1. Getting to know
you, better
Financial planners placing bigger emphasis
SPECIAL REPORT march 12, 2010
on client’s values, life goalsSPECIAL REPORT
PERSONAL FINANCE: WEALTH MANAGEMENT & TAX& LANNING
PERSONAL FINANCE: WEALTH MANAGEMENT PTAX PLANN
22 BY RICHARD ERICKSON
MARCH 12, 2010 them, to find out SAN ANTONIO BUSINESS JOURNAL
how www.sanantoniobusin
F
22 inance
MARCH 12, 2010 may be all about the numbers, they lived their lives JOURNAL
SAN ANTONIO BUSINESS www.sanantoniobusinessjournal.com
Getting to know
but over the last 15 years, more and and who they were. It
Getting to know more financial planners aren’t start- seemed to make sense
ing with spreadsheets. Instead, they are to do that in financial
you, better
delving into their clients’ emotions, values planning as well.”
you, better
and hidden goals in a process that has be-
come known as “life planning.”
In the late 1980s, he
gave a presentation
“It is a way to get to a true client-focused called “The Human Side
approached to financial planning,” explains of Money” to a Financial
Kevin Moore, principal with i-Financial of Planning Association na-
San Antonio. “The discussions you have tional conference in Wash-
Financial planners placing biggerington, D.C., and “it was
Financial planners placing bigger emphasis
with clients go deeper than the traditional emphasis
on client’s values, life goals It hugely popular. I was called
ways to think about financial planning.
on client’s values, life goals
helps both them and us understand their back again and again and
relationship to money — and where they that surprised me since I
BY RICHARD ERICKSON life.”
want to go in them, to find out wasn’t politically connected
how
F
byinance may be all about the numbers, says, gothem, to lives out how
RichaRd ERicKson
The conversations, Moore they lived theirallnd the financial planning
BY RICHARD ERICKSON well fi of this that you are
with
F
butinance may be all about the and and who they lived their lives
beyondthe last 15 years,investment risk they were. It
over
estimating more numbers, toler- accumulating way.”
industry in any during
F
more financial planners aren’t start- seemed to make sense
ancebut or savings calculations for a safe re- they were. those presenta-
over the last 15 years, more and and who From It
ing with spreadsheets. Instead, they are the num- financial life,” he says. “We
inance may be all aren’t start- that in your sense
about to do seemed to make
tirement. They planners what safe retire- have understand
more financial
delving into their clients’ emotions, values a planning as well.” tions, Kinder wrote his
bers, in a process into they In to do
but go the
and hidden goals beingoverthat has be- 15 years, 1980s,rstto book “The what
ing with spreadsheets. Instead,last are the late that in financial
financially secure planning fi he
ment ortheir clients’ emotions, values actually as well.” Seven
delvingmore planning.”
into
come known as “lifeand more financial plan-presentation objective is.
gave a the real
“It is hidden to a client.client-focused about getting
and a way to goals a true “It is that has called “The Human Side of Money Maturity:
means get to in a process not be- Stages
In the late 1980s, he
ners known asstarting with spreadsheets. Financial of us go the Spirit
come aren’t “life planning.”
approached to financial planning,” explains of Money” to a a Understanding through
their assets under management and charg- gave “All
presentation
Kevining a way to get to ahow client-focused
Instead,percent, with trueyou have life insurance “TheWash- Side Moore
“It is 2 they are delving into their called life Human of Money in Your
Moore, principal or i-Financial of Planning Association transitions,”
many cli- in na-and Value
San Antonio. “The nancial planning,” explains conference to a Financial
approached to fi discussions tional of Money”
ents’ emotions, valuesIti-Financial of goals and Life.”
policies we can sell. is really about un- continues.
Kevin Moore, principaland and hidden
with clients go deeper than the traditional ington, Planning Association“We grow up
D.C., “it was
derstanding fiyou with your Itwife andpopular. I was “It was directed at the
ways to think about nancial planning. hugely kids
na-
a process thatunderstand you knownall of andcalled public,
in and what and us discussionstheir do withtional conference in Wash- butget
San Antonio. “The has become have
helps both them is it that you want to back again
asand again become adults, sold
general
and CATHERINE DOMINGUEZ / SAN ANTONIO BUSINESS JOURNAL
CATHE
with clients money — and where they that surprised me since I “it was
go deeper than the traditional ington, D.C., and Kevin Moore has taken Kinder’s two-day training course.
“life tothat
planning.” extremely well to have Kevin Moore has taken Kinder’s two-day training course.
relationship to you are accumulating during your jobs, get married, financial planners,” he
this think
want to go in life.” about financial planning. It politically connected
ways wasn’t hugely popular. I was called
“It bothathem Mooreget to welltrue client- again and again So we ask a personable, care
helps is way“We have to a their thewhat planning “The best
to understand with financial notes.
life,” he says.and ussays, go understandback kids, retire. and ones are
The conversations,
relationship objective is. to toler- industry in
the real to investment
focused approached risk financial thatany way.”of me since I
want to go in life.” go through re-
savings us those
about their clients and usually engage in
beyond estimating money — and where they plan- surprised questions up front regarding your
lot
ance or “All ofcalculations for a safe life transitions,” politically conversations with them. But they
Fromwasn’t presenta- connected
deep
‘T HE DISCUSSIONS YOU HAVE “I th
is tryin
tirement. conversations, Kevin says, go well Kinder wrote his planning
ning,”They continues. a“We retire- upprinci- thefeelings and how to handle the emotional
The explainswhat safe Moore, and be- financialknow emotions to understand
Moore go into Moore grow tions, with didn’t import
palcomeclient. “It isget about getting Antonio. theany way.” came up. And some of those is- WITH CLIENTS GO DEEPER
ment or being financially secure actually toler- book “The Seven
beyond estimating investment risk first industry in clients’ feelings and values toward
withadults, not jobs, get married, have issues
i-Financial of San
means to a savings calculations for a safeStages of From Maturity: that
Money those presenta- standp
“Theor retire.go intoyou haveofretire- tions, Kinder wrote his fi and then use financial THAN THE TRADITIONAL WAYS
ance
tirement.
re-
kids, They So we whataalot with clients the Spirit major
discussions ask safe Understanding sues had
their assets under management and charg- questions up those transitions nancial implications.” then y
ing 2 front regarding your feelings and emotions
go percent, orsell.fiItmany life secureun- and Valuerst Money inThe institute, which has and products
deeper hownancially insurance ways of planning Seven Your
ment we can thanisthe traditional Life.” fi to book “The tools, techniques trained more
policies or being really about actually she ad
thinkto understand“It wife planning. It and val- of than 1,000 planners, offers a basic two-day TO THINK ABOUT FINANCIAL JOURNAL ners h
means aboutand youris clients’kids
derstanding to you financial and feelings helps — atinsurance, budgeting, investments,
a client. the not about getting was directedMoney Maturity:
“It Stages the CATHERINE DOMINGUEZ / SAN ANTONIO BUSINESS
and what istoward those transitions charg-
their assets underwant to do with all of and then public, but sold course, primarily, KinderKinder’s two-day training course.
ues it that you management and generalUnderstanding the Spirit
use training Kevin Moore has taken says, we wo
both percent, planning tools, insurance theirValue ofnancial planners,” he skills “and how you
ingfinancial or how manyunderstand
2 them and us life techniquesand
this that you are accumulating during your extremely well to teachinginlisteningretirement planning,
and estate planning,
fi Money Your
life,” he says. “We have to money — and wherebest education planning and all the rest —
relationship to understandbudgeting, invest- ones are personable, care so clients don’t think
policies we can sell. It is reallywhat notes. “The
products is. insurance, about about their clientsbuild a bond of trust
— un- Life.”
PLANNING .’ we’ve
just did
they wantitto go in life.”do retirementconversations supportjust a they ‘T HE DISCUSSIONS YOUKevin Mooretrying tocourse. CATHERINE DOMINGUEZ / SAN ANTONIO BU
the real objectiveyou and your wife and kids
derstanding “It was directed at engage in
and usually the HAVE “I think that is what this new movement
“Allments, estate planning, with all of
and what go that you want to plan- public, as But vision of
of us is through life transitions,” deep general to with them.theirsalesman.” the future.”
of you but sold is harmonize. You find what is money
Kevin Moore has taken Kinder’s two-day training
Moore continues. “We grow up and be- all the rest important to you from a quality-of-life be faci
The education planninghave didn’t extremely Moorefinancial planners,” CLIENTS GO DEEPER
ning, and
this that you are accumulating during your know how to well to the emotional aeither he intensive ses-
handlenext step is five-day
The
come— to conversations, Moore says,that came up. And somecharges six months of fee or
adults, get jobs, their vision of theissues go
get married, of those is-
WITH a set Principal, i-Financial of San Antonioin dollars and
standpoint, you quantify it
supporthave to understand what notes. “The best followed by
future.” sion, ones are personable, care contact
kids, retire.says. “We a lot of questions up sues had major financial implications.” to discover that vision
wellhe objective is. eitherinvestment risk their clientsKinder-trained mentor. The result WAYS
life,”
beyond estimating a set fee or about $150 an and usually engage in TRADITIONAL
So we ask hour THAN THE then you try to bring the two together,”
the real Moore charges
front regarding your feelings and emotions $150 with a
The institute, which has trained more
totolerancethe clients’ feelings and val- than 1,000 planners, offers a basic two-day Certified Life Planner,
understand to discover lifecalculations createconversations with plan, and they
an of us or savings transitions,” for
‘T “Really, nersalways worked withmost
“All hour go through that vision and deep and acreate a them. But THINK ABOUT FINANCIAL groups. It’s a embraced this typeto approach, You fi
is designation of TO then has prod- local
more mortgage plan- Chal
HE DISCUSSIONS YOU HAVE think if “I think that is what this new
she adds. “I
I had paradigm shift for cli-
is trying of harmonize.
a safe those transitions Theyupuse into what uctshow to handledesignation created bythe ents this way from the very beginning,”from Acco
ues towardcontinues. “We andproducts available to know professional to fulfill that plan if CLIENTS GO DEEPER would not have the mortgage debacle
Moore retirement.has then go trainingdidn’t
a plan, and then grow and be- course, primarily, Kinder says, emotional
a available the WITH the people.” we important to you a qu
come planning plan iftechniques and teaching listeninginstitute. And some of those is- .’
financial adults, get jobs, get married, have
fulfillretirement the client wishes. a bond ofthat came up. don’t think PLANNING
issues
that tools, or being financially trustskillswishes. you “and how standpoint, you quantify it in d
we’ve had. If they cared about you and
Briefly, the “three questions,” whatand make tute’s d Kind-
a safe So we ask a lot of invest- up client financial implications.”
products — insurance, budgeting, questionsbuild sues had majorclients
kids, retire. so
THAN THE TRADITIONAL WAYSphonethenare:deal might not the two
says Kinder in a want to close the try to bring
just didn’t interview from
you
er calls “the starting points,” adds. “I who is
ments, estate planning, feelings and emotions as just a salesman.” which has trained more
secure actually meanstheplan- client.next stepinstitute, intensive ses- Kevin Moore
front regarding your retirementto a of you “It The his•home money,theofmoney certifiedthink if more mor
Hawaii. Ahomeowners pub-
all thoseshe
infacing foreclosure.” need. How approa
to Movementand feelingsmaking
ning,understand the clients’ all
education planning
in future.” assetsThefollowed by Key questionsPrincipal, i-Financial of San Antonio accountant and tax ners had embraced this type of
therest sion,under 1,000asixve-day offers a basic two-day TO THINK ABOUTYou have all
and val- than is planners,fi be
FINANCIAL you
is support their getting and then use trainingMovement contact making
— to not aboutvision of the their
ues toward those transitions course, primarily, the says,
months of in
Kinder lic advisor, Kinder mortga
would you live your life? we would not have the deeper
Moore charges either a set fee or $150 with a Kinder-trained mentor. The result
management and charging percent, .’ Challenging status quothey has no
financialdiscover thattools, techniques and designation oflistening Life Planner, how of a Certified Fi- shift forYou found out you have fivehad. clientscared abou
planning pioneers create 2 is a teaching One ed Rudd,“and holds determining explains he found thatwe’ve tax10 years his to If
an hour One of the vision and of determining a
to Certifi of the who local groups. It’s a paradigm
Linda skills pioneers you PLANNING • most
a or customer’s real values and goalspolicies adesignation createdclients don’tdesignation started were nearlyAccording change your life? to close the dea
plan,how — insurance, budgeting, invest- George bond of trust so by the values and goals is
productsthen has products available to a is build
and many life insurance professional a nancial Planner (CFP) think
customer’s real people.” just didn’t want
to live. How will you to eligible for more
always Eva Brodzik, Kinder Insti- “Life
ments, plan who founded
that estate planning, retirement plan-
fulfill Kinder,if the client wishes. the Boston-based as just acareer as a financial advisor with a lo-
institute. you
of her salesman.” “three questions,” what Kind- tute’s directoryoumoney,development homeowners
Briefly, theKevin Moore have all of those
• You’ve been told of business 24 hours to— and m
we can sell. planning and allabout under- next step isKinder, whoer calls “the startingBos- are:
ning, education It is really the rest The George a five-day intensive ses- the points,” deductionswho than they be facing — the basic
realized. “The
foundedPrincipal, i-Financial of San Antonio is based in Kansas Cityforeclosure.”
Kinder Institute of Life Planning in 1992. cal bank. Now a mortgage plannermoney with live. What regrets to life planning Who did she ex
do you have?
Movement inalways your wife and kids followed by six monthsInstitute have alltook theyouonly not getapproach that out wasis totalk to permis
standing you the makingfuture.”Key questions
“Really, I and worked with clients this ton-basedMutual Mortgage,oflive yourPlan- need. How to findinto the client’s motivationsmuch
— to support their vision of the sion,
Legacy Kinder of would youshe the life?
• You
contact Life
you way deeperto be? to go
Moore charges either a set fee or $150 with a Kinder-trained mentor. The result
and of the pioneersveryyou want create Kinder who holdsof basic ed Fi- planningfound out you have fivethem, to findnormally been theyquestion) is
One what discover of determining a to do with designation 1992. ed Life Planner, coursegroups. It’s to paradigm shift for most third lived their
Challengingthan never status qu
an way from thethat beginning,” says is a
hour to is it that vision and Linda Rudd, ning in a Certifi life
Kinder Certifi • You local years a 10 yearsanswerout how the case.
“The has (to the
customer’sphone interview from his home in Ha- (CFP) designation started to live. How will you change your life?
in a real values and goals is George nancial Planner ago. usually not that “Life I wish I’d had one more
planning uses conversation skills being
a plan, and then has products available to a professional designation created by the people.” According to Eva Brodzik, K
Kinder, who founded the Boston-based her career as a financial advisor with a lo- • You’ve been told you have 24 hours to and much more open-ended questions,”
KinderllInstitute of Life ed public 1992.
waii. A certifi Planning in accountantbank. tax a mortgage planner with live. What regretsin y,you have? Who did she explains. “In home,”it gives the client them th
fulfi that plan if the client wishes. cal and Now
institute. “One of the exercises we did do that “three questions,” what Kind- that way,director says.
Briefl the car or another vacation tute’s Rudd of business devel
“Really, I always workedexplains he found that his Mortgage, she took the impact get to be?career,”
advisor, Kinder with clients this Legacy Mutual training did have an you not on my er calls “the starting points,” are:
“It’s looking backwardtalk who isyou missed fiCitywh
what based in Kansas nd —
permission to at about things that might
2. 30 MARCH 12, 2010 PERSONAL FINANCE: WEALTH MANAGEMENT & TAX PLANNING
SAN ANTONIO BUSINESS JOURNAL www.sanantoniobusinessjournal.com
12, 2010 PERSONAL FINANCE: WEALTH MANAGEMENT & TAX PLANNING
SAN ANTONIO BUSINESS JOURNAL www.sanantoniobusinessjournal.com
VALUES: ‘Life planning’ guru helps move advisors’ focus on clients beyond numbers
UES: ‘Life planning’ guru helps move advisors’ focus on clients beyond numbers
FROM PAGE 22 Schewe Benefits Consult-
have criticized this approach as coming dan- ing, has approached fi-
22 lives and who theySchewe Benefits Consult- from the
were. It seemed to
gerously close to psychotherapy, a charge nancial planning
zed this approach refutes. to do that inhas approached fi-
Kinder as coming dan-
make sense ing, financial plan- side. While he
insurance
lose to psychotherapy, a chargeare much the same says he the
“Those listening skills nancial planning from doesn’t prepare
utes. skill sets as well.”
ning as basic counseling, but that’s just formal written plans — (“I
insurance side. While he
stening skills In the late same “We don’t train presenta-give the advice,
theare much the 1980s,says gavedoesn’t prepare
listening part,” he says. he he a choose to
s basic counseling, but that’s just to go intowritten plans — (“Iand the teach-
people or encourage them formal child- the training
hood histories, for instance, or motivation of Mon- a fee, so I’m
tion called “The Human Side ing without
ng part,” he says. “We don’t train choose to give the advice,
for emotional changes. We train in how to not required to produce a
encourage themto goFinancial Planning Association he says a num-
ey” to a into client the training book.”) —
listen for what thechild- really wants to doand the teach-
ries, for instance, or motivation that and design a fee, of financial professions
with life and how to take ing without
national conference in Washington, ber so I’m
nal changes.fiWe train in how to it. That’s the real tohave moved toward what
a nancial plan around not required produce a
D.C., of wants todo. hugely popular. Icalls “counselor sell-
and “it was book.”) — he says a num-
what the client really what we do
purpose he was
nd how to called backrecent
take recalland design ber of again and that
“I that a again and financial professions
ing.”
plan around it. That’s me real have movedpolitically you want to ac-
study,” Kinder adds,
surprised the since I wasn’t toward what “What do
complish? Somebody has
what we do. showed a financial
“that
he calls “counselor sell-
planner took an average to ask those questions,”
l a recent 82 seconds listening the financial planning “I have to know
connected with ing.”
of Smith says.
inder adds, clients beforeany way.”“What do youwhat you want to do, where
industry in going
to want to ac-
ed a financial the planning stage.
to complish? Somebody going in your life
are you has
ok an average From first organi- presentations, and how I can help get you
We’re the those Kinder
to ask those questions,”
nds listening to say that’s woe- Kinder says. “I haveStag- I’m Mapquest.
wrote his first book “The Seven tofaster.
zation Smith there know
before going of Money Maturity:you want to do, wheregive you direc-
fully inadequate.”
es what UnderstandingI’m going to
nning stage. Brodzik adds that
are you going in your lifeon where you
tions based
she sees this method of financial planning want to go. There’s a fast
first organi- Spirit and Value of MoneyhelpYour way and an
the acceptance. “Our and how Ihas way,getscenic
gaining business can in a you JIM LOCHHEAD / SAN ANTONIO BUSINESS JOURNAL
Kirk Francis says Kinder’s philosophy is not much different than the Certified Financial Planner board’s current standards of practice.
ay that’s woe- Kinder the last couplethere faster. I’m‘I’ll get to it tomorrow’ way.
Life.”
doubled over of years,” she Mapquest.
quate.” says. “People are either becoming moregive you direc- tell me how you want to do it working on that relationship and taking creating his own local firm. Francis, hold-
I’m going to
at the The The way you you
adds that “It was directed out there. general pub-where we fill up with gas, and it deeper, God bless him. Is the industry ing both CFP and Accredited Investment
open or the word is getting tions based on prioritizes
where
his methoddemand for this kind of service well toThere’s when the spreadsheets, the calcula- headed in that direction? I think all busi- JIM LOCHHEAD /(AIF)/ designations, maintains
lic, nancial planning want is snow- financial
of fi but sold extremely to go. that’s a fast Fiduciary SAN ANTONIO BUSINESS JOURNAL
JIM LOCHHEAD SAN ANTONIO BUSINESS JOURNAL
cceptance. balling.” business notes. “Thescenic onesand the numbers come into play. philosophy is not much different than theismuchFinancial Planner board’sthe certifi ed Finan-
“Our
planners,” he has way, a best way and an Kirk FrancisKinder’s Kinder’s philosophy is notCertified different than currenthas always practice.
tions Kirk Francis says says ness flourishes when there relationship financial planning standards of been rela-
are to buy stuff, either by your- selling. People just want to work with peo- tionship-oriented.
ver the last couple of years,” she ‘I’ll get to it tomorrow’ easy“It is way.
Relationship selling their clientsorhow or going to someone’sworking ple that standards of practice. creating his own Francis rm. the entire fi-
self, online cial Planner board’s current know and trust.”
office,” they
ple are either becoming care about way you tell me and you want to do it common onKirk Francis, president and CEO of nancial planning concept Francis, hold-
personable, more The relationship and taking
The fact is,
local fi
says,
Smith explains. “But plain old came out of a
e word is getting out there. Thein prioritizes Jr., horse sense is still the way of counselor sell- Cross bless him. Is the industry in- both CFP and Accredited Investment
usually engage Richard Smith
In his 31-year career, where we fill up with gas, and it deeper, God Financial Services, is from the ing number of related fields, including CPAs
deep conversations
or this kind of service is Underwriter (CFU) andtheing. Once you for various local groups. It’s a paradigm all busi- vice — who(AIF) designations, not be
a Certified Life snow- that’s when spreadsheets, the calcula- headed investment world, previously holding those homeowners might maintains
that direction? I think all of Fiduciary “deal with
with them. But theytions andknowclient, ifto have play.
didn’t the how you into a relationship withflaourishes when there with both PaineWeb-nancialwhat’s mosthastoday andbeennotes
Chartered Financial Consultant (ChFC), numbers comemaintain that relationship, president positions is relationship
ness fi and planning tax-efficient,” he rela-
always
yesterday
handle the principal with Chapman to itbuya stuff, shift for mostselling. ber and want to work with peo- foreclosure.”
people.” facing tionship-oriented.
and currently a emotional issues thatiscame either by George Kinder is People justDean Witter Reynolds before — as well as stockbrokers, banks and
“It is easy beautiful thing. If your-
nship sellingup. And some of those self, issues had majorsomeone’s office,”theple they know and trust.” what
or online or going to Briefly, “three questions,” The fact is, agents who want a entire to -
insurance Francis says, the client fi
Smith explains. “But plain old common Kirk Francis, president and CEO of nancial planning concept came out of ahave more assets to be managed. But, he
financial implications.” Kinder sell- Cross Financial Services, is from the in- numberstatus quo industries matured
1-year career, Richard Smith Jr., horse sense is still the way of counselor calls “the starting points,” are:
Challenging of relatedthose including CPAs
explains, as all
fields,
• You have all the world, previously holding vice — whoto Eva Brodzik, Kinder
The (CFU) and ing. Once you have a relationship with a vestment money you need.
d Life Underwriterinstitute, which has trained more According started and became interlaced. they
and offering more products,
overlapped with today and yesterday
“deal
Financial Consultant (ChFC), client, if you maintain thatHow would you live your life?
ntly a principal with Chapman it offers a basic two-
relationship,
than 1,000 planners, is a beautiful thing. If George Kinder is president Dean Witter Reynolds before anddirector of business develop-of
ber and
positions with both PaineWeb- Institute’s what’s most tax-efficient,” he notes
“So somebody has to coordinate all
— as and, in as stockbrokers, banks you,
it well the past, it always has been and
day training course, primarily, Kinder • You found out you have five to 10 ment — who is agentsthein Kansas client to insurance based who want a City
personally, as client,” Francis says.
says, teaching listening skills “and how years to live. How will you change — the basicmore assets tohavemanaged.complex
“But now things be gotten so But,
have approach to life planninghe
and thereall so many moving parts, peo-
are
you build a bond of trust so clients don’t your life? is to goexplains, deeper intodo thatclient’s
much asdon’tthose to the want some-
ple who want
industries matured
and body to help them.more products, they
started offering
think of you as just a salesman.” • You’ve been told you have 24 hours motivations thanpicturenormally beenisthe “The has I use in seminars
overlapped and became interlaced. a leaf
case. “So somebody has thecoordinate all of
hitting a pond and to ripples from that
The next step is a five-day intensive to live. What regrets do you have? Who it and, in the past, itdecision you make is an-
going out. Every always has been you,
session, followed by six months of con- did you not get to be? “Life personally, asand when you have five or six
planning the client,” Francis says.
other leaf, uses conversation
tact with a Kinder-trained mentor. The “The answer (to the third question) is skills and much leaves one another.”ripplescomplex “Butor 10 thingshitting,gotten so ques-
now more open-ended overlap
and all affect
have the
and there are so many moving parts, peo-
result is a designation of Certified Life usually not that I wish I’d had one more tions,” shewho don’t want to do that want some- explains.a strict definition of the pro-
Even while “In that way, it
ple fession is still emerging, the concept of fi-
Planner, a professional designation cre- car or another vacation home,” Rudd gives the client permission to talk about body to help them. is the result, he believes.
nancial planners
says. “It’s looking backward at what things that Planners,nevereffective, out. to know “The picture Ibe come need Peo-
might to use in seminars is a leaf
ated by the institute. hitting a client’s and the ripples from that
their pond needs and values.
you missed in your life. That’s not usu- ple are goingused to being probably the firstan- not “George Kinder was asked thoseto
out. Every decision you make is
Key questions ally a materialistic thing, but a quality questions, and it and andthem through thesix
other leaf, takes label it, but I don’t think,
formalize it when you have five or
in practice, it is that much different than
Linda Rudd, who holds a Certified of life or the value of a relationship. process or 10discovery.another.” the Certified
of allleaves hitting, thefind where
standards of You
and theaffect one practice that
ripples overlap
Financial Planner board tells you that you
Financial Planner (CFP) designation “I think that is what this new move- those beliefs comea strictnow,”nition ofsays. pro- Even while fromdefi Francisknow
have to have right
so you the
started her career as a financial advi- ment is trying to harmonize. You find what you are “This waydealing the conceptbeen -
fession reallyemerging, with.”has of fi
is still of treating clients
nancialyears in the making,” he adds. “In the
30 planners is the result, he believes.
sor with a local bank. Now a mortgage what is important to you from a qual- SomePlanners, to be effective, need plan-
more traditional financial to know
beginning, we only had products and only
planner with Legacy Mutual Mortgage, ity-of-life standpoint, you quantify ners have had commissionsand approach work. theircriticized this do this kind of as
client’s needs to values.
But, because we’ve demanded that it be
“George Kinder was probably the first to
she took the Kinder basic life planning it in dollars and then you try to bring coming formalize it and label it,separated products dangerously we’ve but Ipsycho-
different, and close to
don’t think,
course years ago. the two together,” she adds. “I think if therapy,in practice, it is thatgrownitso we can effec- and advice, we’ve
a charge Kinder much is not aboutthan
refutes.
tively communicate that different the
“One of the exercises we did in that more mortgage planners had embraced “Those listening of practice that the Certified
the standards skillsclient and the trust re-
sales. It’s about the are much the
Financial Plannerhave with that client. It has
lationship you board tells you that you
training did have an impact on my this type of approach, we would not same skill sets as basic way.” Francis says. havealways been that counseling, but
to have right now,”
career,” she says. “They put us through have the mortgage debacle we’ve had. that’s just“This way of treating clients has been
the listening part,” he says.
RICHARD ERICKSON is a he adds. free-
30 years in the making,” San Antonio“In the
the exercise of the three questions and I If they cared about you and just didn’t “We don’t lance writer. only had products and only
train people or encourage
beginning, we
still use it in training sessions I conduct want to close the deal and make money, them to had commissions to dohistories, for
go into childhood this kind of work.
But, because we’ve demanded that it be
different, and we’ve separated products
and advice, we’ve grown so we can effec-
