Financial Planning—What You Can Expect When Working with an MMBB Financial Planner

Rev. Dr. Patricia L. Hunter, CFP^®

When it comes to the business of the church, pastors are quick to remind their congregations and church leaders that all things must be “done in decency and order” (1 Corinth. 14:40).

They often reference Proverbs 29:18a which states, “where there is no vision, the people perish,” to help leaders understand their divine purpose and then incorporate wise planning to make that vision become a reality. Yet, clergy persons and lay church leaders can be so focused on the church that they may not be as diligent about applying these principles to their personal finances. Working with a financial planner can help you focus on putting your own financial house in order and is an important step towards financial wellness. A financial planner can work with you to help determine your long and short-term goals and map out a realistic strategy so you can achieve those goals.

A study conducted in January 2015 by Northwestern Mutual found that 58 percent of Americans recognized the need for help with their finances, but 34 percent had not taken any steps to seek out support with handling their monthly expenses and preparing for the future. At MMBB, we know the path to financial wellness is possible no matter what your current financial situation may be. Experience has taught us that after working with a financial planner people feel empowered and have increased confidence about reaching their financial goals. Research shows that those with financial plans feel they are saving more, living better and experiencing greater levels of satisfaction in their lives.

So, what can you expect when you work with an MMBB financial planner?

One of the first things to keep in mind is that working with an MMBB CERTIFIED FINANCIAL PLANNER™ professional is a benefit of membership that is available at no cost. At MMBB, financial planning is not simply about financial wealth; rather, it is about helping all our members move toward increased financial health. All financial planners at MMBB carry the CFP® designation, one of the most respected designations that a financial planner can attain. It is an indication the planner has undergone rigorous study and met stringent examination and ethics requirements. Furthermore, our financial planners are fiduciaries which means we are expected to act in the best interests of the client. MMBB financial planners are not driven by commissions and they do not sell products. Our highest priority during the financial planning process is focusing on meeting the client’s need.

Our CFP®s can be depended upon for complete confidentiality and will listen carefully to the issues and concerns that are foremost on your mind and help you understand why a financial plan is vital for you now. Depending upon what the member views as their priorities, our CERTIFIED FINANCIAL PLANNER™ professionals can focus on one aspect of financial planning such as debt management, college funding or budgeting. They can also prepare a comprehensive financial plan that covers multiple areas. The planner may make a recommendation after listening to your goals but the decision will be entirely yours. Typically, full comprehensive plan can be completed and presented to a member within three weeks, depending upon the complexity of the member’s situation.

We recognize that pastors and lay church workers are busy meeting the demands of ministry as well as personal and family obligations. To save time, a member can input their financial data at their convenience using Advizr, the digital financial planning software used by MMBB. The financial planner will retrieve this data and build a customized financial plan. Most often, the financial plan will be presented using video conference software to allow for flexible scheduling. The CFP® may also be able to arrange an in-person meeting, depending on your location and scheduling needs.

When the financial plan is completed, you can expect the CFP® to recommend ways to improve your financial outlook and provide definite steps to reach your goals. This is also a good time to ask questions, gain clarity about concrete next steps and establish a schedule for any necessary follow-up meetings.

If you are already an MMBB member, I strongly encourage you to take advantage of meeting with one of our CERTIFIED FINANCIAL PLANNER™ professionals. To schedule a session, email us at [email protected] or call 800.986.6222. We are here to help you.

I cannot say enough about the value of financial planning as a key component of financial wellness. Working with a financial planner will save you time, money and frustration and it will enhance the likelihood of creating lasting financial wellness. I encourage you to take the time now to invest in yourself, invest in your family and invest in your future.