than having an email conversation.

“What do you need to see, hear or understand to feel comfortable about moving forward?” Lang quoted Mark Scherr at the beginning of the seminar. I think this concept is really important not just for work-life but also in everyday life and in college. Communication and feeling comfortable is vital in order to build relationships to progress and take the next step. This goes hand in hand with how do you communicate with others, both in-person and online.

Lang ends the webinar by saying “communication is to get people to see your way of thinking and act on it.” It is so important to be able to communicate with others especially so they can see your insight. It is a skill that is not only important at work, college but everyday life with personal relationships.

 References:
Cambridge Dictionary. (2019). Retrieved from.  https://dictionary.cambridge.org/us/dictionary/english/persuasionCambridge Dictionary. (2019). Retrieved from. https://dictionary.cambridge.org/us/dictionary/english/manipulation Persuasion vs. Manipulation Pt.1 – Webinar

About the Speaker:Mr. Jeffrey W. Lang Sr. is the Director of Supervision for the Southeast Division and a Financial Planner of Lincoln Financial Advisors, a Registered Investment Advisor and Broker-Dealer.He attended Towson University in Baltimore, Maryland. He received his CERTIFIED FINANCIAL PLANNER (TM) certification from the College for Financial Planning in 1984. Jeffrey has also earned a Chartered Leadership Fellow and Chartered Life Underwriter designations from the American College. He attended The Richard D. Irwin Graduate School at the American College where he earned a Master of Science in Financial Services degree in 1992, the Master of Science in Management degree in 1995, a Chartered Leadership Fellow designation in 2004 and a Chartered Life Underwriter designation in 2012. Jeffrey is a PhD candidate in the Financial and Retirement Planning Program at the American College. He is presently an adjunct faculty member at California Lutheran University’s Financial Planning program. He has been a member of the adjunct faculty for professional studies for the CFP® program at the University of Baltimore and Villa Julie College. He is frequently invited as a guest lecturer at The American College, The University of Maryland, The University of Baltimore, as well as professional associations. Jeff served as the Financial Planning Association of Maryland’s President in 2003 and as its Chairman in 2004.

About the author:Rosie Baker is a undergraduate student at California Lutheran University studying Communication with an emphasis in PR and Advertising. She is also minoring in Creative Writing.

Watch the archived webinar below:

Persuasion vs Manipulation – Jeffrey Lang 

Learn more about Cal Lutheran’s Financial Planning Program here and follow us on social media:

Facebook: https://www.facebook.com/financialplanningclu

LinkedIn: http://linkedin.com/company/financialplanningclu

Instagram:  https://www.instagram.com/financialplanningclu/