Hello and welcome to the site for my practice, Leeway Planning. I'm an independent fee-based CERTIFIED FINANCIAL PLANNER™ practitioner.
I agree, that is a bit wordy. But rules is rules!
Anyway, in my world there are lots of folks who lose sight of the forest for the trees.
Instead of making time to work “on” their business, they get caught up with working “in” their business.
Working on my business helped me realize there’s a big problem with the traditional way most financial people do business.
Here it is:
Let’s say a professional wants you to be a client.
- The professional will try to demonstrate their expertise and share lots of value for free on the front-end to persuade you to be a client.
- If/when you become a client, now there’s an opportunity to make up the revenue on the back-end (commissions for products sold, fees based on a percent of assets managed, etc…)
How is this a problem?
It can create a disconnection between the value delivered by the professional and how that value is perceived by the client.
This disconnection might lead clients to wonder:
How much are we paying?
What are we paying for?
Are we getting what we're paying for?
Should we really move forward with that recommendation?
As a CFP® professional, I understand that there is so much value in walking with clients through the process.
That’s why working with clients on an hourly basis is the way to go. In this arrangement, clients remain in control and pay only when there is value received.
My passion for understanding the decisions we make with limited resources blossomed while studying economics in college.
This passion led me to the idea that financial planning is a profession, in and of itself. CFP Board's definition of financial planning:
Financial planning involves looking at a client's entire financial picture and advising them on how to achieve their short- and long-term financial goals. From saving for education and planning for retirement to effectively managing taxes and insurance, financial planners develop valuable relationships with their clients to provide them with confidence today and a more secure tomorrow.
In other words, financial planning is about helping clients make optimal decisions with their resources.
After almost a decade of experience in financial services, there still seems to be lots of room for progress in moving financial planning toward a true profession.
Leeway Planning’s mission is to support this progress while helping clients achieve their missions.
Outside work, my purpose is to spend quality time with family and friends. If I can't be at the beach with my wife, our son, and our 9-year-old puppy (Katy, Oliver, and Ellie, respectively), I might be busy making wisecracks while on a hiking adventure or watching a Patriots game with friends.
If you're still here, thank you for your time and please accept this reminder (I could use this reminder occasionally myself!):
Your time is the most valuable asset you will ever "have."
Cody L. Ward