Financial Wellness Coaching Takes Hold
April 15, 2009 by RickBryan
A couple of months ago my friend Lora Sasiela was explaining some aspects of modern psychology and psychiatry and Sigmund Freud’s theories; much of which went over my head, but fascinating nonetheless. Lora is a licensed psychotherapist, and much of her work in the last ten years has been helping people understand the psychological causes of overeating and related health and well-being issues. Recently, Lora and others have discovered that many of the psychological issues behind overeating are the same or similar to the reasons why people spend beyond their means, and are otherwise unable to achieve financial health and well-being. Over eating and over spending are different reactions to the same psychological roadblocks.
Lora and others practicing in this field have demonstrated that the same counseling techniques which help people overcome eating issues can be transferred to help people with financial management issues. Lora’s work has nothing to do with life insurance or annuities or mutual funds, but financial planners know that an awareness of budgeting and the emotional aspects of saving and investing are more important than effective yields on investments. Here’s Lora’s press release from her Financial Wellness Coaching website. I think it’s a great and non-competitive seminar to refer your clients to, and I’ll be there as an added bonus!
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Apr 09, 2009 – WHAT: An innovative financial wellness seminar for those looking to learn powerful tools to eliminate current money anxieties in addition to developing effective strategies to manage one’s own “personal economy” during these turbulent economic times.WHY: 80% of Americans are reported to be stressed out about money right now. The key techniques given by Lora Sasiela can break the cycle and create a powerful financial transformation.
WHERE: 1133 Broadway, at 26th Street
New York City, New York
Pre-Registration Required: http://www.financialwellnesscoaching.com/WHEN: Saturday, April 25th
10am-12 noonHOW: In this comprehensive two hour seminar attendees receive the following: Easy-to-use techniques for making peace with money, freedom from the isolation surrounding money struggles, 5 daily disciplines to prevent money anxiety, an understanding of the importance of money being “just money,” simply a tool, identification of unique limiting money beliefs and how to get rid of them, how to cultivate an attitude of gratitude – which will attract more abundance into your life, a take-home booklet of beneficial tools to continue developing ease in your relationship with money.
WHO: Lora Sasiela, founder of Financial Wellness Coaching, is a psychotherapist and money coach, guiding clients in the powerful transformation of limiting money beliefs that prevent them from enjoying full and rich lives. She has trained at the Financial Recovery Institute and the Women’s Earning Institute.
Financial Wellness Coaching
80 East 11th Street
New York, NY 10003
917.673.3867
Website and Event Registration: http://www.financialwellnesscoaching.com/
Financial Advisor and Quarterback Sacked for Loss of Yards
April 14, 2009 by RickBryan
Most of my estate planning engagements come from insurance advisors and CFPs, because among estate planning lawyers I recognize the benefits of life insurance and annuities where many attorneys just can’t get passed the ‘exhorbitant’ commissions being earned by the sales rep despite the value of the product to the client. For that reason, I have a pretty good sense of how all of the client’s advisors work together to put the client’s plan in place correctly and effectively and efficiently. That’s how I run my business and profession. The financial advisor is almost always the “quarterback” of the client’s financial plan; providing the broad outlines of how a client’s goals might be achieved. Unfortunately, I lost a big estate planning engagement recently which was in the works for months, and a potentially long term relationship with an advisor, because (in my opinion, obviously) the advisor didn’t actually understand the role of a quarterback.
The financial advisor (somewhat new to the business, but very successful in a short period of time) was aggressive during the client meetings regarding her role: “I am the quarterback,” came out of her month every ten minutes. Unfortunately, to me at least, she didn’t actually understand an important aspect of that position. Which is (at least it used to be before headsets), to setup the offensive formation and assign the routes for the wide receivers and backs, and watch the defense setup and call an audible where necessary. And then the ball is snapped and the quarterback’s plan is set in motion. The point now though is once the quarterback hands the ball off to the running back, the back gets to carry the ball according to how he does his job; cut left or right and juke and sidestep; whatever. Once the quarterback hands the ball off, it’s no longer his job to follow the back down the field and direct where he goes to gain yardage. The QB steps back and watches the play unfold, unless he’s blocking, of course.
Similarly, once I am handed the role of advising and drafting on the proper construction of a Grantor Retained Annuity Trust, for example, the financial advisor no longer has a role in watching over my shoulder to opine on the clauses I decide to use and how I word various provisions of the document. This advisor simply couldn’t understand that trust construction can be accomplished in a variety of ways, and that I was not going to let her nitpick and comment and have me explain the use and available alternatives of every sentence in my documents. Despite the fact that it was her client and her relationship, the financial advisor just couldn’t get over her need to control those aspects of the game plan which properly fell under my purview as the attorney on the team. Unfortunate; one meeting ended acrimoniously and I doubt the clients are going forward with their estate plan, or with the purchase of the insurance and annuities which were on the table. Most unfortunately, I had about $7,000.00 of billable time on this case, and I’m certain that’s money lost, along with a potentially good client relationship, and a relationship with the financial advisor. Fortunately, I was able to discuss what happened with the advisor’s managing partner, whom I’ve known for a long time, and who was aware of the advisor’s controlling nature. So at least referrals will still be coming from that agency, if not from that particular advisor. Oh well; we’ve all got to live and learn.