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December 18, 2003
Teaming Up for a Goal
Rival financial planners join forces to make advice more accessible to the public
Rogers (center) is the point man for FDI founders (and avid Razorback supporters) Adkins, Conger, Corkern and Waschka.
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Conventional wisdom said that financial planning couldn't properly, or profitably, serve people with modest means. In 1998, however, four financial planners from Little Rock, Ark., decided to prove otherwise.
"We were frustrated at having to turn people away," says Rick Adkins, CFP®. "And there was no place to send them for the help they needed."
Primarily serving high-net-worth individuals in their respective, competing practices, the four planners -- Adkins, Cindy Conger, CFP®, Barry Corkern, CFP®, and Larry Waschka -- took a fresh approach by teaming up to form a joint venture, Financial Decisions Institute.
Unlike their main practices, whose cost structures made less-affluent clients unprofitable, FDI's mission was to provide high-quality, fee-only planning for this group by using a low-cost model that focuses on the basics.
Today, FDI has about 200 clients (many of whom are single women or young couples) who pay an average $300 for a financial plan and get Alvin Rogers, CFP®, as their decision partner.
"Our clients' goals are not very different from those with more substantial means," says Rogers, FDI's managing planner. "They want to retire, send their kids to college, have a nest egg."
The firm also fills an emotional need. Clients call about everything from refinancing to job benefits. "People are grateful to have somebody help them better understand their choices," Rogers says. "That represents power and freedom."
One of FDI's key tools is software created by Adkins to streamline the process. The program focuses on retirement planning, disability income, life insurance and college savings, and it highlights areas that need improvement.
FDI is now breaking even, and the partners hope its example will help people nationwide. "I'd love to see a firm like it in every city," says Adkins. "We want people to copy the model."
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Page disclaimer
This series profiles financial planners who take a fresh approach to help their clients or the community. To nominate a financial planner, click here.
ING is not affiliated with FPA or Financial Decisions Institute, nor does ING endorse the financial planners featured in this article. This article is provided for informational purposes only. The information is not intended to be applied or relied upon in any particular situation without the advice of your tax, legal and/or financial services professional. The views expressed may not be suitable for every situation. CFP® is a certification mark owned by the Certified Financial Planner Board of Standards, Inc. ING is not affiliated with FPA, MONEY Magazine or CNNmoney.com.
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Do You Need the services of A FINANCIAL PLANNER?
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How do you know if you could benefit from the services of a qualified financial planner? You may not have the expertise, the time or the desire to actively plan and manage certain financial aspects of your life. You may want help getting started.
Any of the following may trigger the desire for financial planning guidance:
Are you concerned about saving enough for retirement or college?
Are you planning to get married or preparing for the birth of a child?
Are you caring for aging parents?
You may benefit from an objective, third-party perspective on what are often emotional, difficult decisions. And in today's hectic world, it can be beneficial just to have a financial expert looking over your shoulder to double-check your planning efforts and make sure you stay focused and follow through with your financial plans.
Managing your personal finances is ultimately your responsibility. However, you don't have to do it alone. A financial planner can help you make decisions that maximize your financial resources and help you reach your financial goals and dreams.
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