Carolyn McClanahan: There's More to Money Than Just the Numbers


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The quest for real advice: How a “math nerd” found her way to medicine and eventually sought financial advice (1:12-3:32)
Frustrated: How disappointing experiences with financial advisors spurred Carolyn to pursue a career in financial planning (3:33-4:56)
“It worked beautifully”: Why Carolyn decided to charge flat fees for her planning services instead of taking a percentage of client’s assets (4:57-6:50)
“It’s a lot harder’: Carolyn explains why the flat-fee model isn’t more commonplace, how they determine the right fee for each client, and why it makes economic sense (6:51-8:44)
An “ensemble model”: How Carolyn built her practice and how she hones her focus (8:45-13:01)
A piece, not the whole pie: The role investments play in a client’s financial plan (and how to avoid expectations gaps) (13:02-14:43)
The healthcare spending conundrum: “We spend so much money on end-stage healthcare that really doesn’t help anybody.” (14:44-17:39)
Heal thyself: “We’re going to start seeing lawsuits from employees…about employers not being good purchasers of (health) insurance” (17:40-19:35)
Primary care as a public service: Carolyn’s ideal health-care system puts community health centers at its core (and removes primary care from insurance coverage) (19:36-22:35)
How to address the big-four “aging planning” issues: When to stop driving, when to move, when to get help with financial decisions, when to get help with healthcare decisions (22:36-26:02)
How to take the keys away: Addressing the issue of aging parents who shouldn’t be driving anymore (26:03-28:08)
Bringing the family together: “90% of fraud and abuse is done by people close to you” (28:09-30:36)
“It’s been a beautiful thing to use”: How Carolyn employs “engagement standards” to align expectations and ensure clients commit to the plan (30:37-32:42)
Cognitive decline: “A client’s biggest risk to their financial security is actually themselves” (32:43-34:33)*
How to plan for healthcare spends: Live healthy, work as long as you can, reflect on how you use healthcare (34:34-38:04)
Whealthcare: A programmatic attempt to project and plan for healthcare costs (38:05-39:14)
A construct for long-term care planning: “People who are very healthy are going to have a longer long-term care need; people with dementia have an average long-term care need; if you’re very unhealthy you don’t have to worry about long-term care.” (39:15-42:22)
Paying for long-term care: Carolyn suggests setting aside a “bucket” of money to self-fund long-term care, which avoids problems with acceptance into nursing facilities and complexity of long-term care insurance (42:23-45:33)
“There’s more to money than just the numbers”: Why hybrid long-term care insurance isn’t usually a good answer, but sometimes piece of mind makes up for its opportunity costs (45:34-48:05)
How to avoid cognitive decline: It’s not all hereditary, so learn as much as possible and live a healthy lifestyle (48:06-50:58)
Other ways to anticipate and manage cognitive decline: How a checklist helped a client determine he was suffering a series of mini-strokes (50:59-53:56)

Caroyln McLanahan bio
Life Planning Partners
National Association of Personal Financial Advisors (NAPFA)
Employee Benefit Research Institute

12 episodes available. A new episode about every 0 hours averaging 50 mins duration .