Money Quotient is proud to present the newest “In My Opinion” post written by longtime M.Q. friend and Licensee, Robert J. Cole, Jr., CLU, ChFC, CASL, CFP®. Bob is the founder and president of Financial Architects, Inc., a financial planning firm located in Louisville, Kentucky.

Bob has been in the financial services industry since 1972. He has appeared on both radio and television as a recognized leader in the financial planning field. He has taught courses in financial planning, taxation, and economics. Bob has been recognized by Money magazine as one of the top 200 financial planners in the United States. Bob has also served on the boards of several professional organizations as both a member and as an officer.

“A Gift from the Cosmos”

What a difference a year makes! Just a little over a year ago we were entering the fastest stock market correction in history. The freefall would start in November and not bottom out till March of 2009. That four month period took most people out of their “security zone,” and with it their anxiety level about the future took a sharp upward swing.

During that period, we spent a great deal of time visiting with our clients to review how their investments fit into their overall financial life plan. It was amazing to hear people reaffirm the other “wealths” in their lives. The sense of health, family, and friends being a source of comfort was almost universal. It certainly reinforced the value of having your investment program deeply connected to a life plan that one is committed to.

Having just turned sixty years old, I decided that it was time to take a hard look at my personal life plan. My wife and I changed the format of our typical three day annual retreat and instead spread the meetings out over a month, so that we could consider some of the bigger questions more carefully. It also allowed us to adjust our assumptions in a rapidly changing environment. The net result was that we spent most of 2009 visiting in detail what we wanted to accomplish over the next five years. We are in the final steps of updating our wills, revising our portfolio, and evaluating our insurances. Another bonus of the extra attention was the affirmation that, in spite of the market correction, we have been successful in accomplishing what we set out to do five years ago.

At the end of each year, I go through a medical process. 2009 was no exception; I visited all my doctors and got good results from the tests. My physical condition continues to be good “for my age” (the doctor’s terms, not mine)! I also have been working with my aging mother, who has faced a year of declining capacity and dealing with the changes in lifestyle that comes with that evolution. In summary, all was on solid ground, allowing us to look to our future from a position of confidence. However, an experience during a recent routine trip out to the home of one of my clients, prompted reflection about this “solid ground.”

Because of his demanding schedule, we were meeting in the evening. As I drove to the appointment on the interstate, I was listening to Christmas music on the radio. Life was good, and what started out as a scary year was ending on a positive note in almost every area of my circumstance.

Suddenly, a large empty plastic barrel came flying across the highway divider on a midair collision course with my car. In an instant, it bounced on the road in front of me and crashed into my car, denting my bumper, destroying my front headlight, and buckling the quarter panel. Since I was traveling a sixty miles per hour, this all happened in an instant. I slowed the car and pulled into the emergency lane, shaken by the unexpected violence that had just occurred.

Anger was my next emotion. I got out of my car on the dark highway, with cars and trucks whipping by at a high speed to look at the damage. My nineteen year old, collector vehicle had just been violated by someone else’s carelessness in failing to secure their cargo! The car was damaged, but drivable. Since I had been trying to meet with my client for over a month, and had important items to discuss, I continued on to my meeting.

When I arrived at his home and was able to take a closer look at the car, I suddenly realized that I had just had a near death experience. If the barrel had jumped two feet higher, it would have smashed into the driver side windshield—and traveling at better than seventy miles per hour—would surely have killed me.

The next day, I took one of my winter hikes in the nearby woods. Pondering the experience, I came to realize that I had just been sent a sharp reminder about how fragile this thing we call life is. Surrounded by the confidence of planning and preparedness, we all go though our daily lives with the illusion that we have control over our destiny. Yet, in our hearts, we know that there are many “barrels” flying around in our chaotic world. And sometimes, through no fault of your own, they come crashing into your well-built plan and wreak havoc. If you are lucky enough to survive such an experience, the only path is to pick up what is left, reevaluate your plan, and begin anew. This is the real process of Life Planning!

As a new year begins, I am thankful for the balance that Life Planning has brought to my life. I am deeply appreciative of my family, my clients, my staff, and my friends. This time, I “dodged the barrel”…but I want to thank the cosmos for reminding me that all we really have is today, and that living each day in a purposeful manner is the only path to living a meaningful life. So the next time you feel anxiety about the future, keep that thought in your mind.

Until next time, that’s my opinion….

Money Quotient President, Carol Anderson, M.S., and Vice President and Director of Licensee Services, Amy Mullen, will be speaking at the FPA of Puget Sound Symposium in Seattle, Washington on January 29th.

About the Event:

 

 

 

This year's symposium is titled "Critical Times, Critical Conversations," and will explore critical times and engage in critical conversations around the financial planning profession. The symposium is an exciting opportunity to hear from nationally renowned speakers and enjoy a day of learning, networking, and mentoring. In addition to a great agenda and outstanding speakers, this year's event will also feature a networking event and wine tasting following the symposium for attendees to "Wine Down from the Day."

About the Presentation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In their presentation, “Connecting Life and Money,” Carol and Amy will examine best practices in financial planning and review research on client communication to identify key factors that influence goal achievement. In addition, insights from behavioral economics, the Stage Model of Change, and principles of Adult Learning theory will provide direction in how to develop a goal setting process that will engage your clients' hearts and minds, and inspire their commitment to the financial plan and advice that you deliver. Other key points in this session will also include:

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• Knowing when SMART goals are not always wise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• Harnessing the power of visualization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• Overcoming obstacles

 

 

 

 

 

 

The session is approved for 1 CEU credit by the CFP Board of Standards.

Friend of M.Q. and past Learning Opportunities and Retreat presenter, Susan Galvan, M.A. will also be presenting a session titled, "Forging Resilient Client Relationships."

Click here to register online!

About the Presenters:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carol Anderson, M.S., is president and CEO of Money Quotient®. For the past 15 years, Carol has specialized in issues of retirement preparation, life planning, productive aging, and financial planning education. She holds a Master's degree in Consumer Economics & Family Resource Management and has a diverse background in business, education, and financial services. Prior to her involvement with Money Quotient, she was the principal of Carol Anderson Research. As a researcher, writer, and consultant, Carol has worked with a broad range of companies and non-profit organizations in designing studies, conducting analyses, and compiling research reports.

Most recently, Carol and Money Quotient Advisory Board Member and associate professor in the Personal Financial Planning department of the University of Missouri-Columbia, Deanna Sharpe, Ph.D., CFP® co-authored a white paper, “Research: Communication Issues in Life Planning: Defining Key Factors in Developing Successful Planner-Client Relationships” which was published by the FPA Press in 2008. The paper explores the difference life planning techniques make in client retention, cooperation with financial planning recommendations, openness in disclosing information, and providing referrals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amy N. Mullen is the Vice President and Director of Licensee Services for Money Quotient. In these roles she focuses on Licensee education, materials and training development, and organizational management. Amy works one-on-one with advisors to cultivate in-depth understanding of M.Q. materials and processes, and to customize and implement the M.Q. Financial Life Planning® process into their practices.

In addition, Amy co-facilitates the three-day “Fundamentals of Financial Life Planning” training seminar, conducts “Getting Started” and “First Step” training, and presents for various M.Q. Learning Opportunities.

Amy is an active member of FPA, NexGen, and Nazrudin, occasionally presenting or facilitating sessions at annual conferences.

Robert J. Cole, Jr., CLU, ChFC, CASL, CFP®, has been in the financial services industry since 1972. Bob is the Founder and President of Financial Architects, Inc., a financial planning firm located in Louisville, Kentucky. He has appeared on both radio and television as a recognized leader in the financial planning field. He has taught courses in financial planning, taxation, and economics. Bob has been recognized by Money magazine as one of the top 200 financial planners in the United States.

Awarded the Chartered Life Underwriter (CLU) designation from The American College, Robert also holds the Chartered Financial Consultant (ChFC) designation as well as the Chartered Advisor for Senior Living (CASL) designation. In addition, he was granted the CERTIFIED FINANCIAL PLANNER^TM certification by the International Board of Standards & Practices for Certified Financial Planners, Inc. (IBCFP), and holds a Life and Health Consultant’s license for the Commonwealth of Kentucky.

Bob has served on the boards of several professional organizations as both a member and as an officer. These organizations include the Kentucky Association of Insurance and Financial Advisors, the American Society of Financial Service Professionals (Lexington and Louisville Chapters), the International Association for Financial Planning (Kentuckiana Chapter), and the Financial Planning Association (FPA).

A long-time M.Q. Licensee and proponent of Financial Life Planning®, Bob shared his wisdom as the Veteran Licensee for the May 2009 “Fundamentals of Financial Life Planning” Training session.

Marty Kurtz, CFP®, is Founder and President of The Planning Center, an independent, fee-only financial planning firm located in Moline, Illinois. Marty and his team believe that the financial planning process is the most effective catalyst for change in a person's financial life. They integrate their clients' values and belief structures with their financial lives to help them make the very most of the one life they have.

Marty was recently elected to the Financial Planning Association® Board of Directors. He previously served on the FPA of Quad Cities Board of Directors as well as chair of the Board of Professional Review for CFP® Board. In addition he served on FPA Retreat Task Forces in 2007 and 2008. Marty is also currently an active member of the M.Q. Licensee Advisory Board and has contributed his knowledge and guidance as Veteran Licensee for past sessions of Money Quotient’s “Fundamentals of Financial Life Planning” Training course.

Marty’s community involvement includes being charter president of Cedar Falls Optimist Club, and a board member of Mason City Optimist Club, and the Ballet Quad Cities.

Cicily Maton, CFP®, Founder of and partner in Aequus Wealth Management Resources, has always been a competitor. She enjoys race walking, weight training, and participating in marathons because she knows the benefits of working out are more than physical. Her commitment to exercise is part of her continuing effort to lead a balanced life.

Cicily learned the need for balance first-hand when her marriage of 19 years ended in divorce. Seeking a new career, she found her calling as a financial planner. While serving clients in her new practice, she realized the need for a better process of making financial decisions that affect our lives.

The experience led her to establish Aequus in 1987, an independent, fee-only financial planning firm. It provides an array of customized financial services to investors preparing for or going through life’s inevitable transitions.

Cicily is an authority on the financial aspects of divorce, particularly those related to contentious financial problems and/or complicated issues related to high net worth. Negotiating financial settlements is her specialty. She also was an early advocate of Life Planning.

Cicily is a member of the FPA and NAPFA. In October, she generously contributed her time and keen insight to an outstanding Veteran Licensee Panel Discussion at the special “Fundamentals of Financial Life Planning” Training session that preceded the 2009 Nazrudin Retreat.

Roger A. Shake, CFP®, is a partner of Legacy Consulting Group and specializes in helping clients develop their unique Financial Life Plan. This holistic approach to planning focuses on both the quantitative and qualitative aspects of money and the client’s relationship to money. 

 

Roger received his BBA in Finance from Abilene Christian University and his MBA in Management from the University of Dallas. In 1989, Roger received the CERTIFIED FINANCIAL PLANNER™ designation from the College for Financial Planning.

 

He has worked in the financial planning profession for over 20 years, and is currently a member of the Financial Planning Association, Kinder Institute of Life Planning, Dallas Estate Planning Council, Dallas Foundation Advisory Board, Baylor Health Care System Foundation Professional Advisors Council, and the Nazrudin Project. Roger was named as one of the top financial planners in the area by D Magazine. 

 

Rogerand his wife have three sons. Outside of work, Roger enjoys travel, exercise,playing squash, reading, fly-fishing, and golf. He is also on the elderboard of Trinity Fellowship Church. 

Bob, Marty, Cicily, and Roger will be co-presenters for M.Q.’s upcoming “Creative Client Communications: Thinking Outside the Box with Your Clients” Veteran Licensee Roundtable Teleconference. For the Financial Life Planner, the life of the client is the axis around which financial discussions revolve and evolve. The continual changes taking place in the marketplace have made it more important than ever for financial planners to establish creative ways to communicate with and learn about their clients.

This roundtable teleconference will provide a wonderful opportunity to hear about the ways in which members of the M.Q. Community have been “thinking outside the box” with their clients. The presenters will discuss their special events, meetings, and unique approaches to the Financial Life Planning® process. They will also explain the ways in which they incorporate the Money Quotient materials into their creative client approaches. The teleconference will conclude with a Q & A session.

This Learning Opportunity will take place Tuesday, January 12^th from 11:00am to 12:00pm Pacific Standard Time. This webinar is open to M.Q. Licensees and non-Licensees. The cost for Licensees to attend is $35.00. The cost for non-Licensees to attend is $50.00.

 

If you would like to participate in this event, please click here to download a registration form.

The tradition of making New Year’s resolutions goes all the way back to ancient Rome. In 46 B.C., Julius Caesar developed a new calendar and named the first month of the year after Janus, the god of beginnings and endings. 

Janus has always been depicted with two faces, one on the back of his head that allowed him to look into the past and one on the front of his head that allowed him to look into the future.  At midnight on December 31st, the Romans imagined Janus looking back at the old year and looking forward to the new year.  Therefore, he became the symbol of the resolutions made on the 1st day of each year when Romans asked their enemies for forgiveness.

In more modern times, New Year’s Eve is still an occasion for reflecting on the past year and looking forward to the New Year.  However we are more apt to think about the changes we want (or need) to make and resolve to follow through on those changes.

Unfortunately, a major problem is that most of these resolutions are not kept.  In 2007, researchers tracked over 3,000 people attempting to achieve a range of goals, including losing weight, visiting the gym, quitting smoking, and drinking less.  At the start of the study, 52% of participants were confident they would be successful, but one year later, only 12% actually achieved their goals.

This is a common experience.  We resolve to start a diet, to exercise, or to be more patient and loving.  Within a short period of time, we realize we are not being 100% successful and so we give up.  The next reaction is usually one of guilt and discouragement.

Nonetheless, establishing resolutions can be a very powerful tool for positive change and one that can be utilized throughout the year—anytime is a good time for a fresh start!

Therefore, it’s important to channel your energy and resources in ways that make the process of setting resolutions and achieving goals a satisfying and rewarding experience.  Here are three strategies to ensure your success:

1.  Take Time to Reflect

Prior to establishing a resolution or goal, it is important to take time to reflect on what is truly most meaningful to you.  Is your resolution something you really want? 

If your goal is something someone else said you should do or something you feel you need to do, then it is unlikely to motivate and inspire you.  Lou Tice, author of Investment in Excellence, teaches that your goals will have little value unless you feel a deep sense of satisfaction and purpose as you work towards them.

2.  Make Room for Change

When committing to any goal, the key to accomplishing more is to do less.  In other words, don’t keep trying to jam more and more into your over-crowded schedule—determine to drop several activities instead.

But, first you will need to analyze your priorities. Once you are clear on what is most important to you, then you can drop additional demands that don’t fit the criteria.  Saying “no” more often will allow you to say “yes” to your priorities.

Most often, it is the “stuff” in our lives that robs us of the time we want to commit to our goals.  A great resource for learning tips and techniques for dealing with all the paper, e-mail, errands, and meetings that can overwhelm us is Getting Things Done.  The author of this book, David Allen, believes that clearing the clutter in our environments will free us to live fuller lives.

3.  Keep the Promises You Make to Yourself

In a nutshell, a resolution is really about telling ourselves what we are going to do to make our lives better.  However, we rarely keep our commitments to ourselves!

Instead, we spend too much time worrying about and fulfilling our responsibilities to others.  The important thing to remember is that the true test of our maturity is how steadfast we are in fulfilling our agreements with ourselves.

In conclusion, the ancient tradition of setting New Year’s Resolutions is symbolic of fresh beginnings and unlimited possibilities.  However, always keep in mind that anytime is good time for establishing meaningful goals and adopting strategies for honoring those commitments.

Sending wishes for a very happy, healthy, and prosperous 2010!

 

The Money Quotient Team

Carol, Amy, and Katrina

Sally’s 27 year career at the Weyerhaeuser Company spanned two diverse disciplines; Technology Planning Manager for Employee Systems and Life and Retirement Planning. Through her information systems background she learned what poor use employees were making of their retirement benefits and decided that more should be done to educate employees.

For over 17 years, Sally was the driving force for the Life and Retirement Planning Programs for Weyerhaeuser’s 55,000 employees. On an annual basis she personally impacted the lives of thousands of employees through her seminars and webinars. Her work has received national recognition and was featured in the Fannie Mae Foundation 2000 study on “Financial Literacy Education in the U.S.” and in the AARP 2005 study titled, “Goodbye to Complacency.”

Sally was a contributing author for the Encyclopedia of Retirement and Finance and a frequent participant at symposia and think tanks sponsored by the National Endowment for Financial Education (NEFE). She was also featured in a PBS special on the financial literacy crisis in America produced by NEFE. Sally’s work has been highlighted in Workplace Management, Seattle Times, and The Number by Lee Eisenberg. In 2006 Sally was awarded a Benny Award in the category of Retirement Planning by Employee Benefit News.

Sally has been active in the International Society for Retirement Planning and the Association for Financial Counseling and Planning Education.

In 1990, Sally was voted one of the Top Women in Computing and in the same year was President of the Society for Information Managers. Prior to her work at Weyerhaeuser, she was the Dean of Women at Pacific Lutheran University. Sally holds a Master’s Degree in Business and Education from Western Washington University. In addition, she holds certification in Swift Water Rescue and as a Brewmeister from Anheuser-Busch. 

In 2008, Sally was honored by the AFCPE as HR Educator of the Year. The same year, Sally retired from Weyerhaeuser, launching her own business focused on the design and delivery of workplace life planning programs.

Sally is a long-time friend of M.Q. and has lent her wisdom to past sessions of Money Quotient’s “Fundamentals of Financial Life Planning” Training course and presented at the M.Q. Retreat. Sally also serves as a member of the M.Q. Content/Industry Expert Advisory Board.

Sally will be presenting for the upcoming Money Quotient Learning Opportunity webinar, “Marketing Financial Services in the Workplace.” Sally identifies the workplace as a prime location to educate employees about financial matters and market financial services. She notes, “Individuals in the workplace are concerned about making good choices with both present and future money. Workers are frequently faced with decisions about employer provided benefits, yet many lack the financial knowledge needed to make the best decisions.”

In her webinar, Sally will provide new insights on the topic of workplace financial education. She will explain how combining financial information with benefit-related discussions allows financial professionals to provide valuable information and support while simultaneously increasing their presence in the community.

This Learning Opportunity will take place Thursday, December 10^th from 12:00pm to 1:00pm Pacific Standard Time. This webinar is open to M.Q. Licensees and non-Licensees. The cost for Licensees to attend is $15.00. The cost for non-Licensees to attend is $20.00.

If you would like to participate in this event, please click here to download a registration form.

Kristin Wehner Keffeler, MSM, is this the founder of Kinetic Enterprise, LLC, a company that specializes in supporting Trusted Advisors to harness and focus their innate drive for high- performance, and differentiate their services in the market by building the capacity and courage to bring their Big Ideas to life.

Her background includes a Bachelor’s Degree in Human Biology, a Master’s Degree in Management with an emphasis in Public Health, as well as fifteen years of experience developing results-oriented worksite health and productivity programs for several national corporations. She is also a trained and certified professional coach specializing in behavior change and high-performance.

Kristin has led health promotion teams in achieving two Wellness Councils of America Well Workplace awards (national awards recognizing excellence in results-oriented worksite wellness programming), achieving a Gold award for Maxtor Corporation in 2005, and a Silver award for Maxtor Corporation in 2003, as well working as a part of the team who received the first Gold award in the state of Colorado (Coors Brewing Company, 2001).

Additionally, Kristin holds a faculty position at Metro State College of Denver where she teaches a course highlighting best practices for the implementation of health promotion at the worksite.

Kristin has been a presenter for the Kinder Institute of Life Planning, the Financial Planning Association, The Legacy Companies of Boston, and the Sudden Money Institute on the impact of health on the advisor-client relationship and habits of the high-performance advisor. She is also a trainer on the topic of facilitating sustainable behavior change for the American College of Sports Medicine and has presented both locally and nationally on the topics of motivational interviewing and lifestyle coaching, the role of health on corporate culture, and how to measure and leverage health as an organizational asset.

Kristin is also the “Healthy and Wealthy” columnist for Entrepreneur.com, the health coach for LadyAdvisor.com, and she has published articles/interviews in the Journal of Financial Planning, The Journal of Practical Estate Planning, Entrepreneur Magazine, the Denver Business Journal, and Business Altitude magazine.

Kristin completed both her graduate and undergraduate work at the University of Denver. She graduated Phi Beta Kappa and Magna Cum Laude with a Bachelors of Science degree in Biology/Chemistry; and received her Master’s Degree in Management, with an emphasis in Public Health, from DU’s Daniels College of Business.

Kristin will be presenting for the upcoming M.Q. Learning Opportunity webinar, “Turning Stress into an Asset: Eliminating the Shortsightedness of Fear.” In the presentation, Kristin will explore the “Four Steps to Choosing Fearlessness,” allowing advisors to not only differentiate themselves in a rapidly shifting market, but to seize the opportunity to build client trust by role modeling possibility. Participants will learn to recognize stress bio-cues in themselves and their clients, explore ways to re-focus their energy more productively, and discover how to decrease the impact of stress reactivity on the decision-making and planning processes.

This webinar will take place Thursday, December 3^rd from 11:00am to 12:00pm Pacific Standard Time. This webinar is open to M.Q. Licensees and non-Licensees. The cost for M.Q. Licensees to attend is $50.00. The cost for non-Licensees to attend is $75.00.

If you would like to participate in this event, please click here to download a registration form.

We would like to thank Kristin for her generosity and enthusiasm around sharing her knowledge and guidance via her upcoming M.Q. Learning Opportunity. We are excited to have her join our community of presenters and look forward to organizing additional presentations with Kristin in 2010.

As we grow older, we also have the opportunity to grow as individuals and to develop relationships that are more “grown-up.” Here is advice from the authors of three different books on ways, through our relationships, that we can contribute to our own personal growth and happiness.

Creative Aging—

In Creative Aging, author Nancy Bost Millner wrote, “The task of consciously aging people is to stop projecting—to stop demanding that the weather, the children, and the universe do what they want them to do.” Milner also noted that the self-aware individual will come to realize that expecting another person to complete them, take care of them, and make them happy is not only unrealistic, but also unfair.

Successful Aging—

In addition, Doctors Rowe and Kahn, authors of Successful Aging, remind us that human beings are not meant to live solitary lives. In their research, “successful agers” reported that they thrived because of important social bonds with both family and friends. Rowe and Kahn wrote, “Talking, touching, and relating to others is essential to our well-being. These facts are not unique to children or to older men and women; they apply to all of us, from birth to death.”

The Virtues of Aging—

Similarly, Jimmy Carter wrote in The Virtues of Aging that successful aging depends, in part, on continuing engagement in living. This task involves keeping up relationships with others and engaging in productive activities. These experiences, he maintains, “allow us to develop more self-respect and mastery over our own lives—crucial elements of the good life.”

Norman M. Boone, MBA, CFP®, is the Founder and President of Mosaic Financial Partners, Inc., a wealth advisory firm located in San Francisco, California. Mosaic Financial Partners is a leading provider of fee-only financial planning and investment management services to corporate executives, professionals, and business owners.

Linda Lubitz Boone, CFP®, is the founder and President of The Lubitz Financial Group in Miami, Florida, a successful wealth management practice which she founded in 1994. The firm provides fee-only personal financial planning and investment advisory services for individuals and company-sponsored retirement plans.

Norm earned his CERTIFIED FINANCIAL PLANNER™ certification in 1984, after receiving his undergraduate education at Stanford University and his MBA in Finance from the Harvard Business School.

Norm has been regularly recognized as one of the nation’s best financial planners. He has been cited as one of "America's Best Financial Advisors" by Worth magazine every year since the list’s inception in 1994, and as one of the "Best Financial Advisors for Doctors" by Medical Economics magazine four times. Mutual Funds magazine named him one of the “100 Best Financial Planners.” Financial Planning magazine named Norm one of 2007’s eight “Movers and Shakers” of the industry. Barron’s named Norm one of the Nation’s Top Financial Advisors in 2007.

Norm has served in various leadership roles throughout his career. He was among the first class of directors elected to the national board of the Financial Planning Association. He helped found the San Francisco Society of the Institute of Certified Financial Planners and has served in many capacities locally, including president of the San Francisco chapter. He chaired the 1995 IAFP Conference for Advanced Financial Planning. Norm has served on the Advisory Council for the institutional division of Charles Schwab & Co., as president of the East Bay Estate Planning Council, and as a member of the TIAA-CREF Institutional Advisory Board and the Northern California Planned Giving Council. He currently serves on the board of trustees for Saybrook Institute graduate school, an accredited university in humanistic psychology and is an officer of the San Francisco Estate Planning Council.

Norm has been a contributing editor to Wealth Manager magazine, a regular columnist for the FPA’s Journal of Financial Planning and for the technology column for CCH’s Journal of Retirement Planning. He has authored several articles on prudent investment procedures, the impact of expenses on investment performance, small company retirement plans, and a variety of other topics.

Linda has also been regularly recognized as one of the nation’s best financial planners in numerous financial publications and by her peers. Linda has been cited as one of “America’s Best Financial Advisors” by Worth magazine, and as one of the “Best Financial Advisors for Doctors” by Medical Economics along with recognition in Wealth Manager and Financial Planning magazine. She served on the National Board of Directors of the Financial Planning Association from 1999 through 2002. Linda was founder and President of AmeriFirst Securities Corporation, and was also a partner with Evensky & Brown Financial Advisers.

Norm and Linda have spent many years writing and speaking about the importance of Investment Policy Statements. Together Norm and Linda co-authored Creating an Investment Policy Statement: Guidelines and Templates published by FPA Press. Their first software product for Investment Policy Statements was developed by Ibbotson Associates in 1996. After that product was no longer available, Linda and Norm decided to develop an application that would be the best and most user friendly on the market—an application created by advisors FOR advisors. The result was the award winning web-based software application, IPS AdvisorPro®, an online software system helping financial advisors efficiently create fully customized Investment Policy Statements.

Launched in April, 2006, IPS AdvisorPro®, an online solution for wealth managers, has received kudos from industry influentials such as Bob Veres, publisher of Inside Information, Andy Gluck, David Drucker, and Joel Bruckenstein, Tech Editor for Morningstar Advisor who named IPS AdvisorPro® “Software of the Year” in his 2006 technology roundup. More than 1,000 advisors have created over 10,000 customized Investment Policy Statements for their clients using IPS AdvisorPro®.

Norm and Linda split time between homes in Miami, Florida and Oakland, California. Extracurricular life accomplishments include a successful summit of Mt. Kilimanjaro in 2004, and an expedition to Antarctica in 2008.

Norm and Linda will be presenting for the upcoming Money Quotient Learning Opportunity, “Managing Client Expectations Using Investment Policy Statements.” During this presentation, Norm and Linda will explain how the plainly written Investment Policy Statement document helps clients and advisors remember all of the important items that are agreed upon, including the client's long-range objectives, the degree to which the client is willing to tolerate short-term declines in their account values, and any restrictions they want placed on the management of their assets.

This webinar will take place Tuesday, November 10^th from 11:00am to 12:00pm Pacific Standard Time. This webinar is open to M.Q. Licensees and non-Licensees. The cost for M.Q. Licensees to attend is $15.00. The cost for non-Licensees to attend is $20.00.

If you would like to participate in this event, please click here to download a registration form.

We are excited to have Norm and Linda share their expertise with the Money Quotient Community and look forward to their presentation.

"Brian Koval's Coaching Corner" articles bring you insight and guidance from Brian Koval, RLP. Brian’s lifework is to help others realize and live into their best possibilities. His passion is helping clients navigate the often-tumultuous terrain of change, transition, and growth. As a Registered Life Planner, Coach, and Facilitator of Learning, Brian works with financial planners to help them develop and hone their client relational skills.

Brian has the good fortune to presently serve as the Life Planner in Residence with TFGA, a wealth planning firm based in Southeast Michigan. Additionally, Brian has the pleasure of working with individuals within a private Coaching Practice. Brian finds joy in a bevy of ever-expanding interests and passions that connect to his life's Sacred Purpose which he articulates as, "To pursue, participate in, and bear witness to the restoration/transformation of people, places, and things to their divine beauty and purpose."

Getting Goals Going

Over the past year, I have had the fortune of working with a couple who has embraced Financial Life Planning® like few other clients of mine. As a result, they frequently comment about the difference it has made in their financial lives and conversations.

About eight months ago I began a goal setting process with the couple, making wide use of the wonderful M.Q. Goals Practice Tools. This “Coaching Corner” article chronicles their goal setting journey, highlights a simple addition I made to the process, and discusses how that change impacted their plans going forward.

Mark and Andrea are cut from the intellectual cloth. They are both in their fifties, work for a University in the area, hold a variety of titles, and are well respected in their fields.

In their responses to the statements on the Personal Insights about Planning and Goal Setting worksheet, both Mark and Andrea acknowledged mixed experiences with goal setting in the past. The majority of their encounters with goal setting had been in relation to their work—part of their employer’s annual review process. Both had participated in work-sponsored goal setting workshops and had felt that while the process of setting goals was valuable, there was often a missing link in the institutional support for completing their stated goals. Whether due to lack of funds, differing priorities, or time restrictions, the real possibility of achieving their stated goals began to fade soon after the ink was dry on the paper.

I explained that in our work together, goal setting was purely a personal exercise. Sure, there would be discussions around their ability to fund the goals, how to balance any conflicting goals, and the possible need to prioritize the goals so that their resources of time and energy would be focused toward achieving the most important goals, (and building the momentum and sense of accomplishment that accompanies reaching a goal). However, I made it clear that the goals would be theirs and it would be largely up to them whether or not their goals were realized.

Making use of the goal setting process facilitated by the Wheel of Life, Visualize Your Future, Goals for Life, and Clarify Your Goals Practice Tools, Mark and Andrea were able to develop a rich array of goals that if/when accomplished would enhance their “Return on Life” in many ways. Their list of goals was vast and I sensed that they were struggling with where to begin. It was at this point that I departed from my well traveled path by asking them to review each listed goal and rate it on a zero to ten scale based on two simple questions regarding the goal. The questions I presented are as follows:

At this time, how important would you say pursuing this goal is for you? Using a scale from 0 to 10, where 0 is not at all important and 10 is extremely important where would you say you are?

At this time, how confident would you say you are in your ability to accomplish this goal considering your ability to influence it, the resources available to you (i.e. time, money, personal energy), as well as competition for your attention/efforts? Using a scale from 0 to 10, where 0 is not at all confident and 10 is extremely confident where would you say you are?

The questions I used, and their associated scales are borrowed from the work of Stephan Rollnick and William Miller and their landmark book, Motivational Interviewing. (Web-search Motivational Interviewing for more information). I chose to use this additional exercise because I have come to see that achieving a goal requires change. Aspects of Mark and Andrea’s life would need to change in order for them to accommodate focused effort toward any of their listed goals  and one of the Motivational Interviewing cornerstone principles is that motivation to change is elicited from the client not imposed upon them. It was my job to elicit Mark and Andrea’s “readiness” to embrace the change necessary for them to realize each of their stated goals. 

According to Rollnick and Miller’s work, higher numbers on the continuum referenced in the two questions infer a higher level of individual motivation to embrace necessary changes. In short, the higher the number the more “ready” the individual is. 

In Mark and Andrea’s case, we all witnessed an organic “prioritization” emerge as a result of their completion of the exercise. They realized that some of their stated goals (the ones ranked with lower numbers) did not have the relative importance to be a high priority, nor did they have confidence in their ability to achieve the goals at that point in their lives. Simultaneously, other goals surfaced as top priorities simply because they perceived the importance AND they felt confident in their abilities to realize them.

My work with Mark & Andrea continues, but the conversation has now fundamentally shifted from goal setting to goal realization. We are currently focusing on the goals they ranked the highest based on the questions I asked. We will return to the list at a later date to reassess Mark & Andrea’s “readiness” for their remaining goals.

The Money Quotient Goals Practice Tools referenced in this article are available to Level 3 and 4 M.Q. Licensees. For information about licensing Money Quotient materials, please e-mail: info@moneyquotient.org.

We thank Brian for his continuing contributions and look forward to him sharing additional experiences in the future.

The Money Quotient Team

Carol, Amy, and Katrina

Money Quotient Licensee and President of the M.Q. Licensee Advisory Board, Michael Kay, CFP®, CPA, of Financial Focus, LLC in Livingston, New Jersey, is currently in the process of writing a book about transitioning a financial planning practice into a life planning practice.

Michael is interested in hearing responses to the following question from the M.Q. Community:

"How has incorporating life planning into your practice impacted your life (personal), your practice (business), and your relationship with your clients?"

When responding, please feel free to use a story, an anecdote, or a statement that reflects your thoughts on the subject.

Please send your responses directly to Michael: mkay@financial-focus.net as soon as possible.

Your input is greatly appreciated and if your story, anecdote, or quote is used, Michael will include full attribution in his book.

Michael thanks you in advance for your time!