In this episode of You Can’t Take it With You, Jim Dunlop and Jamie French, interviewed by Chad Franzen, discuss how financial planning and generosity are intertwined. They explore the joy of helping clients achieve their philanthropic goals, discuss strategic giving and its impact on personal and family finances, and share insights on maintaining financial health while fulfilling charitable aspirations.
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Jim Dunlop is the Founder and Managing Partner at Advent Partners, a financial planning organization focused on helping clients make informed decisions for their futures. The firm is committed to simplifying the financial planning process and providing tools that enhance knowledge and understanding, enabling clients to make sound financial decisions. Jim started his career as a financial advisor in 2003 and acquired his Certified Financial Planning credentials in 2009. Under his leadership, Advent Partners has become a trusted partner for many, navigating the complexities of financial planning from funding college to debt management, investments, and family protection.
Jamie French is a Wealth Advisor and also a Managing Partner at Advent Partners. With 18 years of experience in the financial planning field, Jamie began his career as a CPA and served as a financial controller in private industry before transitioning to financial advising in 2006. At Advent Partners, he has been instrumental in growing the practice through his commitment to delivering exceptional service and tailored financial guidance aligned with clients’ goals and values. Jamie’s approach to financial planning is driven by a passion for helping clients confidently navigate the complexities of finances, ensuring they can focus on what matters most to them.
Episode Summary:
Can financial planning enhance your capacity to give without risking your financial future? How can generosity lead not only to personal fulfillment but also to financial abundance?
According to Jim Dunlop, a seasoned financial advisor, and his partner Jamie French, the secret lies in strategic financial planning that aligns with personal values of generosity. They emphasize the “abundance mentality,” which suggests that the more you give, the more financially secure you feel, a perspective supported by their experiences with clients who have expanded giving while maintaining financial health. This approach not only secures financial stability but also fosters a deep sense of personal and communal fulfillment, enriching the lives of givers and receivers alike.
Resources mentioned in this episode:
Sponsor for this episode:
This episode is brought to you by Advent Partners — a financial planning partner dedicated to helping you make informed decisions that simplify your financial journey.
Our seasoned team is committed to guiding you toward your financial goals. We offer tailored solutions based on your specific needs, from standalone financial planning to integrated financial management.
Whether you are planning for the future, investing for growth, or navigating financial hurdles, Advent Partners is here to provide insights, recommendations, and a clear financial roadmap.
To learn more about Advent Partners and how we can guide your financial success, visit AdventPartnersFP.com.
Episode Transcript:
Intro 0:00
Welcome to the You Can’t Take it With You show where we feature stories around generosity designed to inspire and encourage others to do meaningful things in their communities. Now, here’s your host, Jim Dunlop.
Jim Dunlop 0:17
Hi. Jim Dunlop here, a wealth advisor and host of the show where I sit down with people who get it when it comes to generosity. I’m excited to have guests who can give us stories of generosity to not only inspire our listeners, but to give practical ideas on ways we can give very excited because today’s guest is my business partner Jamie French. But before we get to Jamie, I want to share that this episode is brought to you by Advent Partners Ready For Good. Advent is a financial planning team dedicated to helping you make informed decisions that simplify your financial journey. Advent’s seasoned team of professionals is committed to guiding you toward your financial goals. We offer tailored solutions based on your specific needs from standalone financial planning to Integrated Financial Management, we help our clients get ready for good. Whether you are planning for the future, investing for growth, or navigating financial hurdles, Advent Partners is here to provide insights, recommendations, and a clear financial roadmap. To learn more about Advent Partners and how we can guide your financial success, visit readyforgood.com. I have Chad Franzen here of Rise25, who has done 1000s of interviews with successful entrepreneurs and CEOs. We have flipped the script. And today he will be interviewing Jamie and me, Chad.
Chad Franzen 1:31
Hey, Jim, thanks so much for having me. It’s great to talk to you both today. Jim, I talked to you before Jamie, this is the first time for you. Before we get to Jamie, Jim, if you don’t mind, could you tell me a little bit about some of the work that you do specifically with Jamie.
Jim Dunlop 1:44
So Jamie and I own a financial planning firm Advent Partners, our show sponsor. And we have we merged and created our team two years ago, this very week, actually, which is a pretty exciting anniversary for us. And we had two very similar businesses on similar trajectories. And we also had different gifts, but a shared sense of values and a shared philosophy around Financial Planning and Investment Management. And I knew that if I was going to be more successful, I needed somebody who had skills that I lacked, particularly as a leader. And I think Jamie was starting to I don’t want to speak for him too much. But I think he was starting to have the same realization. And so the two of us got together, brought our teams together who complemented each other very well. And two years in, things are going really great. And it’s a pretty exciting time at Advent Partners.
Chad Franzen 2:47
How did you guys meet each other?
Jim Dunlop 2:49
We’ve known each other, probably 15 or 16 years, and maybe even longer than that. But we both had the same kind of career trajectory and path getting into financial planning. We both started working with an organization called Thrivent Financial and came up through their advisor ranks and then went into an independent wealth management platform with Thrivent several years ago. And that’s when Advent Partners came about.
Chad Franzen 3:21
So Jamie, can you kind of build on what Jim was saying there? And tell me a little bit more about kind of how you got to this point?
Jamie French 3:27
Yeah, so Jim and I our offices, before our merger, we were probably about 45 minutes apart. And so we would get together periodically, whether it be over lunch, or just a regional business meeting, and just got to know each other that way over a period of several years. And you come to understand people that have similar a similar approach, and you connect with them well, and so he and I kind of had the opportunity to watch each other grow up in the business to kind of see what was going on in in each business and to share ideas and, you know, get together for lunch, say what are you doing? How’s that working and everything from, you know, how we do financial planning to, you know, hiring and employee management and all that. So we just kind of had an informal relationship that over time, we started talking a little bit more seriously about a What could this look like in the future and yeah, I would agree with Jim. Certainly some complementary gifts. I knew that in order for me to grow my business in the way that I wanted to, I would need to find somebody like Jim to complement some of the skills that I lacked. So I definitely agree with him there.
Chad Franzen 4:47
What do you, what have you found to be the most enjoyable thing about what you do at Advent Partners?
Jamie French 4:51
Yeah, so I, I really enjoy helping people figure out and really give purposeful thought to what is important to them? Money is, is a resource, it’s a tool, it’s not the end in and of itself. And so what I really enjoy is sitting across the table from an individual or a couple and just kind of hear about their family and, and think about where they’re trying to go and what they want their life to look like. And then helping them, you know, organize their finances. So that what they want to accomplish they can accomplish. And for many of our clients that involves, you know, some level of generosity, which is why we’re talking about it today. And that’s, that’s something that I really enjoy.
Chad Franzen 5:36
Are there between you and Jim, Jamie what would you say? Maybe have you found to be some similar values that you guys possess?
Jamie French 5:42
Yeah, so I think, first of all, you, you know, in Advent Partners, you get a sense of the personality of the two of us in that you’re not going to find a very aggressive salesy approach you’re going to find across the organization, I think you’re going to find good listeners, people that care about people. And so I would say, you know, valuing relationships, you know, not account values, but the people that and the families that we serve, I think that’s one and the other is just, you know, looking for ways where we can be an example to our clients and our employees of generosity. I think those are a couple of values that I recognized very early on in Jim, that I appreciated.
Chad Franzen 6:25
Great. Great. Jim, do you have anything to add to that in terms of similar values?
Jim Dunlop 6:31
Yeah, I think, you know, one of the things I’ve always liked about Jamie from the beginning is, and this is one of our core values is authenticity. Jamie is a very authentic person, what you see is what you get. And, and I appreciate that, and I and I know that his clients, appreciate our team appreciate it. Authenticity is something that I always aspire to that what you see with me, is what you get in the you can’t tell people, you’re authentic, you have to be it. And so that’s one thing I like about Jamie. And I’ll just add to when you asked, What’s one thing you like most about what we like most about, I love working with our team, we have put together, and it’s taken a little bit of time. But when Jamie and I merged two years ago, we brought that talented group of people together. And it’s exciting the way they’re working and supporting each other and supporting our clients. They’re a lot of fun to work with, I enjoy going into the office and spending time with them. And particularly when we’re working with clients. So we’ve got a really exciting team in place and admin partners.
Chad Franzen 7:44
Let’s say, Hey, Jamie, let’s go. Let’s talk about a little bit more about your professional journey. Maybe some decisions you had made to make one in particular, you know, you you’re a parent, you’re a husband, things like that. You were kind of cruising along working in just a job, and then you decided to leave and go on your own. What kind of went into that decision? How did it go initially? And what were some challenges you faced? How did you overcome them? Things like that?
Jamie French 8:13
Yeah, so yeah, I worked as a certified public accountant doing taxes into the wee hours of the morning around this time of year. So I did that for a few years, then I worked in corporate finance for a technology company. And yeah, we always felt like I did a good job. But I didn’t have a real passion for what I was doing. I would hear people talk about how much they enjoyed their work. And I didn’t get that. I didn’t I didn’t understand it. And I actually had, I was serving in a ministry in our church, that helped people get their finances in order and typically helping them with a budget or helping them get out of debt. But what I really enjoyed about that was sitting across the table from a couple and talking through things and being able to give them advice that’s that was helpful for them and help give them some peace of mind. And so it was through that ministry, another individual that served in that ministry, that actually planted the seed in my mind, like, Hey, you could do this professionally. And, you know, obviously, it’s more than just budgeting and debt management. But there’s a lot of other things that that I recognized I could do for families. And that’s what that’s what led me to start exploring it. As far as the transition itself. Yeah, I walking away from a salary position with what at the time was our third child on the way was a bit daunting. But I knew that, you know, when my kids grew, and were getting involved in activities, I wanted to have the flexibility to be there for them when they had a game in the afternoon or whatever else and so starting my business when I did allowed me to grow over time, and eventually provide the autonomy, the autonomy and the flexibility to, to support my family in that way.
Chad Franzen 10:11
So, you know, obviously a theme of this show is kind of you can’t take it with you. What? Why is it a good idea? For somebody who’s interested in maybe putting their money to good use? Because they can’t take it with them? Why is it a good idea to come to a financial planner, rather than just kind of, you know, figuring some somewhere to throw their money at?
Jamie French 10:34
Yeah, so for me, a couple of things come to mind. First of all, I have found that many people struggle to be generous, until they feel financially secure themselves. And so, you know, we tend to, if we don’t have a clear picture of where we stand financially, both for the short term and the long term, then we’re probably not going to be as apt to kind of open up our hands and offer our resources to others. And so part of part of a financial planners job is to give people that confidence that, you know, they are going to be okay in the long term, and, and they can afford to be generous. And so part of is just giving them that security. And then I think the other part is, is helping people know how to give a lot of the work that Jim and I do, you know, relates to tax strategies that kind of tie in very closely with charitable planning or with estate planning. And sometimes we can either help somebody who is already in the habit of giving, do so in a wiser fashion and fashion that maybe saves them more taxes or whatever else. So I think that’s where a financial planner really provides value is helping them know where they stand and feel financially secure, and then helping them know how they can give in a smarter fashion. And I, I think the last thing I would add is, one of the other things that I enjoy is, for a lot of people, if they think about their best self, they would give more than they do. Right? And but they’re not quite sure how and I think, you know, not just helping people give differently, but helping people who want to give more and kind of inspiring them and showing them the way is very meaningful, I think for both Jim and I.
Chad Franzen 12:26
So how do you know? Or how can you help somebody know that they’re at the point where they’re ready to give or give more, like you said to you, they don’t know if they feel secure enough to give? How do you recognize that? Is there like a line of demarcation? Or how do you recognize that?
Jamie French 12:42
Yeah, I mean, obviously, none of us can, can predict the future. But you know, what we can do is we can kind of project their current financial situation out into the future factoring in a number of variables. And so part of it is just showing them how their finances are going to map out over time, and what resources are going to be available to them. And that’s part of, you know, any good retirement plan is forward looking in that way. So I think, you know, I can think of clients where, you know, who they were in retirement. And they thought they had enough to live on, but they know, well, how much how much can I spend without putting my own, you know, retirement risk or, or increasing the risk that I run out of money? And so part of our job is to say, Well, let’s look at giving just as we would any other expense treated as part of the budget, and, you know, how does that fit in? And how much can we do without, you know, without putting ourselves at risk. So it’s a balance. And that’s why I think working with, you know, an advisor on an ongoing basis is important, because life changes.
Chad Franzen 13:51
Do you have an example, or you or Jim have an example of a client or a person who has come to you and you help them kind of get to this place of giving?
Jamie French 13:59
Jim, I don’t I don’t know, if you have one by, you know, yeah, I can think of a few examples of, you know, a couple who came and they knew they wanted to give, but they didn’t know, you know, how much do I need to keep in the tail and make sure I don’t run out of money. Right? And so just, and they hadn’t really had anybody show them that before. So just walking them through that, and giving them the peace of mind that hey, you know, based on what we’re looking at you can afford to double your giving, and still be okay. So I can think of a number of different clients that we’ve had a similar conversation with.
Jim Dunlop 14:36
Yeah, I think I find that a lot of people that we work with tend to be generous and have that impulse already. I think that’s part of the reason they like to work with us, and we’d like to work with them. And it really becomes about giving them that permission and freedom to understand that they’re not putting themselves at risk or their families at risk. And showing them some cool paths to it. I just I finished a recent, we have some coursework for the chartered advisor and philanthropy program through the American College. And I wish I had the author to attribute it to, but there was a study done that finds that the more generous people are, the more their financial security they have. And the correlation is there that the more generous people tend to be, the more security they build for themselves. And I think those two go hand in hand. And it’s not, it’s the opposite of that scarcity mentality, but an abundance mentality. And that’s what I think we see in a lot of our clients is this idea of abundance, willingness to share and give, and just maybe making sure that they’re doing it in the most effective, and, you know, exciting way, I you know, one, one example that I have is a couple that very, very generous, and had five grandchildren kind of coming up and getting ready to go to college. And, you know, they would have a 12-year period, where they had at least one grandchild and college every year for 12 years. And one of the things that they did was decide to give each child grandchild $5,000 a year to supplement college. And, and that. And while that was not a charitable gift, it was a very practical family gift because it helped out their adult children because it helped remove the burden of college that their adult children are facing for their own children. But it also kept the grandparents, and the grandchildren very closely engaged. And I know that they took such joy every semester in writing the checks out to the institution, it went in the envelope with the check from mom and dad to their respective colleges. And this couple was deeply involved with all five of their grandchildren’s college journey over a decade over 12 years, going to recitals and going to sporting events and things like that traveling all over the country to see these kids actually because they were all spread out. But that was a place where they knew they knew they wanted to be generous with their families and figure out, you know, how, what kind of impact they could have. And so that was kind of an exciting process to help them plan out and map out over that 12-year period.
Chad Franzen 17:25
Can you elaborate on that a little bit more that concept of the more generous you are, the more likely you are to feel a greater sense of abundance in terms of your own life? Why do you why do you think that is? I’ve heard other people say that as well.
Jim Dunlop 17:40
I don’t, I wish I in my own life, I wish I had something scientific to show you other than the data is that the more that that my wife and I have shared. And I think I said this, in an earlier episode, like my parents modeled this for me tremendously. The more we’ve shared, the more it’s not the more we give, it’s not the less we have, it seems that the more we give, the more we have to give. And that’s, you know, that’s pretty exciting. You know, there were some scary times during the pandemic, or different periods where maybe business wasn’t going well. And it’s very easy to look at the things you’re doing charitably and say, Well, I’m going to pull back on that or cut back on that. But it never did, and I never regretted doing them. And whatever, you know, pain I was feeling was always only temporary. And so I have found that to be so true in my own life. And I have to remind myself of that periodically and say, you know, I’ve been sharing money with this organization, maybe I need to give them a little bit more now, as my circumstances have changed, I should be able to do more and not let go of that. But I’ve never been punished for giving more I can say that from a financial standpoint.
Chad Franzen 18:58
Jamie when, when clients or people come to you with assistance in this matter, do you find yourself having to convince them to give more? Or is it more just, you know, you’re working with them to help them find ways to give what they would like to give?
Jamie French 19:14
Yeah, I would say it’s more the latter. You know, I don’t think Jim, or I look at as, you know, our responsibility to tell people they should be giving more. And as Jim described, I think a lot of the clientele that are drawn to what we do they already have a mindset of generosity. And so I would say more often it’s, it’s, it’s showing them the how we’re showing them that they can and, and also showing them, you know, hey, here’s some creative things that you haven’t thought about. I always get excited when, you know, we get to the end of the meeting. And you know, I’ll ask a question like, Hey, did you get what you expected out of this meeting? And oftentimes, the response is, oh, this is more than I expected, I didn’t know we were going to talk about this. And, and I think that’s, you know, our conversations are what I enjoy about that is just bringing more purpose to it. So I think our clients come with a mindset that they want to be generous, we don’t have to convince them of that. But sometimes we, we help shape what that looks like and help them think about being purposeful. Jim’s example is a great example. You know, generosity isn’t always about a nonprofit or a charity, it might be about other people that you care about. And so just helping shape that is very rewarding.
Chad Franzen 20:35
As we kind of wrap things up here, Jamie, I’m curious, do you have you do you find yourself more fulfilled? Is this work more invigorating that you do now than it was when you were doing tax work?
Jamie French 20:45
Yeah, I, you know, I’m very grateful for the experience I had doing tax work, because I rarely have a client conversation that doesn’t involve taxes in some way. But certainly what I, what I really enjoy, and kind of my sweet spot in our business is the intersection of tax planning and charitable planning and estate planning. And I think part of the reason that’s so, so meaningful is because you really get to understand what your clients value, you know, beyond just, are you going to run out of money or not? Or how should, how should you know, what should the investment portfolio look like? But when you start talking about, you know, what they want to do for their family or for, you know, a nonprofit, and you understand, what is it about that nonprofit that’s important to them? It just drives deeper relationships. And that’s certainly more fulfilling, and enjoyable for me.
Chad Franzen 21:41
Sure. So as you look back on your time, since you kind of made this switch, is there anything that is there any moment or situation, or even just overall kind of concept that you’re most proud of?
Jamie French 21:52
I think, I think what I’m most proud of that we hear a lot about the care that our team shows for their clients. And I think if you if you polled our clients, that is something that would come out. And I think part of that is drawn from the fact that, you know, we are getting to know them, and their families, we are asking them, and we have conversations about their values. And you know, what is it that you really value? And what’s the purpose behind these resources? And so, you know, when you have those conversations, I think the relationships are much enjoy much more enjoyable. So I think what I’m most proud of is the relationships that we’ve built, the care that our clients feel from us, and the purpose filled conversations that we lead them in.
Chad Franzen 22:45
Okay, great. Hey, Jim, one last question for you. I think I spoke to you maybe on the first episode of your podcast, just curious, how have you enjoyed the podcast? And maybe what are you kind of taking away from it?
Jim Dunlop 22:58
It’s, it keeps getting more and more fun for me. And that happens a couple of ways. One is, you know, we’re about 10 episodes in. And we’ve got a whole bunch of episodes scheduled to record over the next few weeks. And I feel like every time I do it, I get a little bit better at maybe asking better questions. My guests have been wonderful all across the board and patient as we put this together. But the thing is that the amount of joy that that folks have, when they talk about the giving, that they’ve witnessed or some of the things they’ve done, it’s striking to me, so many of the folks have been so influenced by their parents, that that’s a value that we pass down, and that I need to watch and be intentional about passing to my kids. But I just I get a kick out of talking to people. And we’ve laughed a lot. We’ve heard some great stories. And my hope is that listeners are getting ideas are starting to get just some pictures of what maybe they could be doing, even if they’re not sure. Or if they’re already being charitable. Are there other things that they can do with their generosity? So really, it’s a, we want this to be a show about stories and ideas that people can take and use as their own. And we’re getting more and more of that. And that’s pretty exciting to me.
Chad Franzen 24:27
Jamie, I saw you kind of nodding when Jim was talking about that big of value that has been passed down from their parents. Is that something that you’ve observed?
Jamie French 24:35
Definitely. I mean, I know I can. The nodding was from my own personal experience, but also, you know, being a father of four. It’s been important to me to give my kids some equipping in education, about their finances, but also trying to be a good example of sharing with others. So yeah, that definitely resonated with me.
Chad Franzen 24:57
Okay, awesome. Hey, Jamie. Jim. It’s been great to talk to you both today. Thank you so much for having me. Appreciate it.
Jim Dunlop 25:04
Chad, thank you very much.
Chad Franzen 25:05
So long, everybody.
Outro 25:08
Thanks for joining us to hear stories of generosity that remind us that you can’t take it with you. Visit our site at canttakeitwithyou.com. For more details on today’s episode, and to subscribe to future shows.
Disclosure 25:26
Advent Partners may utilize third-party websites, including social media websites, blogs, and other interactive content. We consider all interactions with clients, prospective clients, and the general public on these sites to be advertisements under the securities regulations. As such, we generally retain copies of information that we or third parties may contribute to such sites. This information is subject to review and inspection by Thrivent Advisor Network or the securities regulators. Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment advisor. Advent Partners and Thrivent Advisor Network, LLC are not affiliated companies.
