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Financial Advisor (FA)/
Financial Planner (FP)
Money planning and investing |
Marriage Family Therapist (MFT)/
Psychologist:
MFT-relationships Psychologist-emotions /personal matters |
Money and Soul
A unique hybrid discipline |
Description |
- Manages client assets (FA),
Understands market volatility-risk (FA/FP).
- Provides advice but usually not asset management (FP). Financial tasks: risk management, investment/tax/ retirement planning (FA/FP).
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- Relationship specialist trained to assess, diagnose, and treat individuals and couples so they can achieve greater satisfaction (MFT).
- Clinical training in mind, thoughts, and human behavior. Understands emotional and personal matters and assists in client decisions (Psychologist).
- License requires at least 2 years supervised training and 3000 client counseling hours/graduate degree.
- Privileged Confidential relationship. Provides safety where client can discuss all aspect of problems. (MFT/Psychologist).
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- Assists and counsels clients in practical aspects of money:
How to obtain specific financial goals,
- Efficient use of money,
- Financial coaching,
- “Green” investing, and
- Alignment of money use with higher-self to encourage self-fulfillment/peace of mind.
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Fees |
- Commissions, management fees, indirect compensation (e.g.) mutual fund trailing commission (FA).
- Usually fee per visit or lump-sum pricing for service package service (FP). If (FP) receives commission for recommended mutual funds, insurance products sold then shares same dilemma as (FP).
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- Vary based upon specialty and experience. Usually charge per session or for a block of sessions (MFT/Psychologist).
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- Individual/couples sessions or classes. Usually charge per session or for a block of sessions. Privileged Confidential relationship.
- Freedom for client to discuss all aspects of money.
- Provides practical advice, objective 3rd party asset assessment (allocation/ plan), assistance in utilizing money with greater efficiency or higher purpose.
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Concerns |
- Conflicts of interest regarding financial products, trading of clients positions to create commissions, additional risks to grow portfolio and collect larger fees (FA).
- Possible lack of accountability for advice (FP).
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- Usually lack hands-on experience in money management and risk awareness, financial products, and investment fees.
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- None!
- Note that Money and Soul does not monitor portfolio or assess financial markets.
- Refers clients who need therapy for a non-money related situation.
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