Estate Planning

Assets for Life: Extend your Agency’s Capacity with Allied Professionals Emily Waterbury, EARN Saundra Davis, Sage Financial Solutions Agenda      Intro The EARN Perspective – engaging professionals in programmatic & fundraising capacities Perspective from an Allied Professional – financial planning for LMI households Breakout: Your Perspective – how do you hope to engage allied professionals in your work? Small group report back EARN’s Perspective Certified Financial Planners Why: • • • • Access to high quality financial advice for LMI clients (importance of one-on-one to complement classroom) Limited in-house expertise for more complex financial issues Obvious resource benefits of utilizing volunteers (workshops) Potential individual donor outlet EARN’s Perspective Certified Financial Planners What: • • • Workshops – next level subjects, offered monthly, taught by volunteer CFPs Golden Gate University Practicum – partnership between GGU’s financial planning department, FPA & EARN EARN Wealthcare Project – comprehensive financial planning & wealth coaching services for EARN Alumni EARN’s Perspective Certified Financial Planners How: • Link with Financial Planning Association of San Francisco (relationship started in 2003) • Identify champions within local “planning community” • Provide training for planners (audience sensitivity) • Make it easy for planners to engage EARN’s Perspective Certified Financial Planners Key Learnings: • • • • • • Training is critical (audience sensitivity, understanding of common financial issues, etc.) Agreements to eliminate conflict of interest (focus on feeonly financial planners) Many planners want “plug n’ play” Clients extremely satisfied Planning must include an implementation support piece Lays groundwork for individual fundraising EARN’s Perspective Certified Financial Planners Results: • Volunteers engaged – 30 • Workshops conducted – 12 - 15 per year • Financial plans completed – 20 • Increase in individual giving EARN’s Perspective Realtors, Mortgage brokers, Title Company Employees Why: • • • Individual Fundraising Campaign Plus other benefits for Savers & Alumni Theories as we started: • Real estate professionals – highly network-based • Committed to real estate as asset building tool • Chance to link life’s work & passion to giving • Opportunity for mutual benefit EARN’s Perspective Realtors, Mortgage brokers, Title Company Employees What: • • • • Annual membership -- $250 Includes access to marketing materials (mutual benefit) Leadership Council – guides & directs; gives at higher level Periodic recruitment events & annual year-end celebratory breakfast EARN’s Perspective Realtors, Mortgage brokers, Title Company Employees How: • 2 founding member champions • Recruited Leadership Council of 15 (came up with structure, marketing, goals) • Periodic recruitment events • • • Members invite others EARN CEO & Saver speak Pitch to join EARN’s Perspective Key Learnings & Results • • • • Initial theories proven correct, except low takeup rates on mutual benefit concept 111 members 2007 goal of matching funds ($2000) for 50 families met & exceeded 2008 goal – on target – to raise matching funds for 100 families Allied Professional’s Perspective  Perfect Match - Understanding the role of financial planning in building lifetime assets Cultivating and managing relationships with community based organizations Participating in developing service delivery standards for financial planning/coaching programs Partners in the financial health and well being of the people in our communities    Building Blocks of Financial Security      Earning or generating a steady income. Establishing and managing credit smartly. Owning the right type of insurance and right amount of insurance. Tucking away at least one month of living expenses in an emergency account. Managing taxes so Uncle Sam isn't getting more than his fair share. Planners Put the Pieces Together!  Asset building is not a single event in a client’s life – once they have achieved the first goal, then what?  Asset building in the context of an overall financial plan can help clients stay focused on keeping and growing their personal wealth Understanding Financial Planning and the people who provide it.      What is the financial planning process? Who are the planners? What are all of those letters after their names? Why would they want to work with CBOs? How do we connect? How Can Financial Planners Help?  Identify the needs of your CBO. Identify the role a planner can play. Identify the IDEAL engagement:      May be short or long Focus may be general or specific Create bounded objectives that satisfy BOTH parties Creating a Planner/CBO Engagement       Stage 1 – Exploration/Agreement Stage 2 – Gathering Data Stage 3 – Planning the Work Stage 4 – Implementing and monitoring Stage 5 – Sustain Project & Evaluate Impact Stage 6 – Continue/Build Capacity/Terminate Stage 1 – Exploration/Agreement  You get a call from a planner (or you contact them)  You determine whether the kind of help they can provide fits with your needs Meet to explore Reach agreement or ask for a referral to another planner   Stage 2 – Gathering Data  Understand fully what you want to accomplish  Share information about the organization and your constituency Identify the resources (volunteers & volunteer management) you will need to meet your objectives  Stage 3 – Planning the Work   Develop the goals of the engagement Create measurable benchmarks    X number of seminars Y number of clients for individual planning Z number of volunteer contact hours Train Volunteers to meet the unique needs of the clients Linking the right volunteers with the clients  Volunteer planning strategies    Execution and evaluation plan Stage 4 – Implementing & Monitoring   Implement strategy Monitor over time     Are changes necessary? Is the project a good experience for the CBO/clients and the volunteers? Should level of activity increase/decrease? Is it time to consider capacity building?  Course correct as necessary Stage 5 – Sustain & Evaluate   Determine if goals have been achieved “Institutionalize” activities that work & document activities and challenges    Monthly Workshops Financial Planning Day Quarterly plan review   Factor in staff turnover Continue? Change? Expand? As Needed? Stage 6 – Continue/Build Capacity/Terminate  Based on original agreement, revisit the objectives of the engagement:    Is it a good fit for BOTH parties? Are volunteer resources available to continue? Are CBO and Clients responding to services  Are there barriers to continuing?    Funding Childcare Meeting logistics (food, supplies, etc.)  If you decide to continue, create a new time- and objective-bounded agreement. Implementing YOUR Bright Idea!  Picture your organization gathered around the table developing financial literacy programs to support your IDA clients in their efforts to grow their assets… What are some of the ideas? What are some of the challenges?   Breakout Session & Report Back Your Perspective: How do you hope/plan to engage allied professionals in your work? Resources    Financial Planning Incubator EARN Financial Planning Pilot Planner Therapist Alliance & Financial Wisdom of Ebenezer Scrooge – Klontzkahler.com Even More Resources  CFP Board – Grantees in your area – www.cfp.net – nonprofit organizations  Financial Planning Association – Pro Bono Planning & Planner Search – http://www.fpanet.org/ - public services  National Endowment for Financial Education – www.nefe.org Contact Us Saundra Davis Executive Director Sage Financial Solutions (415) 295-1550 saundra@sagefinancialsolutions.org Emily Waterbury Asset Services Director EARN 415.217.3660 x 3004 emily@sfearn.org