Distinction Between Technical and Adaptive Change Models for Financial Planning
April 2, 2019 @ 12:00 pm - 1:00 pm EDT
Guest Speaker: Peggy F. Frye CFP®, MS, Registered Life Planner®, Certified Financial Transitionist®, Glenayr Family Advisors
Host: Susan Bradley, CFP®, CFT™, Founder of the Sudden Money® Institute (SMI), PPI Dean of Transitions
Description: There are two models for working with individuals experiencing major changes in their lives: the technical model and the adaptive model. Both are equally important and equally complex, however the work of most planners sits squarely within the technical model because that is how they were trained. Traditional training is a logical, rational approach to change management that works well when clients are in a state of status quo preparing for future life events.
But when the events occur, rippling throughout all aspects of life, clients face the challenges of adapting to change. These challenges arise in the areas of:
- quality of attention and attention span
- implementation of recommendations.
Meanwhile, these are times when critical decisions and commitments need to be made–the kind that will affect the long-term well-being of the clients.
Adaptive challenges often come as a surprise to clients and the professionals who serve them. Fortunately, the adaptive model was designed to identify and manage these common, uniquely human reactions to change.
Rooted in the theory of adaptive leadership developed at Harvard’s Kennedy School, our adaptive change model is repeatable and universally applicable. Life-changing events that are anticipated, such as the death of a spouse or partner after a long illness, have a remarkable amount in common with sudden events, such as a lottery win. The common threads have to do with how human beings meet and move through change–how human beings experience transitions.
The strength of the traditional model is clear. It is prescriptive, it puts the advisor in the position of expert guide, and it has timelines and predictability built into it. However, that model isn’t designed to deal with the chaos and uncertainty that can come with change, and applying it frequently results in frustration and the breakdown of the advisor-client relationship.
In adaptive change, there are no easy answers or clear timelines. A commitment to this intensely personal work is a commitment to the advisor’s own transition to a different way of being with their clients. It’s a commitment to learning and integrating essential, personal-side skills with technical expertise. All of this happens through experience and through the cultivation of qualities of communication, listening and relating that might not be easy, but they are as rewarding for advisors as they are for clients.
Join us for this webinar to learn more about Adaptive Change vs Technical Change.
Introduction to Our Guest Speakers
Peggy Frye formed Glenayr Wealth Advisors LLC in 2011 after a corporate career in Private Banking. The Firm name changed in 2018 to Glenayr Family Advisors LLC to reflect the Firm’s mission and purpose in working with families in transition.
The Firm’s mission has been to bring a new logic to family wealth planning by helping individuals and families use heart and hard data to support their individual lives and their places in the larger family system. The goal to assist clients in gaining vision about life and family purpose, and help them determine how to use human, family, and financial resources to make confident choices without regret.
Peggy advises individuals and families using a unique family advisory and planning approach. She is also specifically skilled and trained serve clients experiencing life transitions such as divorce, loss of a spouse, sale of a business, retirement, inheritance, and other important life transitions.
Peggy’s skills were honed during a 28-year career as a Private Banker and Wealth Advisor for Citigroup’s Private Bank in New York City, Chappaqua, NY, and Washington, DC. She has been a Certified Financial Planner® since 1996 and is distinguished an advisor who has achieved the Registered Life Planner® designation in 2009 from the Kinder Institute in Littleton, MA. She received her Certified Financial Transitionist® designation from the Sudden Money Institute in 2012, and is among an elite group of professionals with experience in combining planning with cutting-edge research in neurology, sociology, and psychology. She is also a member of the Sudden Money Faculty coaching other advisors in this unique process. Peggy continues to work with Navigating Systems in Washington, DC, to further her expertise in working with complex family situations.
During her career in financial services and in private practice, she has served corporate clients, privately held business owners, real estate entrepreneurs, private equity firms and large high-net worth families. She also served as Treasurer of the Friends of the Neuberger Museum of Art Board for several years prior to her move to Virginia.
Peggy holds a Master of Science from Fordham University and Bachelor of Science from Southeastern Louisiana University. Peggy resides with her husband on Glenayr Farm in central Virginia where they raise Champion Airedale Terriers, Russell Terriers, and Angus cattle.
Susan Bradley, CFP®, CeFT® is the founder of the Sudden Money® Institute (www.suddenmoney.com), which began 18 years ago as a community of practice seeking to better serve their financial planning clients by developing process and tools for the personal side of money and for clients going through transitions. This think tank created the Certified Financial Transitionist® (CeFT®) designation, and a division for training and certification called the Financial Transitionist® Institute. Susan has served on the FPA’s National Board of Directors, she currently sits on the National Football League’s Players Association’s Financial Education Advisory Board, and she serves as the Dean of Transitions for the Council of Deans of the Purposeful Planning Institute. She is seen and heard frequently in the national media, including NBC’s Nightly News, CNN, NPR, The Wall Street Journal and The New York Times. She is the author of Sudden Money: Managing a Financial Windfall (Wiley 2000), and her TEDx Wilmington Women talk is called, “Change launches you into the next great chapter of your life, whether you like it or not.” It can be found at: https://www.youtube.com/watch?v=kcf7zbW1C7Y She is the recipient of the Insiders Forum Iconoclast Award 2017.