Katz: They come in knowing little but walk out with a sense of responsibility to help the world. They are getting real-world experience and real-world exposure. Advisors are getting burned out--having a young planner enter with hope and enthusiasm certainly can't hurt.
Palmer: They learn to look beyond themselves and have a greater appreciation for the world beyond them. Many students are so grateful to be entering the profession NOW and to be able to help the profession move forward.
Anthony: I noticed that pro bono work is an integral part of your training process.
Palmer: In our program, by tapping into VITA (the volunteer income tax assistance program), students have a great way to talk to needy people about financial planning issues. It takes pro bono work to reach people of low to moderate means. These students can do a great deal of good in expanding financial literacy through this work. By supervising young planners, planners can help to expand the reach of the pro bono efforts.
Katz: Our pro bono program "Red to Black" served 400 people in the community last year--debt consolidation, budgeting, etc. Our students are delighted to do it. This generation is more community-oriented, and because of our holistic approach, these types of students could just as well be social workers.
Anthony: How do you think events of the past year have impacted these planners of the future?
Katz: What has taken place has been a watershed event, which is going to lead to huge changes. This is the first generation of "educated planners" instead of salespeople.
Palmer: The opportunity for a holistic change in the profession has arrived. It will be interesting to see how students go after middle segments of the market--expanding the influence of planning to more people.
Anthony: What role do you see financial life planning playing in the future of this profession?
Palmer: Good question. Helping individuals gain clarity in their personal purpose and goals is necessary for them to understand and set meaningful financial goals. Students who can learn this and planners who adopt this mind-set will have a competitive advantage in the marketplace. The process of life planning fosters trust, and that is a scarce resource right now and will likely continue to be in short supply in the future. As the planner honors that trust, financial life planning can provide tremendous direction, depth and purpose to the client/planner relationship. The challenge with life planning is taking it to "middle America."