Sep 10, 2024
In Episode #21 of NAPFA Nation, host Marie Swift interviews Britta Koepf, CFP®, ChSNC®, founder of Tranquil Path Financial Planning. The discussion begins with Koepf’s background and motivations for establishing her financial advisory practice, focusing on the unique challenges faced by families planning for the financial futures of both aging parents and their differently-abled children. Key topics include the importance of legacy planning, the use of special needs trusts and ABLE accounts, and the financial advisor’s role as an intermediary between clients and legal professionals. She also shares her retainer-based fee structure, which is based on the complexity of services rather than assets under management. Based on the training she received through the Alliance of Comprehensive Planners and adoption of the ACP methodology, Koepf says the tax-focused retainer-based approach creates a rich environment for meaningful support and more open conversations with clients. She emphasizes the importance of holistic planning that incorporates tax strategies, and she reflects on her career path while offering valuable advice for aspiring financial planners, highlighting the growing representation of women in the field.
In a nutshell:
- Special needs financial challenges include planning for two retirements: parents and the special needs child
- Legacy planning is crucial for special needs families
- Special needs trusts and ABLE accounts can be important tools
- An ABLE account (Achieving a Better Life Experience) is a tax-advantaged savings account designed to help individuals and their families save for disability-related expenses without affecting their eligibility for government assistance programs
- Medicaid, Social Security benefits, and SSI (Supplemental Security Income, a program administered by the Social Security Administration for disabled people) are factors to consider
- Koepf acts as an “attorney translator” which improves outcomes between clients and lawyers
- The retainer-based business model gives Koepf the ability to do fee calculation based on complexity, not just assets, and the flat fee encourages open communication with clients
- Koepf’s journey from biomedical humanities to the financial planning profession serves as an example of how women can progress along a similar path
- A higher proportion of women offering holistic financial planning and advice is an idea embraced by Koepf and many others in the fee-only community
Learn more about Koepf’s professional services and mission at www.TranquilFP.com.
Special Note: In 2023, we rebranded the NAPFA podcast with a new album cover and series title: NAPFA Nation. We are shifting our monthly episodes to bring you inspiring conversations and key insights from leaders in the Fee-Only financial planning profession. Marie Swift, Founder and CEO of Impact Communications, will continue on as host, interviewing a variety of NAPFA members and professionals. You will still be able to find on this channel the 32 Mindset Mastery episodes with respected fiduciary financial planners and allied advocates who are committed to accomplishing great things as they master their own mindset and continue to serve their clients in the best ways possible.
Brought to you by NAPFA - the National Association of Personal Financial Advisors - the country’s leading professional association of Fee-Only financial advisors. Learn more about NAPFA at https://www.NAPFA.org.