In today’s episode of Framework, Jamie talks with Dr. Carolyn McClanahan, the founder of Life Planning Partners, a fee-only financial planning firm based in Jacksonville, Florida.

Carolyn’s childhood didn’t come with much financial stability. Having to work hard for her own money and needs, her upbringing showed her the importance of being careful with money to ensure financial security. A series of false starts in college eventually lead her to med school and to practicing family and emergency medicine.

In the late 90s, she and her now-husband, an aerospace engineer, were both getting restless in their careers. They began looking for a financial planner to see what their options were and she fell in love with the profession. Though Carolyn is still an active physician and volunteer, her primary job is as a financial planner who incorporates health with financial planning.

Carolyn talks with Jamie about the importance of asset allocation, educating your clients so they know how their portfolio is likely to perform, and how to have confidence in a portfolio’s ability to deliver, even in a bear market.

(19:41) “Being a financial planner is like being a doctor except you’re dealing with people’s money. It’s the exact same work, just for a different part of the person.” ~ @carolynmcc

Main Takeaways

  • Active funds won’t weather a financial storm better than passive ones will. Being in passive funds is the key to telling clients everything will be “OK” in a bear market. 
  • The most important part of investment management is good asset allocation. It’s critical to make certain people don’t take more risks than they have to and educate them upfront about how their portfolio is performing. 
  • Planning with a client’s physical health in mind is essential when trying to put together the right portfolio for them. If they suffer from degenerative diseases, obesity, terminal illness, etc, it will drastically alter the plan you’ve created for them. 
  • Avoid trying to predict unpredictable futures. Create resiliency and enjoy the here and now. 

Links and Important Mentions

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