Collaborating with a Financial Therapist: The Why, Who, What, and How

Maton, Cicily Carson; Maton, Michelle; Martin, William Marty
February 2010
Journal of Financial Planning;Feb2010, Vol. 23 Issue 2, p62
Academic Journal
• In this article, the authors, long-term practitioners of a multi-faceted approach to serving financial planning clients, share their process. Their method incorporates a structured collaboration with a financial therapist who has special expertise that enhances the planning experience. • The growing literature on life planning suggests that planners can be more effective in advising clients by addressing the whole person-their hopes, ambitions, life experiences, and relationships (both healthy and unhealthy) with money. • As life planning has evolved, many planners have adopted new procedures and methods, and have sought out training to gain new skills. • Many in the financial planning field also have embraced collaboration with financial therapists, but have been stymied in their efforts to find therapists with whom to join forces. Therapists have experienced their own frustrations in their efforts to find financial planners to whom they can refer their own clients or with whom to collaborate. The authors share their insights and experience on integrating a financial therapist into a planning practice. They offer a primer on how to best team with a financial therapist to maximize the experience for clients and, by extension, for the practice. They explore a variety of approaches to collaborating with a financial therapist; the benefits it provides to the client and the adviser; introducing the idea to clients; finding the best financial therapist with whom to team; working most effectively with each other; and jointly marketing yourselves.


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