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May 4, 2004
Getting More Out of 'Life'
Advocates of financial life planning help their clients focus on what's really important
Gary Witten, on the campus of SUNY Buffalo, inspires his academic clientele to find financial balance.
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NOT LONG AGO, when financial planner Gary Witten, CFP®, ChFC, was working with clients, he felt something was missing. "I wasn't getting to the essence of their dreams," he says. So he sought out a fresh approach.
He found it with "financial life planning," a
growing philosophy within the profession that
goes beyond conventional quantitative number
crunching. "What people really want is to talk
about their lives, not their money," says Witten,
who works at ING Financial Advisers in
Williamsville, N.Y. "This is about creating a life
portfolio, not an investment portfolio."
Witten's clientele, which primarily includes
professors and staff at the State University of
New York, appreciates the approach. "Our
members immediately took to this method," says
Gail Maloy, director of benefits for UUP, the
union that represents Witten's SUNY clients.
"Now they are thinking differently about how to
plan for financial life events."
"Before attending Gary's workshop, I was
expecting a lot of talk about financial management
and details, which I'm not very interested
in," says Bob Swank, one of Witten's clients.
"But he had us talk about values and what's
important in our life."
Financial life planning -- pioneered by
financial gurus George Kinder and Mitch
Anthony -- takes a holistic, qualitative analysis
of a client's priorities and values. People examine
major life events, such as having kids or starting
a business, and make financial decisions that
reflect their own emotions about money.
As a result, Witten feels he is interacting in
a new and improved way. "My counseling of
clients is not so much about financial products
anymore," he says.
"This approach brought balance to my life,"
says Swank. "It's probably the most meaningful
thing I've done in a long time."
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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.
Gary Witten offers securities and advisory services through ING Financial Advisers, LLC. Neither ING nor its companies are affiliated with FPA, SUNY or the CFP Board of Standards, Inc.
In addition, ING does not endorse the financial planners featured in this article. This article is provided for informational purposes only and the views expressed many not be suitable in every situation.
Consult your tax, legal and/or financial professional concerning your own situation. CFP® is a certification mark owned by the Certified Financial Planner Board of Standards, Inc. © 2004 TIME INC
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WHAT ARE YOUR REAL FINANCIAL GOALS?
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WHEN IT COMES TO financial planning, people often get it backwards. They figure it all starts with trying to make as much money as possible and then following traditional financial planning strategies. There is certainly nothing wrong with this approach, but frequently something is missing -- namely, clear reasons for doing these things in the first place.
The best financial planning starts with establishing goals that take into account your personal values. Before purchasing financial products, be sure they are designed to carry out those goals and reflect your values.
Here are a few tips for discovering your "real" goals:
Write them down.
Discuss them with your spouse, loved ones or friends.
Be specific. For instance, exactly what does "retirement" mean to you? Do you want to retire early or late? Do you want to continue working part time?
Keep asking yourself, what do I really want my money to do for me? What's important in my life? Look ahead, not behind.
For more information on the value of financial planning and how to find a financial planning professional, please visit www.fpanet.org.
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