Today, Patti Hughes joins the podcast from her business in Chicago, Illinois. Jantz, Heather and Patti discuss the state of financial advising and the need for qualified advisors with advanced knowledge of student loan repayment.
Patti works with clients all over the U.S. and with a variety of income levels. Patti can be reached via her web site.
00:01:33.04] Patti introduces herself. Her background as a CPA, CFP. She has a Masters in Accounting.
[00:03:12.13] Discusses the needs of younger clients paying off large student debt and also pre-retirement clients, some with student debt for their children.
[00:04:02.59] How she learned about the CSLP program. Referred by another CSLP on the east coast who said she will need this program if she were to work with clients with student debt.
[00:04:32.35] When taking the program was shocked at what she didn’t know. Had a philosophy that student debt was like any other, pay off as quickly as possible.
[00:05:53.15] In all of her education and other designations, student loans were never addressed. Those CFP and CPA programs do not address student loan advising and repayment planning.
[00:07:02.35] When asked about the depth of the CSLP Program, Patti replies that it is a rigorous program and not a read and check the box program.
[00:07:34.9] It was comprehensive and the case studies were helpful. It took her about a month to complete the program.
[00:08:48.24] The CSLP program has helped her to build a niche and to also get referrals from other financial advisors.
[00:12:19.31] Patti discusses a recent case where she reviewed their taxes and found that she could save them 13k in taxes based on the student loan repayment planning information.
[00:17:54.63] Not only has the CSLP program produced referrals but high praise and recommendations from other financial advisors.
[00:18:44.49] Patti noted that she feels as a financial planner you have the obligation to provide the ‘best solution, not just an acceptable solution’
[00:21:23.22] CPAs should be running tax projections on all married clients because student loans could change their financial profile..
[00:23:00.94] Sadly there is a serious lack of knowledge about student loans in the CPA community.
[00:23:22.9] Discusses concerns about clients only seeing a cpa, they won’t receive adequate help with their student repayment planning.
Jantz and Heather speak with Patti Hughes of Lake Life Wealth Advisory Group about the state of student loan advising, financial advisors and why there is such a critical need for qualified assistance to student loan borrowers.