The Five Gaps and Five Solutions in Financial Planning for Leaders in Higher Education

In this essay, Senior Wealth Advisor Thomas Pargett MBA, FBS®, CFP®, discusses how the five pillars of wealth management impacts leaders in higher education and what considerations they should make when it comes to their financial wellness. Here’s a preview:

The emergence of the comprehensive financial planning offering has increased significantly over the years and according to the U.S. Bureau of Labor Statistics, is expected to grow at double the standard inflation projection through 2029.1 This offering has brought forth significant benefits to individuals and families who seek personal financial planning, but my professional experience indicates that gaps still remain in consumer awareness of what comprehensive financial planning is and how it is beneficial.

When understanding how to effectively put together a comprehensive plan, a financial planner must assess the five pillars of wealth. The five pillars are investment management, tax planning, estate planning, insurance planning and financial planning.

This essay will focus on the unique challenges that leaders in higher education face when planning around the five pillars of wealth, my observations from working with this demographic over the course of my career, and will highlight specific gaps within each pillar which are unique to those who serve as leaders within the institution.

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