Strategies and Trends:Financial Life Planning, by Mitch Anthony and Roy Diliberto
Thoreau talked about people living their lives in quite desperation. While that may be true for many in this country, there are more people living lives of aimless distraction, where days are bundled with much sound and fury, but the heart is cut off from the activity. Too many are not at the place they want to be with regard to their working life and life in general. How many have mortgaged who they are I favor of what they could get, and later wished they had made a more informed decision? George Kinder, in the goals-setting portion of his Seven Stages of Money Maturity workshop, distinguishes between having, doing and being. This is a wise distinction, especially as so many Americans have put who they want to be on hold for what they can have. Financial planners can help bring change through a meaningful dialog around client goals.
Cover Story: Challenging Conventional Wisdom, by Raymond Fazzi
George Kinder, founder of the Kinder Institute of Life Planning, is largely regarded as the “father of life planning.” As such, he has influence many prominent financial planners who have themselves become national spokespeople for financial life planning. One such notable planner: Roy Diliberto, who at served as the first president of the Financial Planning Association. Where the life planning comes in, Diliberto says, is using the life goals of the client — and not just number calculations — in doling out advice. “How can you give advice about something like that without asking the client, ‘How do you feel about debt?’ which to me is the most important conversation you can have with a client,” Diliberto says. “The objective is to have your client live life free of worrying and pursue their life’s dreams and goals without worrying about money on a day-to-day basis.”
Cover Story: Top 25 Most Influential People in Financial Planning, by the Publication’s Editorial Team
Ask a hundred people for a definition of “life planning” and you’ll get a hundred answers; ask them to name the person who has contributed most to its development, and chances are they’ll say George Kinder. As a co-founder of the Nazrudin movement, author of The Seven Stages of Money Maturity, and founder of both George D. Kinder Financial Services and the Kinder Institute of Life Planning, the 55-year-old Kinder continues to explore a more holistic and integrated approach to the work of a financial advisor. “Financial planning is much more than quantifying goals and results,” he says. For his continued contributions to the financial planning profession, Kinder – along with Alan Greenspan, John Bogle, Charles Schwab, Eliot Spitzer and twenty other notables – was named one of the Top 25 Most Influential People in Financial Planning.
Traditional financial planners start with goals such as paying for college or funding retirement and then tell people how to save for them. Life planners assist clients in pinpointing what they want out of life and use financial planning to help them achieve it. Writer Anne Field asked the father of life planning, George Kinder… to explain the approach.