The Story of SMI
The Sudden Money Institute (SMI) was founded in 2000 by Susan Bradley, alongside a dedicated community of financial planning practitioners. Their mission was to better serve clients, particularly those facing major life events. Traditional financial training often left practitioners unprepared to skillfully handle clients during these critical moments. Clients frequently exhibited unexpected behaviors, leaving advisors uncertain about how to proceed. It became evident that a new approach was necessary—one that involved not just different financial strategies, but a different way of engaging with clients.
Seeking expertise beyond conventional financial planning, SMI’s community spent nearly two decades exploring and developing a clear understanding of guiding clients through financial transitions. This journey culminated in the creation of Financial Transitions Planning, a new field designed to address the unique challenges and opportunities presented by significant life changes.
Today, SMI functions as a think tank and a valuable resource for the public, fostering a vibrant community of individuals and professionals dedicated to navigating and adapting to change. Their vision is to become the world’s leading resource for all aspects of financial transitions.
What is Financial Transitions Planning?
Financial Transitions Planning was developed to bridge a critical gap in the financial services industry. It emerged from a deep desire to identify and navigate the struggles accompanying major life transitions while enhancing those transitions that are proceeding smoothly.
Life transitions can be daunting. If faced with a difficult transition, SMI aims to ease the burden. If the transition is going well, SMI can help make it even better.
Major Life Events
Throughout life, people learn countless skills, yet adapting to significant changes is often not one of them. Everyone will experience at least one major life transition, with the likelihood of encountering multiple transitions increasing with age. These transitions don’t have to be overwhelming. SMI provides guidance and resources to lighten the mental and emotional load.
Their expertise covers a range of major life events:
- Divorce
- Inheritance
- Legal Settlement
- Long-life Planning
- Partnering and Parenting
- Retirement
- Sale of a Business
- Widowhood
- Windfall
For those ready to connect with a Financial Transitions Planning professional, SMI offers a comprehensive directory.
The Stages of Transition
Change, whether by choice or chance, follows a distinct pattern in how individuals internalize and respond to life-altering events. While the timeline for each stage varies across individuals and situations, the characteristics and challenges of these stages remain consistent. Years of working with clients in transition have informed SMI’s process, designed to maximize the potential of each major life event.
The stages of transition include:
- Anticipation: The period of preparation and expectation before the transition occurs.
- Ending: The phase where the old reality is left behind, often accompanied by a sense of loss.
- Passage: The transitional period where one navigates the uncertainty and begins to find footing.
- New Normal: The final stage where a new, stable reality is established and embraced.
The Financial Transitionist Institute
Recognizing the need for specialized training, SMI established the Financial Transitionist Institute, a division dedicated to training and certification. This rigorous yearlong program in Financial Transitions Planning culminates in a daylong Certification Exam. Only those who successfully complete the program and pass the exam earn the title of Certified Financial Transitionist® (CeFT®).
About Susan Bradley
Susan Bradley, the founder of SMI, has an extensive background in financial planning and education. She has served on the FPA’s National Board of Directors and currently sits on the National Football League’s Players Association’s Financial Education Advisory Board. Additionally, she serves as the Dean of Transitions for the Council of Deans of the Purposeful Planning Institute. Susan is a frequent contributor to national media, including NBC’s Nightly News, CNN, NPR, The Wall Street Journal, and The New York Times.
She is the author of Sudden Money: Managing a Financial Windfall (Wiley 2000) and the recipient of the Insiders Forum Iconoclast Award in 2017.
Conclusion
The Sudden Money Institute is dedicated to supporting individuals through life’s inevitable changes. Their commitment to research, education, and community building ensures they remain at the forefront of Financial Transitions Planning. SMI invites everyone to join them on this journey, whether experiencing a major life event or seeking to better serve clients during times of great change.
For further details on the Sudden Money Institute, visit their website.
Academy of Life Planning 