Assets for Life - Waterbury and Davis

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



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



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



Key Learnings:• Training is critical (audience sensitivity, understanding of

common financial issues, etc.)• Agreements to eliminate conflict of interest (focus on fee-

only financial planners)• Many planners want “plug n’ play” • Clients extremely satisfied• Planning must include an implementation support piece• Lays groundwork for individual fundraising



Results:• Volunteers engaged – 30• Workshops conducted – 12 - 15 per year• Financial plans completed – 20• Increase in individual giving


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



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



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


Key Learnings & Results• Initial theories proven correct, except low take-

up 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 Planningand 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

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 1 – Exploration/Agreement

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

Volunteer planning strategies Train Volunteers to meet the unique needs of the clients Linking the right volunteers with the clients

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 DavisExecutive DirectorSage Financial Solutions(415) [email protected]

Emily WaterburyAsset Services DirectorEARN415.217.3660 x [email protected]

Documents

Assets for Life - Waterbury and Davis