Assets for Life: Extend your Agency’s Capacity with Allied Professionals Emily Waterbury, EARN Saundra Davis, Sage Financi...
Agenda <ul><li>Intro </li></ul><ul><li>The EARN Perspective  – engaging professionals in programmatic & fundraising capaci...
EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>Why:  </li></ul><ul><li>Access to high quality f...
EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>What:   </li></ul><ul><ul><li>Workshops – next l...
EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>How: </li></ul><ul><li>Link with Financial Plann...
EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>Key Learnings: </li></ul><ul><li>Training is cri...
EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>Results: </li></ul><ul><li>Volunteers engaged – ...
EARN’s Perspective <ul><li>Realtors, Mortgage brokers, Title Company Employees </li></ul><ul><li>Why: </li></ul><ul><li>In...
EARN’s Perspective <ul><li>Realtors, Mortgage brokers, Title Company Employees </li></ul><ul><li>What:  </li></ul><ul><li>...
EARN’s Perspective <ul><li>Realtors, Mortgage brokers, Title Company Employees </li></ul><ul><li>How: </li></ul><ul><li>2 ...
EARN’s Perspective <ul><li>Key Learnings & Results </li></ul><ul><li>Initial theories proven correct, except low take-up r...
Allied Professional’s Perspective <ul><li>Perfect Match - Understanding the role of financial planning in building lifetim...
Building Blocks of Financial Security <ul><li>Earning or generating a steady income.  </li></ul><ul><li>Establishing and m...
Planners Put the Pieces Together! <ul><li>Asset building is not a single event in a client’s life – once they have achieve...
Understanding Financial Planning and the people who provide it. <ul><li>What is the financial planning process? </li></ul>...
How Can Financial Planners Help? <ul><li>Identify the needs of your CBO. </li></ul><ul><li>Identify the role a planner can...
Creating a Planner/CBO Engagement <ul><li>Stage 1 – Exploration/Agreement </li></ul><ul><li>Stage 2 – Gathering Data </li>...
<ul><li>You get a call from a planner (or you contact them) </li></ul><ul><li>You determine whether the kind of help they ...
Stage 2 – Gathering Data <ul><li>Understand  fully  what you want to accomplish </li></ul><ul><li>Share information about ...
Stage 3 – Planning the Work <ul><li>Develop the goals of the engagement </li></ul><ul><li>Create measurable benchmarks </l...
Stage 4 – Implementing & Monitoring <ul><li>Implement strategy </li></ul><ul><li>Monitor over time </li></ul><ul><ul><li>A...
Stage 5 – Sustain & Evaluate <ul><li>Determine if goals have been achieved </li></ul><ul><li>“ Institutionalize” activitie...
Stage 6 – Continue/Build Capacity/Terminate <ul><li>Based on original agreement, revisit the objectives of the engagement:...
Implementing YOUR Bright Idea! <ul><li>Picture your organization gathered around the table developing financial literacy p...
Breakout Session & Report Back <ul><li>Your Perspective: </li></ul><ul><li>How do you hope/plan to engage allied professio...
Resources <ul><li>Financial Planning Incubator </li></ul><ul><li>EARN Financial Planning Pilot </li></ul><ul><li>Planner T...
Even More Resources <ul><li>CFP Board – Grantees in your area </li></ul><ul><ul><li>www.cfp.net  – nonprofit organizations...
Contact Us <ul><li>Saundra Davis </li></ul><ul><li>Executive Director </li></ul><ul><li>Sage Financial Solutions </li></ul...
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Assets for Life - Waterbury and Davis

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  • Assets for Life - Waterbury and Davis

    1. 1. Assets for Life: Extend your Agency’s Capacity with Allied Professionals Emily Waterbury, EARN Saundra Davis, Sage Financial Solutions
    2. 2. Agenda <ul><li>Intro </li></ul><ul><li>The EARN Perspective – engaging professionals in programmatic & fundraising capacities </li></ul><ul><li>Perspective from an Allied Professional – financial planning for LMI households </li></ul><ul><li>Breakout: Your Perspective – how do you hope to engage allied professionals in your work? </li></ul><ul><li>Small group report back </li></ul>
    3. 3. EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>Why: </li></ul><ul><li>Access to high quality financial advice for LMI clients (importance of one-on-one to complement classroom) </li></ul><ul><li>Limited in-house expertise for more complex financial issues </li></ul><ul><li>Obvious resource benefits of utilizing volunteers (workshops) </li></ul><ul><li>Potential individual donor outlet </li></ul>
    4. 4. EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>What: </li></ul><ul><ul><li>Workshops – next level subjects, offered monthly, taught by volunteer CFPs </li></ul></ul><ul><ul><li>Golden Gate University Practicum – partnership between GGU’s financial planning department, FPA & EARN </li></ul></ul><ul><ul><li>EARN Wealthcare Project – comprehensive financial planning & wealth coaching services for EARN Alumni </li></ul></ul>
    5. 5. EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>How: </li></ul><ul><li>Link with Financial Planning Association of San Francisco (relationship started in 2003) </li></ul><ul><li>Identify champions within local “planning community” </li></ul><ul><li>Provide training for planners (audience sensitivity) </li></ul><ul><li>Make it easy for planners to engage </li></ul>
    6. 6. EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>Key Learnings: </li></ul><ul><li>Training is critical (audience sensitivity, understanding of common financial issues, etc.) </li></ul><ul><li>Agreements to eliminate conflict of interest (focus on fee-only financial planners) </li></ul><ul><li>Many planners want “plug n’ play” </li></ul><ul><li>Clients extremely satisfied </li></ul><ul><li>Planning must include an implementation support piece </li></ul><ul><li>Lays groundwork for individual fundraising </li></ul>
    7. 7. EARN’s Perspective <ul><li>Certified Financial Planners </li></ul><ul><li>Results: </li></ul><ul><li>Volunteers engaged – 30 </li></ul><ul><li>Workshops conducted – 12 - 15 per year </li></ul><ul><li>Financial plans completed – 20 </li></ul><ul><li>Increase in individual giving </li></ul>
    8. 8. EARN’s Perspective <ul><li>Realtors, Mortgage brokers, Title Company Employees </li></ul><ul><li>Why: </li></ul><ul><li>Individual Fundraising Campaign </li></ul><ul><li>Plus other benefits for Savers & Alumni </li></ul><ul><li>Theories as we started: </li></ul><ul><ul><li>Real estate professionals – highly network-based </li></ul></ul><ul><ul><li>Committed to real estate as asset building tool </li></ul></ul><ul><ul><li>Chance to link life’s work & passion to giving </li></ul></ul><ul><ul><li>Opportunity for mutual benefit </li></ul></ul>
    9. 9. EARN’s Perspective <ul><li>Realtors, Mortgage brokers, Title Company Employees </li></ul><ul><li>What: </li></ul><ul><li>Annual membership -- $250 </li></ul><ul><li>Includes access to marketing materials (mutual benefit) </li></ul><ul><li>Leadership Council – guides & directs; gives at higher level </li></ul><ul><li>Periodic recruitment events & annual year-end celebratory breakfast </li></ul>
    10. 10. EARN’s Perspective <ul><li>Realtors, Mortgage brokers, Title Company Employees </li></ul><ul><li>How: </li></ul><ul><li>2 founding member champions </li></ul><ul><li>Recruited Leadership Council of 15 (came up with structure, marketing, goals) </li></ul><ul><li>Periodic recruitment events </li></ul><ul><ul><li>Members invite others </li></ul></ul><ul><ul><li>EARN CEO & Saver speak </li></ul></ul><ul><ul><li>Pitch to join </li></ul></ul>
    11. 11. EARN’s Perspective <ul><li>Key Learnings & Results </li></ul><ul><li>Initial theories proven correct, except low take-up rates on mutual benefit concept </li></ul><ul><li>111 members </li></ul><ul><li>2007 goal of matching funds ($2000) for 50 families met & exceeded </li></ul><ul><li>2008 goal – on target – to raise matching funds for 100 families </li></ul>
    12. 12. Allied Professional’s Perspective <ul><li>Perfect Match - Understanding the role of financial planning in building lifetime assets </li></ul><ul><li>Cultivating and managing relationships with community based organizations </li></ul><ul><li>Participating in developing service delivery standards for financial planning/coaching programs </li></ul><ul><li>Partners in the financial health and well being of the people in our communities </li></ul>
    13. 13. Building Blocks of Financial Security <ul><li>Earning or generating a steady income. </li></ul><ul><li>Establishing and managing credit smartly. </li></ul><ul><li>Owning the right type of insurance and right amount of insurance. </li></ul><ul><li>Tucking away at least one month of living expenses in an emergency account. </li></ul><ul><li>Managing taxes so Uncle Sam isn't getting more than his fair share. </li></ul>
    14. 14. Planners Put the Pieces Together! <ul><li>Asset building is not a single event in a client’s life – once they have achieved the first goal, then what? </li></ul><ul><li>Asset building in the context of an overall financial plan can help clients stay focused on keeping and growing their personal wealth </li></ul>
    15. 15. Understanding Financial Planning and the people who provide it. <ul><li>What is the financial planning process? </li></ul><ul><li>Who are the planners? </li></ul><ul><li>What are all of those letters after their names? </li></ul><ul><li>Why would they want to work with CBOs? </li></ul><ul><li>How do we connect? </li></ul>
    16. 16. How Can Financial Planners Help? <ul><li>Identify the needs of your CBO. </li></ul><ul><li>Identify the role a planner can play. </li></ul><ul><li>Identify the IDEAL engagement: </li></ul><ul><ul><li>May be short or long </li></ul></ul><ul><ul><li>Focus may be general or specific </li></ul></ul><ul><ul><li>Create bounded objectives that satisfy BOTH parties </li></ul></ul>
    17. 17. Creating a Planner/CBO Engagement <ul><li>Stage 1 – Exploration/Agreement </li></ul><ul><li>Stage 2 – Gathering Data </li></ul><ul><li>Stage 3 – Planning the Work </li></ul><ul><li>Stage 4 – Implementing and monitoring </li></ul><ul><li>Stage 5 – Sustain Project & Evaluate Impact </li></ul><ul><li>Stage 6 – Continue/Build Capacity/Terminate </li></ul>
    18. 18. <ul><li>You get a call from a planner (or you contact them) </li></ul><ul><li>You determine whether the kind of help they can provide fits with your needs </li></ul><ul><li>Meet to explore </li></ul><ul><li>Reach agreement or ask for a referral to another planner </li></ul>Stage 1 – Exploration/Agreement
    19. 19. Stage 2 – Gathering Data <ul><li>Understand fully what you want to accomplish </li></ul><ul><li>Share information about the organization and your constituency </li></ul><ul><li>Identify the resources (volunteers & volunteer management) you will need to meet your objectives </li></ul>
    20. 20. Stage 3 – Planning the Work <ul><li>Develop the goals of the engagement </li></ul><ul><li>Create measurable benchmarks </li></ul><ul><ul><li>X number of seminars </li></ul></ul><ul><ul><li>Y number of clients for individual planning </li></ul></ul><ul><ul><li>Z number of volunteer contact hours </li></ul></ul><ul><li>Volunteer planning strategies </li></ul><ul><ul><li>Train Volunteers to meet the unique needs of the clients </li></ul></ul><ul><ul><li>Linking the right volunteers with the clients </li></ul></ul><ul><li>Execution and evaluation plan </li></ul>
    21. 21. Stage 4 – Implementing & Monitoring <ul><li>Implement strategy </li></ul><ul><li>Monitor over time </li></ul><ul><ul><li>Are changes necessary? </li></ul></ul><ul><ul><li>Is the project a good experience for the CBO/clients and the volunteers? </li></ul></ul><ul><ul><li>Should level of activity increase/decrease? </li></ul></ul><ul><ul><li>Is it time to consider capacity building? </li></ul></ul><ul><li>Course correct as necessary </li></ul>
    22. 22. Stage 5 – Sustain & Evaluate <ul><li>Determine if goals have been achieved </li></ul><ul><li>“ Institutionalize” activities that work & document activities and challenges </li></ul><ul><ul><li>Monthly Workshops </li></ul></ul><ul><ul><li>Financial Planning Day </li></ul></ul><ul><ul><li>Quarterly plan review </li></ul></ul><ul><li>Factor in staff turnover </li></ul><ul><li>Continue? Change? Expand? As Needed? </li></ul>
    23. 23. Stage 6 – Continue/Build Capacity/Terminate <ul><li>Based on original agreement, revisit the objectives of the engagement: </li></ul><ul><ul><li>Is it a good fit for BOTH parties? </li></ul></ul><ul><ul><li>Are volunteer resources available to continue? </li></ul></ul><ul><ul><li>Are CBO and Clients responding to services </li></ul></ul><ul><li>Are there barriers to continuing? </li></ul><ul><ul><li>Funding </li></ul></ul><ul><ul><li>Childcare </li></ul></ul><ul><ul><li>Meeting logistics (food, supplies, etc.) </li></ul></ul><ul><li>If you decide to continue, create a new time- and objective-bounded agreement. </li></ul>
    24. 24. Implementing YOUR Bright Idea! <ul><li>Picture your organization gathered around the table developing financial literacy programs to support your IDA clients in their efforts to grow their assets… </li></ul><ul><li>What are some of the ideas? </li></ul><ul><li>What are some of the challenges? </li></ul>
    25. 25. Breakout Session & Report Back <ul><li>Your Perspective: </li></ul><ul><li>How do you hope/plan to engage allied professionals in your work? </li></ul>
    26. 26. Resources <ul><li>Financial Planning Incubator </li></ul><ul><li>EARN Financial Planning Pilot </li></ul><ul><li>Planner Therapist Alliance & Financial Wisdom of Ebenezer Scrooge </li></ul><ul><ul><li>Klontzkahler.com </li></ul></ul>
    27. 27. Even More Resources <ul><li>CFP Board – Grantees in your area </li></ul><ul><ul><li>www.cfp.net – nonprofit organizations </li></ul></ul><ul><li>Financial Planning Association – Pro Bono Planning & Planner Search </li></ul><ul><ul><li>http://www.fpanet.org/ - public services </li></ul></ul><ul><li>National Endowment for Financial Education </li></ul><ul><ul><li>www.nefe.org </li></ul></ul>
    28. 28. Contact Us <ul><li>Saundra Davis </li></ul><ul><li>Executive Director </li></ul><ul><li>Sage Financial Solutions </li></ul><ul><li>(415) 295-1550 </li></ul><ul><li>[email_address] </li></ul><ul><li>Emily Waterbury </li></ul><ul><li>Asset Services Director </li></ul><ul><li>EARN </li></ul><ul><li>415.217.3660 x 3004 </li></ul><ul><li>[email_address] </li></ul>

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