Carlson Capital Management

Integrated Wealth Management

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To Give More, Think Differently

Kim Diemer – Carlson Capital Management
Kim Wurl, CFP®

Integrated Wealth Advisor
952.230.6714
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  As a daughter of two perpetual volunteers, my greatest satisfaction is when I can create a positive impact on the lives of others.  

Professional Biography
Kim Wurl serves as an Integrated Wealth Advisor at Carlson Capital Management. As part of the Advisory Team, Kim partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning, and all other aspects of general financial planning and client care. In this role, Kim also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Kim holds a Bachelor of Arts degree from Tulane University. Following college, Kim served as an AmeriCorps Fellow in New Orleans, Louisiana. She then went on to earn a Master of Science Degree in Personal Financial Planning from Texas Tech University. Kim holds the Certified Financial Planner™ certification granted through the Certified Financial Planner Board of Standards. Before joining CCM, Kim worked for the Public Defender's Office in New Orleans and as part of the team at a Twin Cities wealth advisory firm.

In her free time, Kim likes to explore Minnesota’s great state parks and enjoys the many running and cross-country ski trails in the Twin Cities. Kim is originally from Grand Junction, Colorado, and now resides in Saint Louis Park with her husband, Joe.

Personal Thoughts
Pull out a $20 from your wallet. You don't have to look at the number to know what denomination it is, with the familiar face of Andrew Jackson on the front. When you look at details of his face, you see a furrowed brow, a slightly dropped chin, unconstrained hair, and eyes looking toward the future. Cold, hard cash seems to soften in the hand when you contemplate the expressions of a man at the center of conflict and hopes of someone who led a nation.

I find that for the vast majority of people, wealth is not about the number on the bill or the size of the number on the statement. Achieving financial success is about the same concerns of the face on that bill. Having financial success represents hopes that are unique to each person -- it could mean quality time with loved ones, a comfortable life, exploration through travel, or joy in generosity.

As a daughter of two perpetual volunteers, my greatest satisfaction is when I can create a positive impact on the lives of others. Through building trusting relationships, I am committed to helping achieve well-being in whatever form that takes for our clients.

Kim Wurl
Kim Wurl, CFP®
Integrated Wealth Advisor

Last year, charitable donations rose five percent to a record level—$471.4 billion. 1  And yet, despite rising generosity, it’s important to acknowledge that, much like the practice of saving money, it’s not always easy to give charitably, even when you have the desire to do so. The study of behavioral finance explains why it can be difficult to accomplish our well-intentioned financial goals. Behavioral finance, which joins human psychology and economics, seeks answers to the why and how around financial decision-making. If you desire to give more than you do now, consider employing behavioral strategies to accomplish your goals. Here are a few ideas:

Notice the Impact

It’s well documented that there is joy in giving. In one study, participants self-reported higher levels of happiness when they were told to spend $5 on others rather than $5 on themselves. 2 

As an advisor, I’m enthusiastic about the services and tools we can provide to make charitable giving tax-efficient and simple. That said, the joy of giving may feel less palpable when your advisor sends a check from your IRA, and focusing on the benefits you receive from giving may reduce the satisfaction you may otherwise get from giving.

To combat this diminished happiness effect, be sure to identify the purpose of your giving and consider the compounding effect of your gift. By focusing on the outcomes of your giving and the fellow donors you’re partnering with to make a difference, you may find a stronger emotional reverberation from the giving. This could be as simple as reading the nonprofit’s newsletter, volunteering with the organization, or asking to take a tour of the facility.

Give Yourself Permission

One of my favorite examples of behavioral finance involves snacks. In one experiment, scientists had participants select a food two weeks in advance—either a healthy snack (fruit) or chocolate. Most participants selected the healthy snack in advance. However, when participants were offered the option to switch at the time of the event, most participants chose chocolate. 3  I relate to this!

We can apply this understanding of long-term vs. short-term decision-making to our financial choices as well. When making choices well in advance, we’re more likely to make decisions with a long-term perspective. When we’re making a near-term decision, we may be tempted to choose an easy solution or inaction—like not making a portfolio withdrawal—that isn’t necessarily aligned with an earlier-stated goal of donating to charity.  

If you’re hesitant to increase your charitable giving because you don’t feel like you have sight on how it fits with your long-term plan, check in with your advisor about giving yourself permission to give more. Our team can provide perspective on your capacity for charitable giving beyond your regular spending, (and beyond your intentions for heirs, where applicable), and its impact on your financial independence and family spending.

Use Your Experience

The penalty for withdrawing retirement assets early helps us save. Psychologically, the fees create a hurdle to accessing assets that are designated for long-term needs. While working, many people employ the behavioral trick of mental accounting by considering retirement assets off-limits.

And yet, when it’s time to use those assets in retirement, it can be emotionally difficult. You may feel anchored to the habit of accumulation, or you may not feel comfortable using assets intended for retirement living for charitable giving.

Consider dedicating a specific account or asset for charitable giving to use the same psychology that worked to accumulate assets to spend them down. For some, a Donor Advised Fund is a tax-efficient vehicle that acts as a guide to spending down assets. Other clients find earmarking a certain stock position for charity reduces the concern around giving too much.

There are many ways mental accounting can be used to reverse the habit of saving. For one client, who has a well-funded Donor Advised Fund and end-of-life charitable requests but was having trouble giving as planned, we recommended spending down his Donor Advised Fund by age 71. By assigning a spending down goal, he felt empowered to using the fund to its full potential.

Think of Yourself as Charitable

Studies have shown that the financial decisions people make are influenced by the labels they ascribe to themselves. For example, research shows that the follow-through for completing an exercise routine, like an evening run, is higher if you have an identity as a runner rather than holding the belief that “I run sometimes.” By forming an internal identity—by describing yourself as a runner or holding a social identity as a runner by joining a running group—you’re making the associated behavior psychologically easier. 4 

We can apply this to charitable giving to help form the habit of giving. If you consider yourself generous, you begin to form an identity—and a commitment—to giving. For example, by joining a group or a board with a fundraising mission, you’re creating a social identity as a philanthropist, which also can help solidify your commitment to charitable giving.

Here to Help

For many of our clients, understanding the psychology behind their financial decisions is very impactful and is an important next step in helping them realize their goals. To learn more about behavioral finance strategies that can be deployed to support your financial goals, talk with your CCM advisor.


  1. https://www.nytimes.com/2021/06/15/business/philanthropy-2020-pandemic.html
  2. https://www.psychologicalscience.org/news/releases/the-joy-of-giving.html
  3. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1968995
  4. https://thedecisionlab.com/reference-guide/economics/identity-economics/; https://smlr.rutgers.edu/sites/default/files/Documents/Faculty-Staff-Docs/CommitmenttoSelfIdentification.pdf

NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published August 18, 2021 Topics: CCM Women's Initiative, Charitable Giving, Financial Planning

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