Mark Berg, founder and CEO of Timothy Financial Counsel, leads the largest hourly only financial planning firm in the U.S. As we asked him questions about his business, it became clear that asking questions – with grace, curiosity, and a little bit of boldness – is one of his greatest strengths.
His approach to financial planning invites people to think in new ways. It empowers them to give at new heights and enables them to experience new freedom and joy.
How did you bring generosity into your practice, and why did you make that decision?
I don’t know if it’s traditionally cited, but one of my favorite verses about giving is Matthew 13:45-46. It’s the parable of the pearl of such great value that it is worth giving everything for. That lesson includes the concept of stewardship, that what I have and give is not mine anyway. So, I try to embrace generosity every day and with every decision – not just in financial terms, but in all aspects of life.
With that, generosity has been present at Timothy Financial since day one when I started the business almost 25 years ago. And our business model lends itself well to it. We don’t sell anything; we only charge for our time. A benefit is that we don’t have the typical conflicts of interest that can pop up. For example, when someone wants to give a large charitable gift, it has no impact on our business, providing freedom for us to advise in a conflict-free manner.
Tell me about a time you helped someone become more generous.
One of my favorite parts of what I do is help people catch the generosity bug. I have so many stories. One of my early experiences was with a woman who is still a client today. Her overall financial plan was in excellent shape, but as we moved on to estate planning, I asked, “What are your plans?” She said, “Well, leave some to family, but they’re fine, so leave it to charity.” I pressed in for clarity and asked, “What do you mean by charity?” She admitted, “Well, I haven’t really worked that out.”
I looked at her tax return, and she had given $8,000 the previous year. I could see on her eight-figure balance sheet that there was room for her to consider giving more. So, I proposed, “What do you think about us going through a process of helping you determine what brings you joy and what your passions are as it relates to giving and then figuring out a way to start doing it now and enjoying the giving, rather than an attorney giving some gifts after you pass? I’d rather you get to experience the joy of being the giver.”
She replied, “That sounds like a great idea.” So, over the past 15 years, we have been on that journey together, and her average giving is well into six figures a year. Last year, she had a particularly big tax year, so she actually gave a seven-figure charitable gift. Now, we’re actively looking at her passions again, and she’s leaning into those. It’s been an absolute joy for both of us.
At the same time, it’s reduced her fear of money. Whether people come from a faith background or not, money is a tool. It’s not a good or bad tool. It’s just a tool. But the use of that tool can very much lead to fear. And I have seen how generosity is one of the best ways to combat that fear. It loosens the grip.
What has been a result of making generosity part of your business?
We’re not using generosity as a marketing or business development tool. We’re doing it because we feel it will ultimately bring the client joy and freedom. Clients have really appreciated our out-of-the-box way of helping them work through complex topics and reach conclusions they feel comfortable and confident in.
Many firms focus on investments. If it’s an hour-long meeting, 45 minutes is spent discussing investments and performance, then maybe they’ll talk some about cash flow or taxes. We do the reverse. We cover investments at the end because they are not the goal. They are just a tool toward the goal. So, we spend the first 45 minutes determining the goals and how to accomplish them, then we discuss the tools like taxes, cash flow, and investments, to work toward them.
And that’s the beauty of being a financial advisor. We can help illustrate how you can accomplish your personal goals while still layering on other goals by showing the impact on taxes, cash flow, and an estate. We’re in the ideal position to help clients wrestle through these decisions and empower them to do bold things.
It can be tempting to avoid conversations about generosity if clients lack interest. But Mark’s story demonstrates the value gained – by advisors, clients, and beneficiaries – when we are willing to courageously invite clients into a more meaningful experience.
