Welcome to episode 51 of The Innovating Advice Show.
I’m joined by Dr. Carolyn McClanahan who, as both a medical doctor and a CFP professional, specializes in the intersection of health and money.
Carolyn started Life Planning Partners, a fee-only financial planning firm based in Jacksonville, Florida in 2004. She also volunteers at a medical clinic for the homeless, and can often be found speaking to financial planners and physicians on the interplay between health and financial issues.
In this episode, Carolyn cuts through the mixed messages and misinformation surrounding COVID-19 and reminds us that science takes time and science is messy.
We also chat about leveraging this opportunity to introduce or expand conversations with clients around health and estate planning, reviewing insurance coverage and how Carolyn’s approach to projecting life expectancy has evolved through the years.
Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.
Carolyn McClanahan is the Director of Financial Planning at Life Planning Partners. She completed her undergraduate degree at Mississippi University for Women and medical school at the University of Mississippi. After residency in Family Medicine at the Medical College of Virginia, she entered private practice and emergency medicine practice in Richmond, Virginia. In 1998, she was recruited to teach on faculty at the University of Florida, Shands, Jacksonville.
Carolyn is a member of the National Association of Personal Financial Advisors (NAPFA), the Financial Planning Association, and the American Academy of Family Physicians. She also volunteers in the medical clinic of the I.M. Sulzbacher Center for the Homeless.
Dr. McClanahan speaks nationally to financial planners and physicians on the interplay between health and financial issues. She has been quoted in numerous publications, including The Wall Street Journal, Money Magazine, Kiplinger’s, and Smart Money, and has appeared on CNBC and NPR. In 2009 she was named a “Mover & Shaker” in the financial planning profession by Financial Planning Magazine.
01:30 - Introducing Dr. Carolyn McClanahan
03:40 - Her journey to becoming a CFP professional
05:45 - The similarities between being a doctor and a financial planner
08:18 - What needs to happen before we can go back to face-to-face meetings
15:07 - The immune system and the super spreaders
19:15 - Virus outbreaks
20:46 - The need for a good public health system
22:05 - How can advisors use coronavirus as an opportunity to help their clients
26:07 - Having difficult conversations
30:02 - Encouraging your clients to make tough decisions
35:25 - Making sure you client is happy now