| San Francisco Chronicle | - |
The most popular topic at San Francisco's free financial planning event Saturday was not how to manage debt during unemployment or how to save a house from foreclosure.
Shift in financial planning reflects optimism
Erin Allday
Updated 4:14 pm, Saturday, October 19, 2013
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Jane Yoo assists an attendee at the free financial planning event at the UC Hastings College of the Law in San Francisco. Photo: James Tensuan, SFC
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The most popular topic at San Francisco's free
financial planning event Saturday was not how to manage debt during
unemployment or how to save a house from foreclosure.
It was estate planning.
It's hard to say for sure whether that's a sign of the times - a glimpse of a new optimism about the economy or at least less fear and worry about day-to-day financial survival - but the event organizers and volunteers said they sensed a shift in conversation from previous years.
"Last year, people seemed to be about, 'How can I make sure I don't fall into the financial abyss?' This year, I'm seeing a lot more forward thinking and a lot less fear," said Lynn Ballou, a certified financial planner from Lafayette, who volunteered all day Saturday.
About 500 people were expected to attend the city's annual Financial Planning Day, held at UC Hastings College of the Law and organized by the San Francisco assessor-recorder and treasurer offices.
By noon, the campus' Snodgrass Hall was packed with nearly 100 financial planners and clients, who came with a wide range of questions and concerns. Estate planning was popular, but people also came with questions about retirement and investing.
For many attendees, Saturday was the first time they'd ever approached a financial planner - and that's exactly the point of the event, said Marco Chavarin, financial education and access manager in the San Francisco treasurer's office.
"When most people think about financial planning, they don't think it applies to them," Chavarin said. "The norm is for people to take the ostrich approach and just bury their heads in the sand. We're trying to normalize financial planning - get people to think about it like preventive medicine."
"We market this to people who are in crisis," Chavarin said. "But the people we're trying to reach are probably working right now at their second or third job."
Many of the people who showed up for advice said they realized after meeting with a financial planner that they were in better shape than they thought - and that they had friends or family members who could probably benefit more from a consultation.
Edrick Pascal of Alameda came to the event for a second opinion on investments he's made for his retirement. He's in good shape, he said. But he'd hoped his girlfriend would tag along.
"She needs the help," said Pascal, 34, who came alone to the event. "She has loans. It's not that it's embarrassing for her, but it's too much for her to understand on her own."
She had her own questions about retirement and a complicated home loan, but she also came with questions from half a dozen family members. Kane had hoped that some of her nieces and nephews - young adults just starting out - would attend, and had even registered them for the event. But on Saturday she was on her own.
"There's no financial sense in our youth right now," Kane said. "They say, 'Retirement? No, I'm not going to think about that.' I tell my nieces and nephews to max out their 401Ks, and they look at me like, '401-what?'
"They have to be smarter," she said. "It's scary for them."
It was estate planning.
It's hard to say for sure whether that's a sign of the times - a glimpse of a new optimism about the economy or at least less fear and worry about day-to-day financial survival - but the event organizers and volunteers said they sensed a shift in conversation from previous years.
"Last year, people seemed to be about, 'How can I make sure I don't fall into the financial abyss?' This year, I'm seeing a lot more forward thinking and a lot less fear," said Lynn Ballou, a certified financial planner from Lafayette, who volunteered all day Saturday.
About 500 people were expected to attend the city's annual Financial Planning Day, held at UC Hastings College of the Law and organized by the San Francisco assessor-recorder and treasurer offices.
By noon, the campus' Snodgrass Hall was packed with nearly 100 financial planners and clients, who came with a wide range of questions and concerns. Estate planning was popular, but people also came with questions about retirement and investing.
For many attendees, Saturday was the first time they'd ever approached a financial planner - and that's exactly the point of the event, said Marco Chavarin, financial education and access manager in the San Francisco treasurer's office.
"When most people think about financial planning, they don't think it applies to them," Chavarin said. "The norm is for people to take the ostrich approach and just bury their heads in the sand. We're trying to normalize financial planning - get people to think about it like preventive medicine."
Neediest probably working
He admitted, though, that the people most in need of financial help - those who are deep in debt, who may be living paycheck to paycheck and have never given any thought to preparing for their financial future - probably wouldn't make it to Saturday's event."We market this to people who are in crisis," Chavarin said. "But the people we're trying to reach are probably working right now at their second or third job."
Many of the people who showed up for advice said they realized after meeting with a financial planner that they were in better shape than they thought - and that they had friends or family members who could probably benefit more from a consultation.
Edrick Pascal of Alameda came to the event for a second opinion on investments he's made for his retirement. He's in good shape, he said. But he'd hoped his girlfriend would tag along.
"She needs the help," said Pascal, 34, who came alone to the event. "She has loans. It's not that it's embarrassing for her, but it's too much for her to understand on her own."
Spreading the word
Pascal said he managed to get some information for his girlfriend and he hopes that will encourage her to seek out more help. San Francisco resident Diana Kane, 69, had a similar plan for her family and friends.She had her own questions about retirement and a complicated home loan, but she also came with questions from half a dozen family members. Kane had hoped that some of her nieces and nephews - young adults just starting out - would attend, and had even registered them for the event. But on Saturday she was on her own.
"There's no financial sense in our youth right now," Kane said. "They say, 'Retirement? No, I'm not going to think about that.' I tell my nieces and nephews to max out their 401Ks, and they look at me like, '401-what?'
"They have to be smarter," she said. "It's scary for them."
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