Certified financial planner by day and yogi by dawn, Brent Kessel has studied meditation with world masters. As a planner, Kessel is best known for his ability to bridge the chasm between finance and spirituality. He is co-founder and chief investment officer of two firms, Abacus Wealth Partners for high-net-worth clients ($2 million investment minimum) and Abacus Portfolios for smaller clients ($50,000 investment minimum).

THE INNER PLAN

Kessel and his partner Spencer Sherman have followed closely in the footsteps of George Kinder, a pioneer in the life planning movement. In fact, before merging with Kessel in 2003, Sherman bought Kinder's practice in 2000. With offices in Los Angeles, Philadelphia and Sebastopol, Calif., Abacus now manages more than $600 million for 500 clients.

According to Kessel, the secret to financial prosperity is not about money, it's about a person's relationship to money. "Our niche market is people interested in personal growth," he says. Today, most of Kessel's clients are word-of-mouth referrals by like-minded individuals. He estimates that two-thirds of Abacus clients are engaged in personal development work or advocating for social change, but they do not fit any uniform New Age stereotype.

THE PROCESS

Kessel begins each day with two hours of yoga and meditation, but his clients aren't expected to begin their relationship with anything exotic. As with many firms, the Abacus process begins with goal setting and data gathering. As the relationship progresses, clients are encouraged to explore their personal goals and their feelings about money.

During workshops with clients, one exercise asks attendees to imagine that their greatest financial fears have come true. They imagine waking up jobless and divorced in a run-down apartment. Then they are challenged to describe how they would navigate their first week in such circumstances. What would they eat? Where would they look for a job?

The purpose of the exercise is not to generate fear but to cultivate detachment. "People's fears cause them to make poor financial decisions precisely because they are ruled by fear, not logic. Those willing to stare down their demons usually discover an inner resourcefulness that helps them approach their financial goals more rationally," Kessel says.

SOPHISTICATED SERVICES

Success for Kessel entails a high degree of intellectual savvy on the part of staff. The seven planning professionals at Abacus are a virtual alphabet soup of MBA, CFA, CFP, and JD. Sherman sports an MBA from Wharton, while another senior planner graduated from the University of Chicago.

This high-powered staff provides sophisticated advice and products. In addition to handling traditional financial assets, Abacus manages high-net-worth clients' commercial real estate portfolios, helping them through the 1031 exchange process and diversifying their holdings across geographic boundaries with an eye toward tax efficiency.

Clients also have access to private equity vehicles. "We've put together our own socially responsible private equity funds that invest in clean energy technologies, renewable energy companies and even Third World microfinance banks [small business start-up loans]," Kessel says. "Our microfinance banks have been our highest returning asset class over the last two years, a clear example of doing well by doing good."

Professional staff must be not only smart, but also philanthropic. Abacus donates 5% of its profits to charity. Staff must also exhibit a high degree of emotional intelligence. "Many life planners haven't looked into their own relationship with money," Kessel says. "Our staff must address their own personal money issues and know their strengths and weaknesses intimately." 

Jim Grote, a writer in Louisville, Ky., contributes regularly to Financial Planning.