How Financial Therapy Can Help in The Grieving Process with Daniel Kopp

Today, Ed is joined by Daniel Kopp, a fee-only financial planner for widows and active-duty military personnel.

Listen in as Daniel talks about financial planning as an act of financial therapy. That is, using the planning process as a way to heal and nurture one’s relationship with money. To Daniel, “Financial therapy is about meeting the client where they are at and helping them overcome the mental and sometimes psychological challenges that are intertwined with clients.”

Daniel also discusses how your financial story, nurtured in childhood, influences every encounter and decision you have with money, and how to reverse-engineer that narrative to form new, healthier beliefs about money moving forward.

Finally, Daniel illustrates the power of telling stories to ease into the taboo subjects of death, money, and the double-whammy of having a real discussion about life insurance.

Asked about his overall mission as a financial planner, Daniel says, “I am not really selling financial planning. That’s the method. The goal is confidence and peace of mind and the ability to understand the trade-offs and be at peace with that, today.”

Key Topics:

• Why Daniel specializes in helping younger widows and active-duty military personnel (01:51)
• Defining “fee-only” and “financial therapy” (04:47)
• Helping widows get unstuck in their financial life (11:03)
• What stops people from seeing the true value of life insurance (16:16)
• Financial planning as an act of financial therapy (25:45)
• How Daniel’s relationship with money improved over time (32:19)
• How Daniel’s money story was “nurtured” during his childhood (37:20)
• Moving forward once you are on the other side of grief (42:18)

Resources:

• WiseStewardshipFP.com
• LifeInsurance.org

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