The following are some resources you may find helpful for edu- cating clients and for assisting you as you work with clients to develop their benevolence plans.
• Don’t Just Give It Away: How to Make the Most of Your Charitable Giving. This book by Renata J. Rafferty with foreword by Paul
Newman was written for individuals of all income levels who are interested in social change and charitable giving. No mat- ter how much we can give and how often, we should all be con- cerned with where our money goes and how it is used.
• Women’s Philanthropy Institute. The role of volunteer and giver is a traditional one for women, yet few people think of women as philanthropists. This national organization is dedicated to helping women discover their capacity to transform themselves and the world through philanthropic leadership. For informa- tion, call 608-270-5205 or check the WPI Web site at <www .women-philanthropy.org>.
• GuideStar. The goal of this Web site, <www.guidestar.org>, is to promote philanthropy by providing information that will help donors, institutional funders, and charities become more in- formed, effective, and efficient. Each of the more than 640,000 nonprofit organizations in the database has a GuideStar Report that summarizes its mission and programs, goals and results, fi- nances, and leadership. Many reports also contain financial re- ports, newsletters, and press releases.
• Giving circles. Joining or forming a giving circle will provide clients with a hands-on opportunity to collaborate with others and practice giving in a supportive environment. Giving circles vary in structure, size, and charitable focus. For more infor- mation and guidelines for starting a giving circle, check <www .nwgiving.org> or <www.newenglandgiving.org>.
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Building a Resource and Referral Network
How do you guide your clients in domains that are outside your field of expertise? The financial life planning approach is holistic in nature and acknowledges both the financial and nonfinancial impli- cations of life transitions. Usually the main concern of advisors who want to integrate this perspective into their practices is how to deal with issues outside their comfort zones.
In Chapters 9 through 16, we have discussed many important concepts: the meaning of money, the paradox of plenty, and the sig- nificance of work in our lives. We have also discussed the importance of addressing the nonfinancial aspects of retirement and coming to grips with new retirement realities. And how about those new per- spectives on legacy and philanthropy?
By now, you may be asking yourself, “How can I possibly address all these areas of need in my clients’ lives?” Although you see the value of the financial life planning approach, you may be concerned that you will be required to be all things to all people or to delve into matters for which you are not qualified. On the contrary, as a finan- cial life planner, you will not be required to be all things to all peo- ple or to offer advice and provide services in areas in which you do not feel qualified.
As a financial life planner, your most important role will be to identify life issues that have financial implications. Therefore, your focus will be on refining your inquiry skill set and learning to iden-
tify your clients’ needs in all areas of life. You’ll take care of the ac- tion steps you are qualified to address and then guide your clients to other qualified professionals who can handle the other aspects of their needs. One of the most effective ways to distinguish yourself as a financial life planner is to enter into a referral arrangement with other professionals who can enhance the services that you provide.
This will serve to set you apart from your peers and will help you brand the service that you provide to your clients.
It is a mistake to believe that a financial life planner needs to be- come a sociologist, psychologist, or personal coach all wrapped up in a financial planning practice. In fact, the most common concern that many advisors express about moving to the life planning approach is that they don’t feel comfortable in areas outside of their financial planning expertise. While recognizing the need to help clients un- derstand their life issues, these advisors don’t feel that it is their place to go beyond providing financial planning or investment informa- tion. Susan Bradley, president of the Sudden Money Institute in Florida, confirms the validity of this approach: “There are some fi- nancial advisors who have a natural inclination to become a mentor or a coach for clients. They fall into the role because of their own personalities. If you are not comfortable doing that and you still feel that you want to help your client understand their life, you may have to call upon outside professionals to augment your services.”
In addition, some advisors utilize outside experts to answer spe- cific questions they might have that they later can pass on to their clients when needed. For example, Cicily Carson Maton, president of Aequus Wealth Management in Chicago, has a psychologist as part of her team. This individual is contracted by Maton to provide her team with focused information and is considered an integral part of the services that she offers through her practice. The psychologist is also available to work with clients and will conduct workshops. Other ad- visors have formed relationships with personal coaches, fitness train- ers, nutritionists, and other professionals in the community who can either work directly with clients or simply act as sources of informa- tion. Your clients will come to see you as a valuable resource for re- ferrals to well-qualified professionals in many fields.
Financial advisors have routinely sought strategic alliances or col- laboration with other financial specialists such as tax accountants, es- tate planners, and lawyers. Financial life planners have extended their referral network to include those people in their community who focus on the nonfinancial aspects of life planning and can sup- 17 / Building a Resource and Referral Network 167
port and enhance the advisors’ service to their clientele. In that way, the advisors avoid taking on the role of being an expert in all areas, and instead leverage the knowledge of other professionals.