Turning Goals into a Plan

By Daphne Jordan, NAPFA Chair

Planning for You

It has been said a goal without a plan is just a wish.

This past fall, I mentioned that your national board would partake in several generative discussions to take an objective, bird’s-eye perspective of NAPFA’s future. According to leadership experts, such contemplative space allows a board to be proactive about future-focused topics that could affect our membership, volunteer leaders, and NAPFA overall.

One topic that bubbled up in several conversations was the need to effectively offer solutions to our members who are anticipating or experiencing a transition. Transitions could be mergers and acquisitions, succession planning, a short-term disability event for a solo advisor, and so on. We realized often in such circumstances, an internal solution is not readily available. A Transitions Task Force, chaired by Amy Irvine, was created to take a deep dive into this issue. Special kudos to the committee that joined her: Brooklyn Brock, Charles Donalies, Jennifer Meyers, Kacie Swartz, Will Kaplan, and Justin Nichols. We aim to implement their ideas soon.

Other concepts that bubbled up during our generative discussions will pour into the next strategic plan created for the association. That process initiates during 2025.

In all aspects, we do indeed tie our goals to a plan.

Planning for Your Clients

Turning our attention to this month’s edition of NAPFA Advisor, we are pleased to highlight topics centering on technology and financial planning.

Technology has enhanced our work as advisors and created efficiencies. For instance, some of us can still use a yellow notepad and Hewlett-Packard 12C financial calculator to solve a multi-step retirement or college savings problem. Nowadays, software products such as eMoney, Money Guide Pro, or Right Capital yield an effective solution along with a snazzy, visual presentation for clients. Will AI provide a similar paradigm shift? In his article, Scott Snipkie tackles the compliance angle of using AI. Check out "Technology in Financial Planning" to learn about the importance of doing a periodical software audit. The onus is on the advisor to be confident software projections shared with clients are based on solid assumptions. Being aware of the software’s strengths, limitations, and current releases helps this aim.

Clients are often affected by technology in a different way. "Helping Clients Prepare Their Digital Assets for the Inevitable or Unexpected" goes to the next level in estate planning for clients. Guiding clients to think about and plan for areas like email and social media accounts or any cloud-based data if they are incapacitated or deceased is now vital.

Unrelated to technology, "Working With Pro Bono Clients In Financial Stress" offers practical tips and methods of success. Consumers who are financially limited and/or in crisis clearly benefit when they can obtain competent service, care, and advice. Plus, it is a great way to give back.

Gratitude

August 31 ends my tenure as Chair and I then hand over the reins to Joni Alt. With Joni, her experience on the Northeast/Mid-Atlantic Region Board married with her extensive, skilled knowledge in this profession, the association is in fine and more than capable hands.

I also give a bouquet of gratitude to fellow national board directors Deva Panambur, Kristy Archuleta, Feraud Calixte, Ann Garcia, Michael Gibney, Cheryl Holland, Ben Jacobs, Laura Barnett Lion, Natalie Pine, and James J. Williams. Collaborating with you has been phenomenal. A wise person once said, “as iron sharpens iron, so one person sharpens another.” Thank you for your leadership savviness.

It has been the honor of my career to serve as NAPFA’s Chair.

I look forward to seeing you along the journey.