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Breaking Down Barriers in Financial Advising: Insights from Phil Sherman, CFP®, CPFA®, NQPC™

Breaking Down Barriers in Financial Advising: Insights from Phil Sherman, CFP®, CPFA®, NQPC™

November 01, 2023

In the world of financial advice, Phil Sherman, CFP®, CPFA®, NQPC™ a senior retirement plan consultant at Deschutes Investment Consulting, is shaking things up with his invaluable insights. He recently took the stage as a featured speaker at the prestigious National Plan Adviser conference, where he shed light on some key pillars of effective financial planning: clear communication, behavioral finance, and inclusivity.

Sherman boldly points out, "We're right up there with the medical and legal professions when it comes to industry jargon." He calls upon fellow advisors to reflect on their communication style, asking themselves if they're unintentionally trapped in a web of industry-specific jargon. The key, he suggests, is to simplify the language used in presentations, making financial concepts accessible to everyone.

But that's not all. Phil also emphasizes the importance of understanding what different generations want and avoiding stereotypes. As he wisely puts it, "We're all unique individuals." Recognizing the distinct viewpoints of each client and steering clear of pigeonholing them is the bedrock of building trust and nurturing fruitful advisory relationships.

In a recent study by Zippia.com in 2023, some alarming statistics came to light about financial literacy in the United States. Shockingly, only 57% of Americans can be considered financially literate, and a whopping 77% of the population grapples with financial anxiety. On average, individuals are losing $1,819 annually due to financial illiteracy. Phil Sherman's recent feature on PlanAdviser.com forcefully drives home the need for clear and inclusive communication in the world of financial advising.

In a world filled with financial complexities, advisors who can simplify complex language and honor individuality are poised to empower their clients to make informed and impactful financial decisions. Sherman's insights serve as a guiding light, ensuring that clients not only feel heard and understood but also exceptionally well-prepared for their unique financial journeys. 

Ready to embark on your journey towards financial clarity? Our team at Deschutes is here to help guide you through the intricacies of financial planning. Your financial future is just a conversation away. 

Contact us at info@deschutesinvestmentconsulting.com for a free consultation or any questions. 

Check out the full article Phil is featured in here: https://www.planadviser.com/suggestions-best-plan-participant-service.

Source: 20+ Compelling Financial Literacy Statistics [2023] - Zippia