Description
In this continuing education session, learners will review 2 Nerd Eye View blog articles: Quantifying (More Accurately) The Real Impact Of A Financial Advisor’s Costs On Their Clients’ Nest Eggs and Enhancing Client Conversations About Charitable Giving: Sample Questions, Scripts, and Tools for Better Engagement. In the first article, Derek Tharp, PhD, CFP, CLU, RICP, evaluates criticisms of advisory fees and their impacts on clients by personal finance author Ramit Sethi. Derek highlights the mathematical and practical concerns of Ramit Sethi’s methodology for assessing the cost of financial advisors and the value they provide. He then explains the value that advisors can bring to clients. In the second article, Kathleen Rehl, PhD, CFP, CEFT Emeritus, explains the benefits of incorporating charitable planning into a financial planning practice, providing a practical guide that addresses concerns about engaging in charitable giving conversations with sample scripts and ideas for how to create client value in this area.
Learning Objectives
1. Evaluate the benefits of integrating charitable planning into financial advising, including its emotional, financial, and relational impacts on clients and advisors.
2. Implement strategies to initiate and structure charitable giving conversations with clients to ensure alignment of their plans with their financial objectives and personal beliefs.
3. Help clients clarify their charitable goals by creating a personal charitable mission statement that reflects their priorities and guiding principles.
4. Analyze common methodologies for assessing the cost of financial advisors and the value they provide.
5. Explain the potential benefits and challenges of working with financial advisors, including different fee models and service approaches.