The Value of Choice in Financial Planning

Holly Donaldson, CFP^® of Holly Donaldson Financial Planning, LLC

 

Financial planning can benefit everyone but there’s no one-size-fits-all approach, a principle Holly Donaldson, CFP^®, has embraced throughout her career. A CFP^® certificant since 2004, Holly launched her advice-only financial planning firm in 2006, providing clients with flexible, as-needed guidance. “Not everyone needs a financial chauffeur; some only want a navigator,” she shares. “I discovered I had a genuine passion for helping people put all the important pieces of their financial lives on the table, then working with them and other professionals to help identify and achieve their dreams.” 

With over 25 years of experience in financial services, including a background in private banking, Holly knows there is more than one way to provide financial advice. Her advice-only model makes personalized, Fee-Only guidance accessible without an ongoing commitment requirement. “Some clients just want a second opinion on their existing plans, while others may need a full plan from scratch,” she says. Entirely virtual, Holly Donaldson Financial Planning, LLC has served over 500 households, primarily in the Tampa, St. Petersburg, and Clearwater areas in Florida.

Holly is also the author of the award-winning monthly e-letter, View from the Porch, and the book The Mindful Money Mentality: How to Find Balance in Your Financial Future. She volunteers actively and has held roles in several professional and community organizations, including Savvy Ladies, the Tampa Bay Estate Planning Council, United Way, and Toastmasters. Her expertise has also made her a sought-after speaker at various professional conferences and for several media outlets, including The Wall Street Journal and CNBC.

Empowering Clients with Advice-Only Financial Planning

Specializing in retirement and pre-retirement planning, Holly’s Fee-Only services range from financial check-ups and second opinion projects to ongoing consultations and full lifestyle plans, with ongoing support to help clients adapt to life changes and stay on track. “We don’t touch our clients’ money or manage investments,” she says. “Our as-needed approach means clients engage only in the services they need when they need them.” As a Fee-Only fiduciary, her firm doesn’t receive any third-party compensation or sell products—she only offers expertise, experience, and creativity to help clients reach their goals.

Her guidance focuses on addressing immediate questions, such as, “Do I have enough to retire?” “How do I begin drawing from savings in retirement?” and “What are the most tax-efficient ways to save?” Holly likens her services to a chef preparing a personalized menu. “We curate the essential components and then collaborate with other professionals to find the best ‘ingredients,’ whether it’s bonds, mutual funds, or something else,” she says.

The Role of Behavioral Economics in Financial Planning

Holly’s interest in behavioral economics, the study of how and why people make financial decisions, deepened her commitment to financial planning. “I realized the difference money made in an individual’s or family’s life when they made thoughtful choices,” she says. Still, Holly observes the emotional hurdles clients face, making seemingly rational decisions more complex or hesitating to spend the savings they spent their life building. Understanding behavioral finance has been integral in helping her clients become organized and confident with their decisions, freeing them to pursue what matters most to them. “The value of choice is important to me and my clients,” she says. “Whether they dream of traveling, going back to school, volunteering, or spending more time with family, freeing them from financial chaos can reveal new choices and possibilities.”

Holly has applied the same principle of wise choices to managing her time. She has prioritized referring out prospects who aren’t an ideal fit and limiting commitments that don’t fit her current focus. “It has helped me stay true to what I do best,” she shares.

Community and Growth Through NAPFA

As a NAPFA-Registered member since 2007, Holly has found growth and camaraderie connecting with like-minded advisors and volunteering in roles on the West Florida Local Group, Project-Based Planners Mix Group, Leadership Development Committee, and South Regional Board. She was named one of 2024’s Women to Know by the NAPFA Women’s Initiative. “Coming from a competitive corporate banking world, trusting and opening up to others didn’t come naturally to me. I originally joined to access a community with the legal, tax, and financial expertise I formerly enjoyed at a large bank,” she says. “But at my first NAPFA conference, I was pleasantly surprised by the courageous transparency and open support. Over time, the spirit of encouragement and fun has been a constant.”

Holly’s favorite financial planning resource is Christine Benz of Morningstar, while her go-to app outside of financial planning is Insight Timer. Her advice to fellow NAPFA members is to listen—exquisitely, insights she learned through Ted Klontz. “Listening is essential in this profession,” she explains. “It’s how we truly understand our clients’ dreams, concerns, and motivations.”

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