We are very pleased to announce that Elizabeth Woodrum is our newest CERTIFIED FINANCIAL PLANNER™ (CFP®) professional at Marotta Wealth Management!
The CFP® certification is the recognized standard of excellence for competent and ethical personal financial planning. To use the certification, you have to meet the initial certification requirements (known as the four “Es”). They are Education, Examination, Experience, and Ethics.
The first requirement of Education, Elizabeth satisfied through Virginia Tech’s Financial Planning program. With a strong planning personality and a love of numbers, Elizabeth specifically chose Virginia Tech from the start for its financial planning program. She dreamed of using her strength in mathematics to help give people peace of mind about their financial futures.
Elizabeth met Marotta Wealth Management for the first time when David John Marotta gave a presentation at Virginia Tech’s Financial Planning Association meeting. She was attracted to our firm because of our four tenets of quality, our collaborative team approach to serving clients, and our love of educating the public with free articles rather than keeping a “secret formula” to attract clients.
In 2017, she graduated Summa Cum Laude from the VT program with a Bachelor of Science in Business and a minor in Sociology. She started working for our firm a month later in June.
By November, Elizabeth satisfied the Examination requirement, passing the six-hour CFP exam on the first try.
Since then, she has become our financial analyst overseeing the most specialties of any team member.
Currently, she is our college planner, specializing in American Funds 529 plans; our paperwork specialist, preparing all kinds of Schwab paperwork; our net worth specialist, generating annual net worth reports for our client’s to review; our cash flow analyst, running our analysis on safe spending and savings rates; and our Social Security specialist, analyzing when is the best time for each family member to file for Social Security.
In addition to all those specialties, Elizabeth is the primary point of contact for over 20 clients and is one of our primary portfolio managers, where she is part of the trading team for over 170 portfolios.
After two years of mentoring under David John Marotta, CFP®, Elizabeth satisfied the Experience requirement in May 2019. She submitted her final application and background check to the CFP Board and was accepted, passing the Ethics requirement and making her a CERTIFIED FINANCIAL PLANNER™ professional. For more information about this designation, see the CFP Board website.
Elizabeth has always preferred saving money over spending it. She was raised in a frugal household and has always been excited by the idea of accumulating savings. Now, as an adult, she has enjoyed getting to use some of her savings to travel. This year, she challenged herself to do all the planning required to travel to Peru with two other friends. After booking all the lodging, travel, and activities, she and her friends had a great time and came back with lots of stories. With that trip under her belt, she is looking forward to planning her next adventure.
A Brief Interview with Elizabeth
What is your favorite Marotta Wealth Management service?
My favorite service that we offer is Cash Flow Analysis. I think it’s really valuable to our clients to have an idea of how much they should be saving for retirement and then a guideline for safe spending once they get there. I always feel relieved when the Safe Withdrawal Rate reports I run show that our clients are either right on track with their spending or can safely increase their standard of living during retirement.
What is your favorite part of being with Marotta Wealth Management?
I appreciate that Marotta Wealth Management uses a team approach to better serve our clients. Each team member has a small number of specialties that they become experts in, which we then provide for all of the firm’s clients no matter who is the lead advisor for that client. I think this ensures that our clients are getting the best possible product for each service we offer, as well as fosters a collaborative work environment.
What is your favorite Marotta Wealth Management article or series?
I really like “Which Retirement Account Should I Fund?” because it essentially gives a step-by-step plan for how you should start investing. Not only does it prioritize the different types of retirement accounts, it also gives a basic guideline for how much you should be saving in each of those accounts. This article is great to share with anyone who wants to know how they should start saving for retirement.
What advice do you give to those who are just getting started with investing?
Every bit counts and don’t worry about short-term returns! You should keep in mind that you are investing for the long-term and it’s completely normal to see negative returns in the short-term. I’ve found that many people who haven’t started investing yet haven’t done so because they don’t know what to invest in. Our Gone-Fishing Portfolios coupled with the “Which Retirement Account Should I Fund?” article are great tools for those who just need something simple to help them get started. Even if you can’t afford to save much right now, it will add up over the long-term and you can start to build the habits of dedicated saving.