In today’s episode of Framework, Jamie talks with Dr. Preston Cherry. Preston is a CFP who runs his own firm, Concurrent Financial Planning. Preston is passionate about financial education and sits on the board of several organizations looking to empower people through money.

The consummate learner, Preston has had many mentors and teachers and feels he’s a summation of all of those that he’s connected with over the years. When he was younger, his family could never get any money momentum and his interest in the inner workings of finances drew him to specific mentors in his undergrad that got him into a banking career.

He’s held many jobs in his career, everything from working in a family office to wholesaling, which has given him a wide perspective on the industry. That experience and interaction with his mentors lead him to pursue his Ph.D. And he now runs his own firm.

Preston talks with Jamie about how he got to where he is today, the acronym he uses to keep him top of mind with clients, and the work he is doing to help non-majority students get ahead in the financial planning field.

(25:22) “We all know, you know, our finances, our emotions, they’re tied to our work. They’re tied to our experiences. They’re tied to our practices, our behaviors, our blood, sweat, and tears. So it’s really not even the dollars and cents of it. It’s the emotions tied to it. So are you open to healing those practices and living healthier in your money life and also your personal life as well? ~ @drprestoncherry

Main Takeaways

  • Let your life lead your money, not the other way around. Your life philosophy and money philosophy should align with each other.
  • Remember the W.I.T.H acronym when scouting clients:
    • Willingness – to work with you.
    • Income – a relevant income to work with.
    • Transfer, Time, Trust – Do you find value in transferring your financial planning to someone else? Do you find value in your time to pass it on? Do you trust the person to manage it?
    • Health and Healing – Are you willing to heal your practices to give you better financial health?
  • Practicing empathy for your clients and the emotions tied to their money is a great way to build trust.

Links and Important Mentions

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