Impact Communications, Inc.
  • Home
  • About
    • Our Team
    • Our Clients
    • Unique Approach
    • Out and About
    • Charitable Giving
    • VIdeos
    • Recognition
    • Join Our Team
  • Advisors
    • Conference Downloads
    • Marketing & PR >
      • Media Placements
      • Examples of Impact Communications news releases
    • Branding and Websites >
      • Logo Gallery
      • Office Signage
      • Brochures and Campaigns
      • Websites >
        • Website Case Study
    • Advisor Coaching
    • How We Work
  • Institutions
    • Marketing Strategy
    • Public Relations >
      • Media Placements
      • Examples of Impact Communications news releases
    • Website Strategy >
      • Case Study: Website Makeover
    • Speaking Engagements >
      • Speaking Appearences
    • Video Production
    • Group Programs
  • Journalists
  • News
    • 2023
    • 2022
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
    • 2010
    • 2009
    • 2008
    • 2007
    • 2006
    • 2005
  • Blog
  • Contact

Best Practices Blog


Dr. Preston Cherry on ... household hysterics, story listening, Statements and more

6/1/2021

 
In this Swift Chat video conversation, Marie Swift of Impact Communications, Inc., speaks with Preston D. Cherry, Ph.D., CFP®, of Concurrent Financial Planning, LLC. Dr. Cherry is also Assistant Professor of Finance & Personal Financial Planning in the School of Business at the University of Wisconsin Green Bay. Preston shares his backstory and why he chose to establish Concurrent as an independent, virtual financial planning firm that serves individuals, families, and business owners nationwide. They are guided by the core principle of the fiduciary standard, which is to always put client interests first. 

He also talks about his work at the University of Wisconsin Green Bay and how he is a product of the Texas Tech (Lubbock, Texas) PFP curriculum made famous by industry luminaries Deena Katz and Harold Evensky. 

Preston is also working on a book so we learn more about Statements and story listening, household hysterics, and other fun facts about Preston and his life, mission, and focus.

Learn more about Dr. Cherry: ​www.ConcurrentFP.com
     The moniker is life/money balance. It's letting your life lead your money and not your money leading your life. It's not always reacting and recovering the money and letting it define where your life goes. That's people’s frustration. It's like, okay, I want some life momentum. I want some progress forward. I want to go towards my aspiration."  ​~ Dr. Preston Cherry
Listen to Podcast / Audio Only
Marie Swift: Hey everybody. It's Marie Swift. Welcome back to another Swift Chat and I have with me today, Dr. Preston Cherry and Preston is a new favorite friend of mine. We had a get acquainted call a couple of weeks ago, and we just had so much fun together learning about how we have overlapping relationships and conversations in the financial planning community.

I want to bring in Dr. Preston Cherry now. I'll just call you Preston from here on out. How about that? To talk to us about what he's doing that's interesting and cool. Let's start with this Preston, you've got a lot going on. I was looking at your website and just getting to know you; you've got an incredible bio. What's your backstory? How did you end up doing what you're doing today?

Dr. Preston Cherry: Well, thank you for that. And thank you for inviting me, Marie. I love Swift Chats. It's like a fireside chat. I love it. So yeah, my backstory really came about when I was at undergrad, I was at Prairie View University in Prairie View, Texas, right outside Northwest Houston and I had a mentor there and his name was Jan Jasper and he introduced me to personal finance. I took a personal finance class there and didn't know personal finance was a thing. However, I was introduced to money concepts early in life and throughout life. My parents introduced me to my first matching program where we saved some of our allowance and then they put a couple of dollars in a ledger as a matching program. So that was my first 401(k) match right. There are many other stories like that, but I didn't know personal finance was a thing as a young person. However, when I got to the university, I was like, oh, okay, this, sounds like something I'd want to do.

So, mentors are very important. They were important to me then and important to me now, and that's why I continue to do mentorship going forward too.

Swift: So, being at a university, is that CFP students? PFP students?

Cherry: Yes. Right now, I'm at University of Wisconsin, Green Bay. Actually, we're having a back-and-forth weather right now; it was very cold, but the spring sun came out a little bit and it just snowed the other day. So, I'm getting used to Green Bay, but what the community here, the community and the students are clamoring for is a personal financial planning program of which we have a certified or CFP board registered approval, which is big because now the students can take our classes and if they finish the classes, they get to qualify to sit for the CFP exam. So that's big news and there was no program several months ago, so we started from scratch and now we have that CFP Board approval, and we also have a minor in our catalog and the students are so excited.

We just launched the student association here recently as well. So, the demand is there. The firms are excited, the students are excited, and I get to pay it forward. From my backstory until now I keep paying it forward.  

TIES TO TEXAS TECH

Swift: Am I remembering correctly? You have roots with Texas Tech?

Cherry: I do. I do. Part of it, yes. Part of that backstory coming from Prairie View is that my mentor has friends over at Texas Tech -- that was the legacy institution of financial planning, right? We took a field trip from Prairie View to Lubbock and was introduced to that program and met some of the fine people there.

I have another mentor you know, Dr. Vicky Hampton over it at Texas Tech and Bill Gustafson. I met them back in 2003. Then I continued in my banking career, so to speak, tellering and retail banking and whatnot. In 2004, I started in the investment operations area and in 2005, I was like, you know, it's time to go back and pursue that financial planning thing. That's when I went back to Texas Tech and got the Master's Degree and fast forward, 10 more, I guess, 15 more years and I went back for the Ph.D. and here I am now.

Swift: I had the opportunity to go down to Lubbock, Texas when Deena Katz and Harold Evensky were down there teaching. They asked me to come down and talk to the students about social media etiquette. I said, really? And they said, yes, really. So, I got to go to the Waffle Place where they serve sweet potato waffles and I got to go to the Boot Barn and bought some red cowboy boots with Deena.

Cherry: Oh, yes. And Deena is another mentor of mine, Harold as well. We've had many, many chats and she's given me so much advice over my career and in life also.

PASSIONS AND PURSUITS

Swift: You have a lot of irons in the fire. I think you also work with your own personal financial planning clients. What is the thing that you enjoy the most? What lights you up of all the things you're doing?

Cherry: That's hard. It's kind of like I don't have any children, but I know my parents wouldn't pick their favorite child. Although I hear that where some parents, they do have their favorite child secretly, ha. But I'd have to say number one is the impact I have on students because that impact is also on clients, and also an impact on the community and also on the profession. I'm all of those in measurable ways. I was just talking to a former student that I taught while I was at Texas Tech pursuing the Doctoral Degree. I was teaching classes there and I had two students over this past weekend call me and share with me that -- wow, I'm getting kind of emotional -- I've had profound impact on their lives. That was a pleasure to hear; you know, I don't do it for compliments, but for them to share that with me, I appreciate that because I appreciate that in my mentors,  my parents, Dr. Jasper, all those folks, right? And I've shared that with them cause it means something. So impact on lives and particularly students.

And then with my clients when they're going through a process and they say: This is where I am, this is where I want to go. I don't understand my life's direction or, maybe I do and just don't know how to get that on course. And then I don't know about all this money thing whether it'd be fundamentals or more complex. Show me how do we align these things?

I know we'll get to this later, but you know, some people just want to be heard. And then when you see the result of that, and I always share that people don't know what “it” is until you go through “it.” That's when you can quantify “it” -- that's when it's measurable and when people go through it and they share that with you, it's like, ah, yes, this is what it is, that's also impacted and an impact on the profession as well. I do a lot of volunteering for our major groups and sit on boards and whatnot. So, in all those areas Marie, it's about impact and having a measurable and meaningful as well.

CONCURRENT PLANNING

Swift: I love that. Your website talks about money and life needing to run concurrently. You named your company, Concurrent Financial Planning. Talk to me about that.

Cherry: Yes.  I kind of touched on that as nice segue which is that there's a partnership. The moniker is life/money balance. It's letting your life lead your money and not your money leading your life. Not always reacting and recovering the money and letting it define where your life goes. That's people’s frustration. It's like, okay, I want some life momentum. I want some progress forward. I want to go towards my aspiration.

However, if your money is leading your life, you don't have that course. When your life leads your money then your life and your money are running concurrently. They're running in partnership because as soon as they go in different directions, then we have an issue there.

And there's a big disconnect and people feel that. That philosophy was developed from something that a few times in my life where I didn't feel so well. Where my life and money were crossing and going in different directions. And it was very apparent of what was going on and until I grasped the reality of that I just didn't feel very well.

So that's why I was like, well, money is filled with emotion and all that before you get to the numbers. So that's where the concurrent nature of it came from.

Swift: You said something earlier and I want to go back to that. It was around people wanting to be heard. In my work in 2020, I think I mentioned I did this project called Conversations That Matter in partnership with the Advisory Solutions arm of Allianz Life Insurance Company of North America.

And what I learned or what was reinforced for me is that clients want to be heard and that the advisors who actually heard those clients, and acknowledged their fears and their concerns and their joys -- I mean, all of that was amplified, if you will, in 2020. We all had that stuff, that fight and flight and, oh my gosh and, what's going on? And how long is this going to last and the social unrest. But you know, advisors who really heard their clients and acknowledged clients with something like, I may not have the answer to that today, but we can get through this together. I see what you're saying. I hear what you're going through. T hose advisors are actually doing better, did better through the crisis, and now are earning more client trust, which means more business right?

I also learned, and then I want to go back to a question for you, that advisors wanted to be heard. I had 342 advisors participate in a survey and half of them took the time to fill out two essay questions. When I interviewed some of those respondents, I asked them, why did you take the time in the middle of all of this that you have going on to write essay questions about your experience and your client's experience? And they said, we want to be heard. We want a voice. So, there's something there about being heard and then storytelling, right? People want to tell their stories. Stories engage. What would you add to all of this?

Cherry: Whew, can I say just ditto?  I agree with all of that. Similarly, to yourself, I'm developing a presentation on the art of storytelling and story listening. People want to be confirmed. They want to be heard. And here's the thing: People have their ah-ha moments; they've never been asked certain things, Marie, they'd never been asked certain things.

A response that I tend to like is: I’m glad you’ve asked. I've been waiting for somebody to ask me, or I've never been asked that type of thing. And then just really sitting back. Once that happens, once you get that, oh, that's the joy right there. You just sit back and let folks walk themselves into their story. And sometimes it's a pause too, for both the planner and the client to work themselves through that kind of couple of seconds process, because they're somewhat shocked that somebody asked them that, but they've been waiting. They've been waiting and, and not to interrupt what that process is, is very important just to -- and I know I'm speaking to the choir here -- and just sit back and then they walk themselves into their story.

That's what engagement is. They engage themselves rather than you prodding them to get there. They're like, okay, I've been waiting for this opportunity. As soon as you open that door and listen to their story that is fabulous. Also, stories create vulnerability as well, because everyone just wants to know "you're like me."

We can have a conversation that I can trust. If you're sharing your story, you're being more vulnerable, then that means I can too. I can share some of these emotions that I've been trying to process for many years about my money.

HOUSEHOLD HYSTERICS​

Swift:
I know you're writing a book, so maybe looking at the last few minutes talk a little bit about the book, but I want you to also mention about this family hysterics, right? We were talking about that while we were getting acquainted. Don't leave this call without sharing that. So, in the last couple of minutes we've got talk to me about your book and family hysterics.

Cherry: Okay. Yes. The series is called Household Hysterics and it's about getting people to engage with their money life, their life/money balance, because if you just mentioned money, then people are not going to just get there. However, they will comment and engage with everyday things that going on in their household and then laughter helps as well. So, I'm going to take these everyday occurrences in the household and get people to comment on those because they can relate to them and smile about them. For instance, I have a great seasoning cabinet, right? And there are some seasoning staples that you have to have, and everybody has their seasoning cabinet -- you know that garlic powder, whatever your fundamental seasonings are, and people are going to engage on that all day. They'd be like, yes, you've got to have this. You got to have that. And then how do we translate something now that they're engaged and they're smiling a little bit.

How do you translate that to money? Well, it's about money fundamentals, all right. What are the basics that you need to have in your plan? What are one of those money spices, so to speak, and that's that emergency fund, right? That's that retirement account and this, that, and the other thing; you know, managing your credit and whatnot.

So now we're getting somewhere. Now we’re engaged. It's like, oh yes, that too. So yes. Household Hysterics. Yeah. And there are many of those. They get people smiling and engaged about their money.

The book is called Statements. It's a double play on words. I find that clients will not give or delay giving those detailed itemized bank statements or credit card statements because they are very truth-telling. They're very revealing. They're very personal. They're personal statements. All all of this ties to personal financial planning right? They can tell a story, but once they give that itemized document, then it's telling a real story and then we get to unpack what we need to talk about. So that's the first play on it is about those personal statements and what it means, you know, that financial statement.

And then because you know, my moniker is about life/money balance, so you have some money part, but then what are some of the life statements to commonality. Life statements that you may have heard from your aunt, your uncle, your good friends or mentors, or friends and whatnot. What are those? What are some of those things we heard around the house? Like for instance, my mom always told me you can't wash dishes with a closed rag. You can't do it. She goes, son, you got to unravel that rag so you can efficiently wash the dishes. That's a statement right. That's something somebody can smile at and maybe relate. Maybe their mother told them something like that as well. How do you relate that to money? Well, you can't do anything with a closed mind or a closed approach of what maybe you've been doing or used to. You have to be open. You have to be open and honest with your story. You got to be open and honest with your audit of yourself and you have to be open with your courage to take action. So those are the type things that are going in the book.

Swift: You know, while you were talking, I'm thinking, wow, what were some of those money statements my mom gave to me and the one that came to mind is this. My mom was really thrifty and frugal. She said" Any dummy can pay full price.

So how can people follow your work or learn more?

Cherry: Yes. You mentioned research. I'm working on some personality traits research. I did that for my dissertation and then also getting into some client connections research and some storytelling type of research.

I'm on Twitter, I'm on Facebook and also LinkedIn and that's Dr. Preston Cherry, and that's my handle across all of those. And then also www.concurrentfp.com which is the website for the firm.

Swift: All right. Thank you so much for being here. I will see you in the conference circuit. Hopefully this fall, we'll all be around again in person.

Cherry: Absolutely. Can't wait. Thank you.

Watch on Vimeo
Picture

Comments are closed.
    Picture
    Picture

    About
    This Blog

    Welcome to the “Best Practices in the Financial Services Industry” blog, where you will find ideas and tips from Marie Swift, a nationally-recognized marketing communications consultant who's worked with some of the top financial services and financial advisory firms in the nation over the course of her career. The "Swift Chat" series, which is available in both a video and a podcast format, is co-hosted by Impact Communications Vice President Jonny Swift, who selects his own guests and brings a Millennial perspective to the show. This blog spotlights financial services firms and allied institutions that the Swifts deem as adopting "Best Practices" in the industry. You will find numerous posts with tools and ideas aimed at helping independent financial advisors communicate better, scale, and grow.

    RSS Feed

    Kudos for Swift ChatS Podcast

    Picture
    Swift Chats makes the list: Fifteen Must-Listen Financial Podcasts | WealthManagement.com | November 2021
     
    Tweets by @ImpactMarComPR
     

    Categories

    All
    4FP Digital Marketing
    ACE Academy
    ACP Alliance Of Comprehensive Planners
    AdvisorEngine
    Advisor Solutions
    Advyzon
    Alex Cavalieri
    Allan Slider
    Allianz
    Alternate Income Source
    Angel Gonzalez
    Anthony Mlachnik
    Appreciative LIstening
    Ariel Acuna
    Awards & Recognition
    Balance In Work/Life
    Bill Cates
    Blain Wease
    Bob Veres
    Brad Swineheart
    Brian Fricke
    Brian Willet
    Carl Richards
    CEG Worldwide
    Center For Financial Planning
    Charitable Donations
    Chip Simon
    Chris Lamoureux
    Chris Manker
    Claire Akin
    Client Advisory Boards
    Client Driven Practice
    Colin Swift
    Compliance
    Conversations That Matter
    Craig Iskowitz
    CWA Network
    Daniel Crosby
    Dan Wanous
    David Lyon
    Digital Transformation
    Ed Jacobson
    Elements App
    Eric Showalter
    Ezra Group
    FAR Sight Series
    FeeOnlyNetwork.com
    Fiduciary Standards
    Fiduciary Voices
    FinTech
    FPA Kansas City
    Francesca McLin
    George Kinder
    Haleh Moddasser
    Hanah Bryant
    Heather Kelly
    Holiday Notes
    Holistiplan
    Hot & Happening @T3
    Howard Lutz
    Impact Communications
    Inc.
    Incedo
    Indigo Marketing
    IWI Membership
    Jack Bogle
    Jake Wagner
    Jeff Levine
    Jess Flynn
    Jim Lange
    Jody Jacobson
    Joel Bruckenstein
    Joe Lukacs
    John Bowen
    John Enright
    Jonathan Ainsley
    Jonny Swift
    Josh Cutler
    Kevin Lozer
    Kinder Institute
    Lange Financial Group
    Life Planing
    Magellan Network
    Marie Swift
    Mark Clure
    Marketing
    Marketing Fundamentals
    Mark Paulson
    Mark Pearson
    MarTech
    Martin Tarlie
    Marwa Zakharia
    Mastering The Conversation
    Matt Sonnen
    Matt Trujillo
    Media Relations
    Meir Statman
    Meredith Moore
    Michael Kitces
    Michael Palumbos
    Michael Scarborough
    Mike Flinn
    Mitch Martin
    NAPFA
    Nepsis
    NEXA Insights
    Nitn Seth
    Online Diagnostic Tool
    Online Gap Analysis
    Online Presence
    Oranj
    PESO Model
    Phil Walker
    PR Crisis
    Preston Cherry
    Provincial Development
    Ray Sclafani
    Reese Harper
    RIA Channel
    Rich Cancro
    Robert Sofia
    Robert Steinberg
    Roger Ibbotson
    Roger Pine
    Sam Brownell
    SEC Marketing Rule
    Seven Group
    Shannon Rosic
    Shannon Stone
    Snappy Kraken
    Snappy Kraken
    Sonya Lutter
    Stephen Wershing
    Steve Resch
    Stonebridge Wealth
    Stratus Wealth
    Survey
    Swift Chat
    T3 Conference
    T3 Tech Hub
    TD Ameritrade
    Tim Whiting
    Tim Wyman
    Tony D'Amico
    Travis Parry
    True Wealth Book
    Vanguard
    Veriday
    Victor Gaxiola
    Webinar
    White Glove
    Women In Finance

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    January 2020
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    February 2019
    November 2018
    September 2018
    August 2018
    May 2018
    August 2017
    July 2017
    June 2017

Stay Connected
Listen to Swift Chats podcast
View ​Swift Chat video series
View SwiftCam Series
Picture
Picture
SEE ALL AWARDS
Phone: 913-649-5009
Info@ImpactCommunications.org
©2023 Impact Communications, Inc.
View Google Profile

  • Home
  • About
    • Our Team
    • Our Clients
    • Unique Approach
    • Out and About
    • Charitable Giving
    • VIdeos
    • Recognition
    • Join Our Team
  • Advisors
    • Conference Downloads
    • Marketing & PR >
      • Media Placements
      • Examples of Impact Communications news releases
    • Branding and Websites >
      • Logo Gallery
      • Office Signage
      • Brochures and Campaigns
      • Websites >
        • Website Case Study
    • Advisor Coaching
    • How We Work
  • Institutions
    • Marketing Strategy
    • Public Relations >
      • Media Placements
      • Examples of Impact Communications news releases
    • Website Strategy >
      • Case Study: Website Makeover
    • Speaking Engagements >
      • Speaking Appearences
    • Video Production
    • Group Programs
  • Journalists
  • News
    • 2023
    • 2022
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
    • 2010
    • 2009
    • 2008
    • 2007
    • 2006
    • 2005
  • Blog
  • Contact