Conversations for Financial Professionals: Recent Episodes
Dominique Henderson, CFP®
A Podcast shaping the next generation of financial advice!
Join the free community at https://www.jumpstartcoachinglab.com
On this week's episode of Conversations for Financial Professionals, I chat with Amanda Raymond about how impactful psychological fear can be when transitioning into a new career.
In the full episode, you'll discover:
🎙️Amanda's story and origin in financial planning
🎙️The unique challenges career changers face when making a career switch
🎙️How best to deal with obstacles when making a career change
🎙️How The American College is supporting the financial planning profession?
🎙️Interesting trends you've noted during the pandemic about the workforce
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Amanda Raymond is the Director of Career Development at The American College of Financial Services. She joined The College in June of 2022 to lead the development and creation of a virtual career center. Prior to joining The College, Amanda served as the Associate Director for Alumni Career Engagement at UCLA where she collaborated with alumni, faculty, and employers to help students prepare for the transition from college to career. During her time at UCLA she worked on career programming in partnership with Disney, Paramount, Raytheon and Northrop Grumman. Over the course of her career, Amanda has developed and managed a variety of experiential education programs for University of California, Irvine and The Washington Center for Internships in Washington, D.C. She holds a B.A. in Communication and M.A. in Counseling from the University of San Diego. Additionally, she is a Certified Professional Coach. Amanda resides in Southern California, where she enjoys hiking, going to the beach with her family and checking out the local farmers market on the weekends.
In this episode, you'll discover:
🎙️Amanda's story and origin in financial planning
🎙️The unique challenges career changers face when making a career switch
🎙️How best to deal with obstacles when making a career change
🎙️How The American College is supporting the financial planning profession?
🎙️Interesting trends you've noted during the pandemic about the workforce
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Stephen Schiestel, CFA about understanding the importance of building communication skills when coming into any financial services profession.
In this episode, you'll discover:
🎙️Stephen's story and origin in financial planning
🎙️The 3 things it will take for tomorrow's financial professional to be successful
🎙️Is it ever too late to begin a career in financial services
🎙️How are you going start the job as sales or something else?
🎙️Placing 80% of students in independent jobs...
🎙️How best to overcome obstacles that are faced by aspiring financial professionals
🎙️In your own words, what does the phrase "financial planning profession" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Stephen Schiestel is currently the Frederick S. Addy Professor of Practice in Finance at the Eli Broad College of Business at Michigan State University. He received his MBA in 1998 from Michigan State University and a B.B.A. in Finance from the University of Michigan-Flint in 1991. Schiestel teaches undergrad and grad students in Security Analysis, Valuation, Financial Planning and Wealth Management and Corporate Finance. He is the director of the College’s Financial Planning and Wealth Management programs. He has won several teaching awards including winning the Executive MBA Teaching Award four times. Prior to coming to Michigan State, Schiestel held management positions in the Wealth Management Division of Citizens Bank, now part of Huntington Bank.
In this episode, you'll discover:
🎙️Stephen's story and origin in financial planning
🎙️The 3 things it will take for tomorrow's financial professional to be successful
🎙️Is it ever too late to begin a career in financial services
🎙️How are you going start the job as sales or something else?
🎙️Placing 80% of students in independent jobs...
🎙️How best to overcome obstacles that are faced by aspiring financial professionals
🎙️In your own words, what does the phrase "financial planning profession" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Dr. Barry Mulholland about how important career changers are to the industry because of their transferrable skills.
🎙️Dr. Mulholland's story and origin in financial planning
🎙️Practical advice for the aspiring financial professional
🎙️How traditional and non-traditional students are coping with the transition into financial services
🎙️What makes an effective financial planner
🎙️In your own words what does the phrase "nex gen financial planner" mean to you?
Resources:
https://diversitasfp.org/
Let Your Life Speak by Parker Palmer
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Barry S. Mulholland, Ph.D., MBA, CFP®, ChFC®, is currently the Director, Financial Planning Program and Associate Professor of Practice in the Department of Finance, College of Business at The University of Akron. The program is registered with the CFP Board of Standards. He oversees program development, financial planning industry relationships, assists with student recruitment, and advises the industry-affiliated student organization. His teaching includes personal finance, corporate finance, financial planning fundamentals and the financial planning capstone course. He has led efforts to make financial planning technology available to universities. His research includes the use of financial planning technology and life insurance consumer behavior.
Dr. Mulholland is the Founder of Diversitas: Expanding Diversity in Wealth Management, a symposium that brings industry professionals together with career influencers and high school and university students to discuss why and how the wealth management industry and financial planning profession can become more inclusive. He is a member of the recipient class of the ThinkAdvisor.com LUMINARIES 2021 Award for Diversity & Inclusion Programs, a 2022 finalist for the Investment News Diversity, Equity, & Inclusion Diversity Champions Award, and a 2022 RIA Intel Awards Industry Advocate of the Year finalist.
In this episode, you'll discover:
🎙️Michael's story and how he discovered the financial planning profession
🎙️Why career changers make good candidates for the planning profession
🎙️What mental barriers new entrants face
🎙️How to leverage existing skills to flatten the learning curve
🎙️Using EQ over IQ
🎙️In your own words, what does the phrase "empathetic financial planning" mean to you?
Resources:
diversitasfp.org
Let Your Life Speak by Parker Palmer
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Michael G. Thomas Jr., Ph.D. about how psychological understanding in the financial services field is just as important as the technical side.
In this episode, you'll discover:
🎙️Michael's story and how he discovered the financial planning profession
🎙️Why career changers make good candidates for the planning profession
🎙️What mental barriers new entrants face
🎙️How to leverage existing skills to flatten the learning curve
🎙️Using EQ over IQ
🎙️In your own words, what does the phrase "empathetic financial planning" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today I talk with Michael G. Thomas Jr., Ph.D., who is an Accredited Financial Counselor (AFC®) and a lecturer at the University of Georgia. His research focuses on financial empathy and self-compassion, data visualization's effects on financial behavior, and the connection between brain function and money. Dr. Thomas's philosophy on how to effectively interact with money can be summed up in his Ted Talk: Financial Empathy: Understanding the Story Beneath the Numbers. Utilizing financial empathy as a process for active listening and the creation of client-focused financial recommendations are reflected in two financial literacy and capability programs he helped create: Money Dawgs and Discovering Money Solutions. Dr. Thomas is also the founder of Modom Solutions - a virtual financial coaching service he has been providing since 2015. He is also soon to be an author as he expects to release his forthcoming book, Black Financial Culture: Building Wealth from the Inside Out, in the fourth quarter of 2022.
In this episode, you'll discover:
🎙️Michael's story and how he discovered the financial planning profession
🎙️Why career changers make good candidates for the planning profession
🎙️What mental barriers new entrants face
🎙️How to leverage existing skills to flatten the learning curve
🎙️Using EQ over IQ
🎙️In your own words, what does the phrase "empathetic financial planning" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Dr. Dave Yeske, CFP® about how psychological understanding in the financial services field is just as important as the technical side.
In the full episode, you'll discover:
🎙️Dr. Yeske's story and origin in financial planning
🎙️Why financial planning is here to stay as a profession
🎙️The cost of the journey
🎙️What makes the journey worth the cost
🎙️3 things all career changers should keep in mind before making the switch
🎙️"Skinny" certificate programs vs. traditional programs
🎙️In your own words, what does the phrase "career changer dilemma" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Dave holds a doctorate in finance from Golden Gate University, as well as an M.A. in Economics and a B.S. in Applied Economics from the University of San Francisco. He has been practicing financial planning since 1990 and is a past Chair of the Financial Planning Association (US) (FPA), being named a top advisor by Bloomberg Wealth Manager. He has been quoted in national media including The Wall Street Journal, The New York Times, Businessweek, Newsweek, USA Today, Investors Business Daily, San Francisco Chronicle, and The Journal of Financial Planning. Dave has appeared on CBS, CNBC, CNN and NBC News. Dave and the Yeske Buie approach to investing were profiled in the Wall Street Journal in 2009 and Dave was again profiled in the Wall Street Journal in 2010 on “The Science of Financial Advising.”
In 2019, Dave was recognized by InvestmentNews as one of the most influential people in helping to shape the financial planning profession. In October 2017, Dave was awarded the prestigious P. Kemp Fain, Jr. Award, the Financial Planning profession’s lifetime achievement award. Dave’s contributions as a thought leader in the profession through his writing, presenting, and teaching and his dedication to mentoring future generations of planners through his longtime role as a mentor and Dean of FPA’s Residency program and his involvement at Golden Gate University spanning more than two decades were highlighted as he received the award.
In this episode, you'll discover:
🎙️Dr. Yeske's story and origin in financial planning
🎙️Why financial planning is here to stay as a profession
🎙️The cost of the journey
🎙️What makes the journey worth the cost
🎙️3 things all career changers should keep in mind before making the switch
🎙️"Skinny" certificate programs vs. traditional programs
🎙️In your own words, what does the phrase "career changer dilemma" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Martin Seay, Ph.D., CFP® about the importance of establishing trust to build client relationships in the financial services industry.
In the full episode, you'll discover:
🎙️Martin's story and origin in financial planning
🎙️How understanding a client's money story contributes to the financial planning relationship
🎙️Why planners do well to understand their own money stories
🎙️The 3 "must haves" in the client-planner relationship to illicit behavioral change
🎙️How financial planning might look 20 years from now and the skills aspiring financial professionals need to develop
🎙️In your own words, what does the phrase "personal financial planning" mean to you?
Community Question
🎙️When asked where are you on the journey, Admir from YT says he still unsure on his direction although he’s passed L&H and SIE. What advice would you give?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Martin Seay, Ph.D., CFP® who serves as Professor and Department Head of Personal Financial Planning at Kansas State University, where he oversees CFP Board-registered undergraduate, graduate certificate, M.S., and Ph.D. programs. He earned a Bachelor of Science degree and a Ph.D. with an emphasis in Family Financial Planning, both from the University of Georgia as well as earning his CFP® certification in 2014.
Martin's research focuses on borrowing decisions, how psychological characteristics shape financial behavior, and how consumers seek and use financial advice. His research has been recognized with the 2014, 2017, and 2019 FPA Annual Conference Research Paper Awards, the 2016 CFP Board's ACCI Financial Planning Award, and the 2016 Montgomery-Warschauer Award. He was also recognized with the Distinguished Financial Planning Alumnus Award by the University of Georgia in 2021 and selected as a member of the 2020 InvestmentNews 40 Under 40 class. He previously served as president of the Financial Planning Association (FPA) Board in 2020 and currently serves of the CFP Board of Directors.
In this episode, you'll discover:
🎙️Martin's story and origin in financial planning
🎙️How understanding a client's money story contributes to the financial planning relationship
🎙️Why planners do well to understand their own money stories
🎙️The 3 "must haves" in the client-planner relationship to illicit behavioral change
🎙️How financial planning might look 20 years from now and the skills aspiring financial professionals need to develop
🎙️In your own words, what does the phrase "personal financial planning" mean to you?
Community Question
🎙️When asked where are you on the journey, Admir from YT says he still unsure on his direction although he’s passed L&H and SIE. What advice would you give?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Hannah Moore, CFP® about why the financial planning industry is typically viewed as a linear career path from the outside looking in, but in fact, it's quite the opposite.
In the full episode, you'll discover:
🎙️Hannah's story and origin in financial planning
🎙️What is the nex-gen financial planner?
🎙️How does one become a nex-gen financial planner?
🎙️What trends are shaping the financial planning industry?
🎙️How can aspiring financial professionals best position themselves for success?
🎙️In your own words, what does the phrase "financial planning professional" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Hannah Moore who is a Certified Financial Planner™ and Certified Financial Transitions™ expert. She is the owner of Guiding Wealth and works one-on-one with each of their clients. She graduated from Baylor University with a degree in Financial Services and Planning and Business Management in 2008 and has been voted one of D Magazine’s Top Financial Planners in Dallas (from 2014 and running) and was awarded the Young Gun’s Award by the Dallas/Fort Worth Financial Planning Association.
She was also included on Investment News’ 40 Under 40 list in 2017 and one of the Financial Advisor Magazine 10 Young Planners to Watch in 2018. In 2019 and 2020, she was also named one of Investopedia’s Top 100 Financial Advisors in the nation. Hannah is also the recipient of Financial Planning’s inaugural Visionary Leader Award for an individual, based on her work creating a virtual externship for new planners at the start of the COVID-19 pandemic.
In this episode, you'll discover:
🎙️Hannah's story and origin in financial planning
🎙️What is the nex-gen financial planner?
🎙️How does one become a nex-gen financial planner?
🎙️What trends are shaping the financial planning industry?
🎙️How can aspiring financial professionals best position themselves for success?
🎙️In your own words, what does the phrase "financial planning professional" mean to you?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Kate Healy about why having two sets of eyes in the financial service industry proves to benefit us all.
In the full episode, you'll discover:
🎙️Kate's story and origin in financial planning
🎙️The impact of the changing landscape of financial advice
🎙️The advantages that next generation professionals have that older professionals don't have
🎙️What the next generation needs to carry into the future of financial advice
🎙️How the CFP Board is shaping that impact
🎙️In your own words, what does the phrase "career changer" mean to you
Resources:
If you're interested in the upcoming Diversity Summit, you can check it out here: https://www.cfp.net/the-center-for-financial-planning/news/2022/08/cfp-board-center-for-financial-planning-announces--2022-diversity-summit-virtual-career-fair-agenda
Event page: https://www.cfp.net/events/2022/10/5th-annual-diversity-summit-and-virtual-career-fair
Registration page: https://web.cvent.com/event/9243a534-d739-4924-9d6b-e63bb9886159/summary
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Kate Healy, Managing Director, Center for Financial Planning
Kate Healy joined CFP Board as Managing Director for CFP Board's Center for Financial Planning in September 2022. In this role, she leads the Center’s strategic direction to elevate the financial planning profession through programs in diversity and inclusion, workforce development and knowledge creation. She will also lead fundraising efforts to ensure the ongoing viability and success of these programs.
In this episode, you'll discover:
🎙️Kate's story and origin in financial planning
🎙️The impact of the changing landscape of financial advice
🎙️The advantages that next generation professionals have that older professionals don't have
🎙️What the next generation needs to carry into the future of financial advice
🎙️How the CFP Board is shaping that impact
🎙️In your own words, what does the phrase "career changer" mean to you
Resources:
If you're interested in the upcoming Diversity Summit, you can check it out here: https://www.cfp.net/the-center-for-financial-planning/news/2022/08/cfp-board-center-for-financial-planning-announces--2022-diversity-summit-virtual-career-fair-agenda
Event page: https://www.cfp.net/events/2022/10/5th-annual-diversity-summit-and-virtual-career-fair
Registration page: https://web.cvent.com/event/9243a534-d739-4924-9d6b-e63bb9886159/summary Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
On this week's episode of Conversations for Financial Professionals, I chat with Adam P. Scherer, MS, CFP®, EA about what kind of capabilities really count in your skillset.
In the full episode, you'll discover:
🎙️Adams's story and origin in financial planning
🎙️What makes financial planning attractive for career changers
🎙️Interesting trends in the financial planning profession
🎙️3 things career changers should understand about the profession
🎙️What skills are most desirable to obtain as the industry evolves
🎙️In your own words, what does the phrase "career changer" mean to you?
Resources:
Check out the Early Bird deal to enroll in the BIF Review for CFP Exam Prep (March 2023 cycle). Enroll in the March 2023 BIF Review before 11/15 to receive $100 off: bostonifi.com/bif-review#pricing Use coupon code: JUMPSTART
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Adam P. Scherer, MS, CFP®, EA.
Adam has worked in financial services and education for over 15 years. He holds a Master of Science degree in Personal Financial Planning, is a Certified Financial Planner™ professional, and is an Enrolled Agent (EA) admitted to practice before the IRS. Currently, Adam serves as the Director of Curriculum of the Bryant University/Boston Institute of Finance (BIF) CFP® education program and BIF Review CFP® exam prep program. At Bryant/BIF, Adam teaches the Tax Planning & Estate Planning courses & teaches on the BIF Review exam prep panel. In the classroom, he maintains a student-centered approach that is both engaging and accessible. Adam strives to simplify the complex and guide students to a point of understanding by using personal anecdotes, odd acronyms, and bad dad jokes. His favorite CFP® exam prep acronym is Ukuleles In A Dive-bar Playing Iron Maiden (for the 7-Step Financial Planning Process)! Finally, he is an esteemed member of the BIF Crew and a regular contributor to the BIF Bites podcast.
Adam is the President and Lead Financial Planner at Greenbeat Financial, a fee-only, independent financial planning firm. Greenbeat Financial proudly serves new and growing families, individuals, and small businesses. Through his personal financial planning work, Adam aims to consistently provide honest, understandable financial solutions, thoughtfully tailored to his client’s situations. Adam is the self-appointed poet laureate (#finpoet) of Greenebeat Financial, as well, and he regularly writes financial-themed haikus and limericks. Helping others through the delivery of financial planning and financial education is a core value for Adam. He is currently serving as Treasurer on the Board of Directors of the Connecticut Chapter of PSI (Postpartum Support International), he is an active contributor to several initiatives at the Foundation for Financial Planning, and he regularly delivers seminars to local communities on important personal planning topics.
Adam lives in West Hartford, Connecticut with his wife, Annie, two daughters, Susanna & Eliza, two dogs Cypress & Juniper, and cat, Nacho. Prior to entering the financial planning industry, Adam was a musician (graduate of the Thornton School of Music at USC) and continues to enjoy making music & writing songs on his guitars. When he’s not planning, teaching, hanging with his family, or strumming a guitar, Adam coaches his daughter’s basketball and softball teams.
In this episode, you'll discover:
🎙️Adams's story and origin in financial planning
🎙️What makes financial planning attractive for career changers
🎙️Interesting trends in the financial planning profession
🎙️3 things career changers should understand about the profession
🎙️What skills are most desirable to obtain as the industry evolves
🎙️In your own words, what does the phrase "career changer" mean to you?
Resources:
Check out the Early Bird deal to enroll in the BIF Review for CFP Exam Prep (March 2023 cycle). Enroll in the March 2023 BIF Review before 11/15 to receive $100 off: bostonifi.com/bif-review#pricing Use coupon code: JUMPSTART
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).
Register today for the challenge by going to: https://www.jumpstartcoachinglab.com/careerchanger-challenge
Use the promo/discount code: PODCAST for $50 off!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
On today's livestream episode we have Diana G. Yáñez.
Diana G. Yáñez, CFP®, RLP® (she/her) is a financial empowerment guide. At All the Colors, Diana facilitates individual and group coaching to help individuals underserved by the financial services industry build confidence in their money decisions.
Beyond financial literacy, All the Colors focuses on financial capability to support participants as they implement decisions to reach their financial and life goals. By providing this service in a group setting participants get to learn from other’s experience in a supportive environment.
Before founding All the Colors, Diana worked as a financial planner, business analyst, demographer, and in social work. She is a digital nomad living and traveling in Latin America, when not visiting friends and family in the United States. You can regularly find her reading, dancing salsa, and hiking.
In our discussion we talked about:
🎙️Diana's story 6:05
🎙️Why Diana started using the group coaching model for financial advice 7:15
🎙️The difference between financial coaching and financial planning 9:09
🎙️Helping clients move towards the right behaviors 11:15
🎙️Diana's background as a career changer helped her make the transition 12:50
🎙️How does group coaching actually work? 15:45
🎙️Sample questions to get to the root of the clients' problem 21:35
🎙️Structuring a group coaching program 22:36
🎙️Tradeoffs of group coaching vs. 1 on 1 25:33
🎙️Why Diana picked CFP but started financial coaching 26:45
🎙️Exploring your why and values to find your passion in this industry 29:40
🎙️Where is the industry headed--3 things to consider: People, Convenience and Technology 32:10
🎙️The reputation of the financial services industry 38:10
🎙️Q&A: When to study for the CFP exam? 40:55
🎙️Q&A: When should you enroll in a CFP program? 44:00
🎙️Q&A: How do you explain the value of financial planning to clients 47:35
Resources:
Reach out to Diana: https://allthecolors.net/
https://www.linkedin.com/in/dianagyanez/
Book Recommendations from this episode
Life Planning for You - George Kinder
It's Not About the Money - Brent Kessel
So You Want to Be A Financial Planner - Nancy Langdon Jones
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
On today's livestream episode we have Akeiva M. Ellis.
Akeiva is powerhouse in the financial services industry.
In her current role with Ballentine Partners, she works as the Financial Education Specialist where she develops financial education content and strategy and hosts the Ballentine Broadcast: Conversations on Black Wealth. She feels here life's calling is to promote economic equity, justice, and empowerment and does so through several activities. One of those is through her Youtube channel The Bemused. Co-run with her husband, they make sense of all things money for young adults just like them. They also offer MONEY 180™, a course for young adults seeking to develop culturally inclusive financial literacy skills.
In our discussion we talked about:
🎙️The "exposure" problem with a career in financial planning
🎙️The Traditional vs. Non-Traditional Pathways into financial planning
🎙️Lessons for Career Changers to Learn from Akeiva's Path
🎙️The Question All Career Changers Should Ask
🎙️Skills Every Career Changer Should Possess
Resources:
How to Start A Financial Coaching Business: Idea to Launch in 8 Weeks, a premium e-book that takes the guesswork out of how to get started. https://mastermymoney.gumroad.com/ Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Dominique Reese. Award-winning financial coach, consultant and trainer, Dr. Dominique' Reese is the Owner and President of Reese Financial Services, a boutique financial services and education firm that specializes in serving leaders, professionals and entrepreneurs, who are growing their net worth and serving in their divine purpose but have money problems to solve. Dr. Dominique' is an expert in building solid financial foundations, creating and growing assets and changing financial behaviors, by uniquely blending financial education, financial coaching & counseling and financial planning for high-achieving individuals who work hard, yet, lack the financial order they desire. With over 15 years as a financial professional and has been featured in and sourced for a variety of media, including Associated Press, nerdwallet.com, nasdaq.com, creditcards.com, a subject matter expert in the documentary, Resurrecting Black Wall Street and recognized by the Association for Financial Counseling, Planning and Education for being a high quality practitioner in an award-winning national program of 60 financial coaches, piloted by the Consumer Financial Protection Bureau. You are the author of "Master My Money: 16 Steps To Solve Your Money Problems and Create A Foundation For Financial Freedom", and creator of BUILD™, an eight-week self-paced and guided online personal finance program and "How To Start Your Own Financial Coaching Practice." an online course for financial professionals. In 2020, she founded the Black Women's Investment Club, a Los Angeles-based investment club, where women of color are introduced to investing and you also have the Profitable Private Practice Mastermind for financial educators, coaches and counselors to leverage shared information amongst peer professionals, while building a profitable private financial empowerment business.
In our discussion we talked about:
🎙️Women in Financial Services
🎙️Diversity Inside of Financial Services
🎙️Wants and Demands of Consumers for the Future
Resources:
How to Start A Financial Coaching Business: Idea to Launch in 8 Weeks, a premium e-book that takes the guesswork out of how to get started. https://mastermymoney.gumroad.com/ Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Elois Joseph, MBA who is an accomplished financial services professional with an extensive career in brokerage operations, regulatory compliance, and exchange registration services. She holds a MBA from Northern Illinois University and a BA in Journalism from Columbia College Chicago. Her career spans 20+ years; however, she could no longer resist the call to dedicate her expertise full-time to the Greenwood Project.
Over the last two years, Elois has harnessed her expertise to bolster the capacity of The Greenwood Project by creating a framework to expose and educate minority students to a world that they never knew existed. Consequently, the organization grew from serving 120 students and 8 firms in 2017 to 400+students and 50 partner firms in 2021.
The Greenwood Project introduces Black and LatinX students to careers within the financial industry via paid summer internships, educational field trips and their summer institute for high school students. The organization was established five years ago by Elois and her husband, Bevon Joseph. Initially, the organization’s mission was to introduce academically talented students from Chicago's under-resourced communities to opportunities within the financial industry. However, they have now expanded that mission to reach Black and LatinX youth nationwide.
In our discussion we talked about:
🎙️Where to Start in Creating the Talent Pipeline
🎙️Nurturing the Talent Pipeline for
🎙️The Greenwood Project
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Anjali Jariwala, CPA and CFP®, who is the founder of FIT Advisors - a financial planning firm serving physicians and business owners virtually across the US. Prior to launching her own firm, Anjali spent over 6 years years working with Fortune 500 clients at a top 4 accounting firm, PricewaterhouseCoopers, and 2 years with a large, prestigious financial planning firm serving high net worth individuals. During her career, she would often share financial advice with family and friends, but began to realize that not only did most of them lack access to the best personal finance information, but also their busy family lives meant they just didn’t have the time to pull it all together on their own. So, she decided she could make a bigger impact by starting her own firm. Anjali utilizes her expertise in tax and finance to empower her clients to discover and reach their life goals while building a stable financial future.
Anjali hosts Money Checkup podcast - a semi-monthly checkup that discusses the many facets of financial well-being. She was named one of Investment News Top 40 under 40 for 2019, Financial Advisor magazine’s Young Advisors To Watch for 2020 and Investopedia’s 100 Top Financial Advisors. Anjali has been featured in CNBC, Bloomberg, US News and World Report, New York Times, USA Today, Business Insider, Investment News and more. Anjali serves on the Board of Save a Mother - a nonprofit dedicated to developing sustainable healthcare solutions for the poor in India.
In our discussion we talked about:
🎙️Facing Obstacles as a Career Changer
🎙️Building Your Own Firm
🎙️Making the Leap to #Finserv
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Tanya Frias, CFP®, ChSNC® who is Chief Financial Planner at Freeman Capital and has over 20 years experience in Financial Services with 13 years as a Certified Financial Planner. As the head of all things financial planning, she is committed to providing access to financial planning to underserved communities and eliminating the racial wealth gap. Freeman Capital's #1 goal is to reverse the trend, ensuring our communities and future generations thrive. This is why we go farther than other financial companies and support you through all aspects of growing your net worth.
She is a graduate from City University of NY with a B.S. in Computer Information Systems and has completed the CFPⓇ(Certified Financial Planner) certification program at NYU and the ChSNC (Chartered Special Needs Consultant) certification program at the American College. Tanya will be attending Kellogg-Northwestern’s Executive MBA program in Fall 2022. Tanya lives in NYC and spends her free time hanging out with the world’s coolest 10-year-old, Zackary.
In our discussion we talked about:
🎙️Talent Pipeline Recruitment and Retention Challenges
🎙️The Career Changer Candidate
🎙️The Freeman Way
Resources:
Check out Michelle's Success Formula Guide. CLICK HERE
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Dr. Daniel Crosby who is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into 7 languages. His latest work, The Behavioral Investor, is a comprehensive look at the neurology, physiology and psychology of sound financial decision-making.
In our discussion we talked about:
🎙️2022 CFP Exam
🎙️3 E's of Behavioral Change
🎙️Developing Skills as an Existing Advisor
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Kristin Burke.
Kristin Burke’s mission is to help others maximize their potential and achieve their definitions of success. As a goal achievement coach, Kristin collaborates with clients to maximize their potential and achieve their definitions of success. She launched her coaching practice with over a decade of experience coaching and developing hundreds within a FORTUNE 200 firm. She has spoken at numerous annual meetings, regional meetings, leadership clinics and women's summits. Most recently, Kristin coached the team of financial advisors that lead the company in production nationwide. She recruited over 200 college financial representatives into Northwestern Mutual's nationally recognized internship program and elevated the Los Angeles office's internship program from #76 to #5 in the company.
She is passionate about empowering women to elevate their careers. Kristin's curiosity for work-life integration blossomed in graduate school. There, she authored her thesis on the topic of work-life balance, specifically as it related to women. After concluding that the very word "balance" communicated an unrealistic reality, she started her quest to help others understand how to thrive personally and professionally. She specializes in helping clients gain goal clarity, establishing plans to achieve goals and tracking progress.
Outside of coaching, Kristin enjoys running (and has completed 8 marathons), practicing yoga and reading. She believes in progress over perfection and living life by design rather than default.
In our discussion we talked about:
🎙️How to Start with a Vision
🎙️Plan Killers vs. Plan Builders
🎙️Success for the Nex Gen Financial Professional
Resources:
Check out Kristin's podcast Honor Your Ambition
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Jean Dunn, CFP®. Jean is a Vice President of T. Rowe Price Investment Services, Inc., and an Insights Leader in the U.S. Intermediaries: Product & Marketing—Offer Management Group.
As a frequent speaker at industry and client events, Jean not only creates thought leadership but also provides consultative services to financial professionals, sharing industry best practices, from leading strategic marketing teams to helping the financial planning community understand and better serve diverse communities, her goal has been to arm financial professionals with the actionable insights, tactics and tools they need to help their clients reach their goals.
Jean is focused on helping financial professionals understand and adapt to the changing face of wealth in the United States and is passionate about researching how the shifts in intergenerational wealth and family dynamics influence how Americans save, invest and plan for their futures.
In our discussion we talked about:
🎙️Next Wave of Generational Wealth Transfer
🎙️Diversity Inside of Financial Services
🎙️Wants and Demands of Consumers for the Future
Resources:
www.trowprice.com/nextwave
Prospecting the Next Wave Playbook
Next Wave Whitepaper
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today I'm chatting with Brandy Baxter who is the owner of Living Abundantly where she coaches couples to shift their mindset and bring future financial goals into present reality. She is also an Accredited Financial Counselor® and a Financial Fitness Coach® with a B.A. in Communication, a M.S. in Management, a Graduate Certificate in Executive Coaching, and a Doctorate in Strategic Leadership.
She is the author of the book, The Three Little Divas™ Reach Your Money Goals in 3 Steps Before You Huff and Puff and Blow Your Next Paycheck Away, a book about three women and their money personalities.
In addition to serving her community by providing financial education, Brandy is involved in the veteran community. She is co-founder of At Ease Texas, a nonprofit social support organization that facilitates peer groups for women in the military community. She is a veteran of the United States Air Force, a spouse of an Air Force veteran, and strives to be a servant leader in her community.
Brandy is a 2020 recipient of the Governor’s Volunteer Award for Service to Veterans, a member of the Association of Financial Counseling Planning and Education (AFCPE®) Board of Directors, Chair of the AFCPE® Diversity, Equity, and Inclusion Taskforce, and a voting member of the City of Mesquite Housing Board.
In our discussion we talked about:
🎙️Financial Coaching vs. Financial Advising
🎙️Developing Financial Coaching as a Skillset
🎙️ How Financial Coaching Empowers Clients for Better Outcomes
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Charles Adi is the founder and visionary of Blueprint 360, a Houston-based RIA, with the sole purpose of making financial planning and professional investment management advice available to everyone - regardless of their income or net worth. There he utilizes a consulting-based approach to educate and empower his clients to take action and reach their wealth potential without sacrificing their lifestyle.
Outside of Blueprint 360, Charles is involved in several nonprofit and civic organizations. He is the past chair of the FPA Diversity Committee and current member of the Center of Financial Planning Diversity Advisory Task Force. A speaker on a variety of financial planning topics, Charles has been quoted by several publications including Forbes, US News, and Financial Planning Magazine.
In our discussion we talked about:
🎙️Barrier to Progress in the Talent Pipeline
🎙️What Minority Advisors Want
🎙️ Path for Success in Financial Services for Minority Advisors
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Michelle Arpin Begina, CFP®, CIMA® who is the Founder & Chief Behavioral Officer of MichelleAB and is also an Advisor, Author, and Speaker. Michelle has taken her own money story and alchemized it into a passion for financial literacy that marries the science of wealth management with the art of financial therapy. Michelle grew up airplane, sports car, and yacht poor – surrounded by the outward signs of wealth but plagued by the insecurity of knowing it was a sham, and her family was never more than a bounced check away from disaster. It turned out to be the perfect starting point for a career dedicated to revolutionizing the way we relate to money (yes, it’s a relationship!) and the way financial advisors work with their clients. Often called the Erin Brockovich of financial literacy, Michelle challenges us to ditch the notion that it only lives on Wall Street and find it where it truly resides: at the intersection of knowledge, skills, and emotional composure.
In our discussion we talked about:
🎙️How to dismantle the discomfort people have talking about money
🎙️Being vulnerable to share your own financial journey
🎙️ What is The Success Formula Guide?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
Join our weekly newsletter, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Jedidiah Collins CFP® , a former NFL player, Amazon best-selling author, podcaster, and adjunct professor at Washington State University. Transitioning away from football, Jed discovered his passion is delivering financial wellness workshops for those at the beginning of their financial journey, not the end. The Money Vehicle workshops, best-selling book YourMoney Vehicle, and virtual course are on a mission to teach young professionals how to U.S.E. money (Understand, Strategize, Empower).
In our discussion we talked about:
🎙️NFL Player to CFP - why?
🎙️ Challenges of the career changer... 🎙️ How to leverage an established network
🎙️ How is Jed impacting financial services?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
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Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Brian Covey, once an Olympic USA Soccer Player, who has mastered the art of a growth mindset, the art of winning, and the art of staying fit. He is an executive at loanDepot, a proud father, an influencer, a top-rated podcaster and, just simply, a fabulous soccer dad. "Conversations with Covey", highlights some of the most incredible stories he’s gotten to share on his podcast, the Brian Covey Show.
In our discussion we talked about:
🎙️ Loss & gain as a finserv career changer
🎙️ Learning as a Career Changer 🎙️ Maintaining a personal growth and investment mindset
🎙️ The Great Resignation
Resources:
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Kathy Longo is a Certified Financial Planner® practitioner, Chartered Advisor in Philanthropy®, and a Certified Divorce Financial Analyst® and the author of Flourish Financially: Values, Transitions, & Big Conversations. She is president and founder of Flourish Wealth Management®. Kathy was named an Investopedia Top 100 Financial Advisor for 2021 and is the Host of the Flourish Financially Podcast. She serves on the board of directors for YWCA of Minneapolis to eliminate racism and empower women and girls and Moneyweave Academy to provide financial planning education for women that inspires sound decision-making, purposeful action, and philanthropy.
In our discussion we talked about:
🎙️ Why become a Certified Divorce Financial Analyst?
🎙️ Let's talk tools 🎙️ Bringing forth transformation...
🎙️ What financial professionals should keep in mind delivering transformation to clients
Resources:
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Rahkim Sabree, CFEI, personal finance influencer, author, speaker, and financial coach who focuses on helping entrepreneurs and business leaders optimize their financial future by addressing financial traumas, improving literacy, and overall financial empowerment. His work has been seen or published in TED talks, Black Enterprise, Business Insider, Entrepreneur, The Grio, The Tamron Hall Show, Yahoo Finance, Bigger Pockets, and more.
In our discussion we talked about:
🎙️ Broaching the "untouchable"
🎙️ Developing a skill that's invaluable to clients 🎙️ Approaching difficult client situations
🎙️ Developing the next generation...
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Brittney Castro, founder and CEO of Financially Wise Inc. and a Certified Financial Planner™, Chartered Retirement Planning Counselor, Accredited Asset Management Specialist, entrepreneur, highly sought-after speaker, and consultant. She has been elected one of the 40 under 40 in 2020 by Investment News, as one of the 22 “Women To Watch” by InvestmentNews in 2018 and was ranked on INVESTOPEDIA’s Top Influential Financial Advisors list in 2017, 2018, 2019 and 2020. Additionally, you serve as the in-house CFP® for Mint as well as the Head of Education for Altruist, both roles where she can continue her efforts of spreading financial literacy to the masses through media interviews, video content, and social media campaigns.
In our discussion we talked about:
🎙️ How it began
🎙️ The Checklist for Finding Opportunities 🎙️ Trends for Next-Gen financial professionals
🎙️ Creating media opportunities
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
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Please leave a review right now, click here.
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Holly Morphew, AFC®, a visionary, financial coach, and multi-generational entrepreneur. She’s the founder + CEO of Financial Impact, which helps professionals and entrepreneurs create personal wealth and financial independence. In 2008 Holly received the prestigious “Rotarian of the Year” award for her work in financial literacy, and her book Simple Wealth is a #1 best seller in nine out of ten categories. Holly’s work has been featured in Forbes, Business Insider, Yahoo Finance, FemFounder, and more.
In our discussion we talked about:
🎙️ Finding your tribe
🎙️ Serving Your Tribe & Delivering Impact 🎙️ The Impact of Financial Coaching on Financial Advice
🎙️ How do coaches and advisors work together to deliver transformation for clients?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Raquel Hinman, an Erie, Colorado-based CFP® and owner of Hinman Financial Planning, a Fee-Only Registered Investment Adviser. She has helped clients navigate the financial and non-financial issues that accompany major life transitions and decided she wanted to do more to help people with all aspects of their financial lives. These two desires culminated with her founding Hinman Financial Planning in 2015.
In our discussion we talked about:
🎙️ How do you define talent when it comes to adding to your team?
🎙️ Skill set shaping for aspiring financial professionals 🎙️ What has this industry done well?
🎙️ Greatest future challenges of firm owners
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
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Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Steven Jarvis, co-founder and CEO at Retirement Tax services where he aims to bridge the gap between tax professionals, financial advisors, and their mutual clients to help reduce most people's largest expense in retirement: taxes! Steven has over 10 years of experience from top accounting firms and is also the host of the Retirement Tax Services podcast where he utilizes valuable skills of distilling endless pages of IRS tax code and case law into easy to explain actionable items that financial advisors can use with their clients.
In our discussion we talked about:
🎙️ Taxes, Taxes, Taxes 🎙️ Uncovering Problems, Providing Solutions
🎙️ 5 Things to add value to client's tax returns
🎙️ Developing a Specialty
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
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And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Shehara Wooten who is an author, speaker, financial life-planner strategist, and the founder of Your Story Financial, LLC, a virtual fee-only fiduciary boutique firm committed to helping women and #STEM professionals move from unsure to confident about their financial decisions. She was named one of Investopedia's Top 100 Financial Advisors in 2020 and AAAA 50 under 50 in 2020 and has over seventeen years' experience in the financial services industry.
In our discussion we talked about:
🎙️ Who is Shehara Wooten?
🎙️ What is Owning Your Financial Narrative? 🎙️ What does owning Your Financial Narrative look like?
🎙️ The Path Forward...Empowering Consumers of Financial Services
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have George Kinder internationally recognized as the father of the Life Planning movement. He’s revolutionized financial advice for over 30 years by training thousands of professionals in 30 countries in the field of financial Life Planning through the Kinder Institute of Life Planning.
In our discussion we talked about:
🎙️ What defines financial planning?
🎙️ What is meant by the term “holistic”? 🎙️ How does one become a complete planner?
🎙️ What’s next for the planning profession?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
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Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
We're taking a little break!
Mark your calendar, because we'll be back with brand new content for you starting January 12th
Be sure to listen, share and leave a review.
Resources:
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Rianka Dorsainvil.
You are Co-Founder and Co-CEO of 2050 Wealth Partners which focuses on empowering entrepreneurs and first-generation wealth builders to own their money story and pursue their biggest dreams.
Through your work as a millennial CERTIFIED FINANCIAL PLANNER™, you bring a unique perspective not only on the current state of the financial service industry but on how to stay relevant in an ever-changing world.
You serve as a member of CNBC's Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.
As a financial planner and an advocate for diversity, equity, and inclusion, you believe that first-generation wealth-builders are a community that has been underserved by the financial planning profession for too long - and she’s here to help change the tides.
In this conversation, you’ll hear:
-
how to identify and understand the problem of hiring the best talent for the financial planning profession;
-
why the financial services as an industry is at a critical crossroads;
-
the ingredients necessary to have financial advice “change family trees”;
-
why and how wealth management firms can leverage their growth to help develop the next generation of financial professionals;
-
Rianka’s thoughts on where the cultivation of the talent pipeline should begin; and
-a whole lot more!
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Benjamin Brandt.
Benjamin Brandt you are a CERTIFIED FINANCIAL PLANNER™ and Founder/President of Capital City Wealth Management, a Bismarck, North Dakota fee-only financial planning company.
You are also the host of the popular podcast Retirement Starts Today Radio and blog.
You were recently named as one of the top 40 financial advisors under age 40 by Investment News.
You are also an Iraqi combat veteran having served in the North Dakota Army National Guard for 8 years, including a 15 month deployment to Iraq in 2003.
You've been featured in The Huffington Post, CNBC.com, Forbes, Business Insider, ClarkHoward.com, and many others.
In your free time, you and your wife Kristen can be found on the weekends at the hockey rink, or on the gymnastic and wrestling mats, chasing their six energetic children.
In this conversation you'll learn:
- The importance of understanding how the media can work for you;
- What to do in order to gain more clients and authority within your industry;
- How to reach your target audience and make media personal for your ideal customer;
- The importance of keeping your story compelling to your audience;
- How to use the media to why media is important for growing your business;
- The importance of understanding how to market your brand with media;
- And so much more!
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today’s conversation is with Stephanie McCullough.
Stephanie founded Sofia Financial in 2011 after 14 years as a financial advisor, with the goal to empower women to make wise financial decisions and reduce their money stress. She has found that women “of a certain age” are faced with a particular set of problems around the goal of retirement. Especially women who are facing it on their own. And she believes the traditional financial services industry is ill-equipped to handle this problem. She and her team provide non-judgmental, holistic financial planning as well as investment management, and are devoted to helping their clients build confidence, resilience, and joy in their lives. It’s not just about the money!
In this conversation we cover:
- Having a more open mindset around diverse opinions and how to look at something differently;
- Unlearning what you think you know and being open to other viewpoints, even if they are different from your own;
- How there is no “one-size fits all” approach in financial services;
- How organizations can reap the benefits of diverse opinions; and
- Preparing the next generation for delivering financial advice
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today's conversation features Marguerita Cheng, CFP®, RICP® whose expertise includes helping entrepreneurs and high net worth individuals protect their wealth and plan for retirement. Today's episode is about how to find your own niche in the financial services industry which nobody else is talking about.
In this episode, I hope you'll be inspired also as you learn more about finding your own unique voice within this competitive field of work. You'll also learn what sets successful professionals apart from their peers and how they're able to make an impact on people's lives.
In this conversation you'll learn:
-You’ve got to love to serve people
-the difference between the “industry” of financial services and the “profession” of financial advice
-the “how” of finding a niche and why you don’t have to know your niche before jumping into a new role or industry;
-where you should focus your energy as a career changer or new aspiring financial professional; and so much more!
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today's conversation features Jerry V. Hall, a digital asset expert and cryptocurrency advocate, who shares his opinion on decentralized finance, the implications on traditional finance services, and new opportunities for financial advisors.
Jerry discusses how decentralized finance may have an impact on our society in general while he also tries to address some of the confusion revolving around this topic.
Jerry is a California native that has had a variety of career stops providing tons of perspective from being a mental health coordinator to loan officer to show business and now an investor living in Costa Rica.
We discuss the following...
🎙️ What is decentralized finance? (i.e. defi)
🎙️ What Defi means for consumers and providers of financial services
🎙️ What is blockchain and cryptocurrency?
🎙️ Examples of how cryptocurrency is sent
🎙️ What is NFT?
🎙️ What cryptocurrencies particularly intrigue you based on your knowledge/expertise and why?
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Additional resources referenced in this episode: “The BitCoin Standard”
Listen to previous podcast episodes, clicking here.
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If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today's conversation features Dr. Mary Bell Carlson, whose expertise includes being a financial behavior expert and well-known speaker and author. She has worked in both the military and government sectors for over a decade, helping improve client outcomes. She's the founder of www.ChiefFinancialMom.com, a personal finance education blog to help other busy moms. She's also the co-host of the Real Money, Real Experts podcast, and an adjunct faculty member for the financial planning programs at the University of Georgia and Texas Tech University.
----more----The topic of this conversation is to help aspiring financial professionals learn about the difference between financial coaching and financial planning.
The two terms are often confused, but Dr. Mary Bell Carlson clears up any confusion and provides insight into both jobs to help make a decision as to which one you'd like to go after!
We discuss the following...
- What is financial coaching?
- Financial Coaching and Financial Planning
- Why should you consider becoming a financial coach?
- How can you become a financial coach?
- Where financial coaches fit on the continuum of financial advice
- Most Wanted List...Top Attributes for Financial Coaches
----more----Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Check out this free resource from Dr. Mary Carlson: https://freeguide.chieffinancialmom.com/
Listen to previous podcast episodes, clicking here.
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Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
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If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get. Click here to leave a review.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today's conversation features Anabel Diaz, CFP®, MSFP who is a CERTIFIED FINANCIAL PLANNER™ professional who holds a BA in Economics from UC Santa Cruz and a Master of Science in Financial Planning from Golden Gate University.
She joined the Natural Bridges team in 2017, where she serves clients in a fiduciary, fee-only capacity. Anabel is also an Alliance of Comprehensive Planners member, along with being a member of the Santa Cruz County Women’s Council.
We cover a ton in our conversation, such as:
-Why she chose the CFP of all the available designations
-What she did to prepare for exam including the education provider she used and how long it took her to prepare
-How she felt about her failed 1st attempt at the exam and what she learned from it.
-What it was like on the exam day and her strategy for tackling questions.
In this conversation you'll learn from Anabel’s firsthand experience on what you need to do in preparing for the CERTIFIED FINANCIAL PLANNER™ examination.
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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If you enjoyed this episode on Day in the Life of CFP Exam Taker, please share it with your friends by using the social media buttons you see at the bottom of the post.
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Do you know anyone that’s worked with Sir Elton John or Elon Musk, sent people down to see the wreck of the Titanic on the sea bed or closed museums in Florence for a private dinner party and then had Andrea Bocelli serenade them while they eat their pasta – you do now!
Steve Sims is a world-renowned entrepreneur and the CEO of Bluefish.
He started with nothing and turned it into a multi-million dollar business. Steve has consulted with most major Hollywood studios, Fortune 100 companies and celebrities like Matt Damon, Steven Spielberg, Oprah Winfrey, Jeff Bezos, Bill Gates among others.
In this episode, we discuss with Steve Sims "what the right tools are for excellent client service".
In this conversation, you'll learn:
-how to deliver excellence through client service by applying the lessons that were learned from Steve's success story!
-about how the Bluefishing idea came to be and what it consists of including creativity, positivity, and accountability.
-the best way to inspire a team and inspire a company.
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
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If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today's conversation features Jessica Medina who went from being a lawyer practicing family law for a big firm to being a financial coach who wants to help lawyers see the light of day and how she learned about finances.
In today’s episode you will learn:
-About Jessica’s story and what prompted her to become a financial coach
-Why should picked being a financial coach over being a financial advisor
-Jessica’s best piece of advice for aspiring financial professionals about specializing in a niche
-Tips on how to “make the leap” without leaving the steady paycheck
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Thanks again for listening, reading, and watching!
Welcome to Episode 31 of the Conversations for Financial Professionals.
In the episode, Carl talks about why a “thinking-approach” to delivering financial advice is more important than ever. He also covers some of his views on technology and how it will shape financial services over the next five years. In addition, we talk about what you can do now to position yourself as a nexgen financial professional.
Carl Richards is an expert in crafting financial advice as a “nex-gen” financial professional whose accomplishments include:
- Creator of the Sketch Guy column which appears weekly in The New York Times
- Written pieces featured on Marketplace Money, Oprah.com, and Forbes.com.
- Keynote speaker at financial planning conferences and visual learning events around the world.
So if you want to be relational when it comes to giving financial advice, unpacking deeper issues with clients, and being more present with clients so you can practice or incorporate these skills into the client relationship, tune in now!
Show Highlights:
- Selling certainty as a financial professional
- Being human and relational
- Being a guide vs. a defender
- Having compound impact vs compound interest.
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
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Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
In this episode, Chloe Moore and Lisa Rosa and I discuss having more diversity inside of financial services.
So if you want to understand how financial services is affected by underrepresentation of certain people groups, realize ways that #finserv can attract, hire and retain the best talent, and recognize the challenges #finserv faces by not being more diverse so you can incorporate tools to serve their ideal client at the next level, tune in now!
In this episode, you'll discover:
- The effect that BLX is having on the lack of diversity in the profession
- Whether or not the lack of diversity in the profession is due to a lack of exposure
- Ways that the financial services industry has fallen behind in hiring the best talent
- What is the BLX initiative and the feedback from participating firms
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode on having diversity inside of financial services, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Eliseo Way.
Eliseo you are an independent insurance and annuities broker licensed in several states. You are also a content creator with a YouTube channel that talks mainly about Content Creation and Monetization.
You aspire to create content that helps people realize and productize their intellectual property, as well as help others in their journey of reaching and maintaining mental, physical and financial wholeness.
In this episode, Eliseo and I discuss how to create content that converts.
In this episode, you'll discover:
- Eliseo's ideas on serving a niche market as a financial professional;
- How to navigate the “ins-and-outs” of a digital content creation journey;
- How to choose a platform for your content;
- Creating content on a limited budget;
- Specific tools used in the content creation game;
- A lightning round of advice for new creators
So if you want to understand the pitfalls to avoid when creating content, find out ways to level up your content creation strategy, and see ways that using video can impact your business, tune in now!
Resources:
Are you a current or aspiring financial professional? Click here to join the Jumpstart community!
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode on how to create content that converts, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Luis Rosa.
Luis is the founder of Build a Better Financial Future LLC. He immigrated from the Dominican Republic at age 11 and grew up in New York City where he noticed the lack of financial literacy in his community.
He’s the host of the “On My Way to Wealth” podcast, co-founder of the BlatinX (BLX) Internship Program and LatinXcellence – an initiative that seeks to bring awareness to and help close the wealth gap in the LatinX community.
He’s held many roles including FPA NexGen ambassador and host, to CFP Board Center for Financial Planning’s Diversity Summit speaker using those platforms to spread financial literacy via media outreach as well as encourage younger and diverse planners to join and thrive in the industry.
In this episode, Luis F. Rosa, CFP®, EA and I discuss why building financial literacy in our society is a key to building wealth.
In this episode, you'll discover:
- Luis' formula for becoming financially literate, and whether this formula is different for specific people groups;
- What helped Luis uncover the importance of financial literacy as a component to building generational wealth;
- Luis' thoughts about where the nexgen financial professional can fit into the continuum of making a difference;
- Trends Luis has noticed with the type of talent coming into the industry now, and the type of contributions they want to make;
- Luis' take on the impact of the BLX internship and what he and his co-founders are trying to solve with this solution.
If you want to understand the ingredients to becoming financially literate, find out where the nexgen #finpro fits into the financial literacy equation, and learn the changes to the existing model for recruitment of nexgen talent so you can incorporate tools to serve your ideal client at the next level, tune in now!
_____________________
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here.
Want to collaborate? Click here.
If you enjoyed this episode on building financial literacy in our society is a key to building wealth, please share it with your friends by using the social media buttons you see at the bottom of the post.
And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.
Please leave a review right now, click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Mike Michalowicz.
Mike, you are the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit.
By your 35th birthday, you had founded and sold two multi-million dollar companies.
Today, you lead two new multi-million-dollar ventures. You are a former small business columnist for The Wall Street Journal and business makeover specialist on MSNBC. As well as a popular main stage keynote speaker on innovative entrepreneurial topics; and is the author of such titles as: Clockwork, Profit First, Surge, The Pumpkin Plan, The Toilet Paper Entrepreneur, and your latest book Fix This Next.
Welcome to the podcast!
Show Highlights:
-
Mike discusses the concept of a business serving its owner instead of the business owner serving their own business
-
Ways to pay yourself as a business owner are discussed; Mike gives us the scoop on how his way of running his business was so revolutionary
-
The most substantial impediment to profitability to entrepreneurs is examined
-
Investment in systematic organization consultation for your business is discussed; Mike sheds light on how a business owner should view this as an investment in a business vs. an expense
-
Budgeting and taking time for personal development of yourself as a business owner is deliberated
-
Industry myths are dissected; Mike answers various questions regarding profitability success, paying yourself as the business owner and applying business system organization to different industries
Resources:
Mike has some cool tools to help you get your business to profitability, check them out here: https://mikemichalowicz.com/get-the-tools/
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Stacy Livingstone-Hoyte.
Stacy you are the founder of Integrated Financial Care which offers personal finance counseling, coaching and educational services. You also coach with Zeiders Enterprises which offers financial education services to the National Guard Reserve and Active Duty Service members along with their families. Before that, you coached at-risk veterans with the Consumer Financial Protection Bureau’s Financial Coaching Initiative along. You’ve also worked as Personal Financial Management Specialist with the US Navy. You are definitely living out your motto: “I will serve”
Welcome to the podcast!
Show Highlights:
0:00 Meet Stacy Livingstone-Hoyte
1:20 What sparked the interest in personal finance?
2:50 Getting Into Financial Services
5:52 The Path to the AFCPE
7:50 Why did you want to share your story?
10:43 Former Military and Active Duty
17:18 From Military to Financial Services
20:33 Day in the Life of Stacy
25:10 Words of Wisdom
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Lawrence Smith.
Lawrence, you are the President of ELS Vision Wealth Management. You bring a passion for helping people reach their future wealth goals and work with Employer-Sponsored Retirement Plans, small business owners, and individuals in need of expanded financial planning.
Prior to establishing your own firm in 2017, you served as a Registered Representative with JP Morgan Chase, as a Retirement Consultant with Lincoln Financial Group, and as a Financial Advisor with Lincoln Financial Advisors Corp.
Along with your BS in Business Administration you hold the Chartered Retirement Planning Counselor (CRPC), Chartered Retirement Plan Specialist (CRPS), and CERTIFIED FINANCIAL PLANNER ™ designations as well as the Series 7, 6, 63, and 66 FINRA securities licenses, along with your Life and Health Insurance licenses.
You are well-equipped to assist prospective clients in a multitude of financial matters.
Welcome to the podcast!
Show Highlights:
-
0:00 Meet Lawrence Smith
-
2:49 When do firm owners hire career changers?
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7:00 How do you decide when to hire a team?
-
10:38 What goes into a new hire?
-
17:54 What skills does a client facing hire need?
-
23:35 How to practice on yourself
-
26:17 What skills do non-client facing staff need?
-
32:39 Where do you learn these skills?
-
38:05 The Value of Internships in this industry
-
43:55 Education vs Experience vs Volunteering
-
50:03 Words of Wisdom
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Andrea Koppel.
Andrea is the Founder and CEO of the College2Career Academy which helps college students and grad students, of all ages, fast track their job search and build actionable game plans to find careers they’ll love.
She's also a fellow podcaster as she is the host of the Apple TOP 100 podcast, Time4Coffee, and founder of Time4Coffee LLC, a company with a mission to empower 1 million students to turn their degrees into careers they’ll love.
Welcome to the podcast!
0:00 Meet Andrea Koppel 2:30 Where did your personal mission come from? 9:49 How can you find your dream career? 16:25 How do you embrace the process? 20:42 Experience is the best teacher 25:30 College to Career Resources 30:35 Networking on LinkedIn 33:27 Words of Wisdom
Resources:
Need help with your job search? Check out Andrea’s 5 FREE job searching tools to help college students and young professionals.
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Brian Moran.
Brian brings over thirty years of expertise as a CEO, corporate executive, entrepreneur, consultant, and coach--with career stops at Fortune 500 names such as UPS, PepsiCo, and Northern Automotive. As an entrepreneur he’s consulted for dozens of world-class companies including Coldwell Banker, Mass Mutual, Medtronic, New York Life, and Tiffany & Co.
As an author, his NY times Bestseller The 12 Week Year presents the idea that most people don’t lack ideas but struggle with effective implementation.
As a visionary, Brian’s passion is to help others go beyond what they think they are capable of and achieve more than they ever thought possible.
Welcome to the podcast!
Show Highlights:
-
0:00 Meet Brian Moran
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1:11 How are you coping with the pandemic?
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4:05 New Years Resolutions
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7:20 Stated Intentions vs Hidden Intentions
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10:57 What are the effects of social media?
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13:27 How powerful is intentionality?
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18:33 How do we start with a vision?
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24:37 Advice for people in their 20s
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27:34 Why is the 12 week year so effective?
-
32:33 Words of Wisdom
Resources:
Would you like to learn more about Brian’s 12 Week Year. Here’s how you can get started for free: www.12weekyear.com/gettingstarted
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Shannah Compton Game. ("shaw'-nuh") Shannah you are a money wellness expert, CERTIFIED FINANCIAL PLANNER™ professional with an MBA, and on a mission to revolutionize how people think, act, and feel about their money. You're the host of “Millennial Money” which has listeners in 164 countries and over 15 million downloads. Aside from the podcast, you are Chief Everything Officer of Hello, It’s Me, creator of the Money Mindset Journal, and also at California State University Northridge.
Welcome to the podcast!
Show Highlights:
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0:00 Meet Shannah Compton Game
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2:08 How are things since the pandemic?
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5:12 Millennials and Money
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8:01 Millennials and Financial Literacy
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13:01 How CFPs Can Serve Millennials
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20:49 How Important is Transparency
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23:33 Serving as a CFP Today
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26:05 Behavioral Finance
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30:40 Dialing for AUM
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33:14 Financial Professionals Having Their Own Coaches
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37:19 Words of Wisdom
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Kevin Lozer, CFP®.
Kevin, you are co-founder of Holistiplan and have been a CFP professional and financial planner for 12 years. Before creating Holistiplan with your co-founder Roger Pine, you owned and operated a financial planning firm. But as often is the case, necessity became the mother of invention because you both struggled to find scalable ways to deliver financial planning to more people. Enter your development of Holistiplan--a technology solution to help financial planners serve more people that need comprehensive financial planning in all stages of life.
Welcome to the podcast!
Show Highlights:
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0:00 Meet Kevin Lozer
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2:32 How did Holistiplan come to be?
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6:59 How should financial advisors build their practices?
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11:05 Why did they choose taxes as a niche?
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15:37 How would next-gen financial advisors utilize Holistiplan?
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24:50 Financial professionals working with tax professionals
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27:45 The financial professional is like a quarterback
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29:45 What is Kevin’s favorite feature?
-
33:31 Words of Wisdom
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Annalee Kruger.
Annalee you have devoted your entire career to seniors and their families. It all started by helping care for your grandparents when you were young. Then you were an Activities Assistant in an assisted living community while she earned her degree in Social Work. Then as a Social Worker and Executive Director in (CCRC’s) Continuing Care Retirement Communities. During your 25+ year career, you've grown to understand the impact medical crisis has on family relationships which led you to start your own company, Care Right Inc., in 2011 which provides concierge services to families with aging loved ones and where you help families across the globe develop their Aging Plan. You're also putting the finishing touches on your first book, The Invisible Patient: the Family Caregiver.
Welcome to the podcast!
Show Highlights:
- 0:00 Meet Analee Kruger
- 1:58 How Has the Pandemic Affected Seniors
- 4:54 What is a Caregiver?
- 6:57 How Can Financial Advisors Support Caregivers?
- 9:30 Psychology of Financial Planning
- 15:22 What Does “In Crisis” Mean?
- 21:16 Isn’t This What Long Term Care is For?
- 25:49 Financial Plan vs. Aging Plan
- 35:07 Annalee’s Book
- 47:00 Words of Wisdom
Resources:
Interested in connecting with Annalee to check out her programs? Click here.
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice. Today we have Nancy Langdon Jones. Nancy has been a panelist for the Los Angeles Times’ Investment Strategies Conference, was named one of the “Most Influential People in the Profession” by readers of Financial Planning Magazine in 2002, was included in the American Business Women’s Association 2003 Top Ten, and a recipient of the Albert Nelson Marquis Lifetime Achievement Award. In 2001 she published So You Want to Be a Financial Planner: Your Guide to a New Career. The 9th edition was published in 2018, which in my opinion is one of the must reads for every aspiring financial planner and or CFP certificant. Nowadays you spend your time by giving back to the profession in many ways including corresponding with individuals asking for guidance in making a career move to the financial planning profession. Welcome to the podcast! Show Highlights: •0:00 Meet Nancy Langdon Jones •1:28 How Financial Planning Has Changed •5:15 Decentralization of Financial Planning •6:41 The Skillset of Tomorrow’s Financial Planner •9:39 Designations in Financial Planning •13:25 Why Did Dom Wait To Get His CFP? •16:02 How Behavioral Finance Came To Be •19:35 How To Apply Behavioral Finance •23:55 How Has This Career Path Changed •32:05 Words of Wisdom •32:59 Message for Career Changers Resources: Check out the latest edition of of Nancy’s book: http://nancysbooks.com/sywtbafp.html Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career. Listen to previous podcast episodes, clicking here. To receive a newsletter digest of Jumpstart community happenings, click here. Subscribe to the podcast by clicking here. Want to connect with me? Join my exclusive “tribe” by clicking here. Want to collaborate? Click here. Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Patrick Mahoney and Skip Schweiss.
Patrick D. Mahoney is the CEO of the Financial Planning Association, experienced business leader and strategist with a background across diverse organizations in the financial services, technology, and mission-based sectors. He’s been recognized for building and mentoring diverse teams and creating growth strategies that integrate the passion and expertise of an organization's members, volunteer leaders, and staff to meet its goals and mission.
Skip Schweiss, CFP®, AIF® currently serves as the volunteer president for the Financial Planning Association® (FPA®). Skip has a distinguished financial services career of more than 30 years, including a 12-year stint with TD Ameritrade--taking the company to grow its retirement plan services to more than 12,000 retirement plans and more than $40B in assets under management.
Welcome to both of you to the podcast!
Show Highlights:
- 0:00 Meet Patrick Mahoney & Skip Schweiss
- 4:00 What has shifted in financial services?
- 8:08 How is technology changing consumer behavior?
- 11:10 Are fintech stacks keeping up?
- 14:34 What skills does today’s financial advisor need?
- 18:48 What is the role of the financial advisor?
- 21:41 How do financial advisors develop trust?
- 25:14 What tools are available in the FPA?
- 30:05 Words of Wisdom
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Janelle Orion.
Janelle brings 15 years in marketing strategy and coaching to the conversation. Her company Shine Bright Marketing helps businesses gain valuable information from their marketing analytics, data and research to assist in creating marketing content or programs that will increase sales. Her stated goal is to help entrepreneurs feel good in their business with marketing strategy, intention and execution.
Today, we’ll delve into what it takes to “jumpstart” your marketing plan!
Welcome to the podcast!
Show Highlights:
- 0:00 Meet Janelle Orion
- 1:10 What is Marketing?
- 5:27 What is a CRM?
- 12:10 What is Retention Marketing?
- 17:45 Segmenting Your Database
- 21:50 How do you formulate your messaging?
- 26:29 How to Make Your Marketing More Effective
- 30:50 How Do You Start Marketing Yourself
- 36:30 What is the MBA?
- 42:46 Words of Wisdom
Resources:
What to jumpstart your marketing plan? Check out Janelle’s MBA - Marketing Baseline Assessment by clicking here.
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice. Today we have Chris Stanley. Chris is the Founding Principal of Beach Street Legal LLC, a law practice and compliance consultancy for investment advisers and financial planners. He brings expertise in legal advice and compliance counseling related to federal and state securities laws, SEC rules and regulations, RIA mergers & acquisitions, investment management compliance, RIA registration, and general corporate legal matters. Today he and I will be diving into implications from the new SEC marketing rule. Welcome to the podcast! Show Highlights: •0:00 Meet Chris Stanley •1:10 Chris and I discuss The History of Regulations •7:28 Overview of the New SEC Marketing Rule •9:23 Testimonials Are No Longer Prohibited •14:05 How Compliance Has Been Handled •17:52 Social Media Procedures •19:51 Rolling Out the New Rule •25:25 How Will This Play Out? •31:19 Who Should Use This Rule? •35:59 Words of Wisdom Resources: Want to understand the rule we’re talking about? Check out this article by Chris: Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your financial services career. To listen to previous podcast episodes or to receive a newsletter digest of Jumpstart community happenings, click here. Subscribe to the podcast by clicking here. Want to connect with me? Join my exclusive “tribe” by clicking here. Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Miles Beckler.
Miles is a digital entrepreneur on a mission to help individuals unlock the abundance and lifestyle freedom possible through internet marketing and entrepreneurship. He brings over 18 years of profitable digital marketing experience to the table making him uniquely qualified and fired up to teach you exactly what is working in internet marketing, right now.
With the goal of being the 'Most helpful internet marketer ever' you've given away your best 'how to' information for free through your YouTube channel which has grown from zero to 100,000 subscribers in under 3 years and through your blog, MilesBeckler.com.
Welcome to the podcast!
Show Highlights:
- 0:00 Meet Miles Beckler
- 4:10 What is a sales funnel?
- 9:10 What should you narrow down your audience?
- 13:44 The impact of freedom and time on business
- 20:00 Sorting vs. Selling
- 25:30 Video - Where to start?
- 30:06 Why do you need an email list?
- 41:00 How can Miles help you?
- 44:20 Words of Wisdom for Financial Professionals
Resources: Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your financial services career.
To listen to previous podcast episodes or to by receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Dr. Annie Emprima-Martin.
Annie is the owner of One.Emprima (https://oneemprima.com/) where she teaches people how to recognize cognitive dissonance and conflict within the body so they can harness what is needed to propel themselves in business and life.
She holds a doctorate degree in metaphysics, graduate level training in positive psychology, and undergraduate in business and associates in criminal justice.
Welcome to the podcast!
Show Highlights:
- What types of bondage come from not being aware of your personal money story? Annie tells all! (4:38)
- Annie discusses money stories with us. Where do they come from and how do they evolve? (6:05)
- Annie describes what part our post-modern consumerism play into money stories? (11:07)
- Annie tells us the freedom that you can experience from uncovering your personal money stories. (14:35)
- Annie and I talk about the difference between a coach vs therapist vs planner advisor. (20:23)
- Hear firsthand from Annie why you need a coach to maintain your freedom. (24:45)
Resources: Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your financial services career.
To listen to previous podcast episodes or to by receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Teri Ijeoma.
Teri is the founder of Trade and Travel where her flagship "Trade and Travel" trading course teaches people how to invest for what is important to them. She now has over 1000 students that have entered her “$1000 in a Day”.
In this conversation we cover so much of Teri’s wonderful personal story, as well as:
Show Highlights:
- Teri discusses what caused her to make the leap out of her comfort zone and cross the proverbial fence. (3:53)
- Teri tells me why she thinks the main reason more people don’t make the leap and follow their dreams. (07:42)
- Teri explains her take on starting with ‘WHY” and what that looks like. (10:25)
- Teri takes us back to the beginning at how she got started in trading. (11:54)
- Teri gives me her secret on how she created her course. (18:13)
- Teri tells me about her scariest moments on her path. (21:21)
- Teri reveals her best trade and worst trade. (26:08)
Resources: Inspired by Teri’s story and want to check out her course, click here.
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Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today’s guest is Deanda Wilson.
Deanda is a financial planning analyst in the Philadelphia area. Prior to her career in financial services she served as a Portfolio Management Specialist at the US Dept of Housing and Urban Development. She earned a Bachelor of Business Administration from Florida A&M University and a Master of City Planning from University of Pennsylvania. Deanda recently passed the Certified Financial Planner™ exam in November of 2020 and is currently working towards the experience requirement to use the coveted Certified Financial Planner™ marks.
I brought her on today to discuss her journey as a career changer into the world of financial planning!
Show Highlights:
- Deanda tells us one word that sums up her process of passing the CFP exam and successfully making the transition to financial professional.
- Deanda will tell you the good, the bad and the ugly about her path of transitioning to a financial advisor.
- Deanda explains her support group and how they helped her.
- Personal Tips and Tricks from Deanda on making the transition.
- After making the transition, Deanda explains what life is like after the change in her new firm.
Resources: Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Phil Jones. Phil, you are a best-selling author of titles like Exactly What to Say, Exactly How to Sell, and Exactly Where to Start. You are also the youngest recipient of the "British Excellence in Sales and Marketing" award at the tender age of 14. You've reached millions across a variety of languages and people groups with your writings, training, presentations, and workshops. You are exactly like...no one else.
Welcome to the podcast!
Show Highlights:
- Phil discusses where the concept of “Exactly How to [fill in the blank]” came from (06:54)
- Phil defines the differences between marketing and sales for a brand (16:01)
- Phil talks about presenting yourself as a story (19:58)
- Phil talks about what he thinks of when he hears the word “financial advisor”. (23:14)
Resources: What is Phil’s most recommended source to help turn your marketing plan around? CLICK HERE to find out. BONUS: Leave a review for the podcast, screenshot it to me at hello@jumpstartcoachinglab.com and I’ll send it to you for free!
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
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Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
I hope that you have enjoyed Season 1. I am really excited about Season 2 and what we have in store for you. During this bonus episode, I am going to recap everything from Season 1, including a one-word takeaway from each Season 1 interview.
I will also give you a sneak peek of what to expect in season 2 on topics and guests!
Show Highlights:
- Why I revamped the podcast (1:54)
- How did I determine the Season 1 podcast theme? (3:29)
- Episode 1 - Seth Godin - (SAGE) (5:07)
- Episode 2 - Cameron Huddleston - (COMPASSION) (6:44)
- Episode 3 - Bob Veres - (CONSIDERATE) (8:37)
- Episode 4 - Neil Patel - (RESOURCEFULNESS) (11:08)
- Episode 5 - Gary Clement - (STUDIOUS) (13:58)
- Episode 6 - Brad Klontz - (INNOVATIVE) (20:17)
- Episode 7 - Ana Trujillo Limon - (THOUGHTFUL) (22:47)
- Episode 8 - Rob Bertman - (VIGILANT) (26:55)
- Episode 9 - Jacqueline Schadeck - (INSPIRATION) (30:10)
- Episode 10 - Andy Andrews - (PERSPECTIVE) (34:20)
- Season 2 preview (38:55)
Resources:
Are you a current or aspiring financial professional? Click here to receive my 10 Tips for jumpstarting your career.
Listen to previous podcast episodes, clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Want to collaborate? Click here.
Thanks again for listening, reading, and watching!
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Andy Andrews. Andy is the author of more than 25 books that have been translated into more than 40 languages among those are several New York Times bestsellers including "The Traveler's Gift" which has was named one of the Five Books You Must Read in Your Lifetime by ABCs Good Morning America. Andy also works as a consultant to many Fortune 500 companies and is one of my favorite authors (I have 7 of your books in my personal library). I think you are one of the foremost authorities on mindset and just a sage when it comes to discussing the topic of perspective.
Show Highlights:
- Andy talks about perspective and why it is a key attribute for financial advisors. (6:42)
- Andy discusses his biggest obstacle that prevents viewing things from different angles. (10:17)
- Andy discusses some tangible steps on how to personally develop what Jones called a gift in Andy’s book The Noticer and The Noticer Returns. (10:56)
- Andy gives us some insights on some of his most quoted statements over the years, what they mean, and the philosophy behind them. (21:05)
Resources:
Click here for a really cool offer that Andy gave to #CFFPPodcast listeners!
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
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Conversation Transcript:
00:00:02 Dominique Welcome to conversations for financial professionals, a podcast to help shape the next generation of financial advice. I'm your host, Dominique Henderson. And today we have Andy Andrews. One of those individuals that will immediately go into your list of favorites. He is an author of many bestsellers. Today we were able to break into the power of your perspective. How do you gain perspective? What are some of the things that are tangible steps that allow you to see things from different angles to maybe pull you out of a spot that you are currently in, that you don't like? And I get some time to unpack several brain food quotes made famous by Mr. Andrews. This is definitely a podcast episode. You don't want to miss it. We get into so many things, and I know you're going to leave today empowered to become that financial professional, to serve your client at the next level, let's get to the conversation.
00:01:01 Dominique Welcome to another episode of the conversations for financial professionals podcast, where we are shaping the next generation of financial advice. And today we have Mr. Andy Andrews, a personal favorite of mine. Andy, you are the author of more than 25 books that have been translated into more than 40 languages, tons of New York times, best sellers, including one of my favorite, The Traveler's Gift, which was named one of the five books you must read in your lifetime by ABC's good morning, America you've been a consultant to fortune 500 companies. Like I said, one of my favorite authors, I think you are one of the foremost authorities on mindset and just a Sage when it comes to the topic of discussing perspective. So welcome to the podcast. How are you?
00:01:50 Andy Buddy! Thank you. It's just an honor to be here where you donate Dominique. I appreciate you having me. Yeah. Yeah.
00:01:57 Dominique That's great. This power of perspective subject. I know that you are. If I want to talk to anybody, if I had my wishlist, you would be the person that I want to delve into this subject with. But, before we get started, let me ask you, are you excited to see a new year? What do you do, anything special? when the calendar turns, like what, at this stage in your career, what do you do? Anything? Anything like that?
00:02:22 Andy Dude? Right now, I am not as excited to see the new year as I am glad to be out of the old one. I mean, like if 2020 was a hula hoop, it had been made out of barbed wire. I mean, it was just unbelievable. And, and so, I'm glad to be doing anything different. So, yeah, I, I, I make plans and I, I grabbed hold of, what my responsibilities are going to be for the year. I, have decided that a number years ago, I didn't know why that I kind of veered away from goals. I just, and I didn't want to say anything because everybody, yeah, that seems to be just like peanut butter. I was like everybody and, but something about it bothered me. And, and so I, I began to really kind of go to the bottom of the pool on that subject and go to the foundation of that subject.
00:03:26 Andy And, and, I, it's a longer discussion, but I found some things that I feel like, do we want something that has a better chance of working or lesser chance of work? And do we want something to work some of the time or something where it's all the time. And, and so if I made two statements to you, like, if my goal this year was 40 of whatever, I, if I said to with my company, this year, I have a goal of 40. Now, if I said to you, when my company this year, I have a responsibility to produce 40, which one of those carries more weight. Right? I mean, people, goals have gotten to be kind of a thing. I don't know if it's just because it's so common, but they've gotten to be a thing this like, people like, yeah, Hey, don't matter if you miss your goal, you just set a goal.
00:04:23 Andy You're at least you're farther along, you're at least you're farther along. And so really okay. Well, if you'd spend most of your life driving, several different ways to a particular destination. All of a sudden, the department of transportation experts declared that there was one particular detour and this was the best way. You became one of thousands of people in your city that decided to take that route. The problem was that so many people kept wrecking along the way. I mean, they're just constantly, but the department of transportation said, well, we've kept track of your wrecks and you are wrecking farther along the way every time. So you're getting closer to your destination. Would that make sense to you? Right. I think that responsibility is the, and as were talking before, it is a nomenclature change, but words matter, and they matter, it matters what you say to yourself.
00:05:42 Andy It matters what you say to other people.
00:05:45 Dominique No, I love that. I think those are, when we, I love it because I think this kind of segues right into one of first questions I have for you is about looking at things from multiple different angles. Right. I don't know that this is just this, common to only, or let's just say exclusive to financial professionals. It should be for everybody, but what would financial professionals and, you're working with somebody it's always like, how's my investments doing how my investments doing, which that's one aspect. Right? I love for you to kind of take a little time with the power of looking at things from multiple angles, because a lot of my audience is going to be people that are kind of on the outside looking in to see whether or not this career is going to be for them.
00:06:32 Dominique What are some of the things maybe from your personal playbook or your personal experiences that allowed you to start looking at things from multiple angles?
00:06:42 Andy The one of the first things, Dominique, that really made a difference to me to be able to, step aside and look at it differently is to understand what perspective actually is. It gives most people. If you ask them, tell me what perspective is, they would say, Oh, it's how you see something. It's whether you see the glass half full or half empty, it's just is how you see something and you, okay, that's good. But, but in reality, and that's the definition most people hang on, but in reality, it is much more than that. Okay? It is, it's not how you see things. It's how you choose to see things because see your perspective is yours. It's yours. You own it. Nobody can take it from you. It is yours. The glass half full or half empty. The glass is what it is. It, whatever level it is, that's the level.
00:07:50 Andy You're the one who chooses. Whether you see it as half empty or half full. Now, the reason this matters is because the perspective you choose about any situation sends you down one road or another. Okay? So, we all know that we don't really want to hire a glass, half empty people. We don't really want to follow glass half empty. We want to hire a glass, half full people. We want to promote glass, half full people. We want to follow a glass, half full people. Aren't children to grow up, to be glass, half full people. So, you can look at a situation, whatever that situation is. And, you can say your perspective can be, this is the worst thing that could've ever happened to me. Okay. If that is your perspective, then you are much likely to sit down, think about it, get depressed, do nothing.
00:09:05 Andy And, and you will have been right. Your perspective will have been right on target. It was, it really was the worst thing that could have happened to you because now look what everything's happening now. I mean, it's just been downhill from that moment. Or you could look at this and say, okay, I don't know where I'm going from here, but everything changes and change is part of it. Even the greatest things happened in my life because something changed that I wouldn't have chosen. This is, I think this is going to be the best thing that could have ever happened in my life. Now if you really do think that it allows you to sit up smile, go out, interact, spend what extra time you might have reading, praying, helping somebody doing something, getting some different, knowledge and information. You can look back and go, wow.
00:10:17 Andy I mean, how many times have people said, man, if that hadn't happened, we'd never be here. We thought that was the worst thing, there for. We'd said, no, come on now. We've got it. Over and over again, while I live on the coast and long when hurricanes come in here, there are some people who think this is the worst thing that could've ever happened. I think not for it, not for everybody because roofers, there ain't no money in a couple of years, then they most roofers making a lifetime does pretty good.
00:10:56 Dominique No, I think, I mean the lighter side of things is one thing. The mindset and I want to play devil's advocate for just a second, because when you were talking, it made me think of something because when I started reading your stuff, I was going through, my family was going through a matter of fact, I was in a, a stint of unemployment. I was like, man, this is never going to end. I remember a mentor saying to me, he's like, dude, do you really think that, I mean, I was like early thirties. He was like, do you really think you're never going to work again and your early thirties? And when he said that, I was like, actually, that makes a lot of sense. Not too long after that, I found your stuff. I remember something about Jones and the noticer I'm going to, I'm a quote real quick.
00:11:36 Dominique It's like, I've been given a gift of noticing things that others miss. Maybe you can talk about some of the tangible steps or strategies on how you develop this, because some people are going to say here's a devil's advocate part. Well, that's just positive thinking Andy and Dominique. That's not like that doesn't change anything. Can you actually train yourself to notice things and take different perspectives?
00:12:02 Andy Yes. And, I am not a, a like a motivational speaker, person. That's not me. That's not what I do. I actively flag against it. If you look at andyandrews.com, you will never see the word motivational anywhere on it. Now, some people call me that occasionally because they don't know how else to turn what I do, but motivation is encouragement. It, it has a statute of limitations. We all know I could fire you up. You could fire me up, but that's going to last until the first crazy thing happens in our life. And, and, but here's what does matter, what matters is proof, proof lasts. I'm not talking about like a mathematical proof. I'm talking about proof beyond a reasonable doubt, that kind of proof where you hear something you hadn't thought of, or hadn't heard and you go, huh. Well, that makes total sense. I never thought of it that way.
00:13:11 Andy What I want to do here with your question is I want to give proof beyond a reasonable doubt here. Now, part of that proof beyond reasonable doubt came with what we're talking about. The glass half empty, glass half full. I mean, I didn't just say you can choose to see it either way. I gave you an example of where a person's life goes when they are thinking that way. All right. I'll give you a real life example, down here on the Gulf coast. I think it was, I don't know, 10, 12 years ago. I mean, you'll remember this happening, but we had an oil spill, the big, oil rig blew up. There were people around here that literally just left their keys in their businesses and just left. I mean, they just left, because the news was saying this would be generations before it was changed.
00:14:20 Andy This would be generations that nothing would ever be the same again. Now forget for a minute that it was all cleaned up and less than a year. And, forget that and forget that. We can see, diary entries in Hernando, Desotos men down when they were on the coast of Texas saying there are these black balls of pitch that float up that are excellent for the cracks in our boats. Yeah. The earth has been leaking oil for centuries. Okay. So, so forget that for a minute. Let's just talk about the way people were looking at that time and what they did and what, the way they, like I said, so we're a fishing community. This is a sport fishing community. There's a lot of charter boat captains here. These guys have the big boats that they run out for a red snapper out 20, 30 miles out.
00:15:24 Andy They take charter boats full of tourists and people. It's, it's a lot of money to go and they use a lot of gas and these boats cost a lot. They're all paying notes on their boats. Like most people do on their house, right? And so this is their business. When that happened, it shut everything down. Well, the banks didn't say, okay, you don't have to pay for your boat. These guys were in a world of hurt. And, and all of a sudden, with everybody saying, this is the worst thing that could possibly happen. As we're saying there, my boys went to school with some kids and that dad was a charter boat captain. He went in his boat, one morning and shot himself and killed himself. Which is a, a, a permanent solution to a temporary problem. This shook this community up in such a huge way.
00:16:37 Andy And, and I, I had said, I, I didn't say this in response to this, but I'd always said in Tama crisis, you're not lacking money. You're not lacking time. You're not lacking leadership. You're only lacking an idea. One idea, we've seen one idea, make millions, we've seen one idea, make, save millions of lives. One idea will get you from where you are to where you want to be one idea. It's just a thinking thing. The, the idea of the thinking, you don't look at your industry, you don't look at what everybody does because the results, the data is in on that. Okay. Okay. So, so you begin to look in other areas, look, in terms of value, how can I be valuable? How can, what I know be valuable to other people? How can I create value for other people? You look in other ways.
00:17:38 Andy There were a bunch of charter boat guys. One of them are really good friend of mine that they said, people are coming down here like crazy. Because they want to see this oil spill and the national guards not letting them on the beach. Why don't we charge people like 20 bucks and we'll just ride them around. They, they started loading people on their boats and I get on the little microphone. I go, if you'll look to your left, you'll say some oil over on the right bank. There is oil up ahead. We'll be coming to some oil. And, they were riding around for an hour for 20 bucks, come back, pick up another load of people driving around. They were making more money than they made fishing without the fuel costs without going out and getting beat up in the waves. When the oil spill was cleaned up, they were like, Oh man, the oil's gone.
00:18:47 Andy And so they're like, I guess we gotta go back to fishing, but my buddy Chris said, no. Don't, we have seen so many dolphins when these dolphins are in shore all the time. You can find them really easily in a boat. So they started dolphin tours, dolphin tours. That's how that started down here, these dolphin tours. Chris would send his 12 year old boy in a skiff out in the morning, Chris would advertise dolphin tours and it's like, 20 bucks. If you don't see a dolphin, you don't have to pay. He would send his 12 year old, out in a little skiff in the morning with a walkie talking. And, the boy, dad, founded officer Dan around bear point, and they're right there, take her down. There you go. Chris always got paid and, but it was an idea just thinking.
00:21:05 Dominique You unpacked so many nuggets of wisdom in that story. I mean, it's just, I'm thinking specifically the fact that, I have financial advisor, friends, financial professionals that like, Oh, COVID man, I can't get out to see clients. I can't do this. And I can't do that. It's just the matter of the way that you look at it to see if you're going to make lemonade out of lemons, or are you going to sit there on your hands and complain and moan. So then, that was beautiful. I love that. I want to take the balance of our time together for you to take some of the quotes that I've heard you say, you may or may not remember this, but in 2014 I took my, cousin. We drove up to Oklahoma, which is about a three hour drive, Oklahoma city. And you spoke at a leadership summit.
00:21:55 Dominique I think it was like crossroads church. It was you and John. I have a ton, well, not a ton. I have a handful of like soundbites that I was like, Oh my gosh, this is so great. I want you to kind of maybe just expound on those just somewhat of a lightning round, if you will. Okay. So, okay. You said, and I think you alluded to this, but maybe if you want to unpack more, you said proof is better than encouragement because you never have to wonder again. I think about this in the light of what I just said about COVID and how people feel this thing about the imposter syndrome. I'm not there yet. So I can't give people advice. I can't charge people for that expertise, but maybe kind of expand on that whole notion around proof is better than encouragement.
00:22:41 Andy Yeah. Prove is better than encouragement because proof has to be aligned with truth. It has to because it has to make sense. Okay. Because, because we're talking about not a mathematical proof, you can't mathematically prove things around us, or situations or actions. We're talking about a proof beyond a reasonable doubt. That's that kind of proof where people go, wow, well, that makes total sense. I never thought of it that way. That kind of proof has to be aligned with truth and it has to stay aligned with truth because at any point that somebody begins to get information that proves this wrong or that it tends to make them say, well, no, wait a minute. Well then it's no longer proof. So it must be aligned with truth. If you can align that truth with proof, then there you go. And, and I, I hear you about the imposter syndrome, but we've all had, I mean, when we think back, my favorite teacher that I ever had was in the eighth grade, her name was Mrs.
00:24:06 Andy McLloyd. Matt, can you get the key to the cabinet and grabbed me, Ms. Mac Lloyd's picture of that. I got to tell you, Mrs .McLloyd. She is just my favorite. She's my favorite teacher and world. And, and so I remember she was the first person who told me I could write. She was the first person that told me I was funny. One time I made some crack in the class and everybody laughed. She said out of my room, I was like, man, she said, get out of my room. I was horrified because I loved her? She followed me out in the hallway and she turned around and she said, okay, you're funny. All right, you kill me. You just kill me, but you got to let me have the class sometimes. Okay. You are funny, but you need to have timing. You need to pick your moment.
00:25:00 Andy It'll be funnier and you can write funny too. So you're a writer. I always remember her well then, and I just loved her. She was the first person to me that, well then years later, yeah. I'm like 50 years old. I go to that city and I'm speaking at something. I, they asked is anybody you want to see? I say, yeah, I want to say Mrs. McLloyd. They brought her in and I was expecting some creaky old lady? Oh, she was like about my age. I realized, well, when I was in the eighth grade, she was in her first year of teaching. She was just like trying to stay a chapter ahead of us. Wow. She could have said, no, I'm not worthy. I don't know enough to teach this yet. I don't know. She was the best kind of teacher. Here's Mrs. McLloyd.
00:25:58 Andy She was the very best kind of teacher.
00:26:02 Dominique That's great. That's great. I love that for imposter syndrome. That, that, I mean, like, do you get some time? I was just telling my group, you've got to do things afraid. Don't let this year be a year when you miss opportunities, because you're afraid. Do it afraid most people that you see that are successful, do things afraid all the time. That story sounds like a perfect example of that.
00:26:23 Andy Yeah. Courage is not the absence of fear. Courage is doing something in the face of fear. I mean, you show me a fighter pilot. Who's actually been in battle that says he was never scared. I'll show you somebody who shouldn't be flying a plane. Cause they're crazy.
00:26:45 Dominique This is a good point. This is a good point. Okay. Let me do this one. Average people compare themselves to other people, but extraordinary performers compare themselves to their potential.
00:26:59 Andy Yeah. That is, that I have found that to be true over and over again, average people compare themselves to other people. When you think about it, that is why they end up being average because they go, am I doing good? Am I doing good? Am I not doing good? And if they're, if everybody else is kind of, they're okay. If they're a little behind those speed up and if they're a little ahead, Hey, they relax. I'm going to take a weekend off. Now a perfect example of somebody who compares themselves to their potential. I've worked with Nick Saban, a bunch and I say a bunch, is, a great relationship with Nick. We don't see each other often, but he is a, he's an awesome guy. His wife has better than he is, which is what we should all be able to say about our wives. And, and so, but Nick, one time I was watching a game and I was with a bunch of friends who were fans of the other team.
00:28:07 Andy Well, one of the first things I said to Nick, when we got together, as I said, I want to help you compete in ways your competition doesn't know a game is going on. And that's what I do with businesses. I help them compete in ways the competition doesn't know game is going on. Nick was a perfect person to work with because he compares himself with his potential. I'm watching this game and it's two minutes to go. He's ahead. It's a national championship game. He's ahead, 21 to nothing. Two minutes ago, national championship game, and one guy had a false start. It was a five yard penalty, stopped the game and they showed Nick on the sidelines. He was just like, yeah, he was just going nuts. Somebody in the room that I was in said, okay, Nick, calm down. You're gonna win the game. You've already got it won.
00:29:11 Andy You don't have to act like that. Just calm down and be enrolled kind of condescending. Well, I didn't say anything, but I knew what was happening because one of the things that we had worked on and competing in a way that competition and no games going on is the kind of people were going to be so that the officials would have a more positive view of us then a less positive view. And, and so were going to do things and act in certain ways because, officials, I've worked with sec officials and Sunbelt officials and they can call holding on any play. They want to call it. They can call it anywhere. Okay. What the person in the room did not know is that they were about to go through an entire national championship game without a single penalty. And it was too much. Yeah. Now in reality, Nick was fine with that because it wasn't perfect.
00:30:16 Andy He was able to, and so comparing yourself with your Potential is tough sometimes because every time you get close to it gets farther out. And so you have to regroup. You're always looking for the best. I remember the first conversation I ever had with coach Saban. He's, I've asked a lot of people, what are you looking to do? And you wouldn't believe how many coaches dominate you and believe how many coaches have said, I want to have us in contention for the division title every year. I'm like, I want to walk out because I don't want to go, dude, you can be in contention for the division title every year and be fired in four years. You better think bigger than this. When I asked Nick that, he said only win five national championships in a row with one team. Wow. Now I haven't done it yet, but right now he's on track to pass Bear Bryant, the most national championships ever.
00:31:35 Dominique No, I think that's really powerful. I think that segue is this last, quote I want you to opinion on, which is the principle of the path. It is direction that determines destination, not intention, right? The intention may be, I want to be in contention so that I can win a championship. If your direction is not like, Hey, I want to win this thing. It's, like in the NFL we go it's Superbowl or bust every year. If you don't have that in your mind, it reminds me of a book before you opine on it reminds me a book. It's by, it's called Psycho-Cybernetics by Dr. Maxwell Malls. He talks about how the brain is basically a turn by turn GPS. If you don't give it an instructions, you don't know where to go. So I think. I think, I think the Nick Saban attitude, as opposed to his peers are, Hey, I got this particular direction.
00:32:31 Dominique It's very specific. This is the only way I'm going to achieve this goal is if I put that in there. Now, granted, I may have a flat tire. I may have whatever, but I'm going for broke.
00:32:41 Andy Right. Right. And, and he, boy, he has a, he has ingrained that in that culture, and that culture has also leaked into the fan base and alumni. It's, it's amazing, what the expectations are here. So, but the idea, this is the one that they, you just laid out. Tell me again, the turn by turn GPS. Now the path. Yeah. The principle of the path.
00:33:21 Dominique The principal path. It is the direction that determines destination. Yeah.
00:33:24 Andy Yeah. Intention, not intention. I, I had PBS specials years ago and there was a, another guy that had a PBS special at the same time. He was a lot more famous and it just like, it slaughtered my ratings all the time, and said that didn't bother me. The only, the thing that bothered me was I had already gotten into this thinking deeper, idea, this idea of thinking to the bottom of the pool, that I have a book called The Bottom of the Pool. It's a book that Forbes called one of the seven books. Every entrepreneur should read. And it's a very different business book. I had gotten into this thinking to the bottom of the pool thing. The title of this guy's PBS special really bugged me. The title was The Power of Intention. I mean, I'm like, and I still believe there is no power intention.
00:34:48 Andy There is no power. I mean, are you serious? Because I mean, if I came to you and I said, Dominique, I cannot believe the way my wife is treating me. The way she talked to me last night after I intended to bring her flowers and the way she's treating me lately, after everything I have intended to do for this woman, you would go, are you out of your mind? Are you kidding me? He didn't do anything he was just intended to. You think, well, where do you think? And, but that's the way people live their lives. And so it's not intention it's direction. The principle of the path says is not intention that will determine where you go his direction. And, and that's why the, there is, a horrible question that people ask. There is a great question that people can ask. The horrible question was, is this all right? Is this is okay.
00:36:02 Andy All right. Because that, see it as functioning adults in the world, we know where the line is in just about every situation we know where the line is and where do you cross into real trouble? We know where that line is. Okay. If we know where that line is, why would we snuggle up so closely to the line? Right? I mean, if where the edge of the cliff is, you don't walk the edge. Okay. But, but people allow themselves to get closer and closer to it by going, well, is this okay? And they tell themselves, yeah, this, okay, sorry. I moved a little closer to the line. They go, oh, what about this? Okay, well, it's technically is okay. Technically, you know, get a little closer. What about this, okay. It technically is probably better to ask forgiveness than ask permission and then before they know it, they're having to think about how far over the line can I operate before I start seeing some consequences and then it's disastrous.
00:37:25 Andy Okay. The great question, people can ask that reveals the principle of the path is this a wise thing to do, because is this a wise thing to do that reveals direction? I mean, we look sometimes at situations when we, you could have seen that coming down the pathway, right. And, and a lot of things we do, they, people say that success is slow and that is true, but they forget that failure is slow too. I mean, when that jail door slams shut that all, didn't start that day. Yeah. That was a long time coming. And, and so is this a wise thing to do is a great thing to live as a great thing to teach your children. This a wise thing to do because it reveals the pathway that you're on?
00:38:36 Dominique No, I think that statement right there could be, the sum of just about all the SCCs violations for any financial professionals that we've ever seen, if they would ask that question first, that we probably wouldn't have the amount of fraud well, to bring this thing into, for landing, as this is a podcast to help empower tomorrow's financial professionals with tools to serve their ideal client in a much deeper level, much better level. In that context, Andy, what word or words of wisdom would you have for the next generation of financial advisors?
00:39:11 Andy I would say number one, to think clearly to the bottom of the pool, where you will find, you think clearly to the truth, there are things that can be true and yet not be the truth. There are, in, one of the biggest minefields you will ever traverse in your life is the minefield of true because people stop when they get answer that is true because it's an answer and it produces some results, but there's a book called Good to Great. And it's a great book. Okay. It's a great book. Millions of people have done very well by following this book, but I would challenge anybody to say, look, there is a difference in great and best. So let everybody else good to great. I think you need to good to great to best don't stop it. Great. People stop at what is true, where they can drill down deeper into the truth and they can get answers that will solve problems that will heal.
00:40:38 Andy That will, that will add a, the truth is like the foundation. That's the Bible that's as far down as you can go and you'll know when you get there, cause you can't ask why anymore. Now you see this on TV news all the time, these guys arguing, and somebody will say, well, why is that? ? And then somebody will say, well, it's because there are no more fathers in the homes and her go well, that's right. That's right. I move on to another topic. Okay. Well, that's true, but okay. So, okay, well this and this. Yeah, yeah. That's true. Okay. Why is that? Why is this and this oil because of that and that. Okay. You can go to the bottom of the pool and you can, the answers you need in every situation, but don't be fooled by stopping at what is true.
00:41:44 Dominique Wow. Wow. That's great. Mr. Andy Andrews. Thank you. This has been an honor, personal pleasure of my own to hear your wisdom. Here just the Sage advice that you have on all these topics, wishing you a very great best 20.
00:42:07 Andy Thank you, buddy. I appreciate it. I'd love people to visit us, Andy andrews.com and we do some live things. I I'm in wisdom Harbor studios here in Orange beach. I want to give you right now on the air while you will feel compelled to answer me with a yes, I would love, I, I do is probably not nearly as good as yours, but I do a podcast called the professional noticer and I would love to have you as a guest on the professional noticer.
00:42:46 Dominique Absolutely no question. That's a no brainer.
00:42:50 Andy I mean, I am serious. I, I feel very blessed to have gotten to know you just. I, I, I just, man, I can sense your heart and, your readers and listeners or your followers are very fortunate to have you, but,
00:43:09 Dominique Well, thank you. Thank you. I really appreciate that. I really appreciate that, but no, yeah, let's make it happen. I, I definitely would enjoy that, but great. Thank you so much.
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Jacqueline Schadeck. Jacqueline, you are a Certified Financial Planner and Accredited Wealth Management Advisor currently practicing in Atlanta, GA at Sherrill, & Hutchins Financial Advisory, Inc. You've also spent time on the FPA of Georgia board and the Kennesaw State University (your alma mater) Black Alumni Society. You are also a recent author of "MONEY PLANNING AND POSITIVITY: A GUIDE TO A BETTER FINANCIAL LIFE". I consider you one of the foremost IG personalities when it comes to someone that is doing it the right way and a role model for not just young planners but all planners.
Today we are going to discuss with Jacqueline as an outsider looking in at a young advisor getting started, your mindset, personal development, engaging on social media, and more! We will also ask Jacqueline about her perspective on the number of women in the financial industry profession, the barriers that they feel, and how to lower the barrier during your initial client meeting!
Show Highlights:
- How did Jacqueline start her new year, what goals did she make and what changes did she make (3:09)
- Jacqueline's tips on ramping up your social media visibility (7:57)
- How to find your voice, but still keep your personal life private (14:27)
- How to overcome the Imposter Syndrome in the industry (16:23)
- Jacqueline’s advice on building your firm and career changes (20:44)
- How Jacqueline navigates the gender dynamics in the industry
- Jacqueline discusses her book and the four pillars of wealth (37:52)
- Jacqueline’s word of wisdom (40:16)
Resources:
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Thanks again for listening, reading, and watching!
Conversation Transcript:
00:00:00 Dominique Welcome to conversations for financial professionals, a podcast to help shape the next generation of financial advice. I'm your host, Dominique Henderson and today's conversation is with Miss Jacqueline Schadeck. Jacqueline is a certified financial planner and accredited wealth management advisor currently practicing in Atlanta with Cheryl and Hutchins financial advisory. She is one of those that you will definitely want to jot down some ideas and nuggets from this podcast about finding your voice and holding your ground and financial services. If you look at her Instagram profile, you will immediately know what I'm talking about. She has done so much in this space to really give planners a way to personally brand what you're doing as a financial planner, inside your nine to five, helping clients and showing an aspect of your personal life that helps clients realize that you're a real person. We dive into all types of topics in this conversation, including her own struggle with mental health and being very transparent about how to take care of yourself as a financial professional.
00:01:17 Dominique You won't want to miss this episode in this conversation. You'll definitely leave with takeaways for being able to find your voice and to hold your ground in the financial services profession. Let's go to the conversation. Welcome to another episode of conversations for financial professionals, the podcast where we're shaping the next generation of financial advice. Today we have my friend and colleague Jacqueline Schadeck, Jacqueline. You are a certified financial planner and accredited wealth management advisor currently practicing in the ATL at Sheryl Hutchins financial advisory. You spent some time on the FPA board of Georgia, Kennesaw state university, alum. Also, you are the recent author of money planning and positivity. I also consider you to be one of the foremost IG or Instagram personalities when it comes to someone doing it the right way and just being a role model for young planners. Welcome to the podcast.
00:02:18 Jacqueline Schadeck Hey Dom, it's good to see you again. I'm excited to be here. You got the bio pretty much, all accurate. The fact that I am a dog mom and Mr. President is around here somewhere. So, you may see him.
00:02:37 Dominique Yeah, yeah. Great stuff. Now I can't leave out the furry four legged friends. I have, I hopefully my, Blue won't be barking in the background. I totally know how that is. During client meetings. That seems like when they want to, act up and things of that nature, but cool. I'm glad to have you here. Let me ask you this question right quick, because I know, we just got through in 2020 we're 2021.
00:03:00 Dominique Now what is on the plate for you as far as, do you do any goal setting or vision planning? Like how do you usually start the new year?
00:03:09 Jacqueline Schadeck That's a really good question. How do I start the new year? So I actually, every year write down my goals and it's more of like a forward looking kind of thing to keep me on track. It's not just like my career goals or how much money I want to make, but it's a combination of, I parcel it out. Right. I have like my personal goals to like, what do I personally want to achieve? Like my intrinsic goals for the year. I have like relationship goals and spiritual goals. I write all of that down and I've been doing that for, in the same format since 2016. This is my fifth year and it's been kind of exciting. Actually. I keep the book here with me so I can flip through here. I looked back at my previous years and was like, Oh wow. You know, I did that.
00:04:03 Jacqueline Schadeck I did that. Or, I decided, Hey, that wasn't actually a fit for me. I change up the goal. So, one thing that I do when I set my goals is I actually set a word for the year. The word for this year is focus. I know a lot of times we can get sidetracked by some of the noise out there, especially with social media, where we can kind of get deviated from our purpose. This year, my word of the year is focus.
00:04:35 Dominique No, I love that. I really love that. I picked a word of the year. I haven't really been doing that consistently, but this year for me was all about patients. Not necessarily, not just patients outside of me with others, but patients with myself too, like patients to reach my goals, knowing that I'm where I'm supposed to be and not trying to get ahead of that or any of that kind of thing. So, I love having a word of the year. I think that segues beautifully into, why I asked you on, because, finding your voice and kind of holding your ground in financial services. I know you and I have kind of talked about the, what I would call the overdone subject of, maybe to diversity inclusion and gender equality and things of that nature. I think some of those topics kind of get pulled into what I want you to kind of opine on today because as I'm kind of looking from the outside in, I think a lot of young advisors would see like myself or you or any of our other peers, and I'd be like, it's easy for you guys.
00:05:37 Dominique You guys are, you've been doing it awhile, but maybe kind of speak to like the process of what you just named. Like, you're going back in your journal and you're looking at, Oh, I did that thing. I, I, I figured out this thing or no, that, wasn't a good thing. Like talk about how that has helped Jacqueline find her voice.
00:05:58 Jacqueline So.
00:05:59 Jacqueline
The process has not been easy if you've heard me on any other kind of podcast or any other platform talking about my journey I've lately, like in the last year or so, been explaining it as, okay. I said that, this thing happened in my life and it triggered me wanting to be a financial advisor and then boom, here we are CFP. It's just like one linear just journey. I've elaborated on that recently and been like, yeah, it actually wasn't that easy at all. It actually was very, difficult. There was a lot of nights, while I was studying for my CFP that I wasn't able to be social. I had set a goal of, I want to pass the CFP exam on the first time. And, for those in the state of Georgia, the Georgia bar in order to be an attorney actually has a better pass rate than the certified financial planner exam.
00:07:00 Jacqueline
That made me really ancy inside when I was studying for the exam. I was like, I have to do whatever necessary to pass this on the first time, because I cannot go through this again. If anybody has gone through or is considering the Ken's on review course, it's a great review course. I use that in order to pass on the first time, but if you've gone through it, that it's rigorous, it's several months of dedication, which does pay off, he has a really good pass rate. This is not sponsored by the way, but it was very helpful. That process from deciding I want to be a financial planner to actually becoming a financial planner, was difficult. What I wished that I would have had more of at the time was a mentor or something similar to your program that you offer the jumpstart program, which I guess you are in a form of mentor in that program.
00:07:57 Jacqueline And, that would have been really helpful for me to be able to navigate to where I am. I think I could have gotten there quicker, more efficiently. So, I do have a couple of mentors on my own that I talked to and, I tell them these are things that I wish that somebody would have told me earlier. I think that these things could have made the process smoother. Just to share a gem with you guys, you're watching this on some form of social media or listening to it on some kind of a platform. Make sure that as much as you're listening on that platform, that you're also putting into that platform. It's important that you're visible on that platform as well, even if you're not entirely sure you're going to be a financial planner or you're going to be client facing, you never know what benefits are going to come from building a tribe for lack of better words.
00:08:50 Jacqueline Schadeck You have a following, those are people who are buying into what you're showing on that site, right? And so, even if you decide to navigate and go in a different direction, those people who have bought into you as a person and what you stand for, they're still going to follow along with you. That's one of the gems that I like to drop for my mentees is like, Hey, how can we ramp up your visibility and your building of, relationships with other people. I like to share that, but like I said, that process, it went very up and down. And, I think that I found some ways to find myself, to make myself more grounded, such as, keeping track of those goals, such as reaching out to other people, and forms of mentorship and, pursuing additional education. All of those things have helped me along my career.
00:09:43 Dominique Yeah. I want to go back to something you said earlier, because I mean, one of the, so we obviously met, or not obviously, but we met at a financial advisor conference, the quad a, conference. I think it was maybe that year. It was in Atlanta. I can't remember right now, but I think it was, but what I want to bring out is afterwards, I started seeing your IG profile and just to be candid and transparent, like your nonfinancial advisory way of doing stuff on social media is actually what it's inspired. A lot of me coming out of my shell. I think one of the things, and the point I'm trying to make here is I think our industry has really, it's got this really buttoned up side that is pretty polarizing to potential clients. To actually show who you are as a person that you're developing goals as a person that you're doing other things I know that from your IG, I know that you like to play basketball and ride motorcycles like that has nothing to do with being a financial planner, but that's part of Jacqueline, right?
00:10:49 Dominique
I think what I, some of the thing I, I tell mentees is that, life makes you living life makes you a better financial planner because you have advice about life and not just the black and white, program. Like the CFP is great as it is, maybe kind of, dig a little, dig deeper. Shane Parris says ,double-click, double-click on this issue of like how you started maybe tangibly developed tangibly, developing some of the, things that are kind of germane to you right now. Maybe you're like running past this, but other people are like, okay, well, wait, I need to have a plan. Like I don't even journal or things like that. Maybe talk about how that started for you or some of the milestones.
00:11:37 Jacqueline Schadeck The social media stuff just happened organically. Honestly, I was seeing a lot of, just, I think people were catching on to like influencers they're catching on to the fact that people, aren't what they show to be on social media, which, I'm obviously like multi-faceted, and there's more dimensions beyond what you see on social media. I was like, okay, I think people were like getting that, like, Jacqueline, you're not just a financial planner. Like you do other things too, whether the other things are really cool, like being a collegiate athlete or riding a motorcycle, there's other stuff that you do hang out with your friends pre COVID, you do have a dog, what kinds of things go on in your life? Like it can't just be financial planning. Like you said, the more life that you do, the more experience you have to share it with people.
00:12:34 Jacqueline
And so it's just a good thing. I think, to share that with the world, part of your story, you don't know who needs to hear that you don't know who's going to get motivation from that. You don't know who's going to snap out of a depression from that. You don't know who's going to be able to overcome the challenges that they're going through by hearing some of your story.
00:12:56 Dominique A good soundbite. I love that. You never know what part of your story people are going to resonate with. Do you use that as, how do I want to say this? Because there's certain limits in our industry as far as compliance is concerned. Like how did you make the decision on what you were going to limit the world to see about you, but still being able to find your voice and still being able to make that mark like you're talking about? Cause it does seem sometimes there could be a fine line depending on the organization you're in.
00:13:28 Jacqueline Yeah, absolutely. It can be a fine line depending on the organization. Just like your own personal beliefs in what you personally want to share with the world. I think a good way to gauge what you're going to set share on social media. If you are a financial advisor or working in an advisory kind of company is I don't share anything that I don't want to sit down with my highest net worth $12 million client and talk about anything I share on there. I'm willing to have a conversation with my, highest priority clients about, so when I made a post in the summertime about mental health and I exposed some of the mental health issues that I went through, some of that, projected me into writing money, planning and positivity, and I share more about why I hone in so deeply on being a positive person and, bringing that out through financial planning.
00:14:27 Jacqueline
I, I wouldn't be ashamed to have that conversation with my clients. I think that it's important to keep that in mind, not only do you have compliance, that is a hurdle that you need to jump through, but you also have the fact that like, whatever you put on there is exposed to the world. All of my social media is public, so anybody can see it at any point. I don't put anything on that I wouldn't want to talk about. I also don't do anything in my career or, I try not to do anything in my day-to-day life that I wouldn't want to talk to anybody about that I wouldn't want to own up to. Like you said, our industry is still, I like the term, but boattend up on that, we are still buttoned up and there's not a lot of like breathing room for advisers to be able to share their story or to be able to share stuff on social media.
00:15:21 Jacqueline
For those of us that can, we're really winning right now, as you can see Dom, I see you're winning. For those of us that can, we're winning right now. I would like to encourage people to just be on there in any way, shape or form that they are comfortable.
00:15:37 Dominique Yeah. Yeah. Let's go back to, some, maybe some steps that maybe you use personally to kind of lean into that. I know sounds like self-awareness was a big one. Even personal development, you even, I guess I missed the post about, mental health. I mean, that's been a huge thing. Especially in the last 12 months in this country, probably believe, way more cases of that not being talked about versus have been talked about. Maybe you can kind of opine on that just a bit, because I know as a financial professional, one of the things that I struggled with at first was imposter syndrome. It's like, I'm telling people to do this and I'm not really there right now and blah, blah, all the mental garbage that goes on in that maybe you can speak to that for just a second.
00:16:23 Jacqueline
Absolutely. Imposter syndrome, that's a good one touch on. I think you will give some of that kind of a feeling when you're first in the industry, like, wow, like I'm telling people with millions of dollars what to do, and I don't have millions of dollars. It's not necessarily, I want you to change your mindset about that as opposed to being an imposter. Just say that you're in preparation for that and you're going through the process. If you talk to any, if you are client facing or you just talk to anybody that's older and has more money, let's say 60 plus ask them their story of how they got it. They either inherited it. They, had some windfalls or they spent time building that up. I mean, there's, I don't know how many other ways there is to get it, but generally they would have spent their entire lifetime building up that money.
00:17:26 Jacqueline
The term that I like to use for people is to extend yourself, grace, because you're growing, you're learning your bank account is going to be growing as well, as long as you're taking your own advice. Just know that you're going through the process. I wouldn't consider yourself an imposter, but just that you are working through the process. As far as the mental health goes and like managing that and talking to clients about that, I honestly have learned so much about trauma in the last, like two years. Things that like, I didn't even know. Not even about myself, just about trauma in general. The biggest thing that I've learned is that, trauma doesn't have a timeline. So.
00:18:18 Dominique Unpack that.
00:18:20 Jacqueline Schadeck Yeah. A lot of times we think like, okay, this really bad thing happened to Dom when he was a child and Dom should be over it by now because he's an adult. Well, that's not how trauma works. You're dealing with clients and they say, they may be 70 years old and like, no, I need to keep this amount of money in cash. And, because this happened to me when I was younger and you might be thinking like, Oh my gosh, like that was 50 years ago. It doesn't matter because trauma doesn't have a timeline. Not only do you need to extend yourself, grace, when working on your own issues, you need to extend your client's grace and understand that trauma doesn't have a timeline and that, they may be dealing and working through something, for their entire life. You just have to be cognizant of that and be gentle with that.
00:19:16 Dominique Oh, I love that. I think, I think that's a really good insight. As you were talking, I was thinking about my own practice in my own conversations with clients, because there are money stories that they bring to the table that sometimes, and I learned this earlier on that there's not necessarily my it's not necessarily my job to sit as judge with a right or wrong. It's like they went through these things. We validate the experience we inspect, whether or not that mindset that they've adopted is correct. What about that mindset? Maybe limiting them to reaching their goals. Once you pose it like that, then they're like, Oh, okay, now I have the power to change. It's not like I'm a victim or anything like that. I know often, because of maybe the knowledge that we heap up in our CFP programs or whatever it is, maybe our own baggage, I know it is for me that, they're the first predisposition is to judge when that's not where the client needs to be.
00:20:18 Dominique I love that giving your clients grace, and giving yourself grace too, and stepping back I'm curious, how has your firm helped this process at all? If any? because I know sometimes we're not in the most ideal situations when it comes to let's call it the first two, three, four, five years of your career. How has your firm helped.
00:20:44 Jacqueline
The best advice that I can give when working with your firm on compliance, or any kind of growth oriented kinds of things is I would say, try to do that vetting before you sign on as an employee, because vetting, I did that vetting before I signed on as an employee. I said, Hey, I am into the social media thing. I like to share things there. I like to be vocal. As far as being growth oriented, I knew that I wanted to get another designation. I knew that I wanted to finish my masters. I asked, what kind of support do you provide for that? What's going to be the timing. There going to be any kind of grace on, can I take time for schoolwork, that kind of a thing. I try to do that vetting before I get into that position. Now, if you're already in that position and you're trying to figure out what to do next, it's just important to have that conversation with your supervisor like, Hey, these are my goals.
00:21:46 Jacqueline Schadeck This is what I'm trying to achieve. This is how I want to go about it. Now, if the goals are related to being visible on social media, you of course are just going to have to check with the company's policy. And, you just have to follow a company policy. There's no other way to go about it. Typically what I've been noticing is, more leniency, not necessarily on the broker dealer side, but on the RIA side, more leniency on the social media front, where you can share, financial tips and things like that. Like for me, I just personally would never share actual like investment tips. I would never say, Hey, it's time to go out and buy a Tesla. That's not really where I stand on social media. So, it's just important to figure out what those guidelines are for you. Then, having that conversation with whoever it is that would need to approve that.
00:22:41 Dominique No, I think that's really good wisdom Jacqueline, because I think some especially career changes, I see this a lot, aspiring financial professionals. They're so excited and maybe they've taken my advice. I've watched way too many YouTube videos of Dominique saying, don't worry about how you get in the industry. Just get in. Yes, but it is good to kind of know what you want to have mapped out some of your goals, which is the reason why I think, getting a mentor or having somebody that you can look up to. That's like, Oh, I want to kind of be like them. You can go ask questions of them and their network and be more informed. You're just not jumping into any position. You actually have an idea of where you're trying to go some type of career path. That way you can be more selective about where you land and when you get there, you're not like, Oh, I feel so constricted.
00:23:27 Dominique It's like, well, you didn't really study the environment before you got there.
00:24:30 Dominique I want to touch on something that I caught on a podcast. I don't remember the name of it. I don't remember the address of the podcast, but you were on there. This goes into the topic, about women in financial services. I think the soundbite I caught was basically how you may be interacting with a couple, a husband and a wife. Though the energy that you bring as a female or a woman into that relationship often kind of breaks down the barrier that some men may feel, because let's just be honest men in this industry, whether you're practicing or you're a consumer, you got way too much pride and ego in this thing. There's this way too much bias and being in love with our own opinions. We already know how that works, but maybe you can kind of revisit that topic. If, if in fact you remember what I'm talking about, I think what I'm really kind of coming the angle I'm approaching is the value of a woman's perspective in the financial planning relationship.
00:25:42 Dominique Because what I notice is when we have that husband, wife dynamic, we always have one. That's kinda like the one that does, like the family CFO. Usually when it's the man, he pushes the woman out and makes her like a, an appendage almost. She's not a full partner and I don't know where this comes from, but when it's the flip, I usually see the woman include the man. I think this is just like gender dynamics but let's talk about how you navigate through that. I think this is an interesting topic, to kind of talk about,
00:26:16 Jacqueline
Yeah, I, as soon as you brought that up, I was like, I think we talked about that in our first podcast. Go back and listen to that, but I'm still rooting for women. I still think that we've made better financial advisers. I mean, part of it is that emotional intelligence, that's part of being a financial advisor. You have to have emotional intelligence and you have to obviously have intelligence. With it's because there's always, when you're doing financial planning for clients, there's always an emotionally correct answer. And there's a mathematically correct answer. Two, I think in my opinion to be a good financial planner, you gotta be able to balance both of those with your clients. As far as women being better financial advisors, I think that, like you said, men like want to hear their own opinions. What I was saying was that, part of why women, I think make better financial advisors is because when we are in that a setting where there's a husband or wife, or I'm working with just a male client, there's less of that need to feel like he needs to prove himself as being big, bad, the best investor.
00:27:32 Jacqueline Schadeck He needs to make sure that, Dom doesn't think that he doesn't know what he's talking about because a man always knows what he's talking about. So.
00:27:43 Dominique Is so fragile.
00:27:46 Jacqueline Schadeck Right? So I think because of the emotional intelligence and then just some of that natural womanly nurturing,
00:27:55 Dominique I think you're hitting on some things and this is the reason why I encourage them no matter where they are usually. Cause I tell it, I mean, even 45, 50 year old career change, and I'm saying like, you can still do this. You can still have a lot of impact. This is one of those careers you can do well into your seventies. I mean, think about it from the standpoint, there's just a different angle. There's a different perspective. I'm all about perspective. I, I appreciate and recognize that there are different perspectives, whether I agree with you or not is something totally different, but I will definitely listen to you. I think that's the value in having a difference in opinion, whether we're talking about gender, whether we're talking about race, ethnicity, all these different things, all need to be incorporated into our industry. I'm sorry I jumped on a pedestal.
00:28:42 Dominique Go ahead.
00:28:44 Jacqueline
No, I was going to piggyback on that. I mean, we need to be accepting of other people's choices. It's going to be really hard to be a financial planner. If you cannot accept other people's choices for. It's not that you always agree with them, but you still have to just let people believe and do what they want to do. This has been a politically charged year. So, you've gotta be willing to accept people's choices. You're gonna have political conversations with clients that you're not going to agree with. Are you going to get into a raging argument with them or are you just going to accept their choice for what it is? So speaking to career changes that are older, that story changes. The thing that I think that's so beautiful about being a career changer is that you've had so much experience before. You get to share, I went through this personally, I wish I had known this.
00:29:43 Jacqueline
I would've been so much better off had I done X, Y, and Z. I mean, that's a beautiful thing about being a career changer. One of my business mentors, when I first got into financial planning, this person was not a financial planner. He was like, well, why are you then trying to become a financial planner straight out of college? He was like, go do something else, get some experience and circle back to financial planning later when you have some experience to share. I obviously didn't follow that routes. I had followed my heart, but I think there being a career change later on in life can beautiful.
00:30:20 Dominique No, I think it gets back to that point that we made earlier about, some of, experiencing life riches, enriches the financial advice that you do give because you do have, whether it's, being a parent or, that you've been married a long time or whatever it may being in a career for a long time, developing all the different transferable skills that are there. I think, you made a point earlier that I want to kind of opine on before we, kind of bring this in for a landing, which is, the idea around accepting other people's perspectives. I think the big idea here, and I want to get your opinion on this. I think the big aha for me is that because I listened to somebody or I gave them an audience, because I'm just genuinely curious on how they think doesn't diminish who I am. It doesn't diminish what I stand for.
00:31:13 Dominique Doesn't make me any less of a person. I think that, to me, that's one of the things that I think is one of the reasons that we're so politically charged now. The word that you used earlier is because we're so intimidated by how people think around things. I think as a financial planner, I can't afford to be that way with my clients if I want to deepen the relationship. Would you agree?
00:31:34 Jacqueline Yeah, I would agree wholeheartedly. You know, it's not it's clients. They will say verbatim from their mouth. I know this isn't good. I know you don't agree with this, but blah. I say that they do. They say it and they say, I wouldn't did X, Y, and Z. I know you're not going to be happy about it, but here it is. What do you do? Do you fly off the handle or do you say, Oh, okay, well I'm glad, what I mean?
00:32:04 Dominique That's a bull state I'm usually like, okay. How does that, rework the plan? Like, so what is the implication here? What is the application from what this is Toby? Yeah.
00:32:14 Jacqueline
Yeah. Working with them on that front and being accepting of other people's choices is important. I want people, I want financial planners to practice what they preach and to be free to be themselves. What I mean by that is I don't want you to just put on your financial planner hat and then you're accepting of people then when you're not a financial planner, you're raging flying off the handle. Like it's not okay. I've seen it on social media. I've seen other advisors being attacked on social media for diversity inclusion for some of their views. It's like, why can't we just be accepting of like, that's what works for them. This is what works for me. I want people to have that same kind of a feeling throughout, in one of those podcasts that I think you had soundbite from, they asked me, am I the same positive person in real life that I am on social media?
00:33:13 Jacqueline
I just turned the question on them. I said, well, you guys have talked to me off camera. What did you think? And they were like, it was pretty good energy in the room, like, okay, thank you. I want this to be a real genuine thing. I don't want it to just be by a financial planner. Like I want all the black to be positive. That's something that I preach to my mentees is like, don't do things just for your career's sake. Like do things for your own personal growth that you can have flourished through your career.
00:33:44 Dominique No, I love that. I love that. That's the whole idea about just integrity, really right. Being whole, the Person that they see on social media is actually Jacqueline. Now granted, you're not going to see every a to Z thing, but the, what I'm showing you is actually a genuine representation of who I am.
00:34:02 Jacqueline
You wouldn't want to see everything a disease.
00:34:06 Dominique That's with all of us, right? That's about once.
00:34:08 Dominique
A day, honestly. So I have to say.
00:34:13 Dominique On, your book, money planning and positivity of guide to a better financial life. I think that really captures the essence of what I wanted to have a conversation with you about, which is finding your voice. Talk about finding your voice with this particular book. Why didn't you write it? What was the kind of the gist behind that? And I know you've alluded to that in the podcast, but kind of give us the, the version of the story that you want everybody to remember.
00:34:40 Jacqueline I'm so glad that you asked Dom. Writing the book, we have talked about the Genesis throughout this podcast. The thing that we didn't talk about is the goal to actually write the book. I would have to go back and double check, but I think it was maybe 2017 that I said, like, these are my 10 year goals. Like I write them down, like these are my long-term goals. I was like, thing, an author would be cute, but author on the list. Author had been on the list for a few years and it hadn't tackled it yet, but I see it every year subsequently. 2020 and everything that happened this year really propelled me into writing the book. I spoke earlier to my own, well, really to the post of my own like mental health issues. You can go back and see on my social media.
00:35:29 Jacqueline
I posted it in August, I believe. Part of that, as well as wanting to be an author and then, shout out to COVID for the lockdown. I wrote the book bearings,
00:35:44 Jacqueline Well, I was locked down in my house. I think this is the first time I've heard a shout out to COVID.
00:35:52 Jacqueline
Other time, shout out to COVID. I told you we're going to flip everything and put a positive spin on it. So thank you for that. COVID forced for me to sit down and actually write the book. And, as I was setting the 10 year goal, I had heard a podcast or YouTube video or something where this motivational speaker, I can't quote them. I don't know who it was, but he said, what if you could accomplish your ten-year goals in six months? And so I set out on a mission to do that in 2019. Some of it got done, some of it didn't, but some of it got done this year, which was the book. Money planning and positivity speaks to what my brand is. A couple of years ago, I had just adapted that kind of tagline. So, as I was trying to figure out what exactly it was that I wanted to write about, I wanted to make sure that, there's no other books in the works, but I wanted to make sure that my first book, possibly my only book, is actually encompassing of what I stand for.
00:36:52 Jacqueline So this is what I stand for. It happens to be a book that works well with my career, but I really wanted to write something about what it is that I believe in. I believe in financial planning, because I know the effects that it has on a family, whether those affects are good or it's absent from planning. And then you see those negative results. I just believe in the power of financial planning for your own wellness. The positivity piece, because, not only have I had my own mental health struggles, but with COVID, I haven't talked to anybody who didn't have any mental health struggles this year and who doesn't regularly have some issues. So, I don't know when we're going to stop calling them mental health issues and just like adulting part of being an adult. All of those things led me to want to write money planning and positivity.
00:37:52 Jacqueline
In the book, I break it down into four pillars of wealth. The first pillar being actually healthy, I had a short stint with COVID, at the beginning of the lockdown where I myself was sick for several weeks. I want to make sure that was included in there. I talk about, of course, financial wealth, social wealth, and time wealth. The book breaks down all four of those pillars that really just hold up your entire life. That's why this is a guide to a better financial life, because I feel like your finances are the heartbeat. So, I really, hope that people find this book enjoyable. I hope it is something that is helpful for your life. It can be found on Amazon. I'm sure we'll link it.
00:38:38 Dominique Yeah. Yeah. Well, we'll give them all the resources that you provided me with too, to get a hold of it. I think this is great. I think, I mean, as I'm just thinking, back on our very first podcast to this one, and hopefully this doesn't say condescending, but know me, as being older, but I just, I'm astounded and impressed by your maturation in this industry, as not only a planner, but as a woman. Kudos to you, hats off to you. You're doing a great job, with what you're doing and for the profession as a whole.
00:39:21 Jacqueline
Thank you. I appreciate it. When that side of launching things, getting things out there, I've had a lot of feedback from your side, and a lot of people have mentioned you during our last, I think there's been a couple of years of knowing each other. I want to commend you as well for your efforts. I know making YouTube videos and podcasts and like all the content and all the ways that you help young advisers get into the profession. I know it's not easy work. Somebody has to do it. I appreciate you for helping propel our profession forward.
00:39:53 Dominique No, no, I appreciate that. I appreciate that. Well, Jacqueline, as this is a podcast, to help empower tomorrow's financial professionals with tools to serve their clients at a deeper and more meaningful level. If you have any word or words of wisdom for tomorrow's financial professional, what would you leave them with?
00:40:16 Jacqueline
I would leave tomorrow's financial professionals with keeping yourself and keep pushing forward.
00:40:24 Dominique Mm. Yeah. I think the message of being able to take care of yourself as a professional speaks volumes, especially what we saw in 2020. I think it, that is, it needs to be underscored in bold and TeleSign because there's no way you can be a good service professional for your clients unless you first take care of yourself. So I love that.
00:40:50 Jacqueline
Absolutely. It's very important that you're not attaching yourself necessarily to a company or to a title, but that you do realize that you are your own brand, especially in this digital era where you can brand yourself. You are your own brand.
00:41:08 Dominique No, that's great. Finding your voice and holding your ground and financial services. Thank you, Jacquelyn Schadeck.
Today we have Rob Bertman. Rob holds both the coveted CFA and CFP® designations and is a University of Michigan alum. As a senior consultant for Student Loan Planner, he helps borrowers rid themselves of student loan debt.
Rob is also a Family Budget Expert helping parents find the extra money in their budget to reach their financial goals.
Today we are going to talk in depth about the student loan crisis. Rob will answer: (1) Just how bad is the crisis through his first-hand personal assessment of the situation; (2) what the contributing factor(s) is/are; and (3) some potential solutions, practical tips and the student loan system in general.
Show Highlights:
- The student loan crisis and why it is so bad (4:22)
- What is the contributing factor to the student loan crisis (8:16)
- How has COVID and Virtual Learning affected the Student Loan system (11:08)
- Why are 18 year olds able to get into debt with thousands and thousands of dollars of student loan debt (14:11)
- Rob’s Family Budget Expert, what that means and the philosophy behind it (19:33)
- Rob’s advice on what to be on the lookout for on budgeting and repaying student loans (18:28)
- The COVID relief for student loans, how it has helped (32:08)
Resources:
If you'd like to connect with Rob, click here. Need a strategy to eliminate your student loan, check out the Student Loan Planner.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
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Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Conversation Transcript:
00:00:00 Dominique Welcome to conversations for financial professionals, a podcast to help shape the next generation of financial advice. I'm your host Dominique Henderson and today's conversation is with Rob Burtman. Rob Bertman is a senior consultant for the student loan planner, and helps borrowers rid themselves with student loan debt. I am so excited for this conversation today because we talk about the student loans crisis and how bad is it? Rob is going to give us some solutions. He's obviously got the stats because he and his colleagues over at student loan planner have counseled over 4,500 people in student loans. And over $1.2 billion of loans council. So he knows his stuff. You talk about solutions. We talk about fixing the mess and how this can be avoided in the future. When we start to think about the long-term ramifications of the student loan crisis, I want you to leave this podcast knowing, and feeling empowered not only as a consumer of financial services about there, the fact that there's help out there for you, but as a provider of financial services, to know that you can find experts in this area that will enhance the client relationship and take it to the next level.
00:01:17 Dominique So enjoy the conversation Rob Bertman, welcome to another episode of the conversations for financial professionals podcast, where we are shaping the next generation of financial advice. Today we have Rob Bertman Rob you hold both the coveted CFA and CFP designations and our a university of Michigan alum go Wolverines.
00:01:41 Dominique I have five from the, from way back in the day. That dates me.
00:01:44 Rob Yeah, I remember too. I remember, Oh my gosh, but you are a senior consultant for student loan planner where you help borrow.
00:01:54 Dominique
Rid themselves of student loan debt. I guess when you're not bulldozing student loans, you are known as the family budget expert, which is your brand to help parents find the extra money in their budget to reach their financial goals. Even if the cost of raising kids is breaking the bank and stressing their relationship. Having put two kids through college at this point for myself and working on the last one, I really wish I would've met you about six years ago. Welcome to the podcast.
00:02:15
Rob
Hey, thanks for having me Dominique and happy to be here.
00:02:24 Dominique
Yeah, man, this is great. You and I know,
00:02:28 Dominique A shared circle of individuals, Lauren Williams and Travis, and Megan, there's this like so many, really cool people that you're working with over there. I really, am happy and excited that you're here today talking to us about student loans and what I would, maybe don't, but the future of the student loan crisis. Right. Cause I do see it that way, but before we dig into that, tell me how's 2021 been going for you a, we all had a 2020 to remember how has the new year been treating you so far?
00:03:06 Rob Yeah, it's been okay so far. I mean, personally, fortunately we're doing okay. We're hanging in there, with three younger kids, it's always an adventure, but, fortunately I have a good relationship with my wife and my kids. That's about all I can ask for these days.
00:03:20 Dominique No, you're right. That's, it sounds like an attitude of gratitude, which is what you decided to kind of posture yourself as being, so I'm very happy to hear that.
00:03:30 Rob
Yeah, thanks.
00:03:32 Dominique Let's kind of dive into this. I think there's probably three areas that I think would really benefit not only consumers of financial services, but also providers of financial services. When we're talking about this subject of student loans, cause this is a fairly large gargantuan topic. If I'm thinking about it from the standpoint of how bad it is and what are some solutions and then how do we kind of fix this mess type of deal is kind of the way that I think people would get the most benefit about, doing this. You've been with student loan planner for a few years, if you're a few years now and I just want to get your macro take as a person boots on the ground. Am I, when I call this a crisis, am I overstating this? Or am I spot on?
00:04:22 Rob No, I think, I mean, you're spot on. I mean, a lot of people are hurting with student debt. I mean, there's one and a half trillion dollars, out there, which is, a million or 1.5 million, million is basically another way to put a trillion. In other words, I mean that's a lot of money and more importantly, it affects about 45 million people. I can tell you when I started, so I have a background investment management and securities analysis and financial planning, and I just thought of student loans, you just kind of approach it. If you can, you just do it the traditional way, line it up, cut your budget and pay it back as fast as you possibly can. What I learned however, is although we are in a crisis that actually the federal student loan repayment, guidelines and strategies are actually pretty accommodating for people and it doesn't have to be the burden that people think it is.
00:05:16 Rob That's something that I had absolutely no idea. When I started as a student loan planner three years ago. And, three years later, 900 consults just personally later and advising on over $200 million of student debt. I know that there is now a way, and I'm confident that I can help people, that there is a way to, instead of having to build your life and career around student debt, that there's a way to build the student debt and loan repayment strategy around the career in life that people want to live. That's been something that when we're talking with people individually, or when we get questions from people that it's such a burden for people, and it affects their lives so deeply that when they realize that and when they can see that it actually, I mean, you can just see the weight fall off their shoulders, drop the weight falls off of their back and they can now operate and feel good about it, but it is a big problem for sure.
00:06:08 Dominique
Yeah. I've, I've often compared this and it sounds like I've been right to do this. I've compared the student loan crisis to the housing crisis, except for the fact that at least with the housing crisis, you had a mortgage, you could actually go sell the property. Whereas I don't know that you can mortgage your brain. Like, there's like, there's no collateral. Like this is, one of those loans where the holder of the paper, which is maybe the reason why this thing has gotten securitized so many times and yada I'm the holder of the paper is really like, kind of SOL there's really nothing else you can do. But, I guess what I'm trying to say is the implications for what this may mean for taxpayers 10 or 20 years down the road, because in a lot of instances, it's not the private sector that backs these loans.
00:06:54 Dominique If I'm not mistaken, it's the federal government, which means taxpayers. So, what is your assessment of what this looks like at the current trajectory 10 or 20 years from now for, taxpayers?
00:07:07 Rob Yeah, it's a good question. I mean, the OMB, the office of management and budget, they only project 10 years down the road. A lot of these programs, there's different things you can do. Like, income-driven repayment plans where at the end of the 20 or 25 years of payments, based on income, whatever loans are remaining get forgiven. We, these programs are so new that they're not even 10 years out from people reaching that. We don't really know what it's going to look like, but, I think what happened is, when the federal government starts getting involved, started getting involved in student loans, it kinda gave universities a free pass to raise their tuition. What you're seeing now is the cost of education skyrocketing. I mean, it was, big back in the day when you were or I was in school and like the nineties and early two thousands, but I mean, the growth of tuition is just been insane, especially for graduate level professions like veterinary school chiropractic school, dentists, dentistry school.
00:08:06 Rob I mean, all of these post-secondary or I guess, graduate level professions, the cost of tuition is astronomical. And so go ahead.
00:08:16 Dominique No, no, go ahead and finish that. I was gonna, I was going to, it's a perfect segue into what I was going to ask, which was, what do you think is the biggest contributing factor? I was reading not too long ago. Some, some writings that, Thomas sold did, and he was basically talking about this education inflation factor. I just look at my own stuff, so I graduated in 98 with, I had all scholarships, but I think the cost of me going to school was something less than 10 grand a year. My son goes to the same school, but, Texas has flat tuition, but the point is it's like 26 grand and I'm like 250% over, less than 20 years. I mean, that does not make sense. I thought normal inflation if you're just doing the math of it. I guess my point is, and maybe you've answered this.
00:09:03 Dominique Hasn't really been consumer demand for education that has pushed the cost of education up, or has it really been, I guess the backstop of student loans being paid for essentially you're guaranteed by the government that has allowed these institutions to just jack up the education prices.
00:09:24 Rob It it's both really, I mean, college education is important for those that can do it. I mean, if you think about the top income earners in the country, and now the top income earners are concerned about how they're going to pay for their kids' college. To me, this is all really unsustainable because at some point, people, I think that the top schools like the Ivy league schools and stuff like that, they're always going to be able to increase their tuition because there's a demand for people that can afford it, or for people that get scholarships to go to those top level schools. What's happened is especially in, let's say pharmacy school or, chiropractic school, is that there are schools opening up all over the place. Even though there's more seats to fill there because the demand has been so great, they've been able to increase their tuition at the same time.
00:10:13 Rob You have more seats, rising tuition, college becoming less affordable. There's, something's gotta give at some point, I just don't know exactly what would, that would be.
00:10:26 Dominique My deal is just anecdotally, man, I don't know, in this gets into some of the solutions, I'm wondering how much A. COVID has help decelerate this xceleration if you will. Because if you're, if you raise the, if you increase the amount of seats increase the amount of tuition, obviously your top line revenue, just from a mathematical standpoint increases, it's like, where is this money going? Because there are universities right now. I know this, my daughter goes to Sam Houston, like these classes are being done hybrid or almost all virtual and the buildings are empty. Where's the money going? Like, is it going to pay professors? Like, I'm just curious, like, do you have any thoughts on that?
00:11:08 Rob I, I think that schools are building up amenities to attract students. It's becoming competition of going to the campuses and seeing who's got the best campus, the newest buildings, the best dorm rooms, the best off-campus housing, which is some of the decision-making. Also combined with the fact that, there are a lot of major colleges and universities that are really building up their endowments and you have some of the top schools with multi-billion dollar endowments. And, and you would think that in the COVID crisis that these endowments would be used to subsidize tuition or to help people out in these tough times, but they haven't done that. In fact, tuition has say the same or gone up even in this year. I, I, I think the, I don't really know the answer to that, my guess is that it's just going, I think the cost of operating these schools and universities are very high, but there's also a lot of profit in there.
00:11:59 Rob I think some people are going to get more wise too. I mean, so for undergraduate, we have to look at undergraduate degrees different than graduate level degrees, because well, just undergrad getting a college degree is, important in terms of the expected earnings over someone's career. And, but, once you get out of the top 25 top 50 schools, it doesn't matter that much as much of in terms of employment, where that degree comes from.
00:12:30 Dominique Just to clarify, you're just saying school number 25 in school, number 26, there's a marginal difference. If any, with your lifetime earnings, with going to the 25th or 26.
00:12:42 Rob Yeah. I mean, obviously you want to go to a school that has great, faculty and you get a great education. That's A number one, but the employability, the employment opportunities for people after getting a college degree, it's not what it used to be, right. It used to be that if you had a college degree, you get certain jobs. Before COVID hit, the economy, some employers because of unemployment was so low, some employers were saying you don't need a college degree, just, we need people to work. So just come and work. For graduate level degrees, it can really boost the income up even more. For example, the difference between a college graduate and a physician, or like a college graduate and a dentist, those are some really big differences. Paying a lot of money to go to graduate school like dentistry school or to medical school can actually really dramatically ramp up the income.
00:13:35 Dominique Are now, let me ask you this. Are you seeing the proportion of debt that you're counseling on is attributed mostly to the graduate studies versus the undergrad, if you had to divide it up in a pie?
00:13:48 Rob Yeah. Part of that is because there are caps on how much people can borrow on the federal program for undergrad, but for graduate level programs, there's essentially no cap. So, whereas someone might only be able to borrow, let's just call it a hundred thousand for undergrad. They can borrow 400,000 for Denis school, or 200,000 for medical school. And, so most of the six there's over 3 million people with six figures of students.
00:14:11 Dominique That out there and pause right. Quick, crazy, because I was just thinking, and I, and so this is not totally accurate, but okay. Let me add 40 years. You can have a, let's call it a 675, go score and barely qualify for a mortgage, which you can be a 22 year old grad student and qualify for 200,000 or $400,000 of money to go to school. Isn't this correct?
00:14:40 Rob Pretty much. I mean, there are limitations around it. I mean, for people that can't borrow through the federal program, there are, getting private debt to finish. The education is a little different, but then we get into get into large numbers, if someone's buying a car and let's just say they want it, they're gonna buy a car for 30,000. Okay. That's a lot of money. Now, if they, if someone wants to, get all the bells and whistles and have the car, and it raises the price of buying the car to 35,000 people, don't really blink at that because they're already spending 30. So it's another five. Well, it's another $5,000. When people are so invested in their education and then they see when they look at the projections of what school is going to cost, they say, Oh wait, but they're going to increase tuition every year.
00:15:24 Rob Oh, wait, the loans I took out, they're going to be accruing interest. Some of them along the way as I go. When I graduate, I'm going to owe a lot more. To have to take out a lot more at that. At some point you have to say, I just got to finish this thing. Cause I already, I'm already a hundred thousand in debt. Why not go 300,000 in debt or whatever. The law, what's the difference between a hundred thousand and 200,000 when you're in that mode psychologically, it doesn't seem like a lot, but when you're paying it back it is a lot.
00:15:50 Dominique No, I, Hey. I know, I think he bring out one aspect of this that I never thought about was the psychological aspect. Really the psychological trap of this when you started something, the human nature is since we're gold, striving beans is to finish it, no matter what the costs nominally on paper, black and white, I'm signing my life away. I think what I've heard too is, especially, I've heard this with lawyers where it's like, well, I'm going to be making X when I get out too. So, I'll be able to repay this, but then maybe kind of walk us through, well, yeah, you're making X gross, but you still got to, you got health insurance, you got taxes, you got, hopefully you're putting, well, you some money in your 401k and then you're getting a percentage of every dollar that you actually make.
00:16:37 Rob Yeah. I mean, unless people have worked before college or in college, it's hard to know what the paycheck's actually going to look like, because unless someone's had, has paid for their living expenses, it, you don't really know until you actually start doing it. And, and once that happens, all of a sudden making a hundred thousand dollars, it's only taken home four 5,000 a month, and that's a lot different and you make these choices based on a hundred K, but you're not taking that home. The good news is with student debt, is that, is these income driven repayment options. So, if we think of student loans, they can actually be treated more like a tax rather than a debt. What I mean by that is, the best repayment programs right now, you can pay based upon 10% of your income. If someone is going into, if someone's going to increase their income substantially by finishing school or finishing a graduate level degree, they have their state taxes and federal taxes, unless you live in Texas and you don't have state taxes, and sometimes local taxes.
00:17:36 Rob The student loan payment, if you think of it like a tax, if it's going to increase someone's income and we'll help them do something that they really want to do, it could make sense to take out the debt in order to do that.
00:17:50 Dominique And when you say. Thinking of it as a tax, just a portion, cause if I, I'm not W2 anymore, being self-employed, but the point is, there's a portion of whatever I make that I already know is not going to me. Right. I got money that goes over to a tax account. Cause I know that it was uncle Sam or whatever. Maybe almost kind of think about that. I don't know if you even advise that when your counsel was through the moment, it's like you almost create account to pay back your student loans. Like when your money comes in, you don't even see it. Like, that's almost like a, is a tax that you're paying. Just like your 401k or your medical benefits, is that maybe what you're referring to or something different.
00:18:28 Rob Yeah. Yeah. I mean the payment that goes out on a monthly basis to the loan servicer that is pretty much set in stone for 12 months, so you certify your income using a tax return prior to your tax return. Your payments are based upon 10% of that income. Now they take adjusted gross income. It's after, pretax retirement and any other type of pre tax deductions. There's also like another deduction on the back end of between 20 and 30,000, depending on family size. If you look at it that way, it may only end up being like another 7% tax, in the form of a student loan payment, the most important thing with, for any financial success. Again, I always say like, you got to optimize your investments if you want to make money. It's true if you want to grow your money, but the most important skill.
00:19:13 Rob This is why I started family budget expert started having money leftover at the end of the month. Whether it's going to debt repayment, whether it's going to retirement, whether it's building an emergency fund, anything that is a net worth building activity, and people forget that paying down debt is a net worth building activity. You're taking a negative number and moving it up to zero. The interest rate on that debt, if someone is going the traditional route is a guaranteed tax-free rate of return on investment. So, but people that struggled, they don't, they can't figure out how to get the money left over at the end of the month, even make the student loan payments or even, make them pay their credit card bills off and stuff like that. That's a real, a big problem, but I think what student debt has done it, one of the silver linings of it is that, if you take a look at the stats, millennials are actually better budgeters than the baby boomers.
00:20:03 Rob There are more millennials who often get a bad rap for being financially irresponsible, but the stats show that they're not, and I know you and I are like right on the cusp, we're millennial, gen X-ers. So, people are taking this seriously and they need to, because it's a lot of debt. So, but at the end of the day, having that money leftover and figuring that out is going to be the number one skill set that's gonna allow getting out of debt of any kind and building wealth of any kind.
00:20:32 Dominique No. I think this kind of points to some of the solutions and, or fixing the mess, because I think one component that I hear you saying, and you didn't actually name it, but it's there it's financial literacy, right? It's knowing how your money works and cashflow being a big component of it. I mean, I think you hit the nail on the head with, a lot of people have, more month than money, but that's sometimes not because the product of how much they actually may. It's just because they don't really know where their money's going. They don't, they're spending on whatever and they don't have some type of tracking or they're not working with somebody to hold them accountable to helping them keep a budget. Let's kind of talk about that because I mentioned, earlier about, having this 675 FICO and wanting to buy a house.
00:21:21 Dominique So, I get, buying a home is going to be, some of the things that people want to do to build wealth, but there's probably an order that they need to be in. Especially if they have a large amounts of student loan and we won't get into the weeds of that. What I do want to ask you are your thoughts, Rob, on financial professionals' approach to this, right? So you have a client come to you and they've got all this stuff going on and they've got student loans. I think this has been a particularly sensitive subject area for a lot of reasons. I think the main reason if I were to guess, is that although people may be doing well, nominally making six figures, doing all this kind of stuff, when they have six figures of student loan debt, to your point earlier, it's just a weight they got out.
00:22:08 Dominique They kind of can't even see, the forest for the trees because it's just right in front of them all the time. I wonder if you have any techniques for how you approach that as a financial professional, do you just say always outsource to like a student loan planner or is there some things that you can be doing as a financial professional to help ease that burden of people, even when you're sitting with them in that first meeting?
00:22:34 Rob Yeah. On the student loan side, at the end of the day, when people feel like they have a plan, a clear plan, they know their options, they know how to implement it. They know the path forward that clarity it on its own is a relief without the financial relief of knowing that they're going about it. The optimal way,
00:24:14 Rob People have a bunch of student debt, it's not necessarily about paying it back as much as having a clarity of how to pay it back. On the budget side and just general financial planning side, I always think that, we need the financial foundations. If we look at, Maslow's hierarchy, right? Which is the basis like safety and security and, basic needs to me, most people's food and shelter in the financial world, it's emergency fund and zero credit card debt. For people with student debt, you add in the student loan plan along that cause if people have cash, if they put all their money towards building up of a cash cushion, if they had zero credit card debt, because to me credit card debt is like the gateway drug into all sorts of financial ruin and any type of credit. Some people like, Oh, it's okay to just leave of a balance.
00:25:08 Dominique Well, that's like the toe over the line into that. So, people need to reset their thermostats of what they're comfortable with financially. Some people who are comfortable with, having a thousand dollars in the bank and of credit card balance, they need a really, like psychologically up what they're comfortable with. Because for example, let's just say someone's comfortable having a thousand dollars in the bank. Well, when they have $3,000 in the bank, they feel like they can go crazy and just, Hey, I got some extra money. I can spend it, but when their balances get into that zero, that puts a lot of stress on them. If they said I'm not comfortable with a thousand anymore, I only, I'm only comfortable. If I have 5,000 in the bank, then they'll get that fire burning to be more conscious of their spending until they get up to the 5,000.
00:25:51 Rob But, but in any case, if people have those three things, it's amazing, the relief that people get when they have a student loan plan, when they have no credit card payments other than, paying it off on a monthly basis. When they have a cash cushion in case something happens when those three check boxes are marked, I mean, they could, they feel like they can do anything.
00:26:09 Dominique And, Oh, I'm glad you said that because I think, 2020 Mark is a marker for, it's one of those things where, we'll look back I've made several just about this and that, me and my wife always go like, so what year was that? Like, we're not going to have that problem with 2020, but so 2020 handed us the global pandemic. I think to your point, some of the advice that I was giving my clients was like, Hey, if you want to double your emergency fund in a pandemic year, I'm not mad at you. Like we can sacrifice the six or 7%. I'm pretty sure we can make that up in the market. If you feel better by just upping that up and tightening the belt strings, because we don't know what's going to happen. This was like last March or April then that's cool. I think you give a lot of solid advice there because one thing that came to mind when you said the thousand dollars just made me think of Dave Ramsey, where it's like that, the baby emergency fund, but I mean, that could be gone so quickly, you might have to up that barrier.
00:27:08 Dominique What are some of the things that you think that people should be thinking about, in regards to, I guess, the psychology about that, I love the way you put that with mess off hierarchy or needs it, but just kind of, parried to the whole financial thing. There anything else that you would layer on top of that, those three things?
00:27:27 Rob Let me think about that. Yeah, I would say in terms of the student loans that, they kind of have, they can, it's okay to table them, even if it is a stress point, if someone has massive credit card debt, or they don't have a lot of money in the bank and their job could be at risk of going away or losing some income, then it's okay to pause the student loan payments and come back to it. I think at some point we have to pair things back, I would say like another thing along with that is just the mindset. There are people that obviously out there that can truly not afford certain things in life and not afford their pay, their rent or not afford their heating bill. That's a really terrible situation, but a lot of people use those words. I can't afford it when actually they can't afford it.
00:28:15 Rob Instead of using the word afford, I like to substitute, afford with choice, assuming that someone's in a situation where they do have a choice. So, because sometimes when we say afford, it's all, it puts us in a negative mindset that we are trapped and that we cannot do something that we want to do. If it's like, well, I could, go out to eat and spend $15 on lunch, or I could take that money and put it into retirement. It's about having that choice instead of saying, Oh, I can't afford to put money in my retirement, but because we're making decisions every day that we could actually choose to make a different choice. Especially with kids, you and I have kids and I'm very, we're in a position where obviously we can make choices. I'm very careful about using the word afford with them. I think just psychologically, when people have student debt, when they have credit card debt, when they have bank, if they're making it, when they've, low bank account balances, if you're really making above the poverty level and you can make ends meet, then stop using the word afford and start using the word choice.
00:29:21 Dominique
No, I love that. I think this is a reason why, and always get back to this theme. This is the reason why I think more often than not people need the accountability, the professionalism that is brought by a financial professional. It's just because it, and it may not because you're not a good investor. I mean, you might actually do well in the market, but as you're, as we've been having this conversation for the last 30 minutes, we've not even talked about investments, but all this stuff we've talked about are so crucial before you even get to the investment, because otherwise you may end up pulling out your 401k as good as it's doing in a year, like last year in 2020 to help subsidize your living expenses because you haven't done things in the right order.
00:30:16 Dominique
So, what I would really love for you to opine on, is this notion about having a financial professional?
Cause you said a couple of things there were so juicy. The first, the thing about choice, right? So I love the substitution of choice for four, because I think as financial professionals, what we are as stewards to help people take their limited time and money and spread that across unlimited choices. I think that's a beautiful way that you've put that. In regards to choice, let's talk about a specific strategy and I know you guys have some information on student loan planners that we'll definitely link up in the show notes. We got this whole thing with the zero interest moratorium. I've had clients ask me about that and strategize around whether I should refinance, but I'm in zero interest in blah. I think this points to let's talk to a professional, but I, since you are a professional you're boots on the ground, I want to get your opinion on maybe some strategies there or what the best next step would be for someone that has student loans, but we got the zero interest moratorium right now.
00:31:14 Dominique What are your thoughts on that?
00:31:15 Rob Yeah, well, it's been really great for people to have relief from their student loan payments and zero, not only zero payments with zero interest, like you said, and this goes back to, you've got to understand what the long-term strategy is best for you. If someone owes more in student debt than what they earn. Let's just say someone has a hundred thousand in debt and they're making 80,000, refinancing and paying it off might not be the ideal way to go. Believe it or not given that there's, income-driven repayment plans with loan forgiveness at the end. Or if someone is working for a nonprofit employer or a government employer, they could be eligible for public service loan forgiveness. Once someone refinances, those options are gone and they have to pay back the debt like they would engage with traditionally with debt. So, but for those people whose long-term strategy is to pay off the debt aggressively and get out of student debt and pay it off all the way.
00:32:08 Rob Because we're in COVID times and we're at the height of it seems like we're always hitting a new height. And, we don't know what's going to happen with local, what local municipalities and States are gonna choose to do in terms of shutting down. We know there's probably a massive mandate coming, but that doesn't, that could have actually helped open businesses back up. With that uncertainty kind of to your great point earlier is that, Hey, people should be taking this opportunity of zero payments to build up their cash. You know, their cash on hand. The 0% is going to be 0% until it's not. If someone builds up a bunch of cash in their bank account, and then at the end, when the 0% expires, they'd actually better off building up that cash. Right before the zero expires, then throw a huge lump sum at the debt rather than paying it off, because that way you're hoarding cash.
00:33:00 Rob If they extend the 0% in right now. Yeah. If Congress, now that we have a, a democratic Congress and president elect and vice president elect, they could extend it through September. Now, we think it's likely it's going to be extended through April may. So, in any case, it's okay to hoard cash and with zero payments and then throw a giant lump sum at it. Now for people who are in solid financial positions and they have their emergency fund, they're comfortable with their cash amount. It's okay. If they know their long term strategy is to pay back the debt in full to go ahead and refinance now, and you can go to studentloanplanner.com/refi, and we have some of the best cash back bonuses out there. Anyone with private debt, rates are at all time historic close or near that. Anyone with already private student loans should go to that website and explore if they can get an even lower rate because the game, when you're going to pay off your debt, all the way is get the lowest interest rate possible and pay it off as quickly as possible.
00:33:59 Dominique No, I agree. I, I, I highly endorse you guys. Whenever I have something out of my purview, I send my clients to you guys because I mean, I know the type of work that you go over to do over there. I know that the caliber of professionalism that, you and Travis and Lauren and Megan and all of those guys, operate with. So, highly recommend that because I think one of the things that I would like to say as a financial professional, that's been doing this for this is my 20th year in the industry is I think too often, we try to as financial professionals, whether we're entrepreneurs or working for a firm, we try to do too many things in house. There's not enough of collaboration and outsourcing to specialists. I, I don't do student loans. Well, like there's a whole world of that stuff that I'm supposed to know.
00:34:51 Dominique If I'm a specialist, but I'm not, so why not send them to somebody that knows what they're doing so that my client gets the best care. I think there's been this notion of, I say this, parenthetically I think there's been this notion that if you send your client away to somebody, then that client will want to stay with that person. What I would always say is the pushback was like, you must not be doing a great enough job. If you sit in your cloud away, they didn't, and they stay with someone. So, maybe that I hope for any financial professional, that's thinking about this a different way. Maybe you need to first start with your service model before you start thinking that everybody's trying to take your clients. That might be something to think about.
00:35:28 Rob To your point, I mean, three years ago, before I started working with a student loan planner, I would have given people horrible student advice. Cause I didn't know about it. I mean, it's like you have to do it everyday all day to understand the nuances and how to, in the rules of engagement, because it's not like any other kind of debt, there's not compound interest, you have income driven repayment, you have loan forgiveness options. You have, if you live in a community property state, like Texas, there's ways to take advantage of the community, property laws with splitting income. I mean, it's super complicated to understand everything, but giving the advice once we know all those details, it is, it becomes easier. So, it is a different beast. I think we work with financial advisors. We partner with financial advisors all the time, as and welcome the financial advisors to be on the call because the end client who has a student that has to be on the call, that's a must, but the advisor is more than welcome.
00:36:21 Rob
In fact, it's encouraged for them to be on there because they need to understand what's going on the rules of engagement on how it works with a specific client and they can give more commentary and color so that we can give even better advice. It actually makes the advisors look really good.
00:36:37 Dominique I'm glad you said that. And it made me think about something. If you're a newer advisor or you're just thinking about this a little differently, let me give you a little wisdom. Hopefully is that if you look at student loan planners and the professionals there as an extension of your team, this is part of the service model you offer for clients that are experiencing difficulty with a strategy to pay back their student loans. You look at Travis and the team and Rob over there as an extension of what you do for your clients and you attend those calls. It just reinforces the value proposition to the client. I'm, I'm a hundred percent sure on this, try it. And you'll be surprised.
00:37:21 Rob Yeah, I appreciate that.
00:37:22 Dominique Now, let me do this as we're bringing this thing in for landing Rob, and I really appreciate your time today. This is a podcast to empower tomorrow's financial professionals with tools to serve their clients at an ideal, or their ideal clients at a next, at the next level. I think what we've been talking about, especially in the last 30 seconds or so has really underscored that. In that context, what word or words of wisdom would you leave with that next generation financial profile?
00:37:54 Rob Yeah. I would say that, there's a ton of financial advisors out there and financial planners out there and the broader public doesn't necessarily know the difference. We're a commodity, whereas, Oh, I have a financial advisor. Well, you really have to show your value to people. The service has to, you have to focus on the service and serving your client probably more than ever, especially with investments being, with robo-advisors the investment piece is more commoditized than ever now for those who are like specialists and investment management and can earn an excess return of proven to do that's fine. But, advisors really have to set themselves apart, being value add. I think it is really important to highlight the fact that, if you are a fiduciary saying that and telling people what that means, that you are, you have their best interests at heart. You're not trying to do this to make money.
00:38:51 Rob I mean, you're doing this to make money, but you're not doing this. The advice that you give is in their best interest, not in your best interest. I think that's really important to highlight. You hit on a great point, the accountability, a financial planner and financial advisor not only helps implement the plan, but they're also like the coach and the cheerleader and an accountability partner, the other, and then just one other thing I would say is that a lot of times as financial professionals, I was definitely, this is we get focused in optimization. What's the optimal path from a numbers perspective, but understand that most clients don't operate optimally. Maybe if they're a successful business owner, they might be a financially optimal person. The goal of a financial planner and financial advisor is to give the advice, give good, solid, conflict, free advice that the client's actually going to implement.
00:39:43 Rob You can get rid of some of the optimization if it's not as optimal, but it's going to be good for them if they'll do it. The idea is to get them to do it. We don't want to create financial plans that, are going to stick in a drawer or stay on their hard drive somewhere. They'd never be accessed. We want a living breathing plan that you can hold them accountable to. That's going to get them in the right place. And that resonates with them. Forget optimization, get a solid plan that they're actually gonna implementation is more,
00:40:11 Dominique No, I love that implementation over optimization. I love that. I think that's a soundbite that I'll have to retweet once we air this episode. Great stuff, Rob. I really love your approach. I really love your dedication to what you guys are doing over there. Again, if people are listening, have student loans, what is the best resource to point them to, in order to get in console in contact with you guys?
00:40:42 Rob Yeah. If someone is looking to get a plan, if you're an advisor out there and you have, someone with six figure student debt, if you go to studentloanplanner.com/help, that'll give all the information on the consult process and how to go through that the price will be based upon how much student debt they have, give you all the resources you need. Student loan, planner.com in general is a great resource for anything. If you're just wanting to get your feet wet and understand more about repayment and you have a client who is a particular profession, we have score. I mean, we have tons and tons of blog posts specific to certain professions, whether it's veterinarians, physician assistant, dentists, psychologists, whatever, if you go to our website and look at our blog posts, there will be some great resources for you to read up on. You can be informed when you're talking with your client about student debt.
00:41:32 Rob Yeah, I would say studentloanplanner.com is the best way to go. Dominique, like you said, don't feel like you have to have all the answers for your clients. You definitely want to be informed, but it's kinda like hiring an estate planner or an accountant. Student loans are a separate animal and there's certain complexities there that might require someone who does this everyday, all day. We've done over one point, we advised we've done, I think 4,500 individual one-on-one consults as a team. We've advised on over $1.2 billion of student debt. So, we have experienced and we'll be able to see the things that maybe you're not sure about. It'll make you look good for your clients, to bring in a professional, like you would like an estate planner and an accountant. And, don't make, let me just say that, I think what you're doing is fantastic.
00:42:20 Rob You're trying to help raise the level of the profession. I think we need more people like you out there. Helping people do a good job for clients at the end of the day, we want everyone to be successful financially, and we want to get the tools in people's hands. That is helping, it starts by helping the people who are giving the advice, to do a better job. I think that's awesome that you're doing this.
00:42:41 Dominique No, I really appreciate that, man. It's a, it's a labor of love. And, and one of the things that I, I know for my own spot is that, based on your success, and I think I heard Tyler Perry say, this is that once you get to a certain level of success and, or comfort your job is to hold the door open for others. I try to live by that as much as I can, but I really appreciate your time. Really, really appreciate your time. Thank you for being on man, but this appreciate it.
00:43:37
Rob
Yeah. Yeah. Dominic, thanks so much.
Show Notes:
Today’s conversation is with Ana Trujillo Limon. Ana has worked in the communications and media industry for more than a decade. First as a reporter and now as editor-in-chief for the Financial Planning Association’s publications, including the APEX Award-winning Journal of Financial Planning and the FPA Next Generation Planner and Practice Management Blog.
She also serves on the FPA Diversity Committee and is the co-founder of FPA Latino, a member resource group for Latino FPA members.
Today we dive into why financial planning is important, what it means to Ana being a woman and a minority in the field, what the next 5 to 10 years may hold for the financial planning industry, and the steps needed to get into the financial planning industry.
Show Highlights:
- Ana’s newly adapted “pandemic” routine (3:27)
- Ana shares what financial planning means to her and talks about how it changes people's lives. (5:13)
- Ana explains why she hired a financial advisor and why everyone should hire one. (7:54)
- What Ana fields the next 5 to 10 years holds in the industry; how technology will affect clients; and the implications for providers of financial services. (13:45)
- The effect the pandemic has had on the financial planning industry and what may happen in the future. (17:32)
- Ana shares her tips on how to find a financial advisor that may best fit your needs. (19:20)
- Ana’s personal development path and her passion for diversity and inclusion. (27:48)
- Ana talks about her ideas to help underserved communities get access to financial advice.(31:47)
Resources:
Check out Ana’s articles on the FPA website by clicking here.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Conversation Transcript:
00:00:00 Dominique Welcome to conversations for financial professionals, a podcast to help shape the next generation of financial advice. I'm your host Dominique Henderson today's conversation is with none other than Ana Trujillo Limon. The woman who has worked in communications in the media industry for more than a decade, and is the current editor in chief of the financial planning, associations, publications, including the apex award-winning journal of financial planning, the FPA next generation planner, and the practice management blog. You will not want to miss this conversation about understanding the importance of financial planning, where Ana and I talk about why financial planning is so important. She even gives a page from her own personal playbook about why she hired a financial planner. We also talk about where the financial planning industry is headed and the impact that's going to have on consumers as well as providers of financial services.
00:00:56 Dominique We provided a checklist for financial planning in practice. Something that consumers can use to find a good financial planner and financial professionals take note. These are the things that you can be doing to attract your ideal client. You will walk away from this episode, understanding the real importance of financial planning so that you will have the tools to serve your clients. At the next level. Let's get to the conversation with Donna. Welcome to another episode of conversations for financial professionals, where we are shaping the next generation of financial advice. And today we have Ana Trujillo Limon. Ana you've worked in the communications and media industry for more than a decade, first as a reporter, and now as editor in chief for the financial planning associations, publications, including the journal of financial planning and FPA next generational planner and the practice management blog. You also serve on the FPA diversity committee and are the co-founder of FPA Latino, a member resource group for Latino FPA members.
00:02:04 Dominique You enjoy spending time with your husband and your two dogs, Xena and Ballou. Welcome to the podcast. How are you doing today?
00:02:11 Ana I'm doing well. Thank you so much for having me. I'm so excited to be here.
00:02:16 Dominique I'm glad to have you on, I, there's been this weirdness of 2020, that's now behind us and there's just so many moving parts. I, I mean, I was really, happy that you, accepted the invite and whatnot. I think we're going to have some fun today. First of all, we got to know this, you're, I'm a fellow dog owner. What kind of dogs do you have?
00:02:40 Ana Yes, I have German. They're both German shepherd mutts. Xena is a German shepherd Ridgeback mix, and Ballou is a German shepherd, Siberian Husky next. So.
00:02:52 Dominique I have a Collie mix also.
00:02:54
Ana Oh, wow. How cute. I bet he's very fairy.
00:02:57 Dominique Yes. He has hair everywhere. That's going to be a whole nother podcast that we'll have to talk about. Some other points. Your new year now, do you have any, special routines or anything that you do? when It, when we leave one year and come into another, I mean, and especially with this being a, let's call this, let's call it 20 an asterix year because I don't know that we've, I haven't seen this in my years. What are, what are some things that Ana does?
00:03:27 Ana This year, my husband and I usually do a deep clean of our house and kind of rearrange and do new things. So, we rearranged our whole house last weekend and then did a deep clean and got all our groceries set up and have everything. We could have a successful launch to our week and that really helps doing the preparation stuff. Another thing we do is we try to have revitalized focused on our health. My husband's a personal trainer, so it's kind of a blessing and a curse to have a personal trainer as a husband. So we've been going to the gym. We don't usually lift weights together and go to the gym together, but we're trying this new routine out where we actually work out together and it's been really fun. It's been a really nice way to start the day and I, I'm not I'm I just made a resolution like I'm just going to listen to him and not resist what he asked me to do.
00:04:18 Ana And so far it's going well.
00:04:21 Dominique That's good for you and him. Huh? That's great. That's great. Well, I think that's a good segue into the topic for today, which is planning specifically understanding the importance of financial planning. I, I think you are a great person to talk to about this in our short conversations prior to this, I know that obviously kind of serve, let's call them the providers of financial services in a way, because you have the publications and the blog articles and all that kind of stuff that we may provide to consumers of financial services. At the same time, that magazine is not just meant for practitioners, but also shaping the way that we give financial advice. And you also have a financial planner. I think you're an excellent example of what we're talking about today.
00:05:13 Ana Definitely. Yeah. So, so for me, financial advice is just, it's financial guidance that has the ability to change people's lives. I've said it before in other podcasts I've been on, but I didn't even know what financial planning was really until I started this job. Like I'd heard of it. I knew my parents had a financial advisor who was mostly an insurance broker with the title financial advisor. It really is guidance that changes people's lives. It's just, it's an amazing profession and it's really vital just like your doctor or your dentist. It's a really vital service that you need to have.
00:05:47 Dominique Yeah. So talk about that a little bit. I think that you bring a unique perspective, not just because you're a woman, not just because you're a minority, but those things obviously shape your money story, how you were brought up and you say, your parents had, a financial advisor that was, really, probably more into the product sales kind of talk about your perspective as a consumer of financial services and a curator of all this financial content. Like how has it helped maybe your experience as a person that uses the services of a professional?
00:06:23 Ana I think it's made me a more educated consumer, the job that I have in particular, like knowing better, what questions to ask or knowing it brought down that barrier and that intimidation that a lot of people feel when they want to seek out financial services help, because it is kind of scary. It's well, I don't want to be embarrassed and I don't want people to know, I don't know things, but it's like, we don't look at any other profession that way we don't prepare when we go to the doctor and be like, I need to know what I'm going to say to the doctor. They don't think I'm dumb or don't, so that level of intimidation that is there for consumers and potential clients in financial services, is not there for other professions. That's something kind of that, reading more on my own and reading more at work has kind of helped me get over myself.
00:07:11 Ana I think that's a barrier for clients and potential clients that we need to consider moving forward.
00:07:17 Dominique Where do you think that comes from though? That's good. You raise a really good point and insight. That's a good insight because I just went to the doctor for some labs the other day and I didn't, kind of steady up on my hemoglobin levels in my lip panel. I didn't, I didn't do. I'm like, that's what they're there for, like what do I need to know that for? And I don't feel that diminishes me to an extent that I can't interact with that professional, but to your point, you're right. People feel that way when it comes to financial services professionals, some people feel that way, that they need to know a certain amount of information. I don't know, do you have any insights as to why people feel that way?
00:07:54 Ana I think that there's this misconception that we need to know about money and about how money works in the language of money without seeking professional help. I think there's this, I feel like there's a misconception that's perpetuated by social media. Like, oh, look at how successful I am. Look at this house I have with it, these cars I have and people give this carefully cultivated image that they're really good on their own with money. I don't feel like that's the case. A lot of times these carefully cultivated images are just people in a lot of debt or people who do have good financial planners, but then they never say that they never say, I, my financial planner really helped me with, my portfolio and I really did well and here I'm treating myself or whatever. They never talk about that aspect. I, and I think it's a problem that's perpetuated by social media.
00:08:42 Dominique No, I would agree. What if you don't mind sharing what made you hire a financial planner? Because a lot of people would probably just look at your resume on the surface and why did she need a financial planner? She's like already in the industry? She probably knows a lot. What, like what made, what was the personal decision that you came to, as to why you hired one?
00:09:07 Ana Great. Great question. Yeah. I think a lot of times in life, when we, the more we learn, the more we realize, wow, there's more, so much more, I don't know, like, something on the surface and feel like that false confidence, like I really know things, but then you dive deeper. The more I got into this job, the more I was like, I need help. I need, I don't know what I'm doing. This is all very specialized skills. Just like, when I needed help with exercise, I hired a personal trainer or when I needed help with eating right, I hired a nutritionist. I don't know what I'm doing with my money. So I hired a financial planner. That's one of the, my biggest pieces of advice is if you need help and we all do, you should definitely seek out financial planning.
00:09:53 Dominique Okay. And you just made a statement there. I wanna, I wanna, I want to stay there for a minute. You said, if you need help and then you say, well, we all do. I kinda think that, and this is not because I make, most of my living doing this is that I don't know that there's a lot of people on this planet, not just in the US but on this planet that can manage their money and reach their financial goals without a tremendous amount of bias in the situation. Because it's your money you worked for, you feel like you're entitled to this, that, and the other. I think that is the really big obstacle that prevents people from making the best decisions with their money, more than anything, which is the reason why I say it's great to have a financial professional helping you out.
00:10:43 Dominique That's the reason why I kind of believe no one can really do this on their own, my business, a smaller percentage of the population, but you said everyone needs one. You mind expanding upon that a little bit .
00:10:53 Ana Yeah. So I mean, the money language, right. Money is core to everything we do. It's, it's, it helps us buy the homes we live in and the cars we drive and invest in the future. We can help our kids go to college or help pay for things it's central to everything in our lives. If we don't know that language ourselves, and most of us, don't majority of us don't. Even those of us who do have blind spots, right. Even planners need planners because you have those blind spots and I'm going to go back to the medical analogy. Like you're not gonna, get some weird patch, change, chest pain, and then just look it up on the internet and be like, okay, I know what it is. I know I can handle this on my own. You're not going to do that. So it's the same thing with money.
00:11:35 Ana It's like, I didn't understand the concept of compounding interest since I was well into my twenties. I didn't realize that the damage I had done on credit cards in college would have a ripple effect on the rest of my life. These are things that, if you have one impact one generation really does impact the generations coming up behind you. It has those relationships because our relationship with money is tied into how we saw our parents do things and how we see our, even our siblings do things, right? So even if maybe, our parents don't have the best money habits, but then you have a sister who at 21 years old bought her own house, and she's really savvy those kinds of things in print on you and how the ripple effect on the generation. It really, it really is an essential service to manage that central core money language that is central to everything in our lives.
00:12:28 Dominique No, I can't agree more, which is the reason why I'm harping on this subject, so much, cause I've worked with clients that have a lot of, let's call it balance sheet wealth, but inside of them, they feel like they're poor. Since they feel like that inside, it dictates a mindset that creates actions that are not good for them. And eventually they blow through this money. People have seen this before because, athletes or lottery winners or all these people that we've heard that have all these millions of dollars or whatever, it seemed like they have their needs met, but then because they don't have the education or the money, the correct money story that you're like you're alluding to, then they end up losing all that. So, no, I, I would totally agree with that. Let's talk about where from where you sit, you have a really unique view, curating all this content I'm interested to see where you think the financial planning industry is headed.
00:13:28 Dominique I want to look at this question from, really two angles, really from the angle, first of the consumer of financial services. As well as the provider of financial services, like where do you see us going with this thing? And let's call it the next five or 10 years.
00:13:45 Ana Yeah. From the consumer perspective, I feel like, so you participated in our FinTech issue. You answered some questions for me I'm and so that stuff is fresh in my mind of the impact of the pandemic on planning and on technology. Someone brought up a really good point of that. Consumers are going to start to weigh their experiences with financial services, with what they're seeing with technology in the regular consumer space, right? So we have like, they likened it to smart refrigerators and apps that can help us do anything in orders, anything that we want at any time of day. It comes to our doorstep within a few hours within a day. Those types of experiences are going to start to, dictate what clients want from planners and want from their digital experiences in finding, from that perspective and from, the planning perspective, I really feel like financial planning is going to start to have more far reaching effects.
00:14:44 Ana I'm starting to see this trend of more people knowing about it. More people seeing it as that really true like lawyers and like doctors. I think that we're going to start to see that more solidified within the next five and 10 years, that really solid finally becoming the profession that we've always wanted to be in financial planning. And, and because of that, I think that the different models of pricing are going to start to, be more diverse because that's really a barrier to entry for a lot of people. Like I alluded to earlier with that intimidation factor, there's also that I can't afford this factor. I don't have enough assets to do that. There's a lot of myths like misunderstandings out there from consumers who think that they can't afford this or that it's not for them or that it's for only the wealthy or the 1%, but really it's an essential service for everybody.
00:15:36 Ana I'm starting to see, different, business models that are serving more of the majority members. Like for instance, I am a client of facet wealth, is a subscription model based, company. That really was, it kind of got rid of that. I can't afford financial planning services mindset that I had previously had and it made it more accessible. So, I tell all my friends who are maybe, middle income to the lower income spectrum, like, hey, you guys can really afford this. You should try it out, just check it out, have an introductory call. So I think there's going to be start to, we're going to start to see more of these facet wealth business models, more of these models that can serve everybody and reach everybody.
00:16:16 Dominique No, you make a lot of good praise. I'm trying to see where I want to, what tangent I want to go down because, I love the smart refrigerator example in that, as a consumer, I'm just thinking about my own preferences where, I have my groceries delivered largely. I have Amazon prime, but basically delivers everything to my doorstep. All it doesn't make sense really for me. I mean, I guess I could think about it this way, but in my mind, the more and more this evolves, I'm probably not, which is, I don't think I want to go sit down somewhere. Right. And here's a perfect example. So my bank is closing. It's a subsidiary of a bigger bank. It's for small business owners. I got an email yesterday that it's closing. I was like, well, when, and they were like, well, it's not going to be, but it's going to be months, not weeks, but in my mind, I'm thinking, okay, where's another online bank.
00:17:09 Dominique
Cause I don't feel like sitting in a bank filling out paperwork because that's not my experience. That's not what I'm used to. I think what I'm hearing you say is that financial services, although not totally there, like if you're coming into this industry in the next five to 10 years, you need to be thinking that way because that's where we're going. With the level of technology outside of this industry, is that true?
00:17:32 Ana That's true. Yeah, and what I'm hearing from the professionals that, are the two trend spotters is that the pandemic has really accelerated that trend. And we've all been privy to that. Like I, I interviewed, Danny Fava from investment a couple of weeks ago and she's always so brilliant, and has really great insights. She talks about those people, this is our experience. Now the pandemic has made everything like, just like you said, I don't want to go to somebody's office. Like my financial planner lives in my neighborhood and I've never met her. And I'm cool with that. I'm okay with that. I think that's going to be, clients are going to want that in the future are going to want that, people are still not wanting to go and interact and be face-to-face with somebody right now. I don't know how long it's going to take for people to get over that.
00:18:16 Ana I think it's going to be a while.
00:18:19 Dominique Yeah, I think it, I think, traditionally this industry has been one where you feel that there's more tangibly that you can tell about a person when you're sitting across from them, as far as just, picking up on body language, staring them in their eyes, things of that nature to kind of pick up basically on whether you can trust them or not. That's basically what it boils down to. And, and the reason why that barrier of trust is so high is obviously because our financial life is at stake, but I think, I would love for your opinion on, you said it just now he was like your financial advisor lives in your neighborhood, but I've never met them. I'm assuming this has been through phone or through zoom in which you're still able to exchange that trust. So talk about that a little bit.
00:19:03 Dominique And, and maybe why do you think that is that particular to your demographic and how you were raised, maybe how old you are, like, what do you, what are your thoughts around how that trust is developed so easily? Maybe with our age group versus older people?
00:19:20 Ana I think that zoom, like, for instance, we met once before this and it was just like, I felt very comfortable just talking to you. I feel like I'm talking to you face-to-face right now, like I can see your facial expressions. I can see your reactions to what I say. I'm thinking with my financial planner, like we just connected. Right. It was that same, just talking and seeing each other on this is fine with me. I think it goes, in addition to I am a millennial and I do prefer, more technologically focused services, but I also am an introvert and I know it's hard to believe I'm my boss recently told me like, what, you're an introvert, like, no, I have to really hype myself up and practice and do all, so the point is that personality perspective is also in play here. I would prefer to be in the comfort of my home and my little home office here.
00:20:12 Ana I feel more comfortable to be myself here. Maybe that's why I seem so extroverted because I'm in my comfort zone. I am, this is my castle. And I am completely 100% myself here. If I were sitting in an office and a big conference room table, I might feel differently. I only ever had virtual experiences with financial planners before facet, I tried out learn best when I was, early on in my career, I cannot learn best when I was, not making a lot of money, not don't have a lot of assets and it was not a very good experience. Like the financial planner I did have, she, it was via phone back then. It was not a video conference. Just like the way you make people feel is also a very important thing moving forward. She kind of made me feel like you don't make enough money.
00:21:01 Ana You need to get a side gig. You need to, cut back on X, Y, and Z. It was like, well, if I'm not making enough money, I clearly don't have enough money to be a financial planner. I should just, I have to drop this service. That kind of turned me off for a really long time until, fast, that law came along and we were able to have FPA in place. We're able to have access to this type of planning. That was, that is another aspect of just the personality types I think helps build trust. Like for instance, my financial planner also has a Shefsky, which we call the Shepherd Husky mix. That was one of the things like her being able to that those commonalities, that helps create the bond, but also the technology. This zoom has been really like, just like you said, for our January or February FinTech issue, zoom is, has become invaluable.
00:21:51 Ana To me too, as a reporter and as an editor, and I'm sure for financial planners, I think the seeing each other element is really great.
00:23:05 Dominique I wondered if you could maybe share with us like a checklist, again, because of where you sit in your perspective. I think it would be great, a checklist for consumers to kind of be thinking about what makes a good financial planner. Maybe these are some things or some items that, from straight from an honest playbook. Before you say this, I want the people listening that are aspiring financial professionals. They'll really look at this because I think hearing it from a consumer can help you shape what you want or how you want to build your business. In regards to some of the things you just named, just the, what I call bedside manner. Not making people feel, stupid, or like they're asking dumb questions. These things are very important in the beginning process, but I'll let you take the, take it right here with the checklist.
00:23:59 Ana Yeah, sure. That's a great question. I think one of the, we don't have like at, in the journal or anything, any checklist that we've developed, but I'm glad you said it was from my perspective, because that makes me feel okay, so this is what I do, right? So you have to, I think consumers have to be really diligent about, seeing multiple people in the introductory and introductory meetings and seeing if you get a good feel for them and then looking at your own needs and determining what is it that I need from this person. Looking at that person's expertise and okay. I have, a couple of kids in elementary school and I want to start planning for their college planning. This person, well equipped to help me with that college funding? Are they helping with taxes? I may, and then looking at the certifications that align with those things, like at FPA, we primarily serve CFP professionals and believe very, diligently that certification really helps you identify people who will serve your interests above their own.
00:24:55
Ana I am, I've only ever had CFP professional financial planners. I believe, I always recommend when my family or my friends are looking for financial planners, like, make sure to check to see if they're a CFP professional, double-check on the CFP website. That if they say they are, so just things like that. This whole element of, like I said before, the face-to-face meetings to make sure you vibe is essential, because just like you said, money is a very intimate relationship and you're letting somebody into that. It shows you more than just, where you spend your money, how you spend your money habits, it all has implications like psychological implications in a way it all plays together. It can tell your financial planner is going to know so much more about you than your doctor than your counselor. It's like just by looking at your money habits. Finding someone you trust and you vibe with is really important.
00:25:53 Dominique No, I, I mean, I say this all the time and I don't know if it's off putting to people or polarizing, but it is so true. It's the only really analogy that I can put it is when you come to a financial planner, it's like, you're really getting financially naked. It's, it's very vulnerable. It's a very vulnerable place to be. I think that's why it's so important for financial professionals to have also the EKU skills, the soft skills that go with this, because people are so vulnerable when it comes to their money. There's not a lot of like, in those first, intimate moments, there's just some things you can say wrong that will just totally, kind of could put the relationship going forward. So I'm glad you mentioned that. I also want to kind of go down to the, you said some things at the beginning of your list about finding the person that's right for you.
00:26:44 Dominique I think, there's been a lot of talk around, diversity inclusion and, gender equality and things of that nature. I think what it boils down to is if I'm, whatever person, whatever walk of life I've come from, it's very important for me to be able to see myself in my planner. What I mean by that is people that share common goals, common interests, common values, maybe ethnicity. I think this, those are some very tertiary type of things. But values, you know, very much. So. Can you talk about, maybe your perspective on that? I know you recently completed a program, at Cornell university about diversity inclusion and maybe some of the things that you pulled out of that program that kind of speak to how, as an industry, we need to do a better job so that consumers can look inside the industry and say, oh, I see somebody that looks like me.
00:27:45 Dominique Maybe let me go check out working with that person.
00:27:48 Ana Great, great question. Yeah. In addition to the EEQ element, there's a culturally competent element that needs to happen. Because we don't have the numbers of, black, Latino, Asian, all these different types of planners to serve the vast majority of people in the country who look like them. That cultural competence element is really critical. I think over the last few years, there's been some progress, but, I really do feel that we need to make more progress on this element because, when we talk about things like systemic racism and the structural inequality that's out there that has impacted as people of color has impacted our ability to build generational wealth. If you don't understand those things as a planner and you go in and you're helping a Latina and you don't factor in that. I make less money. Like, for instance, research has shown that Latinas make 54 cents to a white man's dollar.
00:28:45 Ana Like if you don't come in knowing that type of thing and knowing how that has impacted my savings levels or the amount of money in my 401k, or it has a ripple effect, the systemic alums have a ripple effect. If you come in and approaching the same way you would, somebody who's in my same position is maybe, a white male who makes maybe tens of thousands of dollars more than me. And, having those cultural competence skills to understand that will really help me see that you care about me, like giving me, maybe recommending tools like negotiation books, or negotiation skills, like for instance, another part of this systemic problem is that I didn't know, going into, my professional years that you have to negotiate your salary. I'm a big believer in telling everybody I know every woman of color go in there and negotiate that salary don't accept that first offer because that will have impacts on your lifetime wealth.
00:29:42 Ana So, yeah, so I just think that when we bring that as people of color, when we bring up those issues, it might be uncomfortable, but just be empathetic and understand the systems are built to keep us down. And our successes are despite those systems. Understanding that is really helpful and not coming from a place of defensiveness or like, I, Oh gosh, that's just a, that's so long ago that is just why aren't you over that? It's like, because it's still very much present in all of our systems and that's why we're not over it. So understanding that.
00:30:19 Dominique These are good points, I think, and I'm, I've mentioned this on a couple of recordings, and hopefully, we get the reach that we want so that this gets to the right ears. But, I look at my Alma mater, previewing the university that has a, a CFP program or a financial planning minor. I look at, kids that grew up like me look like me coming through this learning, the greatness of this profession. And, granted, there's going to be some bad actors in here that come through the school and try to get them to sign up for a job that is mostly sales. I totally get that. At the end of the day, I do believe that, exposure is probably one of the best tools and where I'm going with this is, do you have some ideas around how we can take what we currently have in the industry and make it better to get more, I would say really young people that have not yet been exposed to this or exposed to this industry to realize this is a great profession, because, if we don't have professors teaching this, because we don't have programs at these schools, then how are we going to groom the next, crop of financial professionals that look like the population that you're talking about?
00:31:47 Ana Yeah, that's a wonderful question. I think there are people in the profession doing some really great work in terms of laying the groundwork and building that foundation of financial literacy among, kids from rural areas, kids like me. I grew up in a town of 800 people. We didn't have a stoplight. None of us knew about money, so reaching out and for instance, Tyrone Ross and Jamie Hopkins have developed a financial literacy program. I interviewed Tyrone a few months ago and he talked about getting this program for free, into rural schools, into schools, with higher high numbers of black and Latino kids. And, and I think that work is so essential because right now we're trying to reach underserved populations, but, there's still this level of distrust, in communities of color of the financial industries. It's a long game and for good reason, and it's a long game.
00:32:35 Ana It's like, okay, so we're not going to see the high numbers. We're not going to see a ton of influx of, people of color into the profession, because right now we have to build that foundation right now, we're trying to build a mansion on a shaky foundation and people like Tyrone Ross and Jamie Hopkins are going in there and doing that foundation work now. And we need more of it. We need more people than just a few people doing this work. We need everybody on board to help get these programs into the schools and go out there and talk to the kids. And, when one of the, it won't help bring people into the ranks of financial planning, but it will help bring more underserved populations going out to those, like, HBC youth and Hispanic serving institutions and talking to those, medical students or engineering students.
00:33:20 Ana These, these students are going to go out there and make six figures and not really know what to do with it. That's one element of, to go into like the Colorado school of mines, for instance. We're a kids out of mines here just in golden, Colorado makes six figures their first year. And my sister was one of them. That's why that's the only example I use it. And, you know, she recognized the importance. Like I need to invest my money. I need to buy a house I need to, so she was on top of it, but not everybody is like her. So, getting in front of these people in front of these kids and reiterating the importance of managing your money while early, because it will impact the rest of your life, I think is really some great ideas to do that. I think targeting professional organizations like affinity group organizations that help serve professionals, like for instance, I'm a graduate of a fellowship program called the Latino leadership Institute.
00:34:15 Ana I has a partnership with Belco credit union, which is a really big credit union here in the Denver area. They have well back pre COVID had in-person events where they would do, financial planning, workshops, and college planning workshops, and different types of things. Because they had that sponsorship relationship. If you, if firms and big companies are able to forge those relationships and go in there and talk to these professionals, because a lot of people in my cohort didn't have actual planners. Rianka, they're saying bill said, once in a retreat presentation, she gives she's spreads a good gospel of financial planning. I always have Rianka in my mind when I'm, I need to tell people about this profession. I, I don't know the Rianka knows she inspired me that way, but I do go out there and tell everybody I know about financial planning. I think connecting with those types of organizations is really critical to serving the populations who have, past college years already graduated while into their professional years and still haven't engaged a financial planner.
00:35:17 Dominique No, no, I would agree. I would agree on that regard. I think that's a good segue to, allowing you to kind of talk about some of the resources inside of, FPA and some of its benefits and, or, I guess, tools that could be used by, financial, in order to do some of the things that we're talking about or to build their practice or to reach underserved communities, what are some of the things that FPA is doing, or maybe that financial professionals can partner with FBA on?
00:35:49 Ana Definitely. Yeah. We're in talks with, a nonprofit based here in Denver to provide diversity and inclusion training to our members. We haven't finalized it yet, so I won't say too many details, but it's like a cohort like program that does diversity and inclusion training through the lens of neuro, diversity and, self awareness type of thing. It works on your leadership skills first and then teaches you those inclusion skills and marries the two. That way you then go out back to your farm and create this inclusive environment. Because I think a lot of the problem is that we have a wealth of talent coming into the profession, people of color coming into the profession, but then they go into these environments that are maybe not as inclusive or comfortable, and then they leave. The skills to create that inclusive environment are very essential. That understanding that diversity and inclusion are two totally separate things.
00:36:48 Ana We don't have the inclusion. If you don't have both, it's not going to work. So that's one thing we provide. We have a lot of content, in the journal, every November, we have a diversity equity and inclusion issue. We're providing that type of content for our members. We have an ongoing resource page, which I could send you the link to, which has just links to books and articles that we've written articles from are all of the trade pubs within the profession links to Rianka his podcast, which is 2050 trailblazers, which has really has some really great takeaways. Really wonderful guests. Both doing great work in this realm. Anytime rank on Lou that I have something out there, I put it on that page, because they're really doing the great work, but we're being more mindful, more cognizant of providing this type of content for our members.
00:37:41 Ana And it's, we're at the beginning stages. The D D I issue is only in its third year, this year in 2021. We it's slow progress, but it's really impactful progress.
00:37:56 Dominique No, I would agree. I think, and this topic, this is a big topic and I really appreciate you for taking it on, understanding the importance of financial planning comes from, I mean, you can look at this from so many different angles. I was talking with Bob verus, on this topic and, McKinsey Scott just donated, well, she's donated a lot of money over the last several months, but she, gave a pretty significant gift to my Alma mater. And, one of the ideas that I was thinking, I was like, well, this would be great. I mean, you got, aspiring financial professionals and, taking this financial planning as a minor shouldn't, we have some type of incubator for the, in that we could offer, financial planning pro bono, give these students the experience that they need so that when they sit for the CFP exam, they don't have to wait another two or three years for experience, because they're already doing some of these things.
00:38:51 Dominique And, I, I, I know that there are ideas out there. It's just that I think there's way too much segmentation in our industry and we need to work together so that the consumer has benefited because if the consumers benefit, everybody wins and I think that's where we need to be headed. I really appreciate you coming on and talking about some of these really super big topics. This is, in our, in closing this podcast, as on, is to help empower, tomorrow's financial professional with tools to serve their ideal client at the next level, in that context, what words or word of wisdom do you have to leave with the next generation financial professional?
00:39:36
Ana Yeah. Oh, that's a really great question. Let me get back to that in a second, but I, I, when you asked me about more resources and I just, I realized, I forgot to mention, a few really great ones that we have, which you reminded me of when you talked about the experience that the students could have. We do have a really wonderful externship program that was spearheaded and launched by Hannah Moore. That provided, a lot of aspiring professionals to get that the, all, a lot of their experience credit for, to sit for their exam and do those things. It was a really interesting we're going to have it again this year, and I'm really excited to see because it was so well attended and well received last year, I'm still getting messages from people who participated.
00:40:20 Dominique 1700 people or something. I talked to Hannah about this. I mean, it was incredible. So that is a really good program. I'm glad you're.
00:40:28 Ana Yeah. We also have member research groups other than FP Latino, that people can get involved with. And so I've paid Latino. We, we kind of focus a lot on creating awareness of the profession. We work in conjunction with alpha, which is the association of Latino professionals for America. We have a lot of events where we'll have professionals come and do a panel and talk about financial planning and talk about the barriers to entry. Those have been really well received and well attended. We have our pride planners, which is for our LGBTQ plus community. We have our African-American knowledge circle, and then we're working on starting, an Asian American and Pacific Islander group. Those are really great resources to connect with other people to get those mentorships, because I find as a professional mentorships have been really critical for me and especially to get me into this profession and to keep me here, I'm not a financial planner, but I am here to say, as long as I can, because of the mentors I've had in this profession, some of whom Sandra Davis is one of them.
00:41:30 Ana I just love Sandra. She's a gem and, my, the old editor of the journal, Carlucci, lockers and other. So, that segues into my words of wisdom for our next generation of financial planners is just to find those mentors and really learn from them, really be Danny Fama says, is be curious and ask questions and be comfortable with not knowing everything because we don't, we really know closer to nothing than we know to everything. Just embracing that and acknowledging that, and just, asking as many questions as you can, even, if you think you're going to sound dumb or sound, ledgeable, it doesn't matter because that's how you learn asking questions and learn as much as you can from everybody around you, because you really can do that.
00:42:16 Dominique Wow. Wow. Really, really great insight. Really great perspective. Ana you're doing great work at the FPA, keep it up. We're really happy to have had you on the podcast with us and sharing your wisdom.
00:42:32 Ana Great. Well, thank you so much for having me. It's been the highlight of my year so far.
00:42:38 Dominique We, we hopefully only go up from here. Hopefully we can only go up great stuff on, take care and have a great one.
00:42:46 Ana Thank you.
Show Notes
In today’s conversation we have Dr. Brad Klontz. Brad helps people master the psychology of wealth and live a life of abundance. He’s also managing principal at Your Mental Wealth Advisors™, Co-Founder of the Financial Psychology Institute™, and Associate Professor of Practice at Creighton University Heider College of Business. Dr. Klontz is also an author of 5 books on financial psychology, including Mind Over Money, Facilitating Financial Health, and Financial Therapy and most recently "Money Mammoth: Unlocking The Secrets Of Financial Psychology To Break From The Herd And Avoid Extinction".
Today we cover money, psychology and marketing. More specifically, how social selling and the digital marketing landscape has evolved since Dr. Brad entered the business. We will also dive into a relatively new social media platform--TikTok. Dr. Brad will share some of the tools for crushing content on the platform along with the advantages/disadvantages, and finally a posting strategy that you can use.
Show Highlights
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How Dr. Brad turned 2020 into a “win-win” situation. (2:25)
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Dr. Brad talks about the evolution of marketing and why some businesses hesitate with getting into social media. (9:16)
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Why your comfort level can cause you to miss out on opportunities that platforms like TikTok bring and the key to selling online. (11:29)
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Dr. Brad’s perspective on TikTok as a social media platform. (12:41)
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Why TikTok has an extremely “low bar” for content creators. (13:39)
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Dr. Brad shares his number one tip on starting a TikTok account and how to be successful. (16:07)
- Dr. Brad shares his posting strategies and how he got to 260,000 followers (26:56)
Resources:
Read the blog.
If you'd like to connect with Dr. Brad, click here. Check out Dr. Brad’s latest book by clicking here.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
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Subscribe to the podcast by clicking here.
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Thanks again for listening, reading, and watching!
00:00:00
Dominique
Welcome to conversations for financial professionals, a podcast to help. Shape the next generation of financial advice. I am your host, Dominique Henderson, and today's conversation is with Dr. Brad Klontz. Dr. Brad and I met each other in 20, early 2020. I invited him on the podcast to talk about behavioral finance, because that is his expertise. But as of late, Dr. Brad has been spending a ton of time on developing his social media strategy specifically on TikTok. Today, the conversation is all about how to use TikTok to market your financial services. Dr. Brad and I talk about the missed opportunity that financial professionals are possibly losing out on when it comes to social media and specifically this platform. We talk about why we talk about some strategies from a macro and a micro standpoint about how you can actually start putting content out there and what it's all about. Are you mission focused? Who are you trying to reach? And do you have a strategy for doing that? This promises to be one of those conversations that you are going to walk away with a greater understanding on exactly what you can be doing to use TikTok to market your financial services practice. So let's go to the conversation.
00:01:25
Dominique
Welcome to another episode of the conversations for financial professionals podcast, where we are shaping the next generation
00:01:35
Dominique
Of financial advice today, we have Dr. Brad Klontz. You help people master the psychology of wealth and live a life of abundance. I got that right from your LinkedIn via, in addition to that, you're a managing principal at your mental wealth advisors, co-founder of the financial psychology Institute and associate professor of practice at Creighton university Heider college of business. Woo hoo. I am afraid and alum, you're also the author of five books on financial psychology, including mind over money, facilitating financial health and financial therapy. Most recently money mammoth unlocking the secrets of financial psychology to break from the herd and avoid extinction. The reason that largely you're here, my friend is because I know of all this stuff through your TikTok account, because you are such a TikTok savant. Welcome to the podcast.
00:02:28
Brad
Thank you. It's I, I love chatting with you, so I'm very happy to be here. Yeah,
00:02:32
Dominique
Man, we share a lot of similar interests, a lot of common folk that we know together. Matter of fact, I was just talking to a mutual friend, Sandra Davis. And so yeah, this is really cool. Let me ask you this. How have you been like, we're in a new year? 20 Delta is a hand that most of us would not have expected. Do you have any specific takeaways?
00:02:45
Brad
Yeah, I like, I'm just fascinated with, first of all, it's terrible, it's been awful. Like let's just all admit it. Right. And, but what I have this little mantra that I, that on good days, I say to myself, which is where's the opportunity. This is something that I'm constantly feeding into my own mind, so that I can be aware of where the opportunities are. So, with that awareness, I ran across a bunch of opportunities in 2020, and I actually had a fabulous year creating content, exploring some other business models, creating some couple courses. I mean, I've just been throwing myself into, this is the reality we have. So where's the opportunity within this reality?
00:03:41
Dominique
No, I think that's wonderful. I, I don't know if this is a Chinese proverb, but it's like the same symbol for chaos is the same symbol for opportunity. It's like where there's chaos, there's also opportunity. Which I think is a good segue too, because what I want to talk about today, we know that you can go with the best of them on the financial therapy and the behavioral finance front. We'll link to that previous episode that we talked about before, in judging risk tolerance. I'm pretty sure we'll overlap some subjects with that, but I really want to talk about, how to market financial services, and what maybe financial professionals can be thinking about using some of these platforms, specifically a platform such as TikTok, which, I don't know if people know this term, but about organic reach is incredible, for this platform. I want you to kind of dive into that and I think the way I want to kind of set that up though, is how do you believe did take me through the evolution first? How do you think marketing has changed from like winning you and I got in the business versus now, like kind of opine on that for .
00:04:44
Brad
Yeah. I mean, I, I'm not, I wouldn't consider myself an expert in marketing, although I probably am from, outside perspectives, but I feel like there's been a big hesitation to get into social media from the compliance side of the business. We're always slow on that side. Because when you talk to your compliance office about doing anything, you say, Hey, I, can we talk about, and then they say no, because that's how they get paid and that's how they stay alive. That's, they're much happier if you do nothing.
00:05:16
Dominique
Can I say something parenthetically though? okay. I do agree with that notion largely I think let's call it Tim cases or seven or six, or maybe even more than that eight out of 10 cases are like that. Would you also say that compliance officers, in a, let's say you're managing a thousand or 1500 or 10,000, registered reps. You also have to manage to the lowest common denominator too. Right? So you have to say no, almost right, because you got Joe knucklehead over there, that's going to be doing something. Whereas you got all these other people that would be following the rules, but then you've got the Joe knuckleheads.
00:05:51
Brad
No, it's absolutely true. Unless you're making it crystal clear, you're not going to have any recourse in terms of saying, Hey, didn't, you weren't supposed to do that. So, it's nothing but love and good vibes for your compliance officer, but just understand their job is to keep your business around, and to make sure that you're doing right by society and taking care of people. And so that's their mindset.
00:06:13
Dominique
No, I would agree. They, they got that the mentality of the can't sink, the battleship, it only takes one person, to be, somewhere on the SCCs radar or the state, it's securities advisor and that one headline tanks, the whole ship. So I get it.
00:06:29
Brad
It does, it does seem to be like a shift though, where more and more people are on social media. I mean, that's what LinkedIn is, by the way. Like, if you've ever put a post on LinkedIn, it's the equivalent of doing anything on TikTok or Instagram or any place else, frankly. I mean, you're putting yourself out there. It's these, it's essentially a website, an app. I think it's hard to find advisers right now who aren't involved in social media.
00:06:53
Dominique
No, I, I think you are right in that. I think one of the things that I've always admonished or strongly encouraged, the advisors that I work with too, is making it personal. There's nothing wrong with crossing the lines. I think maybe you can, of kind of speak to this, those maybe what advisors probably perceive or financial professionals as a whole perceive as a gray area, right. Where I don't want to talk too much about my personal or I don't know how that may fill into fit into the narrative of what I'm, whatever I'm trying to, offer from a financial services standpoint. Do, do you think there's a gray area or do you like, this is all me, this is all Dominique, this is all Dominic. Like, how do you view that?
00:07:37
Brad
I look at it, like if I have a client in the office, who's just walked in more of a traditional introduction. I might not just lay out my entire life story like that I don't think they really want to hear that, but I think in terms of social media, I think the more that you can talk about yourself and be yourself, the more likely you are to attract clients who are exactly the ones you want. I feel like social media does throw yourself out there in a broader context in the world. I think it's actually to your advantage, frankly, to talk about some of your interests and, more personal information about yourself, do you have kids? Do you like tennis? I mean, what is it you're into because people will, they're looking for ways to connect. Like how do you stand out from every other advisor? And some of that personal information can be really great in terms of attracting people who frankly, you probably want to work with anyway.
00:08:27
Dominique
No, I love that. I love that. You're saying that because I think what advisors and financial professionals may think about, they may think about the cell first versus the connection first, because there is no cell without the connection. So I'm glad you said that. I think the opportunity that is potentially lost, if you don't wait out onto the dance floor of social media, is that, people don't get to know the non-suited up button up person that is behind all of us. Right. There is a, whether we actually physically wear a suit and tie or not, there is a more conservative side to what we do. That's what I think consumers view us as, but when we show, spending time with our significant others or whatever that may be, that does offer another perspective into who you are. That's what clients like you said are connected to.
00:09:16
Dominique
So I love that.
00:09:16
Brad
No, that's great. If you feel weird about selling on social media, if this gives you a bad feeling inside, I just want you to honor that feeling because it's a terrible idea to sell on social media, by the way, I mean, it's just the absolute wrong thing to do. Because people really get turned off on it really fast, but social media, the opportunity there is for you to sell yourself and to provide content that's helpful, that's useful. That's engaging. What you want to have is people think of you when they think of that problem, eventually that they run into in their financial life. They think of you as somebody that they know they trust. I mean, there's this weird psychological phenomenon where we feel an intimate connection with people on social media. It's something really to be curious about and this step back and think about this.
00:10:01
Brad
Like, if I've watched 20 videos of yours, I'm going to feel a special connection to you. It's, it's the K person brain. It's like, if I'm staring somebody directly in the face and listening to them, my brain says, this is somebody, and trust because our brains have not evolved to the point of social media where we realized actually this person doesn't know you at all. What's so fascinating. It creeps into your subconscious that there's this connection. And it happens. It happens to all of us on social media, and there is the opportunity for you to feel a connection and have other people feel connected to you and feel a sense of trust and connection.
00:10:33
Dominique
Let's double click on that for a second. Cause I want to park right there. I think you bring up a lot of good points and I'm loving the fact that you're bringing the behavioral science part of how humans just interact. I think this may be lost on some financial professionals. That's why I want to dig in because the more video content you create, whether yours there's one like, or no likes or 1500 likes, you're still building that connection because people are seeing you more. They're they're getting to know like, and trust you like Ziglar says, so I wonder to your point earlier, or maybe not, is it a sell so much if you are just connecting with them, right? Like, what is your opinion about this whole notion around selling? Cause I know some people feel a funny way about that word. What, what would be your thoughts about it in the context of making that consistent content and connecting with people? It seems like the cell has patterns naturally.
00:11:29
Dominique
That's my opinion.
00:11:29
Brad
Yeah. That's my opinion also. I think direct sales and sales on social media always feel bad. Like they do. Like if you want to give away content that's actually the culture of social media is giving away content, giving away information. I think that you got to think about what is it you're selling. And in my opinion, you're selling yourself. You're selling yourself as the expert, as this incredibly helpful person. If people don't have to look really far, all they have to do is click on your profile to find your website and see exactly what you do. It's not like you're hiding that in any way, but you want people to be attracted to you based on this incredible value you're giving to the world. They're going to find you if they want your service. Absolutely. I agree. I agree. So let's pivot here because,
00:12:13
Dominique
People listening to this at this point are probably like, okay, so like what is TikTok as opposed to Instagram or Facebook or any of the things that I'm let's call it, I'm more, they're more normalized or are they more familiar with kind of give us a, a macro breakdown of like really what TikTok is as an information platform or social platform, before we kind of dive into the weeds of maybe strategy.
00:12:41
Brad
Yeah. I just see TikTok is just the next big social media app. I don't see it as a whole lot different from Facebook, from Instagram, from Myspace, do you still have a MySpace account, but you take it as back it's just the next thing now what's interesting. It has its own culture, which is really fascinating. You have to approach each one of these social media apps and websites as a culture. Like you really have to understand the culture. It's a totally different culture. All of them are by the way, but what TikTok does it's you gotta think short form video. This is punchy stuff. It's 10 seconds, 15 seconds. You can go as long as 60 seconds. I think the average one that really hits is around 10, 15 seconds long. And, it has a lot of incredible in-app editing tools. The thing I love about Tik TOK is that the bar is so incredibly low on production value that there's like literally no excuse.
00:13:39
Brad
What's so fascinating about the entire platform is highly produced. Content is sort of shown there. What people want is they want to see you in your living room. I'll be honest. They want to see you in your bathroom. There's a line, there's a lot of content that has been created where people are standing in their bathroom in front of the mirror. Essentially they're looking at their phones, staring at the mirror, looking back at themselves. It's unbelievable. People have created millions of viewers based on that, but that shows you the intimacy people want to see you in your natural setting. They don't want to see a studio. They don't want to see a bunch of production.
00:14:13
Dominique
Let's pause right here, because I've worked with, I don't know, I've probably consulted hundreds of advisors and we talk about a term. You just use production value, right? Because there is a certain Polish that let's say a video on your website, talking about your financial services and how much AUM you manage will be different from the content that you put on TikTok . What I've always told advisors though, is before come up with an idea about what needs to go on your website and you hire a crew and you blah, and do all that kind of stuff. Wouldn't it be nice to kind of know if that idea is going to even fly by testing it out on social media. You only need a phone to do that. Like, do you agree with that? Like, cause I think these platforms have a really great testing mechanism, like a trying mechanism when you kind of think about maybe refining some type of precious metal and all the draws burn off, like your message can get a lot better if you hone it by social proof.
00:15:13
Dominique
Like, do people even resonate with one idea that you have thrown out on TikTok or one of these other platforms before you do a whole lot of production value with your website? Would you agree with that?
00:15:22
Brad
I think that's brilliant. I absolutely agree with it because the great thing about TikTok and some of the other social media platforms is you're going to get feedback almost immediately on whether or not this is resonating with people because the algorithm doesn't lie.
00:15:37
Dominique
Explain that, unpack that because all these platforms have their own algorithm, right? So just for kicks and grins, so YouTube, which I've kind of made my home on is it's all about video views and it's watch time and everything else, desert it's pales in comparison, comments likes all that kind of stuff. That's great. But video views watch times. That's the biggest thing. Long form content is a better idea, especially if you're giving really helpful stuff. Whereas it sounds like it's the opposite on TikTok.
00:16:07
Brad
The opposite on TikTok , the same metrics apply though. It's all about watch time and it's all about views. It, but essentially the attention span is so much lower there because of that one minute, barrier. So it's gotta be punchy. It's gotta be short. I mean, it's really been an exercise for me on how to deliver like, viral content because it's not going to go anywhere unless you grab somebody in the first one to three seconds. I feel like on YouTube, you have more like you have 15 to 20 seconds to grab somebody. Right? And so I think it's a very different and I feel so much more pressure putting out a YouTube video when it comes to production content too. Like it takes me for a four minute video on YouTube. I'm going to say five hours to write it, to edit it, to, put it in B roll, whatever I'm going to do there.
00:16:56
Brad
What's so fascinating about TikTok is I'll make six videos a day in an hour.
00:17:03
Dominique
Because you're just really just shooting on your phone and it's just, stream of consciousness type of stuff.
00:17:09
Brad
You're shooting on your phone. It's incredible. And there's, that's what I love. I love the low barrier. It just takes away all of your excuses. Like just write down all of your excuses right now about why you're not producing content and they're all erased when it comes to TikTok. Nope, you actually don't have to do your hair. You don't even need to leave your bathroom and all you need is your phone. So get on it.
00:17:30
Dominique
No, I love that. I love that. That kind of dovetails into maybe why you chose that platform to kind of, really build, a following there. I think one of the key things here is, as an, as a financial professional, there's a lot of things that we do afraid we take tests, afraid we, get licenses, and are afraid. We talk with clients. This just seems like another barrier of things that you do afraid, and you put yourself out there. I'm wondering, what have you noticed from just a mental barrier standpoint that may keep people from moving forward with this? I know we kind of went up, went over this a little earlier, but I'm just trying to think maybe with your talks with peers or whatnot, they're like, I don't really know. Cause that's my my market's not on there or whatever.
00:18:19
Brad
Yeah. So, I mean, you obviously have to think about what persona you want to put out into the world. That's something to think about, right? Like who are you on social media? And it's not like you're pretending to be somebody else. I mean, you all have various roles. Like I'm a very different father than I am professor. Like, so you have to just think about who you are on social media and not only that, but on which platform, like, I'll be honest with you. There's 99% of the stuff I put on TikTok. I would never put on LinkedIn, are you kidding me? Like my Dean's going to see that stuff. And so.
00:18:53
Dominique
I don't know,
00:18:53
Brad
If he is, I'm very scared right now. So, so you've got to think about like the culture, like, what is it for me though? I gotta tell you it goes beyond that. Like, so I actually feel like on a deep philosophical level, like I'm here on earth to do something and I don't really care. I have this avatar onTikTok that I have in mind. This is somebody that I deeply love and I care about, and I'm going to try to connect with this person, whatever it takes, if I have to do like a silly like dance, if I have to do something like that, I don't care. Like I I'm so mission focused on TikTok in terms of trying to give a certain message to this person that I care about on there, that a lot of that melts away. I that's actually been my hack for overcoming my ego around giving speeches around doing podcast interviews, media interviews, television, the whole deal is what is my mission? And my mission as you mentioned, is, it's to help bring hope and healing to the world.
00:19:52
Brad
That's my mission. I run everything through that and then my ego melts away. That's, that's,
00:19:58
Dominique
It's actually a good segue. I want to talk about, let's talk about TikTok micro strategies. Like if somebody is listening right now and they're like, okay, I'm buying in. I think I can do this. Let, let me start to think about some tangible steps where I can use this specific social app to start to get my message out. I think you provide a really good blueprint. Let's kind of unpack that. Have a mission that basically you see how you're impacting the world as a financial professional, whether that giving comprehensive financial plans or building investment strategies or whatever that is to whoever that is. That is a very first, a good, very first step. What would you say is kind of next, or maybe something from Dr. Brads blueprint of how you create content?
00:20:45
Brad
I would say have an avatar in, so by avatar, I mean, who is the person on the other side of this phone, who's going to be watching your content? Who is that person? What do they care about? What are they worried about at night? What do they love? What do they, and so I, by the way, I have a different avatar for each app, essentially because they have different audiences. I'm speaking a different language, I'm talking to a different person. I think that really helps that is if there's anything that I could pin my success on TikTok , it's probably that, like, I have a very clear avatar in there. Somebody I'm talking to, it's not in frankly, it's not my typical multi-million dollar wealth management client. Although much of it applies, I have a very specific avatar and the more specific it can be about who is this person you want to talk to, it just really helps you get really clear about the message you want to deliver.
00:21:35
Dominique
Yeah. Cause I think, one thing I've been guilty of, in the past and even now, right, is getting a little lazy with the different cultures across social media, in that I post the exact same thing one platform and another, and I start to get a little, savvy about that, which is you change the, some stuff is, one-to-one but very rarely nowadays. To your point, if you have an avatar in mind, that's a specific message to that particular avatar in that community, based on the culture of that platform. Your posting strategy on TikTok, though, from looking at your profile seems to be, like you said, up to six times a day, and I don't know that works on like a LinkedIn or anywhere else. Can you kind of speak to that about the amount of times that you post in, like when you post and things of that nature?
00:22:25
Brad
Yeah. So I agree with you. I think it's very platform specific, but I've also seen a undeniable correlation with the amount of content somebody puts out and the impact and the reach, like you just can't separate those two things. If you posted six times a day on LinkedIn, I can guarantee you within one year, you're going to have way more action, way more views, way more followers, et cetera. Now, now granted, you're really going to have to dedicate yourself to that, right. I mean, because that's a major strategy and about two years ago, that's what I did. I essentially said, I'm going to spend an hour or two a day on social media. I started, we're talking to financial planners here, right. So I actually have a spreadsheet. Okay. Where I, I track all my numbers for the last two years across my social media platforms, because I decided I'm going to put some energy into that.
00:23:14
Brad
I'm going to put some energy into growing those platforms. And so, yeah. The more content you produce, the more action you're gonna do.
00:23:20
Dominique
Yeah, no, I think so. What I'm hearing from you is have a mission because it starts always with your, why I would agree, have an specific avatar that you are targeting. Then, I guess with that, you got to learn the nuances of the community dynamic or the social platform dynamic. You gotta be, I would say you got to start tracking your metrics. I think, cause that just talks to the strategy. Cause you're, these are for, this is forethought, right? You're not like maybe there are some stream of conscience and stuff that you're just doing, but do you have a social media content calendar? Like on this day I'm going to post this particular thing or around this particular thought that you do that too?
00:24:00
Brad
I don't, I don't at all. Yeah. I, I have a target where I'm trying to post three to six times a day on TikTok. I try to take one of those posts if they're relevant and push it over to Instagram or LinkedIn, that kind of thing.
00:24:15
Dominique
Okay. Okay. Having a strategy, whether the accountant is planned out or not is still part of what you would agree or recommend for people to have.
00:24:28
Brad
Yeah, absolutely. Like I have a plan in mind, like what are the platforms you want to focus on? And I think it's a good idea to pick one primary and then maybe two or three secondary. So you're going after maybe three platforms. You have a primary and a secondary, because it can be really tough to hit all those at once. But yeah.
00:26:16
Dominique
Talk about, talk about having that primary or maybe that hub. I think that's kind of key because I think at least with the conversations that I have financial professionals are like, yeah, I'm fine with doing this. It's just, it's just so overwhelming. Well, I mean, because there's Twitter, there's Facebook, there's Instagram, there's YouTube, there's blah. It's like, well, pick one hub where you can maybe have your let's call it cornerstone content or whatnot. As you said, push them out to those other two or three that are kind of minor in tertiary with maybe segments of it or split up content or whatever. I mean, if, I guess if you pick TikTok , you may have to think about some longer form stuff because of the time limit. What, what would be your thoughts on that?
00:26:56
Brad
Actually my best, LinkedIn content happens to be TikTok videos because they're pretty right. And they're punchy. Right. So yeah, I absolutely agree with that. And, and you just need to have a general philosophy, like how many posts do you plan on doing a day? And I know, and I'm, as I'm saying this, I'm just imagining the listener going with all these mental blocks to doing this, right. You're going to look like a fool. You're going to look, people are going to judge you and it's like, look, your first videos are your worst videos. Like they're just absolutely the worst and you're going to have to get over that hump. I would suggest that you make terrible embarrassing content right now versus three years from now. So get embarrassed right now. Get it pumping out now, because three years from now, you're going to be in a much better place.
00:27:40
Brad
I'll tell you this, I actually, I think I posted, Oh my goodness. Almost a thousand videos last year on TikTok. All of oh no, just on TikTok. Yeah. I think it was in the 900 range. I'm going to tell you what, like they are way better now than they were at the beginning of 2020.
00:27:59
Dominique
Wow. Okay. Let me just unpack that for somebody that is cause I'm big on numbers. For somebody that's out there, if you posted a thousand on just one platform, that's roughly 20, which the math is about two to three a day. For all of those out there dislike does just, can't do one. I mean, there's inspiration for you, but I mean, let's talk about something that I want to park on real quick. Went over this before, but I want to unpack this because you brought it up a couple of times. The actual talk track that is going on in your head when you're putting yourself out there and you're making a thousand videos is man, I'm gonna do this. Whether people like it or not, this is my mission. I'm focused on the person that I can help. I may look foolish. I may not do everything right.
00:28:49
Dominique
I'm gonna make some mistakes. At the end of the day, I'm going to check this thing off as done because I actually did it as opposed to, I don't have the right phone. My compliance department's going to say whatever, maybe talk about some of the self-work or self-awareness personal development that maybe needs to take place with that person. That's repeating that in their head.
00:29:14
Brad
Yeah. You got to get over yourself. I mean like it, one way to look at it is, that is like the most devastating form of self-love and ego adoration. It's like, look, you can't really love yourself that much. Right? Like, it's almost egotistical for you to be that worried about it. It's like, who are you? Yeah. Right, right. It's like, so for me, anyway, that's kind of where I go with it. I'm giving you my own mental tricks. Like, the other thing is like, how dare you? Like, all right. Here's the other thing, how dare you? Honestly, I am so upset if you're listening to this right now, and you are a financial expert and you are letting the financial conversation be had by all these people who know nothing about it. If you want to know what got me onto TikTok, it's this, my nephew showed me TikTok.
00:30:04
Brad
And I started flipping through there. I couldn't believe what I was seeing. I was seeing day traders, selling day trading, talking to me about all their returns, talking about this incredible thing. This is the way to make money. I got so upset. I got so angry. That's why I started creating content. I'm like, there's an entire generation of people here who are falling into this trap. And I was stunned. I couldn't believe it because I thought that kind of died away in the nineties. When the tech bubble, I couldn't believe that it was back in full force and I sat there and I saw all these people and I could picture them all being incredibly hurt by this misinformation. So, psychologists do this all the time too. Like they're not very good at speaking to the public. They're not very good at making things understandable.
00:30:46
Brad
All the best-selling self-help books are written by non psychologists. Some of the information they give out is just, is terrible and harmful. I'm just going to say that, come on, man, I need you. I need you on these social media platforms, sharing the truth, educating people if because you're not doing it. Other people are doing it. Guess what? There's an entire generation of people are consuming this content and getting all this misinformation because you are too afraid of being judged by somebody.
00:31:15
Dominique
Wow. I think, that deserves an a man because I resonate with that so much. I think there are a lot of us that, Andy Andrews has this very great quote that says that the whole purpose of analysis is to come to a decision like weigh the pros and cons, to the, to your point, you're qualified, especially if you're like a CFP. I mean the amount of stuff that they dump into our brains during that education process, good could power a whole career of content creation. The point is I think you hit a lot of nerves there because it, they essentially, it is just being afraid of how people may judge you and think of you, let me ask this was some of this, fervor and, maybe some inspiration for money mammoth. Cause I want to talk about that next. I mean, this is, I think from a standpoint of truth versus falsehood or untruth, this what you just said in the last, 30 seconds or so is definitely something that this new consumer financial services needs to hear.
00:32:28
Brad
Yeah. I think that it did influence my work on TikTok. First of all, the other thing I get so much hate social media. Let me, let me just explain this to you. Like, it's not like you're going to be sitting you sit back and be received with loving, open arms. It's like, there's a bunch of like angry 14 year olds on that app. Right. They're really gonna give it to you with your bald head and your gray beard and okay. Boomer. So just understand that's absolutely gonna happen. I've just described to you though, my mental strategy for dealing with that. I know they're all 14 year olds who, quite frankly, they might even be 50, but they have this like very wounded 14 year old inside of them. What you're going to notice is that the most criticism and hate you get on any social media platform is going to come from people who have anonymous profiles and have never posted any content.
00:33:19
Brad
So understand this. They are, they're really afraid of being judged and they're hypercritical of themselves and they're probably super nasty to themselves. They probably had a parent who was nasty to them. They've internalized this like highly critical nastiness and it's very, confining for them. What they're doing is just projecting that on you. Just understand if you're getting hate from people, that's who you're getting it from. And, and frankly, as a psychologist, I care about those people. I, I feel bad for them. I worry about them. I wanna support them. Anyway, that's your mental strategy for dealing with hate because that those are the people who are doing it, content creators, like if you're actually putting your stuff out there into the world and think about this in your own life, like you're really putting yourself out there. You have a lot of compassion for people who have the courage to put stuff out there.
00:34:07
Dominique
No, I would agree. I, and I think, one way that I've kind of mental hack that is when I actually started getting negative comments or posts and things of that nature, or even a thumbs down on YouTube is I realized, man, I must actually be touching a nerve if somebody is disagreeing with this, I think, I mean, from a creativity standpoint, you got to start thinking that if you're putting stuff out there and nobody's saying anything negative, then you may need to push a little harder against the establishment is kind of the way I think about it. One of the parts of what I do is I try to be polarizing not to be off putting necessarily, but just to say, I may have a different opinion or different way of thinking about something than you. Let me challenge you with that, to see how you accept me or not.
00:34:57
Dominique
Right. It's a very telling sign that I use with people that I want to bring into my practice or people I want to work with. Because if you, if we disagree on something and that's going to be that off putting for you, that's probably going to be a detriment to our business relationship and we, that we don't want to go there. Right. Right. Absolutely. Let's talk about, the book just like what is the premise of it and in what can people expect when they read the money mammoth?
00:35:25
Brad
Yeah. For money mammoth, it was influenced by all the stuff I've been doing on social media. In that it's the first book where I actually put in a lot of, I'd say some basic personal financial planning information. I've avoided that in the past. Partially because I wasn't a certified financial planner for the first few books. I felt like there's a real need for it. Here I've created a bit of a following and I have a bit of credibility with a certain audience. I thought, I would find ways to do it in a totally appropriate compliance way where you're not telling people what to do. This is the other thing too, like you don't dispense advice on social media, like, and if you do that, your compliance office should be very concerned about you. You know, that's not what you do. You don't, I'll get comments all the time.
00:36:10
Brad
Like, should I do a Roth IRA? It's like, well, you never say yes to that. I have no idea who this person is, what their circumstances. You find ways to talk about it. The Roth IRAs can be incredible under the right circumstances. You know, I don't know your situation. I can't tell you what you should do. I mean, there's very easy ways to get around the quote advice. Not to get too stuck on that, but for money mammoth, I did include some of that information because I saw such an important need for it. And essentially money mammoth. The concept is around the metaphor of the cave person back during the days of the wooly mammoth. This is the brain that allowed us to survive and thrive in that environment. It's the same brain we have right now that trips us up in terms of our relationship with money.
00:36:51
Brad
The whole book is wrapped around that metaphor, looking at your ancestors, looking at your tribe, the influence of the people around your family, your parents, and then getting into survival techniques. It's interesting, we had that whole concept before this crisis happened, but it turned out to be a, pretty apropos just in terms of how to survive a crisis and how to manage and avoid extinction if you will. We put a lot of information on, in there on how to essentially survive these crises. By the way, there's going to be another one, and these things happen. How do you manage it psychologically in terms of making the right financial decisions?
00:37:25
Dominique
No, I think there's a great setup, especially for the segment of the audience that will be listened to this that are consumers or financial services, because I know that in the last several months, specifically during the pandemic, I've gotten a lot of people come to me and say, Hey, I've had the time to kind of contemplate my future. I've been putting this stuff off so long. Like what do we need to do to get everything in order now? And I think this presents an excellent opportunity for financial professionals and providers or financial services to really connect with people to your point earlier because people are wanting this information. They're not, no one is sitting around saying, I want my N to be bad. I don't want to finish well, people know they need to plan. The, the fact of the matter is not because of a lack of information, but it's usually because of the lack of guidance it's like, because there is so much information and it's like, should I do this? Or should I do that? And the inaction comes in and I think that's where, to your point, your call to action to financial professionals is to, Hey, you have this information, let's guide people to where they need to go, because we're essentially are just facilitators.
00:38:32
Dominique
So, no, I love that. Any other resources you have? I know you said you may have a TikTok training course in that work.
00:38:40
Brad
Yeah. We've been working on a tic-tac training course, mainly because it's this strange platform. And, I found tic-tac to be actually incredibly receptive to professional content. As a matter of fact, they reached out to me and, asked me to help create more like legitimate financial education content on TikTok, which is, which has been really incredible. I actually see them promoting the expertise from people who are actual professionals who have a knowledge base in certain areas. And that's incredible. They've recognized that there's a lot of misinformation going on. That's more than any other platform that I've ever heard of. It's, it's incredible. Like, I'm wearing a TikTok hat and they sent this to me and I'm on weekly calls with them around creating content that will be useful. As I mentioned, that's legitimate from professionals. So, that's one of the things I've been a huge fan of.
00:39:32
Brad
As part of those calls, we're always talking about, best strategies on TikTok, how to get the most organic reach. Essentially yes, we're, I'm creating with a partner, a course on TikTok for professionals on how can we use this and how can we maximize it? And, we talked about this a little earlier too, and it's like, I didn't really choose tic-tac. I would say TOK chose me and what happened. You mentioned this earlier with the organic reach and I had one video, so I'm posting across all these platforms and I had one video go 6 million views. I got to tell all of a sudden you're like, wow, like that's a significant percentage of the us population for that just saw this video that I created and obviously resonated. It was obviously helpful. I think it was that type of organic reach that I just kept doubling down on the content on that platform.
00:40:20
Dominique
No. Good for you, man. I'm really happy to hear that. I know you do great work. I know you are also invested in academia and the next generation, which is the reason why I think we resonate so well in overlap in our synergies with what we're trying to do with change, how people view financial advice and financial advisors, period. I no longer in one of the reasons why I created this podcast, candidly is because I'm really tired of at a dinner party. Somebody saying financial advisor in the room clearing like we do way better work than that. The people that do that work, I want them to come to the front and the people that want to get in here and do that type of work. I want them to be attracted to the industry. I'm so glad for what you're doing. We always close with, the fact of empowerment, right? So this podcast is to help, empower tomorrow's financial professionals with tools to serve their clients at the next level.
00:41:12
Dominique
And so in that context, Dr. Brad, I would love any word or words of wisdom that you would want to leave with. Tomorrow's financial professionals.
00:41:22
Brad
I think it would be this, that just go ahead and get in the game. Like at the end of the day, this is going to sound pretty morbid, but at the end of the day, we're all going to be stuck in a hole with dirt thrown on top of us, and nobody's going to care, I mean like a hundred years from now, and it's like, look like you're on earth here to do something like, I don't know what that is. I mean, the opportunity in the financial realm is like, this is the number one thing that stresses people out like money is the number one stressor. And, in the, in America, eight out of 10 people, stress kills people. I actually see us in this profession as being in a unique opportunity, a unique place to actually heal, like, to actually be a source of hope and healing for people that I that's, the mission that I am really trying to live out in my life.
00:42:06
Brad
I see that as a financial professional, this isn't just about returns and making people more money. No, no. You are in a position to help people deal with the thing that keeps them up at night that kills them. So this is the mission I see. If you can just embody that mission, it's so much easier to create content because essentially you're saving lives. I'm not saying that I actually wrote an entire article. I have a very solid argument on how you're actually saving lives by helping people with their financial plans. That's really the way I see it. That's the mission that I'm living in my life and I really want you to live.
Conversation Transcript:
00:42:41
Dominique
Wow. Wow. That's great. I cannot agree more. This has been great, Dr. Brad, TikTok savant. Thank you for spending time with us on conversations for financial professionals. Thank you. My pleasure.
Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.
Today we have Gary Clement. Gary is President of Clement Asset Management, LLC, a financial planning and investment management firm, a lead instructor in the Kaplan Schweser Certified Financial Planning Program, an adjunct professor at the College for Financial Planning, and an assistant professor at the University of Alabama. Gary also holds several professional designations and multiple educational degrees.
Today we discuss: what it means to be a Certified Financial Planner™; the difference that this certification can make in the eyes of the public; where Gary see’s the profession headed; as well as, some techniques of how to pass the exam (i.e. what to focus on!)
Show Highlights
-
Gary’s POV on the obstacles and opportunities of 2020. (03:00)
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What it takes to have the title “financial advisor” and why there are currently less than 90,000 individuals holding the Certified Financial Planner™ designation versus more than 350,000 individuals identifying themselves as “financial advisors”. (05:19)
- Gary speaks on why he feels the profession will move toward “behavioral finance” as a matter of priority instead of happenstance. (09:08)
- Why individuals with no financial background have an advantage earning the Certified Financial Planner™ designation. (22:10)
- Gary shares his thoughts on the two main reasons people do not pass the Certified Financial Planner™ exam on the first try. (24:29
Resources: Read the blog.
If you'd like to connect with Gary, click here.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
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Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Conversation Transcript:
00:00:00 Dominique Hey there. Welcome to conversations for financial purposes!
00:00:04 Dominique A podcast to help shape the next generation of financial advice. I'm your host Dominique Henderson today we'll be talking with friend and colleague Gary Clement, who is not only on the practitioner side as president of Clement asset management, but has spent many years in academia, teaching CFP candidates, the actual education and the tools that it's going to take to pass this exam. He has done a stint of academia at many institutions, including Kaplan certified financial planning program, the college for financial planning. Most recently the University of Alabama in today's conversation, we will be handling the topic of what it takes to actually pass this rigor of the CFP exam. We're going to be taking you inside with some of the strategies and the techniques that Gary has told his students and CFP candidates to use to pass this exam on the very first time, we're also going to talk about what you need as a career changer, and what you should be thinking about as you go down this journey.
00:01:15 Dominique We're also going to be talking about where the financial planning profession is headed. There are a lot of things in regards to robo-advice and technological advances that may scare you away from this profession. Gary is going to reinforce and underscore the importance of really good financial planning and why only humans can do that. I want you to sit back because you're going to leave this conversation with knowing what it takes to pass this rigorous exam so that you can be a successful financial professional and create those deeper relationships with your ideal clients along the way. And now for our conversation with Gary,
00:01:53 Dominique Welcome to another episode of the conversations for financial professionals podcast, where we are shaping the next generation of financial advice. Today, we have Gary Clement. You are the president of Clement asset management, a financial planning and investment management firm. You're leading structured at Kaplan, a certified financial planning program. You're an adjunct professor at the college for financial planning, assistant professor at University of Alabama. I mean, you're, super-duper credentialed in the financial services field holding several designations. I'm not, I'm happy to not only call you a colleague, but also a friend. Welcome to the podcast, Gary.
00:02:45
Gary
Thanks. Dominika I'm so glad to be here.
00:02:52
Dominique
Yeah, man, it's been great. It's been great to have our relationship over the months. We, kinda met early, I guess, 2020 or something like that. I guess I want to just kind of ask you, if you could sum up 2020 in one word, what would that be and why?
00:03:00 Gary Oh man, it's been a real challenge all the My one word is challenging and challenging on a personal standpoint, just dealing with the changes that we all, I have had to deal with in terms of staying away from people, practicing good practices, meaning keeping masks on, staying away six feet away from people being cognizant of not being in places that could potentially be dangerous. That's meant that there's been a lot of changes, like changes with regards to how we do things, why we do things. It's been interesting, but there's been a lot of advantages to it. I've been an early adopter of zoom and that has helped me deal with a lot of this because we get a chance to at least approximate some of that person to person interaction with zoom. It's not the same, but it's close.
00:03:56 Dominique No, no. I get that. I, and I, I really resonate with the whole, what I would call reflective nature that, 2020 has afforded a lot of individuals, including myself to not only kind of zoom out and look at what I'm doing personally, how I'm growing as a human, what goals I'm achieving, but I've also seen a lot of my clients and prospective prospects, prospective clients, have that same approach to, I I'm wondering if you've kind of noticed that on the business side of things and maybe even to, into academia. Yeah.
00:04:29 Gary I've noticed that as well. One of the things I've also noticed is that I, as well, as many other people have had to really guard our mental health, because we're not connected to other people in the same ways that were in the past. We have to find ways or had to find ways to circumvent what could be a really lonely experience when you're not, and connection with other people and in relationship with other people and try to find ways to maintain your connection with people. Again, zoom has been good with that, but as you said, it's also been good to slow down and take stock of the things that you should be grateful for. The things that have worked well and things have worked well and really look forward to moving into the new year and years positively. So it's done that as well.
00:05:19 Dominique No, absolutely. I think that's a good jumping off point for our conversation because one of the reasons I want to have you on, I mean, by some counts, if you look at the surveys out there, I think an associates does a really good one that basically puts the number of “financial advisors”. We got that term in air quotes at about 350,000 men and women. As, a job description, if you will, but there's just shy of about 90,000 certified financial planner practitioners as of, I guess this last November exam, realizing that there's of overlap, in these two groups, could you kind of speak to the differences between you, between those two groups of people, financial advisors as a job description in that larger number and what you're really noticing about the difference between that person and a certified financial planner?
00:06:12 Gary Yeah, it's actually pretty stark. Unfortunately, anybody gets to call themselves a financial advisor. There's nothing that could prevent somebody from doing that. Why, I'm the pied piper of CFP land. I'd like to say that those that pursue and ultimately obtain the rights to use the CFP mark set themselves way apart because the CFP designation is the gold standard for financial advisors and financial planners. It's because of the rigor that's involved in obtaining and maintaining those designations. So that is important. The other thing that's important is that more and more prospective clients and clients are becoming aware of it in the beginning to ask for CFP practitioners. It's important to set yourself apart by getting the designation, but also it's important because it's going to put somebody in a position to help your client in a far more comprehensive way. Unfortunately, we come from different silos in the business and a lot of times we tend to focus on what our traditional line of business has been, but just like any carpenter with only a hammer says that every problem looks like a nail.
00:07:25 Gary Well, unfortunately that's not the way we should approach financial advice and financial planning. So the CFP definitely sets people apart. If they're going to be a financial advisor now you got to swim in that lane where there's other people that are called financial advisors, but we can make a serious distinction between those that have gone forward and gotten far more of a well-rounded education than those who haven't. And it shows.
00:07:56 Dominique No, no. I, and I'm glad you answered that question that way. I think one of themes of what I want to talk to you about today is really inside the CFP exam. I, I guess if we make that more macro the designation itself, like, there are a lot of people that attempt this thing more than one time, right. Colleagues of ours and cause it's the rigor that you spoke about that is there, before we get into kind of some of the granularity of maybe techniques or strategies and some of the things that you're even doing and telling your students about, I wanna see where you think the industry or rather the profession is going as a whole for the person that's kind of on the fringe about, Oh, I don't know if I want to put in, two or three years of my life, for the exact, the study, the coursework, the experience and all that kind of stuff.
00:08:49 Dominique I gotta, I gotta do it. Could you talk on that moment for where you see things headed? I mean mentioned gold standard and I resonate with a lot of these things, but you're, I think you're unique in that you not only practice, you also teach people on how to get this. So where do you see the profession heading?
00:09:08 Gary Yeah, one of the greatest things over the last couple of years for me is I started teaching behavioral finance with a college of financial planning. I am so Dominique, the future of financial planning is going to run through behavioral finance. So, I mean, and this is something that I always thought, but I'm so much more sold now because I always used to tell clients and prospective clients that and students as well, that personal finance is more personal than it is finance, meaning it's more about somebody's behavior than the numbers. That's something that's being recognized more and more. We know that behavioral finance attempts to explain the, what the why and the, how people make decisions, but it implicitly recognizes that there's a difference between rational financial decision makers and irrational financial decision makers. Now, the bottom line is, we want to assume, and we're taught to assume that people are rational decision makers, right?
00:10:10 Gary Unfortunately we know that most people are not rational decision makers, but that just makes them normal. We've got to recognize that we're trained as technicians, were encouraged to adhere to what's called traditional financials, which is assuming that people are going to be rational. Unfortunately, we know that many people will not be rational, but the big thing about behavioral finance is that people make suboptimal decisions in somewhat predictable ways. We can understand the ways that people are making suboptimal decisions. We stand a good chance of really helping them in the bottom line is, look, the industry is inundated with global advisors with computer algorithms, with websites and what nothing's going to replace people. Advisors can bring that human element to the relationship that can't be reproduced in any other way.
00:11:08 Dominique No, I'm glad you brought up that point. I think, obviously we, I've had you on before we've talked about this. I've had, also Kevin Calvin Williams, talk about this aspect of the irreplaceability, if you will, of human interaction, just the ability of simply able to notice somebody changed their demeanor or their body language on a zoom call or across the table, where algorithm's not going to be able to do that. To the point that you're making about behavioral financial, I think this is a large component of it, or at least some characteristics of advisors that need to be cognizant of what is included in that topic is the fact that, is to your, I guess from your purview, is the CFP actually capturing those nuances that I'm talking about in behavioral finance, in the curriculum and helping those that will use those marks in the future.
00:12:07 Dominique Understand what you just said?
00:12:09 Gary Yeah, that's the tough one right now. The CNP has that as part of the curriculum. It's I think it was instituted somewhere around three to five years ago. It popped up in the curriculum. It's becoming more and more of a, of the area that's going to be focused on, but I think that it's difficult to test that it's difficult to figure out well, how do we, not only give this the weight that it deserves, but how do we assess now whether someone really understands this and can put this in practice. That's something I think is a work in progress more than anything else. Now, of course, there's other entities that are popping up that are really doing a good job with regards to getting people comfortable with the behavioral aspects of financial planning, and I can rip off many different names, but the bottom line is there's no shortage of places to go.
00:13:09 Gary If someone really wants to really get steeped in behavioral finance, even though it still is a relatively minor piece in a zap curriculum right now. I expect that it's going to be a bigger and bigger piece as the years go by. It's just, how can we test it? How do you test behavioral finance, I don't know yet. So that's something that's difficult to create. Yeah,
00:13:35 Dominique I think that the other thing, the nuance about that we're hinting around, but I'll just say it is that, consumer demand drives a lot of this. Right. People have, let's call it evolved from the days of discount brokers. Even before that commissioned salesmen, largely, probably with insurance and annuities and things of that matter, mostly fixed products, to, then getting into this, assets under management, whether it be fee only or fee based, from a standpoint and now comprehensive financial planning. I mean, we're throwing a lot of these, things in front of the consumer to then digest and figure out how it works into their own personal financial plan in a very human way, in a very relatable way. The industry obviously has to do some catch-up with training it's PRactitioners on how to continue to evolve as quickly as the is consuming this type of information and dictating to you the way that they want their money to intersect with their life.
00:14:37 Dominique Right.
00:14:38 Gary Exactly. Exactly. And, thinking of those lines, 12 Dysport TD Ameritrade, Morgan Stanley just bought E-Trade commissions are going down to zero and there's going to be a need for us to continue to show the value that we bring to clients. If it's not what we can do with them with regards to investments, if it's not just a plan and it never was just the plan. Right, right. I always said that the last piece in the financial planning process, which is monitoring should be motivated because if you can't motivate somebody to do what they say was important for them to do to complete or accomplish their goals and objectives, then what are we doing it for all of this meaningless? So how do we take the ability to not only help somebody plan your future, the life that they want and have them move forward towards that.
00:15:39 Gary That I think is all about behavioral finance, how do we alter somebody's behavior so that they're doing the things that are going to put them in the stream to get to where they want to go?
00:15:52 Dominique No, I love, this is the benefit of interviewing and having a conversation with someone that actually teaches this. Cause you just so easily weaved in one of the steps of financial planning. Let's go ahead and let's take that. Let's take that rabbit trail into this vein. I want to talk about, really kind of peeling back the onion of, not only the exam, but the rigor of it. I, I know I've talked to people like yourself, Dr. Preston Sherry, who's mentioned that he's seen PhDs in finance, like try to sit Cole for this exam and not be successful. This is not an exam to take lightly. I know that I've had experience with the CFA first level and it's a different beast. It's a different animal with the domain of knowledge that you're responsible for. I wonder if you want to just kind of talk lightly about, kind of some of the coverage areas there, and then we can kind of dive into, top tips and strategies for passing things.
00:16:54 Gary Yeah, of course, the coverage areas are well-defined, it's general principles of financial plan, it's insurance, it's investment planning, it's tax planning, it's retirement planning and income planning in retirement is a state planning. So all of those are important. The thing that's great about it is what I mentioned before. It really gives you a comprehensive view of the industry and what can be done to help a client. I think that is the true value of going through this process because you see that there's a lot of different ways to skin a cat in a lot of different ways to help a client gain perspective on what they want to accomplish and then go forward and accomplish it.
00:17:39 Dominique Yeah. On average, what are you seeing? So I think the current pass rate is around 60%. Sometimes it hovers in the mid sixties. What are you seeing as the average time from start to finish when somebody says, okay, I'm going to pull the trigger on, the coursework, which is usually the first domino to kind of fall. Right. Isn't it enrolling in that first course? What do you see, is that the average time from start to finish? I know I've been telling people, give yourself nine months. I've, I've read people, who've done it as quick as six months. Obviously you have the, kind of the anomalies where you can do a transcript challenge or something like that, but let's just say cold turkey I'm coming in. How long on average does it take?
00:18:21 Gary That's a good question. I'm one that thinks you are really looking at about nine months and let's make a distinction between the education classes and preparing for the exam. Certainly there are a lot of accelerated classes do self study. You could go through it far more quickly. Most certification classes are going to be one class for two and a half months. It's going to stretch out over a period of time. Certainly if somebody is taking these classes as part of a college program, it's going to spread out over a long period of time as well. I think nine months, even 12 months is a good, I guess you could say, what's the word I'm thinking about? It's a good estimate with regards to how long to take now. I want to make another distinction there too, with regards to the education process. This is really for those folks that are doing self study.
00:19:17 Gary A lot of times people can get bogged down in studying for each and every one of those classes. This is true with those that are in normal classes as well, almost say normal live classes as well. The major thing that I tell folks is the education process is your first pass through all this information. You don't need to memorize all of it at that point. The focus there should be, how can I get through this and get through it as quickly as possible, getting the requisite grade, I need to move on to the next class. There's a reason why I say that because this thing is about multiple passes through the information you're going to need to, after you finished the education process, go back to page one day one and go through everything again. When you do that, you're going to need to go back to page one day one and go do it again.
00:20:11 Gary Maybe upwards of 10, 15, 20 times. No one, let me not say no one. It's the very rare person that is going to be able to understand everything that they go through in this huge body of knowledge and understand it the first time, don't worry about it. You're going to have plenty of opportunity to do that in the education process. The main thing is to get that ability to register with the board so that now you can prepare for you review class and prepare for the board exam.
00:20:48 Dominique Now, before we get on to, okay. Before we get onto the part that you have to, actually prepare for the exam, cause that's like you said, that's a different beast. I wonder if you have any, particular, I guess advice for the, I just came from a totally different disciplines. Let's say I'm a career changer. I'm 15 years in as an engineer, but I've been helping my people with, my friends and family with personal finance and I'm like, Oh, you're not looking into this. I go, there's a lot of different things out here. There's AFC, there's CFP and they'd start to gravitate towards CFP. Cause I've talked to a lot of these people. What would you say that 12 months could still apply to them? Or would you kind of give them maybe a more elongated because if I'm just doing the math, I know I did Dalton courses, six classes, time, eight that's, 48 weeks with no breaks.
00:21:42 Dominique That's almost a whole year right there. I mean, maybe they get longer just because they're coming in to finance cold possibly.
00:21:49 Gary Well, I think it still can be done in 12 months. Perhaps it would be good for somebody who doesn't have a background to take longer. One of the things that I like to say about that is this, there's a distinction between CFP test world and the real world.
00:22:08 Dominique I'm glad you brought that up. Yeah. Okay.
00:22:10 Gary Many people that are practicing or studying for the CFP board exam who are in the industry, they sometimes get challenged around the way we do things in the real world versus how it's done in the test world. Somebody who doesn't have a background in the industry can say, they've got an advantage because they don't have that background. They're going to do what is mandated or told to them that they should do without that background going on in your head. While it certainly could be an advantage for somebody that has a background and maybe they're able to go through it quicker, we could say the same thing for somebody that doesn't have a background because they don't have these preexisting, beliefs about how you do things in the real world.
00:22:57 Dominique This is a good point because no, I didn't do my CFP. I didn't start my CFP coursework until 15 years into the game. I had already finished my master's degree and I actually did a transcript challenge to satisfy some of the classes. To your point, studying for the CFP exam, I had to work to remove some filters. Cause I was like, I'm already practicing with clients. This is not how this works in the real world. To, to prepare for what you need information wise in order to pass the test successfully is not necessarily a one-to-one mapping to what you would do in a client situation.
00:23:37 Gary Exactly, exactly. That's what I think there's something that, those of us in the industry, we've got to really make that distinction in our minds so that we don't fail to put the appropriate time into a specific area that we need to study. That we don't assume that the way it's done in the real world is how it's going to be tested on the exam.
00:24:04 Dominique Talk about that for a second, because I would imagine you talk to just as many, probably way more people that attempt this exam and don't pass on the first try. What have been, let's call it the, maybe top two or top three reasons behind that is it. I would imagine what you just said has to be very high on that list.
00:24:29 Gary That's one of them, but that's not really the main one, the main two. I'd say if there's two reasons why people don't pass the exam, one is they don't take it seriously enough and they don't put in enough study time. That's the major reason. I think a lot of that, especially for those that are those of us that are in the industry, we might assume this is similar to a FINRA exam. It's not. This exam. Doesn't bear much resemblance to a FINRA exam. That's the first one, don't put in enough time. No one put in enough effort, don't put in the kind of study that it takes to get through this exam. The other thing that I think is a major issue is people taking too long on questions on the exam. This is a corollary to what we talked about before you shouldn't take too long going through concepts and the education process.
00:25:24 Gary Even when you're studying, you want to begin to build speed. You've got 90 to 120 seconds per question on the exam. And the exam is hoping that test takers do, is take too long and questions so that as the test goes on, they start running short on time. Questions that they could have answered now they're rushed in hurry. They may misread the question, jump to a conclusion and answer a question wrong if they could have gotten right, because they took too long on other questions. The bottom line is, as you prepare for the exam, you've got to really develop your internal clock. When you're bouncing up against two minutes and you don't have answer for a question, you got to mark your lucky answer or your favorite answer, mark it for review and go on.
00:27:38 Dominique Okay. You're a, you're hitting on some goldmines of stuff, especially for people I know that are maybe going to sit for the March, 2021 exam, which is the next one coming up. I think one thing that I want to kind of bring out or tease out is this notion around not spending enough time, like underestimating the amount of time that you need to spend, because I think the time component, if you spend enough, we'll help you with, let's say the familiarity that you need to have around a particular question. If you're in the test bank and you see something, post or you like four or five different ways when you get on the test, pretty much, you're gonna be like, Oh, I get how this question looks instead of it being something new. So talk about this time spent. Cause I, I, I remember distinctly a candidate for, I think sat for the November exam in 2020, if I'm not mistaken.
00:28:26 Dominique We went back and forth on direct messages and it basically got to, the question of me asking, well, how much time did you spend? And they were like, well, I spent the time that they told me, and this is not the first time that they failed. I wonder if you have a rubric because if I'm not mistaken, the example that I got gave me a number that I should be shooting for as far as total time to study for this exam. What do you tell, what are you telling people?
00:28:59 Gary Well, what's in the booklet is 250 hours. I don't mean to, I'm going to be honest with you, Dominic, it's going to take as long as it takes for anybody. I say that's different for everybody, but you want to think in terms of 300 hours or more, and you want to think in terms of when you're doing questions, 5,000 questions, and if you can do that, then you stand a good chance on the exam because you're right. There's only so many ways that questions can be asked about different concepts. You want to be very cognizant of the different ways they can be asked. You want to be cognizant about ways that they're going to try it on steer you away from the answer. You only get that by doing question on top of question. Now, the thing that I always say about this is about perspiration and not inspiration.
00:29:56 Gary 300 hours is also just a guideline. I would like people to do even more than that. You got to do whatever you got to do. And you got to let, 00:30:06 Dominique You're not sitting in there again to take the exam is.
00:30:08 Gary Say in terms of this is the only time I'm sitting in here. Look at the general pass rates or 60%, but first time pass rates are 64% from the last test in November, the repeater pass rate for November was 45%. What does that tell you if you're going to be repeating this exam, your chances of success are less. So.
00:30:33 Dominique It is just because there's a, maybe a CA overconfidence going on overconfidence bias with what, like, I kind of went over this. I only need to study this part that I messed up on. From the last time.
00:30:44 Gary People lose confidence, it moves confidence and they start to doubt whether it is they can do it. To be honest with you, people who may have not taken it seriously and putting enough time the first time often do that the second time and the third time as well. So there is no shortcut. You got to put in as many hours as humanly possible. That's why are 300 hours is just, it's just a guideline. It's whatever it takes for you. Now, I say that when you're done with the education process and you're preparing for your view class and the board exam should be no less than three hours a night before, if you can do it. On the weekends, maybe six on a Saturday and six on a Sunday. If we're talking about three months between end of an education process and the exam we're talking about over 300 hours, but if you gotta put in more time, then you got to put in more time and only the person preparing for the exam can gauge that.
00:31:46 Dominique Well, and I, I mean, candidly, my numbers and I've shared these before, I finished the education capstone August, 2016 ish, sat for November, 2016. There's my three months, but I know I average 15 to 20 hours during that 12 week period a week of stay. It is what it was. This was someone that, I mean, I had a background in finance. I worked in the industry at that time, but in my, to your point, and somebody told me this early is you do not want to have to prepare for this again. So make this your only time. I took that to heart and that's, I think that was a big element in me being successful is because I did put in the time I, I actually make this, I guess, somewhat of a joke is that when I got there, I actually felt over prepared.
00:32:37 Dominique I felt like my practice exam harder with the rigor I put myself through. I got there, I felt really well prepared.
00:32:45 Gary Yeah. I think that's what, test takers should do. I mean, I'm in the same boat, when I was getting ready for the exam, I studied three hours to four hours a night and I studied more on the weekends. I took no days off and I built in because I was going between jobs two weeks from the end of that job, through the new job. The weekend prior to the new job was the test date. For that two week period, I studied anywhere from 10 to 14 hours a day. I went into the library college, local college library when it opened. And I left generally when it closed. My whole mindset was that over kamikaze pilot, like you said, I'm going in screaming. It's a one way trip, I'm not coming back and that's the mindset that helped me get through it because I didn't want to go through that kind of effort again.
00:33:38 Gary And it gets harder. That's the thing. I think that's the other reason why the repeater pass rate is so much lower. It gets harder because after having put an effort like that, put in an effort like that to then have to motivate yourself to do it again.
00:33:57 Dominique This is a good point. I never thought about it from that angle, but yeah. Yeah. I was thinking maybe there's an overconfidence. It, matter of fact, the young individual that I spoke with, that I referenced earlier, they were like, I think the first time that I did it, or the second time that I did it, I was, this was my mistake. I felt like I knew this, but then I didn't go back and study that kind of deal. It brings into the light of what you said earlier, which is, and this is how I want to kind of tie in, asking a question about reviews is each time you do it, you have to do it. Like it's the first time, there is no retention necessarily acknowledged that is going to help you. It's like, you need to prepare for this as if it's new again.
00:34:40 Dominique I want to follow that up by asking, do you strongly believe in, like purchasing a review program or having some type of review course that you do after the education for individuals?
00:34:54 Gary Yeah. Review course is a must. It's it shouldn't be thought of as a nice thing to do something. That's not a mandatory, it's a must. You got to have a review class, and there's a lot of reasons for that. It helps you focus your study. That's number one, number two, you'll get a lot of tips by going through the review class and the review provider, giving you those tips just before the exam, which is the vital time you need them. To get the most out of a class, what I tell students is this, you got to prepare for the weekend or your view of class. Like that is the weekend that you're taking the test because you want the review class to be just that you want it to be a review. You do not have the time to learn all of this stuff in your review class.
00:35:45 Gary Not only do you not have the time, it's not going to happen. You've got to put your best foot forward, put in as much time as necessary in getting back to what you were saying a second ago, gets back to those multiple passes through the information you should go through at least 10 times before review class. One of the great things about going over the information over and over again is that every time you go through it, you'll go through it faster because the things that you're not going to spend as much time on. The things that you're not quite as clear on, you can spend more time on, but over time going through it over and over again, those things that you don't know as well are going to be fewer and fewer as you go forward. You should build in the idea that by going through this, you're going to reach a point where you can go through each section in a matter of hours.
00:36:39 Gary Not days when I was going through that period where I was preparing for the exam, I was able to go through each distinct section in four hours. Now, not everybody's going to be able to do that, but I promise people that if they go through it enough, they'll be able to go through an entire section extremely quickly.
00:37:02 Dominique What are you seeing from, you've got a lot of, you got a pretty large sample size of people from Kaplan, people from college, for financial planning, even at the university level, teaching this stuff. What are you seeing? and I want to use this time for obviously we've gone through it, but anything that you can kind of think of that we haven't covered, from a best practices standpoint, what you're seeing, the most successful candidates do. I know we say the time spent obviously, the review course is a must. I know, I, I think I hear a lot and I've even said this before. I've probably been guilty of saying this, that if you do it at the undergrad level, you can choose whether or not you want to do a review or not just because it's been, so, and fresh for you. You've probably been doing it for the last two years or not.
00:37:51 Dominique So, take your, pick your poison there, any other top, kind of strategies or tips, cause, and really maybe speak to the career changer. Cause I get so many people that are thinking about this as a career and they haven't really decided if they want to, fully commit,
00:38:07 Gary Yeah, yeah, absolutely. I do want to make a point about those that go through the process at a university in a degree grant program, it's even more important for them to go through you class because many of the classes are taught on the college level, and tend to be courses that bring a lot of it. A lot of into the class that are not necessarily things that are tested. The great thing about a review class is review class focuses. What is going to be tested. The other thing is because it's been a two year period, it's going to take somebody some time to go back to reacclimating themselves, to what they went through in general principles of financial planning. I think it's even more important for them. The other thing is, the classes at, Caplin per se, they are focused on what you need to know to pass the exam.
00:39:04 Gary That again is different than what you might find a college degree granting program where it's designed to help you learn, but not necessarily pass the test. That I think is a big deal. The other thing with regards to preparing for the exam and preparing to get through either as a career change or not, the major thing is you gotta really change your mindset, your study mindset. Number one is everybody is motivated when they start this process right.
00:39:38 Dominique Everywhere. There's like, 5,000 people that start off, but not everybody finishes.
00:39:43 Gary Everybody's motivated on day one, but motivation is not enough is consistency of effort. That's going to get somebody through. It's studying day after day. Sometimes that means you've got to negotiate with family. You're not going to be doing the things that you were doing. Sometimes it means you're not going to watch those things that you wanted to watch on TV. Well, guess what? That's not an issue nowadays. When, when I took the test, that was an issue. Now you can pull it up anytime you want and get in that mindset that you'll have plenty of time when this process is over to watch the masked singer or whatever it is that's out there that could be a distraction for you. The other thing is you have to recognize that yeah, consistency of effort is important and times are going to get tough in terms of studying.
00:40:39 Gary Sometimes you're not going to want to study. Sometimes it's going to feel like drudgery. Sometimes it's going to feel like an obligation. You have to stop thinking about studying as something you have to do and think of it as something that you get to do. In other words, you want to think about studying as an opportunity and not as an obligation. So.
00:41:03 Dominique I, I mean, just, I want to, I have to park on that point because I'm thinking about, although as a certified financial planner, as a practitioner, you're not going to be in this mode of constantly studying, but you will be in a mode of constantly acquiring knowledge and to some degree studying your client or the market that you want to go into. To have this, I guess this, the posture of always learning, I think is a good thing right now. It may not always look like I got to study to pass an exam, which hopefully makes things easier for people. I love the way that you put that in that there's gotta be this attitude and mindset of wanting to learn and you getting to learn not so much. Oh, I just got to check this box. Yeah. To a certain degree, you do have to check the box.
00:41:56 Dominique You will never be able to use the marks unless you pass the exam. To kind of maybe game-ify it or whatever you need to do in your mind to make you start falling in love with learning, I think is a good approach.
00:42:10 Gary And that's what it does. Thinking about it as an opportunity does game-ify because there's a pot of gold metaphorically at the end of this process, right? You help yourself tremendously because you got knowledge that you didn't have before and it can help you with your own finances. Certainly it helps your family and helps your extended family and your friends. And this is where we're going. It's going to help the clients. So this is a huge opportunity. Any time it starts getting tough, cause it gets tough for everybody. If you just reorder your thinking and think about it as an opportunity, those tough days will be easier to get through. Hopefully there won't be that many of them. Those are the things that I think that are part of the study mindset. It gets back to what I was saying before about this is a process that's about perspiration, not inspiration.
00:43:02 Gary You can't wake up two weeks before the exam and get inspired and hope to pass the exam. It doesn't work like that.
00:43:10 Dominique No, I get it. I get it. All of my audience, that's listening, they may not realize some of the efforts that you're definitely putting your money with your mouth, where your mouth is not only where you're actually, getting paid to do that, in a, a practitioner standpoint or from a participant of academia, you and, a colleague of ours, Keith Beverley, you guys have undertaken helping, our community, black men and women actually prepare to pass this exam. I want you to kind of speak to that about the efforts that you guys have going on there. If I'm so inclined how somebody could participate with that particular effort.
00:43:55 Gary Yeah. That has been something that we chose to do to have an impact on the numbers of African-Americans that are represented in the industry is certainly the numbers that are represented among CFP practitioners. Now we know that of those 80,000 or 90,000 or so CFPs that there are about 1.2% that are African-American. Of course there's a lot of talk about how to change that. The bottom line is talk is cheap, right? You gotta do something. We decided that we were going to do something by helping people, get much of what were just talking about to reorder their study strategy, to reorder their study mindset, to begin to tackle the exam in a way that would help them be more successful. I probably should have told you this before yet beforehand, but, this is something that we did as a, an objective ending in year 2020. Our objective was to help 20 African Americans get their designation by the end of 2020.
00:45:10 Gary And we largely met the goal. We didn't quite need to go. Whether we're going to do that moving forward or not is still up in the air. I don't want to leave anybody with the, code that we're going to continue to do this because, we've put a lot of time in and we definitely were able to see what works on a granular level on test taker by test taker basis. That's part of the reason why I can say some of the things that I've said with a lot of confidence, because I'm pretty sure at this point what it takes to pass this exam. It's one of the exams that it's going to be, if not the most difficult for people, one of the most difficult exams that anybody could take. Definitely, something that is still up in the air. Let's put it that way.
00:46:04 Dominique Well, no, I think, whether you guys move forward with that effort or not, because I, I just think it needs to be highlighted because there are so many conversations I have, and I know you have them, Keith as well, where, you hear the refrain of, well, there's nobody out there to support you. There's, there's not enough help out there. It's like, well, where are you looking? Because, there's a lot of things going on, efforts that you may or may not know about. I think this gets back to some of the things that I've talked about, in prior podcast about what people need to do in order to get started in the industry. One of the main things that I tell people first is to do their homework, do their research, see what's out there, the quad A's and the FPAs and the NAPFA is, and all these different organizations of the world or where you can find, efforts like what you just named and other, I mean, study groups, mentors, sponsors all kinds of things.
00:47:01 Dominique There's no reason I guess is my point that you have to go at this alone. There's absolutely no reason.
00:47:08 Gary Let's look at it this way. There's an old African proverb, right? It says, if you want to go fast, go alone. If you want to go far, you go with others. This is a test that requires that you go far. I recommend that nobody tries to do this on their own. It's difficult. If it takes a mentor, get a mentor, if it takes a group, get a group. The great thing about groups is that together people are going to be able to fill their individual shortcomings by other folks in the group who understand that particular information better. The other thing is it's an accountability issue. If you're coming to a group meeting where people are expecting you to be prepared, then that is a commitment that you're making to others. Sometimes it's easier to make that commitment and follow through it with it, for others than it is for ourselves.
00:48:03 Gary Those are the kinds of things that can create the kind of motivation to move forward. The other thing that's good about it is sometimes these evolve into friendly competitions and that's a good thing. All of these things can help people get through the daunting period of getting ready for the exam.
00:48:23 Dominique Not just that, I think, I mean, I'm pretty sure that you've seen this. I know I've seen it in the industry where those groups form into, maybe even partnerships to build firms or definitely, at a minimum someone that you can have in your network that can vouch for, your character or your study ethic, all these things. So I think that's great. Absolutely.
00:48:49 Gary Oops, I got a lot more tips, someone wants it, if you want some more tips.
00:48:54 Dominique Yeah. I bet you do. I bet you do. I think I want to reserve some of that because you and I have talked offline about some things that you may be doing, so they just, they need to get in contact with you because you're a wealth of information. I, I want to, as I kind of close our conversation, I want to ask, since this is a podcast to help empower, tomorrow's financial professional with tools to serve their ideal client at the next level, in that context, Gary, what word of wisdom or wisdom words, would you leave with the audience today?
00:49:32 Gary Yeah. I go back to behavioral finance, understand that it's the personal relationship more than anything else. That's gonna be important as you deal with clients, the information you can get, if you don't have it, you can get it from somebody else or you can study. That's not the issue. The issue is how you actually advise your client, how you actually interact with your client and how you support the client, meet the goals and objectives that are important to them. That is the most important thing. I know, especially those of us who got in the business in the investment side of the business, we probably were thinking, Hey, we're going to move. We're going to set somebody up and make all this money from investments. That's never been what it's always been about. I had to learn that the hard way. I remember cold calling the guy who was a, a tangential family friend.
00:50:32 Gary I cold called this guy over and overwhelmed after a while it wasn't a cold call, but I called this guy repeatedly. And, he was putting me off, put me off. Finally, one day he said, I'm really not looking to establish another relationship. I'm sitting here thinking I got a girlfriend. I don't want no relationship. It years had not dawned on me that this is what is required of financial advisors to really understand the client, understand what's important to the client, understand what the client is trying to achieve and helping that client as not just a financial advisor. This is in keeping with what I've been saying as a coach. That really is hand in hand with now understanding behavioral finance on a better deeper level, because what we do really is about counseling and coaching.
00:51:36 Dominique No, I think that's a, I think it's a beautiful way to put it. I think it's a great way to, tie and put a bow on this is understanding that yes, we have the competency levels that we need to get to, whether we're deciding CFP or PhD or AFC or whatever, all these different letters we can put after our name, but at the end of the day, it's about building that relationship with the client to take them to the next level. I love it, Gary climate. I really appreciate your time, man.
00:52:07 Gary Of course. It's my pleasure.
00:52:09 Dominique All right, man. Absolutely. We'll talk to you soon. Bye-bye!
In today’s conversation, we have Neil Patel. Neil is a New York Times Bestselling author. The Wall Street Journal has called him a top influencer on the web. Forbes dubbed him one of the top 10 marketers, and Entrepreneur Magazine stated that he created one of the 100 most brilliant companies. He was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations--so no better to probably discuss the subject of marketing on today’s podcast.
Neil and I discussed several things including: (1) the evolution of marketing, (2) how to bring the financial services industry into “21st century marketing”, (3) a “foolproof” step-by-step technique to use for your social selling strategy, and (4) finally, I got his opinion on whether websites are dead.
Enjoy the episode!
Show Highlights:
- Neil discusses how everything is moving online due to COVID, that businesses are being created online and that people are starting to use AI and machine learning. (02:49)
- Neil speaks on how over the next few years he foresees seeing less people in marketing because most things will be able to be automated with tools. (05:30)
- Neil talks about how individuals in highly regulated industries can bridge the challenge of their ideal person having a short attention span. (08:10)
- Neil explains the difference between direct marketing and social selling; advantages that social selling methods have over direct marketing methods. (12:23)
- Neil gives advice on how to warrant the attention of your ideal client regardless of your industry. (13:21)
- Neil explains the difference between direct marketing and social selling; advantages that social selling methods have over direct marketing methods. (12:23)
- Neil discussed pros and cons of paid or organic marketing (14:55)
- Neil shares a success story of a good friend that runs a hedge fund (22:57)
- Are websites dead? Neil talks about his experience with this and gives his wisdom on what you can do. (29:42)
Resources:
Read the blog.
If you'd like to connect with Neil, click here. Need help with SEO, try Neil’s free tool by clicking here.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Today we have Bob Veres. Bob is editor and publisher of the Inside Informationguide to trends and innovations in the financial planning profession, author of The New Profession, and for 20 years was a contributing editor and columnist for Financial Planning magazine. He is also an award-winning journalist, including the Jesse H. Neal Award from the American Business Media.
Today’s topic of conversation is a big one. It’s about a tender topic...race. The discussion has begun and won’t finish with this podcast. We will get Bob’s perspective on the persistence of the lack of diversity and inclusion in this industry for so long.
Bob also discusses the future of the advisor/client relationship in the future, the wealth gap that exists in our society, and ways it can be narrowed and/or eliminated altogether.
Show Highlights:
- Bob’s thoughts on the industry mainly being skewed towards a certain demographic and why it is such an issue not only for the provider of the financial services but particularly the consumer financial services (03:43).
- Why is there still such a divide and discomfort level in 2020 within the industry? (06:23)
- Bob’s recommendation for solutions to fix the wealth gap with financial planning; how underserved communities can access financial planning at scale. (11:36)
- Bob’s idea of a department for financial planning at HBCUs. (13:03)
- Bob’s advice and recommendations on what services advisors should be offering and the future of the industry (15:33)
- Bob’s thoughts on the brokerage/wirehouse model. (20:31)
- Rapidly evolving brokerage firms and the evolution of the financial industry (21:09)
- Enjoying your investments along your journey (22:40)
- Bob’s words of wisdom for the next generation of financial professionals (32:30)
Resources: Read the blog.
If you'd like to connect with Bob, click here. To download a copy of Bob’s 2020 Inside Information Fee Survey, click here.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Today I have Cameron Huddleston, an award-winning journalist with nearly 20 years of experience writing about personal finance. Cameron’s work has been featured in such publications as Forbes, Kiplinger, and the Chicago Tribune. Cameron is also a recent author of the book: “Mom and Dad, We Need to Talk - How To Have Essential Conversations With Your Parents About Their Finances”.
During the show today, Cameron touches on some of the new challenges faced by financial professionals in light of the pandemic. We’ll also discuss some myths about using media to boost your personal brand. Cameron also shares some strategies and tools that financial professionals can use such as HARO (Help a Reporter Out) to become a reliable successful source to the media in your industry. Finally, Cameron shares her own story as an example of ‘personal stories’ can be used to enhance your brand.
Enjoy the episode!
Show Highlights:
- How has the pandemic helped shape the financial industry bringing it into the virtual environment (4:47)
- Does having a virtual meeting have a level of intimacy lost instead of meeting face to face (10:55)
- Cameron discusses how the younger generation has developed texting as a language (13:22)
- Cameron disputes the fact that it costs to get quoted by the media, and how to do it at no cost (15:07)
- How HARO can help you get quoted by the media for free - all it takes is your time (19:20)
- Cameron’s top 3 tips on how to submit a tip to the media and using social media platforms to expand your outreach (22:35)
- Cameron’s thoughts on having your own blog (27:53)
- Cameron’s advice on how not to get overwhelmed and where to focus, where to boost the blog and how to get it recognized (30:03)
- Cameron discusses her book and her personal story behind it (36:08)
- Being yourself and being personable and how that helps you connect with your clients (44:33)
Resources: Read the blog.
If you'd like to connect with Cameron, click here. To check out Cameron’s book on Amazon, click here.
Are you a current or aspiring financial professional? Click here to receive tools that will help you become a next-generation financial professional!
Watch a video clip of this episode on our YouTube channel by clicking here.
To receive a newsletter digest of Jumpstart community happenings, click here.
Subscribe to the podcast by clicking here.
Want to connect with me? Join my exclusive “tribe” by clicking here.
Thanks again for listening, reading, and watching!
Today we have the one and only Seth Godin! Seth is the author of 20 worldwide best selling books (including Purple Cow, Linchpin and now The Practice). He is one of only three people that have been inducted into the Direct Marketing Hall of Fame, and in my opinion, one of the world's best educators and teachers of...common sense.
During the show today, we are going to connect with Seth on the themes of his writings, what he means when he talks about being indispensable to your ideal client while working within your own superpower, the “industrial machine” that is the public education system; and how the pandemic has affected us.
Seth dives in and tells us about his personal influencers, his own client stories and brings us great advice and words of wisdom!
Show Highlights:
- Seth discusses being a cog in the machine of life and being indispensable versus embracing mediocrity. (03:34)
- Who inspired Seth and steered him towards his career path (06:02)
- Being a linchpin, the industrial machine that we call public education and how a pandemic can either make or break the system (09:27)
- Obtaining new financial services clients during a pandemic and the ideal client(10:34)
- What Dom’s word of the year “Patience” means to Seth and how he perceives it for the new year (16:01)
- Seth’s advice for a new financial advisor in the midst of getting started (24:42)
- Words of Wisdom from Seth to the next generation financial professional (27:21)
Resources:
Read the blog.
If you'd like to connect with Seth, click here. Ready to take your creativity to the next level, check out one of Seth’s Akimbo workshops.
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Thanks again for listening, reading, and watching!
It's time to change the narrative... The Conversations for Financial Professionals podcast (#CFFPPodcast) is all about shaping the next generation of financial advice. What you've just heard is just the tip of the iceberg of what we will explore in these "conversations". For consumers and providers of financial services alike, these discussions will challenge your thinking about intersections of finance and money within "day-to-day" living. We'll talk with thought leaders from inside and outside the financial services industry to provide perspective and insight on what tomorrow's financial professionals should be considering when serving their ideal client. Go ahead and subscribe now on your favorite platform, Season 1 drops on February 3rd.
Show Notes: What the value of financial coaching?
I've noticed Saundra Davis from afar, but not until recently have we connected so I can bring her perspective on financial services to my audience.
Saundra brings a wealth of knowledge to our conversation from her work in financial coaching, education and planning.
I am especially eager to dive into the topic of financial coaching as it relates to the financial health continuum.
Here are some highlights from our conversation:
🔥 How she carved her way into financial services after 3 careers (I guess the 4th time is a charm :-)
🔥How her role in academia has shaped her into a better practitioner
🔥How networking gave her the advice that helped shape her career in financial services and gave her an internship in her 40s
🔥How financial coaching fits into the financial health continuum...
🔥The difference between financial coaching as doing something and how you show up for your clients
🔥The necessary path of self-awareness that financial professionals have to walk...
🔥How having a commitment to excellence is the formula to success
If you'd like to connect with Saundra, click here.
If you'd like to learn more about what it takes to enter the financial services industry, you can register for one of our live online trainings by CLICKING HERE.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: A more appropriate title for our conversation may have been "the skinny on the financial services industry" because Gary Clement and I covered nearly everything.
I really enjoyed our talk and Gary's perspective because of his pulse being on both the view as a practitioner as well as an educator to the future generation of financial professionals.
We covered a lot of ground such as:
- some of the most shocking phenomena he's witnessed over his career,
- 2 things that aspiring financial professionals should realize about this business and the real job of financial advisors,
- the question Gary gets from his students all the time,
- the different routes into the industry, especially as it pertains to career-changers and the CFP designation,
- what the industry is "getting right" and what he believes is the future of financial advice
If you'd like to learn more about what it takes to enter the financial services industry, you can register for one of our live online trainings by CLICKING HERE.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: My guest today to talk about financial coaching as a profession is Wilson Muscadin founder of The Money Speakeasy Wilson has thrived as a financial coach and had a long tenure in the financial services industry.
You don't often get such a candid insider perspective on a subject like "financial coaching".
That's exactly what I was able to do with Wilson Muscadin of The Money Speakeasy.
Wilson and I got into:
- financial coaching as a profession,
- its place in the continuum of financial advice, and
- the challenges faced by both consumers and providers of financial services.
If you're an aspiring financial professional that is looking for a 360-degree view of the profession you'll want to check out this conversation.
If you'd like to learn more about what it takes to enter the financial services industry, you can register for one of our live online trainings by CLICKING HERE.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
I get a lot of questions on "how to become a financial coach, consultant, advisor or planner?" In this video, I'm going to detail exactly what you can do in order to begin your career.
✅ Step 1 - Join the Jumpstart community by visiting https://djh-capital.com/jumpstart
✅ Step 2 - Join the Facebook group.
✅ Step 3 - Subscribe to the weekly email.
✅ Step 4 - Start networking.
✅ Step 5 - Find a study group.
✅ Step 6 - Attend a live online training.
If you'd like to learn more about what it takes to enter the financial services industry, you can register for one of our live online trainings by CLICKING HERE.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Creating your plan of attack as a career changer is the last step you will need to take.
How to career change from [fill in the blank] to a financial consultant, coach, planner or advisor can be tough without a plan.
In the video below, I'll walk you through the 3 major areas to consider.
"The questions I think you should start with when it comes to making a plan are... " What needs to happen in your existing role?
What needs to happen with your finances?
What needs to happen with your family?
There are so more you could throw into the mix but let's deal with those because they center around.
-
Your Current Career
-
Your Money
-
Your Family/Relationships
All these will likely play a major role in your transition.
Creating Your Plan of Attack for your current career... Your current career may be something you can wait to get rid of and just shoot them the deuces, but in creating a proper exit plan or should I say "transition" plan you want to consider: (1) not to burn bridges unnecessarily as this could provide a great reference of your (2) transferrable skills. Are there aspects of your current career that can be used in your future career
Creating Your Plan of Attack for your money... I've talked a lot about building financial runway before, like this video. The point is you will need some extra cushion in the likely event you take a pay cut to become a financial professional. The last thing you'll want is the added financial stress along with studying for exams and learning a new career.
Creating Your Plan of Attack for your family/relationships... I'm a bit old-fashioned, but I think sitting your loved ones or those "along for the journey" with you is a good idea. Especially if it will affect them financially or the time you'll be able to spend them. Just being upfront and transparent will go a long way to gaining their support with your new move.
All of this should be part of your plan of transition.
If you'd like to learn more about what it takes to enter the financial services industry, you can register for one of our live online trainings by CLICKING HERE.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Experience is a typical requirement for many jobs nowadays.
Financial services is no different in that your journey is made easier if you bring "transferrable" skills with you.
Just because you don't have financial services experience—especially as a new graduate or career changer—doesn't mean you can't break-in to financial services.
There are many ways to go about this as I discuss in my latest episode.
In the previous episodes we started developing this sequence of (1) deciding on your route (2) finding a model/mentor, and now we start the "sampling" process.
"Sampling" Just like at Costco they give you those food samples to try to get you the buy the product.
My friend Ash Exantus says that you need to date financial services before jumping in to marry it.
So the questions are: Could you shadow someone in the industry? Can you volunteer? Can you get more exposure to this industry in some way? And the answers to all of those is "YES".
So if followed all my instructions from last week, you could ask a mentor or for that matter a professional connection...let me shadow you for a day. I just want to watch what you do, ask questions and take notes. If you did this 6-10 times in a year or less, you'd have a better idea of what you're getting into.
I'd even go so far to say that you could even use this to help refine the path you want to take.
If you don't know whether you want to be a coach or advisor, shadow both.
What are some things you could do? You could volunteer with a non-profit financial literacy organization in your city.
You could provide budgeting help for low-income families at your church.
You could volunteer to talk about financial education at a local school through avenues such as Junior Achievement, Cents Ability or the Jumpstart Coalition.
Need I keep going?
There are so many ways to get real-life exposure to this industry to give you a taste of what you may want or not want.
Now...go and implement.
check out this interview I did with Julie Kalkowski about what she's doing. Could you find an opportunity like that? Maybe.
If you'd like to learn more about what it takes to enter the financial services industry, you can register for a free preview of my course "How to Jumpstart Your Financial Services Career" at djh-capital.com/jumpstart.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: For the month of March, we're going to tackle the question of how to become a financial consultant.
So many of you have reached out for advice, so I'm going to provide you with the exact steps you need to take to begin a career as a financial consultant by showing you "how to find a mentor."
Step 1: Find a Model
You need to find someone that you want to be like. This means you will likely need to read and research to find out what type of financial professional you want to be. Recall last week that we talked about the 2 paths. You need to find someone to emulate whether that be in an article, on social, at a conference, etc.
After you find someone and what exactly about them attract you, you need to...
Step 2: Approach them Now don't go right into the approach. Do your research. Follow them on social if they are active and find out what they like. Find a common touchpoint of they produce content and how you might have a convo with them. Then reach out to them through DM or email with a direct ask. Don't be generic with "what is the # 1 piece of advice you have".
I've talked about how to structure your ask in this video.
NOTE: If this doesn't work, pause and try again in 2 weeks. Don't spam them. You should be trying to connect with more than one person anyway.
Step 3: Follow their advice If you end up having a meeting and they agree to mentor you make sure you follow their advice. There is nothing worse than getting to this point and then wasting time. Of course, if they have a recommendation you disagree with that is something else, but make sure you do what they say.
Now here's a really simple method to find a person...
- Find your local FPA chapter and buy a ticket to the next luncheon
- Before you arrive, spruce up your LinkedIn profile using this video's tips.
- While you are there, sit at a table with total strangers and get everyone's business cards. Feel free to do this with as many people as you like.
- Send a LinkedIn DM after the event that says something like.....
- If they respond, use the direct ask for mentorship.
This a sure-fire way to find a mentor and if it doesn't work after 3 tries, do it until it does.
If you'd like to learn more about how to decide your route, you can register for a free preview of my course "How to Jumpstart Your Financial Services Career" at djh-capital.com/jumpstart.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes
What is the entry-level financial advisor career path like? T
his is a question I get all the time and I want to cover the 4 basic paths today. ︵‿︵‿︵‿︵‿︵︵‿︵‿︵‿︵‿︵︵‿︵‿︵‿︵‿︵︵‿︵‿︵‿︵‿︵︵‿︵‿︵
-
A brief history of entrance into the industry
-
There are differences between each channel. They are the bank (or wirehouse/captive), broker-dealer, independents (or registered investment advisors) and hybrids.
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There is a different standard in those channels—it is the suitability standard or the fiduciary standard.
-
Why you may choose either has totally to do with you and what you believe. Can you serve the client's best interest using either standard? What you would do for your parents should be what you do for clients. Although entering the industry via the broker-dealer route is ultimately a lower bar and easier, is it the best route to go for you? What are your thoughts?
If you'd like to learn more about how to decide your route, you can register for a free preview of my course "How to Jumpstart Your Financial Services Career" at djh-capital.com/jumpstart.
Thanks for listening, reading and watching.
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: For the month of March, we're going to tackle the question of how to become a financial consultant.
So many of you have reached out for advice, so I'm going to provide you with the exact steps you need to take to begin a career as a financial consultant.
The Current Landscape
There are so many hats financial professionals can wear and because of this many paths have been decided.
At last count, there were 300,000+ "financial advisor" titles within the industry but I'm going to simplify this for you.
When it comes to working with individuals and their money in any capacity you can either be a financial advisor or a financial coach.
The Traditional Route The financial advisor may also be known as a wealth manager, a registered rep, a financial planner. However, rather than the title being the main distinction, the key is whether they provide investment advice. Because for that you need to be licensed per the Securities Act of 1940.
Providing and charging for financial advice will necessitate that you have at least a Series 65 license. This is offered through FINRA. After you take this exam you can either work for a broker/dealer firm as an investment advisor representative (IAR) or you could create your own entity and start building a practice.
However, it is more common to enter into some type of training program that allows you to gain the experience to sell financial products and services. You may see many financial advisors at this point supplement their knowledge by obtaining a designation or getting an advanced degree (there are several) that can enhance your knowledge of products, and the overall process in wealth management and financial planning.
So if you go this route you will be viewed as taking the traditional route.
The Non-Traditional Route Within the last several years there has been a movement of financial professionals that offer budgeting, credit repair, debt consolidation and other services that consumers of financial services demand. These are also financial professionals.
There is no current regulatory standard governing their interaction with the public.
A financial coach can provide a great bit of assistance to someone not quite ready to work with a financial advisor. They may need help with building a budget and organizing their bills, etc.
Financial coaches can provide the type of guidance that these individuals need in order to get in control of their finances.
If you'd like to learn more about how to decide your route, you can register for a free preview of my course "How to Jumpstart Your Financial Services Career" at djh-capital.com/jumpstart.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: When you want to talk about kicking down walls for the next generation of female financial advisors, there is none better than Jacqueline Campbell to provide financial advisor tips and strategy.
After spending more than 20 years in the banking channel for one of the world's largest, Jacqueline shares her wisdom for the next generation.
Our convo consisted of all these great topics:
✅ The Jacqueline Campbell money story...
✅ The impact of that experience on her legacy...
✅ A lesson in perseverance...
✅ An example of hustle...
✅ Why did you pick to settle in the bank channel?
✅ A few tips for any aspiring financial professional...
✅ And if you're not good at sales, be good at something else...
✅ Jacqueline's definition for "sales"...
✅ Advice for any career-changer...
✅ A big bank's perspective on the subject of diversity and inclusion...
Thanks for listening, reading and watching.
Connect with Jacqueline on LinkedIn: https://www.linkedin.com/in/jaqcampbell/
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: If your goal is to become a successful financial advisor, then this is a power-packed interview for YOU!
I so enjoyed this time with my friend and colleague David DeCelle unpacking some of the "elements to success" for financial professionals.
We explored a ton of topics...
✅ Dave's own money story...
✅ What it is was like in the Northwestern Mutual culture...
✅ The importance of personal development in finding your advisor personality type.
✅ What you can do to give yourself an unlimited upside in this business and become a successful financial advisor..
✅ What are some "misplaced" expectations of aspiring financial advisors?
✅ Delivering a client experience vs. providing customer service...
✅ The #1 issue of advisors in the first 5 years...
✅ 3 tips for any career changer that wants to enter the industry...
✅ Your "real" role as a new financial professional in this business...
✅ Where does EQ rank in this career compared to IQ?
✅ Lightning Round: (1) The best financial advisor development program...(2) The #1 skill to develop throughout your career... (3) What are you listening to and/or reading right now?
Thanks for listening, reading and watching.
Click here to connect with David on LinkedIn.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Many of you will come across a financial advisor training program (or two) as you are navigating this journey to becoming a financial professional.
In this video, I look at the perspective of Daniel Tesfaye and a young advisor that works in the Merrill Lynch Wealth Management channel.
We cover a variety of topics that will intrigue the aspiring financial professional when it comes to entering this industry.
Daniel and I covered a lot, including:
- Daniel's own money story
- What prompted the move from insurance advisor to financial advisor?
- Do feel that "culture" has a huge impact on your success as a financial professional?
- What does an advisor development program look like on the inside?
- Are you compensated during the program?
- What do most days look like for you now?
- What other professional aspirations do you have?
- What are your thoughts on spending the 1st 5 years learning the business vs. starting your own?
Thanks for listening, reading and watching.
Click here to connect with Daniel on LinkedIn.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: If you want some no-holds-barred, real career change advice, no one better than my friend Lauryn Williams to speak on the subject of career-changing.
Lauryn is a 4x Olympian turned financial planner.
She brought the same intensity from her famous athletic career to the field of financial planning, so we sat down to talk about her ups and downs, wins and losses in a totally new career.
If you're considering a move into the financial services industry and want to career change advice or just need some motivation, sit back and listen to Lauryn's story.
We covered a lot...
- The Lauryn Williams money story...
- What role does financial coaching play in the advice continuum?
- What sparked your interest in being a financial planner?
- How tough was the career switch for you?
- What role did mentorship play in your transition?
- Would you still choose financial planner over financial coach, if you had to decide again?
- What are your thoughts on diversity within the industry?
- Why did you start your own firm and what's your advice for others?
- As a career changer, what is the most valuable skill to possess?
- What do your days as a financial professional look like now?
- What's your #1 piece of advice for any career changer?
- Lightning Round - Which career is tougher? Hardest lesson learned...Greatest moment in either career...
Thanks for listening, reading and watching.
Here's how you can connect with Lauryn: https://www.worth-winning.com/win/
Follow her on IG: https://www.instagram.com/lauryncwilliams/
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: How do you show up when preparing for a job interview? I've heard from so many of you about career opportunities being presented to you in financial services. What are some tips for success to kill that interview?
How you appear online. Your digital footprint is as big a deal as ever. I can tell you how many people don't get a minute more of my attention after I spend 5-10 minutes researching them on social before a scheduled meeting. We all have the same amount of time, but there's a higher premium on the time of some and you don't want them to make a snap decision before they get to know you in the 3rd step. What are some things you can do to maximize the amount of time someone will spend with you even before they meet you physically? Prime your social profile. (misspelled words, incorrect contact information, inappropriate emails, pics of you in super revealing clothing or drinking with your buddies.) Understand the type of opportunity/job your after. You're trying to help people with their money...THINK ABOUT IT! Watch how you "show up" Use tools like Canva to create a LinkedIn banner that pops, spend money on some professional headshots and buy a good dress suit.
How you appear on the phone. Prepare for your phone screen. If you're being interviewed make sure you spend the requisite amount of time on the following: The company and its mission The person(s) conducting the interview (social profiles, resume, etc) The program you're being considered for (what is the program goals, who are they looking for, connect with previous applicants via LinkedIn)
How you appear in person. If you're lucky enough to make it to this 3rd stage you need to be prepared to WOW them. Assuming your interview will be formal like most are, dress to impress. If you cannot afford a nice dark suit (gray, black or navy blue) borrow one. Of all the days, you want to make sure you are looking your best is this one because you may not get another chance. Also, get a hair cut and groom appropriately. Show up early, better to have time to kill in the lobby than running late. Maintain eye contact and relax take your time before speaking. It's ok to ask for a question to be repeated so you can think first. You will likely get at least one "stumper" of a question in which case it's fine to say..." you know that's a really great question, I'll have to give that some thought and get back to you."
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: There are so many ways to make money as a financial advisor, I want to break down some of the more popular models to make money as a financial advisor.
Previously, you might have wondered do all financial advisors, planners, coaches get paid the same?
Is it from products sold?
Services rendered?
How does that AUM thing work? Let's tackle all of that today.
- For traditional financial professionals that are regulated by the 1940 Act, just find the ADV. Within that, you will see the various compensation models. Here's a video I've done describing this with my own ADV down below.
Once you find that ADV, you'll likely come across a few different models...
AUM
Flat Fee
Products/Commissions (life insurance, 12b-1 fees)
Hourly * If no ADV, this would be a more non-traditional route and means that you could see a different variety...
subscription - probably the most popular (i.e. Financial gym)
courses, * Ultimately what you charge for and how much that will be up to: (1) your expertise and the (2) of client you will serve. But keep in mind flexibility and fit.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Have you ever thought of a financial services career?
What is the career path of a financial professional? How do you move through the ranks?
When it comes to terms like "analyst", "lead service advisor" or "senior advisor" what do they mean? And even more so, what do those jobs look like?
Although I've talked about my fairly non-linear path as a financial professional, there are career paths that are more linear in nature.
If you're contemplating a career as a financial professional, check it out to see what you might expect.
- Years 0-3. This job role/description can take on many names but you are basically an analyst. By definition, you will see a lot of data and you will be challenged to synthesize mainly for YOUR sake. There's not a lot of liability on you from a client standpoint because you're still learning. Owners don't want you with that level of responsibility quite yet.
Tasks may include: inputting data into software, running reports, sitting in meetings and having things go over your head. * Years 3-5. You might have the title as "associate, lead" advisor but you are basically a service advisor. Having been in the game for some time you may be bumped up in PAY and RESPONSIBILITY for a few reasons. Hopefully, you've deepened your knowledge and invested in yourself to earn a master's degree, designation or both. You've got more experience so you will likely have migrated from synthesizing data for YOUR sake to OTHER stakeholders like firm owners and clients.
Tasks may include: running joint or solo in client meetings, managing client relationships within the business, finding new business for the firm, etc. * Beyond year 5. You have a lot of flexibility. This is where some advisors with a less certain upside decide to go on their own. If you have a good opportunity you may start down a partnership track which could present you with some interesting opportunities beyond just compensation--like ownership during a succession event.
Tasks will likely include a fair amount of business development for (finding and retaining client relationships), you may also wind up portfolio management responsibilities depending on your expertise, or other high-level responsibilities like operations, compliance, marketing, etc.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Have you ever wished you had more time in a day?
Understanding how to stop procrastinating and get work done can be liberating for you.
As a financial advisor to clients and a coach to financial advisors, I've put together a system that allows me to seemingly squeeze more hours out of my day.
Getting more done and being more productive will only help you procrastinate less and thereby be more effective.
I share the method to my madness in the video below...
- Have a morning routine. I have a whole philosophy around mindset and how that dictates our result. I strongly advocate employing a system or framework to start your day. Whether it's exercise, meditation, reading, prayer, et. Some level of consistency provides you with the discipline and momentum you'll need to finish your day. My routine is made up of a mosaic of techniques like using the Life SAVERS technique introduced by Hal Elrod in The Miracle Morning.
- Develop a capture system. This was probably one of my biggest wins going back to 2018 was finding a way to capture my thoughts. (EXPLAIN... You know when you have an idea and then your brain goes into the stage where you can't remember it because you didn't write it down. This is why you need a capture system. Some may use sticky notes, but the goal of any capture system should be EFFICIENCY. When the idea/thought/to-do hits you capture it for processing later. This is how you keep the maximum amount of RAM available for higher-level activities.
- Stay out of your email. This seems a little weird, right? As a financial advisor, you're like well I might miss something from a client or prospective client. Although that can happen you can use an autoresponder during the day. If this is a concern you can turn this on when necessary. Generally speaking, though you should stay out of email because of how much a time-suck it can be. Most are there least productive stuck inside their email inbox marking things read/unread, dragging to folders and contemplating. Set a time in the morning and the end of your day to process your email.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: To all my career changers out there... what do you need to know in order to make it as a financial professional?
As a coach to financial advisors, I run across a lot of career changers from all walks of life and all ages.
I get a very common question, what steps should I take to make it as a financial advisor? It's not an easy question, but I'm going to do my best to help you out. Because this is a great profession in need of really great people.
If you haven't already, navigate here and download my free guide that gives you 10 tips to help you jumpstart your career as a financial professional.
- Decide on your route. I've mentioned the traditional vs. the non-traditional route before, but it involves the degree to which you want to be regulated.In short, as a financial coach that just specializes in budgeting and/or debt reduction or student loan counseling that doesn't not advise on investments you can avoid being regulated.
- Decide on your build. What does this mean? Well, what are you trying to accomplish? I've gotten a lot of "Hey Dominique, can I be a financial advisor as a side hustle?"Some want to actually quit their current career cold turkey and start. Others might be the "go-to" for friends and family and are considering a switch. Any of these are valid reasons but they lead to the inevitable questions of "what should you build?" If you want a full list of what to consider check out this video.
- Build some runway. This can be done in a lot of forms including (1) Reducing your expenses for "x" months while still working your job, or (2) having a working spouse while you save.In either case, you will need margin and runway while you transition. The biggest mistake I see aspiring financial professionals make is not considering how long this will take and not having enough margin to get up and running. This should be 18-24 months of expenses to help you transition.
- Hire a coach. I can't stress this enough. You need someone that can help you through some of the strategy involved in building a successful practice and making the pivot from your previous career.A coach is helpful in deciding the following:(1) How will you focus your energy? What gets done now vs. later? (2) Developing your marketing plan. Which type of clients will you target or go after and how? (3) How should you price your services?
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: I want to break down my 5 steps to creating a great client experience—what I call the WOW factor (wonderfully overwhelmed) What is the difference between customer service and client experience.
What makes that interaction good or bad? It is how you feel. Feelings influence buying decision and then we use our logic to justify our decisions. So whenever you can provide a great experience it will be remembered. So how do you do that?
- Be Comprehensive- I like the comprehensive approach because it leaves no stone unturned. If you have a siloed approach you can miss opportunities to provide great service. I like to focus on 4-5 aspects of an individual's financial picture and they are the following: (1) Cash mgmt, (2) Investment positioning, (3) Tax strategy, (4) Asset protection, and (5) Non-Cash Compensations & Benefits. This allows me to see all the different pieces of a client's life and help them "talk" so that wealth and utility can be maximized.
- Be Curious- If you are genuinely interested in forming a deep relationship with your clients, it will show. You can't expect them to have a good experience if every interaction results in some type of transaction. What about birthdays, anniversaries? How do you react to their wins/losses/challenges in life? Are you empathetic?
- Be Ready to go above and beyond- I think this goes without saying, but the goal is to provide more value than what you are receiving as payment. My honest belief is that as financial advisors we have the power to change the trajectory of someone's life and that cannot be valued. But it is imperative that we create a process or framework by which to deliver that type of experience. A lot of this comes in the form of proactive vs. reactive service to the client. Can you get the answer faster? Or do something that saves them time on their end?
- Be Straightforward- Beyond honesty and integrity be firm on any positions you take. This definitely means that when you screw up, be the first to apologize when you make a mistake. I've found that clients don't require perfection, just honesty. You won't have a spotless record but you must be the time of person that your client can trust will do the right thing when called upon whether it is uncomfortable for you or not.
- Be Thinking of What you Like- This may seem a bit counterintuitive but think of how you like to be treated and do the same. It is the golden rule (more or less). If you like quick responses to your inquiries develop a system to respond to client inquiries and provide them with status updates on items you are working on or they are waiting on.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: As a financial professional you're going to need to know how to attract your ideal client. There are 8 biologically programmed needs that every human wants or desires that revolve around 3 basic life themes...let's see how those fit into developing your marketing plan.
So in a previous video, I talked about the importance of finding a niche market and the 5 elements of how you would create content to market your services to them. And no matter if you feel you are good or bad at selling or marketing your services it will be helpful to understand that there are some common themes to use when doing so.
Do people want to be in relationships? Feel safe? Feel significant?
The answer is YES...but how do you package that in a way that feels natural and genuine.
- Life Theme #1 - Relationship - Everyone wants community. We've been wired to care about what others think in a way that will promote our survival. We care about the protection of our loved ones and we desire a level of companionship.
- Life Theme #2 - Safety- Going all the way back to Maslow's hierarchy of needs we have to feel safe. This means that the basics of food, clothing, and shelter have to be provided before other things gain importance.
- Life Theme #3 - Significance- Despite how hard we try we all want to gain the approval of something or someone. Being accepted for who we are and what we do is a big thing in modern society. This need for significance is evident in many different areas of life which is probably where the notion of "keeping up with the Joneses" came from. Regardless there are many different ways to use this as a positive in your marketing strategy...
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Finding success in your personal financial planning career consists of a lot of things.
For one, which designation, certification or degree program should you use?
There are so many!!!
How do you know which to go after? Which is right for you?
Today, I want to share with you some key considerations for picking the right designation and my top 3 financial designation recommendations.
- Accreditation. This is one of the biggest factors in my opinion. Just like you want to attend an accredited college you want a designation that also has accreditation. You can use this site to research designations: https://www.finra.org/investors/professional-designations. Be careful of designations/certifications that are relatively new, have a low amount of members and have a fairly low barrier to entry. It leads to my next point about...
- Public Perception/Reputation. One of the main reasons for the time, effort and money that goes into a designation or certification is the reputation it should bring. You want a designation that is reputable not only among your industry peers, but also the public. Public perception can go along way for helping you as you establish yourself. It is not the "end all be all" but having the right designation combined with the correct marketing strategy is powerful (check out this video on the importance of picking the right niche)
- Comprehensiveness. Don't forget that the whole point of the designation or certification is also to LEARN something! You want to become more proficient at whatever it is that you are getting the specialized training for. In order to do this, you may want to have courses that are taken (that can be self-study or not) along with an exam requirement.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: It can be difficult to choose a framework or form a philosophy for investing your clients' hard-earned money.
However, there are a few principles to keep in mind.
In developing my "true north" for investing, it started with something Sir John Templeton said...
time in the markets is more important than market timing.
To catch that key piece of wisdom and more...check out today's episode.
What is your investment philosophy?
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Start with strategy design based off your philosophy. For example, I believe markets are efficient and therefore choose to create portfolios that expose my clients to the factors I feel determine portfolio returns. Like relative price, size, and profitability.
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Develop a method to evaluate assets and/or portfolio managers. Which types of assets will you use? This involves looking at what the client needs in relation to your overall philosophy and strategy. For example, if I see the client requires 6% returns, I find assets that have delivered at least that historically. Next move to portfolio manager evaluation. This holds true if you select mutual funds or separately managed accounts (SMAs). This should be based on the client's investment policy statement which starts with a discussion around risk and return preferences.
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Develop a disciplined framework to monitor your strategy. Finally, have the discipline to follow the strategy. Largely the goal of a financial professional is to manage the behavior of the client through good times and bad...especially the bad. What benchmarks or goals will tell you if this is working? Client performance? Broad market indices?
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: I recently brought on my friend and colleague Preston D. Cherry to discuss "how to become a financial planner?"
After receiving many similar questions, I felt it was time to offer 3 distinct paths you can follow to enter the industry.
I thought Preston best to speak on this as his resume speaks for itself...
-instructor at the nation's flagship financial planning program (Texas Tech),
-instructor for Dalton Education's CFP program,
-CFP certificant,
-Master's in Financial Planning, and
-Ph.D candidate.
I could think of no one better!
We are able to cover the following during our conversation:
- What's better the CFP or Masters in Financial Planning?
- Why the Master's degree is a base or signal to the public...
- What is the time/energy/money being invested?
- What are the 3 distinct paths?
Preston's website
Preston's LinkedIn Profile
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Many people I talk to are utterly overwhelmed during their open enrollment period.
Should I change this benefit? Should I opt-in for this or that?
In my opinion, this is a great time to maximize your paycheck!
There is so much money left on the table that can be placed back into your budget to reach your financial goals, but there are some steps to take.
I want to give you 5 tips for open enrollment period that you can use in order to fully maximize all that is available to you.
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Know when it starts and ends. How can you be empowered if you don't know when the annual enrollment period begins or ends? Usually, you will get some type of internal notification from your company. I highly recommended marking your calendar and not waiting until the last minute.
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Review your benefits from previous period or employer. You'll want to review what benefits you had last--either last year or if you're changing jobs from your previous employer. I suggest printing these out before you get started on the upcoming year to give you a side-by-side comparison. It's very possible to use your last paystub to look at this also. Most employer websites have a separate portal that may allow for this comparison so you won't have to print it out.
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Elect the free stuff. This may be a no-brainer but elect the free stuff. Typically this may be life insurance for you as an employee, short-term, long-term disability and maybe some other things. If it's free and you don't use it, you're leaving money on the table more than likely.
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Consider the HDHP vs. PPO. One of the most expensive benefits you are provided is health insurance. Just look at your W2 from last year in box 12DD. I've seen a lot of plans that have employer-sponsored and/or subsidized medical coverage depending on plan type. That's to say you may get free health care if you choose a high deductible health plan (or HDHP). This is beneficial in a lot of ways and I'd cover how these plans work in this video. This could potentially save you a lot of money in current and future taxes, as well as, allow you to get some extra cash from your employer.
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Max out your 401(k). If possible try to contribute the IRS limit into your 401(k) plan thereby maximizing any type of employer match that you are eligible for. I see many people only contribute the default as most plans will elect 1-2% if you don't specify a %.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: It's not often you get to sit with an expert on how to determine your risk tolerance.
Whether your an investor or a financial professional, getting risk tolerance right in your investment strategy is a major component of successful financial planning.
I recently got a chance to have a great conversation with Dr. Brad Klontz, one of today's leading experts on risk tolerance.
We are able to cover the following during our conversation:
- Dr. Brad's personal money story
- Thoughts for how to talk about risk with wealth management clients
- The dangers in trying to "automate" risk management in portfolios
- The most important question to ask clients when it comes to risk
- How to avoid bias in your own investment strategy
- Parting words of wisdom for tomorrow's financial professional
Check out Dr. Brad's book on Amazon: https://amzn.to/2LehWpd
Dr. Brad's YouTube Channel Dr. Brad's LinkedIn Profile
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: I've worked with dozens of financial professionals on how to find a niche market in order to reach their ideal prospect.
Today, I've boiled it down into 5 crucial steps to figure how to market to a certain individual, so if you want to know how to find a niche market as a financial advisor, stay tuned.
I want to provide you with a high-level view of my 5 step content creation guide which gives you how to create content that will be specific to your niche.
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What is a niche? A niche is a specific group of people with similar characteristics, or in your case a similar problem that you can uniquely solve for them. If you are marketing yourself as a financial advisor to retiring physicians looking to sell their medical practice you will be more attractive to that type of person vs. a "financial advisor". So when we talk about a niche, keep in mind that it can also be persona-based, like "retirees that live in Boca Raton". I'll just say the more narrow and specific you get the better.
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Why are niches important and how can they help your business? Niches can help in 2 main ways: (1) you have a greater focus on what is crucial to your business to grow and move forward. You don't want to have your focus split too many ways and it will be if you don't have a narrow focus AND (2) it helps the people you are uniquely designed to help find you easier. A lot of advisors confuse this with turning away business. I will just say that it has never been my experience that you miss out on a great prospect because you are too focused. The reality is that prospect is probably not best for you.
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What is a tried and true framework for marketing to a niche market?
Step 1 - Find out what your Niche/Target has in Common with Everyone. Step 2- Find out what your Niche/Target has that is Unique. Step 3 -Pick a topic/subject/problem they are facing for your angle. Step 4 -Brainstorm a list of 10-20 mistakes with corresponding desires/results. Step 5 - Create content with a bold promise for the 1 thing they want and tell them what life would be with it using.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Some of my young advisor friends find themselves in the first 3-5 years of business asking the question...
Can I sell and help?
I'm here to tell you that there are some definite things you can put in place to avoid the financial professional's dilemma. Wanting to help people, but also the need to provide for your financial needs can present this dilemma.
How do you bridge that seemingly wide gap in motives?
- Understand you will need a "True" North. First and foremost, you must remain true to yourself at all times. This means that money, fame, success at any level will only amplify who you already are. If you're a good person with a good heart, then all those things will only make you better...however the reverse is true. Pro tip: This is why I highly advocate all my coaching clients to have a morning routine that centers you and helps you affirm the reasons why you do what you do (whatever that is). Having a True North will help you stay true to you.
- Understand that receiving compensation = "Thank you". Practically speaking...being compensated for selling a product or selling advice is just token of appreciation. I heard this concept from Rabbi Daniel Lapin and it was really eye-opening for me. You see all of us come from different money stories and depending on how you were raised you may view money as something other than a tool. It is not in of itself good or bad—it is can only be those things based on who is using it. So if you provide someone with a solution to a problem and they compensate you with money for doing that then you have earned the right to it and you should be proud of what you've done because you've helped them solve a problem.
- Understand that you need "margin" or runway. Be prepared to "weather the storm" of this industry. Understand what you are getting into. Don't start in this business if it means that if you don't get any clients that you won't be able to provide for yourself or your family financially. It will take some time for people to trust you with their money regardless of how good your advice is. Be prepared for that and have some savings because it may take you a while to ramp up your income.Quick Question...Where do you fall on this continuum? Do you think you would have a conflict between selling or helping? Let me know down in the comments.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Do you want to know exactly how to find your next financial services job?
Without guidance, it can be difficult to know how to get a job in finance with no experience.
Many of you that watch my YouTube channel or read this blog want to know how to get a job as a financial advisor.
Knowing how to get a job in finance boils down to a couple of things that I want to share with you.
TIP: Use a site like www.adviserinfo.sec.gov to conduct background research on a firm.
- Identify the firm(s) - So I shared this trick inside my Facebook group some time back on how you can use public information to research a firm or firms you're interested in working with. Luckily, this information can help set you apart since not everyone knows about this little secret. This is a requirement that all firms have a profile here. You can look up the firm or members of the firm that are registered individuals. Here you can find a lot of helpful information.
- Prime your social presence - I'll also say that before you go applying this new secret check out my video on "Priming your LinkedIn Profile" so that when firms start looking at you online they will be impressed by what they see.
- Develop your outreach strategy - Go to LinkedIn and follow their feed or the person that could make a hiring decision at the firm. You will comment on posts they make and engage with them.
- Execute your outreach strategy - Reach out with a personal video after you connect with them to invite them to 15 mins of "virtual" or physical coffee.
Thanks for listening, reading and watching.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: I've often been asked what are the best books for financial advisors or what should I be reading as a new and aspiring financial professional?
In this video, I'm sharing my top 3 book recommendations for aspiring financial advisors as well as my honorable mentions list.
COMPLETE BOOK LIST📚
- "Life Planning for You: How to Design & Deliver the Life of Your Dreams" by George Kinder
- "The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals" by Ashvin B. Chhabra
- "The Hero's 2 Journeys" by M. Hague and C. Vogler
- "Think and Grow Rich" by Napoleon Hill
- "Principles: Life and Work" by Ray Dalio
- "Predictably Irrational: The Hidden Forces That Shape Our Decisions" by Dan Ariely
- "The Practicing Mind: Developing Focus and Discipline in Your Life Master Any Skill or Challenge by Learning to Love the Process" by Thomas M. Sterner
- "Exactly What to Say: The Magic Words for Influence and Impact" by Phil Jones
- "How to Persuade and Get Paid: The Sales Workshop for Everyone" by Phil Jones
- "Never Split the Difference: Negotiating as if Your Life Depended on It" by Chris Voss
- "Bluefishing: The Art of Making Things Happen" by Steve Sims
- "The 12 Week Year: Get More Done in 12 Weeks Than Others Do in 12 Months" by Brian Moran
- "Big Debt Crises" by Ray Dalio
- "Talking to Strangers: What We Should Know About the People We Don't Know" by Malcolm Gladwell
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
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Show Notes: Let's talk FEARS of Starting a Financial Professional Career...Are any of these holding you back?
Working as a financial advisor there's nothing like the boogeyman to come try and scare you every now and again. :-)
From my career as a financial advisor I want to share a few "boogeyman" type myths that you may have heard about that shouldn't derail you...
Let's take our time a break down some of these arguments and show you why "FINANCIAL ADVISOR" is still one of the top careers in finance!
✅ Robos will not takeover. Clients still want human connection.
✅ Fee compression is a problem when you don't provide enough value.
✅ Zero commissions are a "shell" game.
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: Are there certain things you can't (or shouldn't) say as a financial advisor?
Absolutely.
I've heard some wild stories in my time in the industry and I'm sure you have some doozies to tell also.
There are some guidelines in this industry as to what you can and cannot and I'd like to provide you with some tips that you can use as a financial advisor in practice.
In my latest video, I describe the following things as "bad" financial advisor talk:
✅ "I guarantee OR I'm sure that...Always...never..."
✅ "The client's assets I placed in XYZ fund will perform the same way for you..."
✅ False or Misleading information
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: Have you thought: "do I need a college degree just to be a financial advisor?"
The quick answer is "no".
There are a few paths to being a successful financial advisor with (or without) a college degree...BUT there are some things to consider!
In my latest video, I talk about considering the following scenarios for success as a financial advisor:
✅ The Traditional Route with Finance background,
✅ Some college or no college, and
✅ Career Changer with no Finance background
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: I found out about the great things Steven was doing with financial literacy through Instagram from his Know Money Inc. brand.
I saw he'd just finished a BankRoll Summit at college and loved his focus on financial literacy.
Today, I invited him on to talk about his efforts reaching Gen Y and Z and specifically how the financial services industry can do a better job addressing their financial needs.
We are able to dive into...
- Steven's money story
- What types of conversations about money are resonating with today's college students?
- How can the financial services industry heal the broken trust with Gen Y and Z?
- How interested is Gen Y & Z in the concept of financial coaching?
- How are you incorporating the findings from your summits into those coaching/trainings?
- Has the student loan crisis caused a shift in the mindset of the next generation and how they view borrowing?
- A real-life example of how a current college student should be thinking about their future with money
Steven's Instagram Profile Steven's Website
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: Do you want to know how to manage life and business?
As an empty-nester, entrepreneur and financial advisor and husband of 22 years, I had to bring on my 1st lady (Briana Henderson) to talk about finding balance in the entrepreneur life.
Here are some of the topics we hit...
✅ What everyone is up to
✅ What is the key for a "thriving" relationship with hectic schedules?
✅ What makes this work for us since it's not always perfect?
✅ Why "time is currency" in a relationship (especially our own)?
✅ How you avoid "avoiding" one another when there are no more kids to care for?
✅Some tips to help keep the relationship thriving!
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: When you want to talk about the impact of technology (automation and digitization) on the financial advisor of today or tomorrow it might be a good idea to talk to a computer scientist.
That's exactly what I did in this convo with Calvin Williams, Jr. (owner of the first black-owned robo advisor--Freeman Capital.)
Our conversation covered so many topics like:
- How was money talked about when you grew up?
- How Calvin views the impact of technology on the advisor of tomorrow...
- What will A.I.'s impact be on human advisors? And where's the opportunity?
- Advice for human advisors...
- What role does traditional learning have in today's society of technological advances...
- Looking at the future of finance with A.I. and humans...
Calvin's Instagram Profile Calvin's Website
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Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
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Show Notes: Can women in finance find success in a male-denominated industry...ABSOLUTELY!
There's no better person to discuss this with than my friend and colleague, Jacqueline Schadeck, CFP® of Sherrill & Hutchins Financial Advisory, Inc in Atlanta, GA.
Our conversation was about:
- Jacqueline's personal money story
- What it's like to be a woman of color and a CFP in a male-denominated industry...
- Advice for recent grads or anyone new into this industry...
- Jacqueline's recipe for success as a woman in finance...
- Rapid Fire Round covering financial literacy, women advisors, and the meaning of wealth
Jacqueline's Instagram Profile Jacqueline's LinkedIn Profile
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
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Show Notes: I thought to take some time to answer some questions about being a financial advisor and certified financial planner.
This was an absolute treat to put together. I was able to cover:
✅ Update to "Financial Advisor Day in the Life of a CFP" video
✅ Diving into the comment section for "Financial Advisor Day in the Life of a CFP" video
✅ Update to "Certified Financial Planner Career What Does a CFP Do" video
✅ Diving into the comment section for "Certified Financial Planner Career What Does a CFP Do"
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
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Show Notes: Get ready to learn social media growth tips for financial advisors!
My latest guest Mr. Andre Albritton (IG: @themillennialsnextdoor) stopped by to provide a bunch of perspective and his top Tips for growing on social media for financial advisors that want to market their services.
Our conversation was about:
- How Andre uncovered his passion for finance...
- A unique opportunity Andre identifies if you're willing to put yourself out there now...
- Why video is key to your social media content strategy and the results he's noticing...
- To niche or not to niche...that is the question...
- How to let social media "pick you"... and developing a content strategy
Andre's Instagram Profile Check out Andre's Blog
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes
I was so excited to talk with Bola Sokunbi of Clever Girl Finance in this episode. We covered a host of topics such as the lack of women in the financial industry and how she began her online brand by blogging.
Her story serves as an inspiration to ANYONE wanting to become a financial professional.
Our conversation was rich with dialogue about:
✅How Bola developed a good money foundation,
✅ Some considerations for women financial professionals,
✅ How she's used blogging for foundational content to build her brand and why she prefers this platform over just using social media,
✅ Why Bola feels that regardless of which path you pursue you need this one thing...,
✅ Bola's perspective on the student loan debt crisis, and
✅ Parting advice for the aspiring financial professional of tomorrow
Check out Bola's book which features the stories of women that have changed their financial situation and built 6 and 7 figure incomes.
Clever Girl Finance Instagram Profile
Visit her website
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes
If you were curious about how to make $100,000+ as a financial advisor, I want to give you the 3 major things that will determine your pay.
👉🏾Survey of Financial Advisor Pay: https://www.payscale.com/research/US/Job=Certified_Financial_Planner_(CFP)/Salary
This is a very common question that I hear, and quite frankly the answer is "it depends", but let me tell you what it depends on...
- TYPE OF CHANNEL...this has to do with if you work for a bank or wirehouse, a broker-dealer, hybrid or a RIA. If you want to learn more, check out this video...👉🏾 https://youtu.be/1f4MEt0NzoA
- TYPE OF FIRM...if the firm is investment-focused or planning focused will also factor into how you are paid. When I worked for an independent RIA, investment-focused firm, I was an employee and also was compensated with revenue share based on how well the firm did.
- TYPE OF REVENUE MODEL...how the firm bills its clients will dictate how you are paid also. For instance, if the firm is mostly compensated by fees for assets under management, or if they collect commissions from the amount or level of business they transact, or if they are remunerated by a 3rd party company for products they sell. These are all factors that play a part in the way you will be compensated.
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: I met Whitney Hansen through her branding for The Money Nerds podcast--a colorful and entertaining collection of stories and perspectives on the employment of practical financial strategies for the everyday person.
When I reached out to Whitney and she so graciously responded I just knew we were going to have a great conversation about...
- The benefits of attending financial conferences like FinCon19
- What financial coaches do
- How she started The Money Nerds podcast
- Entrepreneurial advice
- Where she sees tremendous opportunity within the financial services industry
- Some disruptors to be aware of
- and much more!
Whitney's Instagram Profile Whitney's Podcast
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
Show Notes: I met Julie Kalkowski after I reached out to her after reading an article in Creighton's Alumni magazine about the tremendous work she's doing to promote financial wellness in the Omaha area.
Through several self-initiated grants, she has helped hundreds of individuals gain valuable perspectives on their financial health and also found data on how this relates to physical wellness.
Her work has several implications on how financial services will be both received and delivered in the future and I wanted to bring her on today to talk about that.
- How Julie developed her career in financial education/literacy
- Tell us about the study and the impact on the financial services industry
- The tools and methods that are being effective in helping drive outcomes in the study
- What should tomorrow's aspiring financial professional understand about financial health?
- What makes a good financial coach
- and much more!
Julie's Linkedin Profile Financial Hope Collaborative's Website
Thanks for listening.
Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NQouKGKjlzA
I met Ash Exantus by watching one of the many interviews he's done
for social media. Without a doubt, my #1 takeaway→HIS ENERGY.
His energy and passion for financial education and literacy were infectious and contagious.
At that point, I reached out and several DMs later, we have
this opportunity to talk about:
- His humble beginnings in the projects of New York...
- The origin of his work ethic
- Why entrepreneurship isn't for everyone
- Why he got into financial coaching and left the "regulated" world of financial services
- Why everyone one that earns money needs a financial advisor
- and much more!
Ash's Instagram Profile: https://www.instagram.com/iamashcash/
Ash's Website: https://www.iamashcash.com
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NXqsJMi_0FI
In a recent group coaching session, I covered why you might want to be an independent financial advisor and start your own firm.
There are a lot of factors to consider...
My hopes are that after listening to this episode you will be able to understand some of the more important ones.
SHOULD YOU START YOUR OWN INDEPENDENT FINANCIAL SERVICES FIRM?
Here are some possible reasons you may go that route...
- REASON #1 -- The current firm you work for does things you don't agree with morally or ethically.
- REASON #2 --There isn't a clear career path that aligns with your goals.
- REASON #3--The firm doesn't have enough stability (financially, management, etc.)
- REASON #4 --The firm doesn't value your contribution.
- REASON #5 --The firm owners are looking to sell.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/2LLiqm0Pk7E
Want to be a financial advisor, I'm going to be sharing with you my top 10 list of things to do to get a job as a financial advisor and jumpstart your career.
- DO YOUR RESEARCH. You should be aware of all the different avenues there are to enter this industry. What type of role are you looking for? What roles are the most popular and what are people hiring for right now? Which firms are hiring?
- JOIN A PROFESSIONAL ORGANIZATION. There are many organizations like FPA (Financial Planning Association), NAPFA (National Association of Personal Financial Advisors), and AAAA (African American Association of Financial Advisors) and others have varying levels of membership to fit wherever you are in career stage. These are national organizations that often have local chapters for you to be a part of. The next thing to do would be to join and become active.
- JOIN A STUDY GROUP. This is usually a group of 5-10 or your peers that serve as accountability and camaraderie. Study groups can be excellent sources of information and a way to share wins/losses and best practices among a group of people you feel safe around and be transparent around.
- FIND A MENTOR. A mentor's time and experience can be invaluable to you so this is a must. Check out this YouTube episode for more details: https://youtu.be/NXqsJMi_0FI
- PRIME YOUR ONLINE PRESENCE. I place a high degree of importance on what someone looks like online. Check it out this video for exactly how I got to 10,000+ followers on LinkedIn: https://youtu.be/9fyVbjKR1ng
- PURSUE A DESIGNATION. This is a highly competitive industry and while you're chilling, someone else is reading, studying, practicing, etc and you have to stay sharp.
- NETWORK WITH PEERS. Invite a peer to lunch or coffee to talk "shop" as we call it. These are good opportunities (a bit more intimate and informal) than a study group might be.
- ATTEND AN INDUSTRY EVENT. Most of the organizations I named earlier will have events on a local or national level that you can attend for a cost. This can be an excellent avenue for you to meet new people to further your career. Be intentional about why you are going and what you're trying to accomplish before you book your agenda.
- REACH OUT TO POTENTIAL EMPLOYERS. That stellar opportunity will usually not walk up to you and tap you on the shoulder. You have to go find it. I cover 3 tips on how to position yourself to potential employers here: https://youtu.be/lcuy4ooDyaE
- HUSTLE. Invest in yourself. Because if you don't you can't expect anyone else to do so.
Want a physical copy of this list to keep on your wall next to your computer? Send me a DM.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NXqsJMi_0FI
I've often been asked: "Dominique, how do I find a mentor?"
In this video, "how to find a mentor for your career", I'll be showing you the 3 steps (with one bonus) that will help reduce the difficulty in finding a mentor.
I'll answer questions like:
- What should I look for in a mentor?
- How to find a great mentor?
-
How do you approach a person for mentorship?
-
DO YOUR HOMEWORK. Before you approach a potential mentor, learn as much as you can about them. IN this age of information that should be easy. Spend some time on their social profile, reading their bio, etc.
- MAKE A DIRECT ASK. What just noted was probably the most important takeaway...your ideal mentor has something you want. Identify what that is, and ask directly for it.
- FOLLOW-UP. If you've picked the right person that has things going for them, they are likely busy. So your first overture may go unanswered. This is all the more reason that your approach should be direct so that they can immediately know if they want to engage with you or not. If they have to figure out what you want, then you won't be getting a response.
- BONUS - If you are so fortunate to secure their time, DO WHAT THEY ASK. There's not a lot of benefit in the mentorship if you won't be using the advice that is given.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/Hqv9Ym2ex5k
I met Danny Harvey through a mutual friend for the first time a few months ago during a visit to PV to enroll my children for the upcoming academic year. We hit it off right off the bat. I recently sat down and had a conversation with him about:
(1) PV becoming the 3rd HBCU to have board registered CFP program,
(2) the right mindset to have as "tomorrow's financial professional",
(3) what he's telling his students about the profession, and
(4) how the industry is changing for tomorrow's financial professional.
Danny's LinkedIn Profile: https://www.linkedin.com/in/danny-harvey-mba
Danny's TedX Talk: https://youtu.be/AIVEpUDAUNg
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/bMP1L_RBl5k
Have you ever wanted to listen in on "behind the scenes" talk in the financial service industry?
My friend Preston Cherry, a fellow financial advisor, go "unscripted" on several subjects including:
- The many facets and entry points into the financial services industry for aspiring financial professionals,
- How you might not always follow a linear path as a financial professional,
- The benefit of educational programs like Dalton, and
- How to get experience (as a new advisor) if you don't have any.
Preston's LinkedIn Profile: https://www.linkedin.com/in/prestoncherry/
Preston's website: https://www.concurrentfp.com/financial-advisor-preston-cherry
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/9fyVbjKR1ng
Today I'm going to show you how to make a good LinkedIn profile and share how I grew my LinkedIn profile to over 10,000 followers. It doesn't take long to setup a good LinkedIn profile and it'll really pay off, even in 2019 as more people join the platform.
-
Use a killer headshot. A picture is worth a thousand words...but make sure it is a good one. If you have to spend a few bucks getting it right...even if you have to go to a photo booth.
-
Write a killer headline. My personal preference for the 120 characters that we get for this prime piece of real estate, is to state "how I help people." Don't just use a job title as that can be reflected in the description below.
-
Triple check the profile for accuracy. There is absolutely no way to look unprofessional than to half misspelled words or inaccurate information on your LinkedIn profile. Remember this is how recruiters, colleagues and potential employers are seeing you for the 1st TIME. Make sure you check, double-check and triple-check your profile to make sure it is accurate. Don't use unprofessional email handles and old phone numbers.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=L5ItcWyM48w
If you are a current or aspiring financial professional you may wonder: "how to prepare for a meeting with a potential client?" I think this list can help you attract new clients to your practice as well as turn existing clients into raving fans from your meetings. 1. Set expectations. No one wants to be frustrated by being "overpromised" to and "under-delivered" to. This is why it is critical to set realistic expectations that you can deliver on with meeting with a prospective client. 2. Provide a service calendar (2:06). What should they expect? And at what times of the year will you be delivering these services? This will also allow you to create a set of routines or tasks for your back office to perform in order to meet expectations. 3. Always probe and ask great questions (3:25). Your clients and potential clients are really interesting people that do interesting things. BE INTERESTED. This will only strengthen the rapport you build for them to trust you as their advisor. Be genuinely interested in what is going on with them. Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=1f4MEt0NzoA
What is the entry level financial advisor career path like? This is a question I get all the time and I want to cover the 4 basic paths today.
- Brief history of entrance into the industry
- There are differences between each channel. They are the bank (or wirehouse/captive), broker-dealer, independents (or registered investment advisors) and hybrids.
- There is a different standard in those channels—it is the suitability standard or the fiduciary standard.
- Why you may choose either has totally to do with you and what you believe. Can you serve the client's best interest using either standard? What you would do for your parents should be what you do for clients.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=Ku3oiyzHBi8
If you want to be a financial professional and you want to know what working for a big or small financial services firm would be like...keep reading!
- PRO -The availability of resources at a large firm will likely not be an issue. Things from office space to a dedicated admin are things that you won't always find when going small or on your own. Typically, a larger firm will have a lot of amenities.
- CON - Big is not always better. At large firms, there can be a tendency to be lost in the shuffle
- CON - Does a big firm serve the client or the shareholder? This may show itself in the form of products sold and quotas being met. By contrast, without hundreds or thousands of client families, each one is more important, so you will feel closer to your clients in a smaller firm
- PRO - Financial stability at a larger firm isn't usually an issue. A stable firm would probably be one that reaches more than 100MM in AUM or more than $1MM in revenue. This is a very common benchmark in the industry and many small firms never reach this.
- No matter where you work, make gaining experience your chief objective during your stay.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/dE2OWKFSrIc
How to start your own investment firm and become an independent financial advisor is what we're going to cover today. There are 2 important questions to ask "when" and "how". When it comes to exactly when to do break away involves mainly:
-
"Do you have the financial runway?" Financial runway is a supportive, working spouse that understands that in months 0-24 you will be grinding it out and adding extra expenses to your household budget. You need either this and/or savings that will give you the income you need once you leave a paying position and go to zero but start incurring business expenses.
-
Also consider... do you have the expertise it will take to care for clients and have them trust you? You shouldn't break out on your own with less than 5 years experience. I may have some that disagree but this is just a hard thing. Unless you are an 11 on a scale from 1-to-10 on sales, you need to wait until you have established your reputation in the business before you become the quarterback of someone's financial life.
-
Next you should consider "how". Always play by the rules and declare any OBA (outside business activity) while you're registered with your current firm. You may also have a non-compete agreement in place preventing you from soliciting clients for business. Ultimately you may just have to make a clean break from your existing firm.
-
This means you'll want to file properly and use a professional with the expertise to help you. However, before leaving your current firm and stopping your paycheck, you need to have a clear idea of your firm name, how you will charge and drafts of all your documents like your ADV, file your LLC (articles of incorporation), your policies and procedures, etc.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/lcuy4ooDyaE
If you want to know how to impress a potential employer and stand out, in this video I'm going to be sharing some tips you can use to help you secure that next job if you're trying to break into the financial services industry.
- Do Your Homework. Your potential employer probably has dozens of other equally qualified individuals asking for the same job. If you are granted some "face-time" with them, what's going to make you different?
- Be professional. Do yourself a favor and use the highest degree of professionalism when interacting. Spruce up anything that will represent you (e.g. email, social profiles, etc.). After all, how can you demonstrate you will respect the job if you don't respect yourself?
- Be memorable. You hardly ever get a 2nd chance to make a first impression. Make yours count! Instead of just sending a typical email, record and send a video introducing yourself.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/SCV30_Yy3HY
I've seen my fair share of new hires and interns while working as a financial professional. And although during the last 3 years I've worked as a solo advisor, I've had a lot of people that I've coached to get them to the next level. I want to share what I think is the proper way to position yourself when you prepare your resume...
- Nothing beats personal touch. Don't let your resume do all the talking. I use a free video service called Loom that allows me to record a quick video that provides context and can be embedded write into the email you're sending with your resume in it. SET YOURSELF APART.
- Keep it shorter (vs. longer). This shouldn't be a biography. It needs to highlight in 1-2 sentences how you helped the bottom line of that organization.
- Highlight only relevant experience. I see LinkedIn profiles with every bit of experience a person has whether it's relevant to the opportunity or not. What is really important to remember is that you are seeking a specific job type at a specific company. Your resume shouldn't then scream "generalist".
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/GdyfzBBufc8 If you're listening definitely head over to my YouTube channel to catch the video version of this episode. I take you through what a typical beginning of the month looks like for my financial services practice. 1. My Morning Routine 2. COO Duties 3. CEO Duties
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/0FbVZ34ZSNw
When I graduated with my degree in Finance in 1998 there was a certain set of classes that I had to have...but I'm here to give you what I think is the most relevant.
Keep these things in mind as you navigate your journey to becoming a financial professional...
- College is to teach you how to think/learn. Since information is so abundant nowadays you should be using college to ask questions and challenge previously held assumptions. Don't take the easy route by just learning what you need to pass the exam or class.
- Master the basics. As a financial professional you have to have your basics. So principles of accounting, economics and finance are crucial.
- Social sciences are huge. This career is becoming more about the softer side as consumers realize they can have their investment choices automated and their budgets crunched. Helping a person understand why those things need to be done and what happens if they're not is the important skill. And for that you need high EQ and to be a good listener.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/8E9r7F6m5hU
The industry hasn't done a good job pointing out the differences in all the different titles, so let's look at the advisor vs planner title...
- Inside the industry it's all the same. Advisors can do the same work as planners although the term financial planner connotes a more comprehensive approach than advisor.
- Your firm type will often dictate what your are called. There are basically 4 channels in this industry as a advisor or planner...that is bank, ria, b/d or hybrid.
- Your target markets view of you is the most important view to manage and be aware of.
Finally, let me say what you call yourself can have little to nothing to do about what people see you as. For example, whenever I go somewhere and someone asks me what do I do, if I say "financial advisor" there is a natural inclination to what they are going to immediately think. Not until we get deeper into the convo (if that happens) can I change their initial thoughts.
Thanks for listening. For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/kxjxmCUiCYk
The website I'm referencing in this podcast is located here: https://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements
The path involves following the 4 E's:
Education (including continuing education).
- Complete college or university-level coursework through a program registered with CFP Board, addressing the major personal financial planning areas identified by CFP Board’s most recent Job Analysis Study; and
- Verify that you hold a bachelor’s degree or higher from an accredited college or university (accreditation must be recognized by U.S. Department of Education at the time the degree is awarded).
- Continuing ed 30 hrs every 2 years
Experience
- CFP® certification indicates to the public your ability to provide financial planning unsupervised, and CFP Board requires you to have 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements.
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You have to understand the 6 Elements of financial planning: https://www.cfp.net/images/default-source/infographics/experience-infographic-web.jpg?sfvrsn=4
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Establish and define the relationship: What is the scope?
- Gather data What info do you need to fulfill the relationship expectations?
- Evaluate client's financial status How will you analyze where they are?
- Develop and present recommendations
- Implement recommendations What needs to happen to carry out recommendations
- Monitor over time How is success measured?
Exam
- 170 questions administered over two 3 hour sessions (with a 40 minute break). I started studying after my education requirement was complete with a review course in August and then sat for my exam that November.
Ethics
- Must adhere to CFP Board's Standards of Professional Conduct and be willing to allow them to enforce them if you don't comply. It's really 3 parts...you have the Code of Ethics, the Rules of Conduct and then the Practice Standards. Basically means to make sure you render all your advice while a CFP in the client's best interest
Thanks for listening. For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/5nGz2VeOYAI
There are 3 main things you can do to help yourself secure that first job as a financial professional:
- Be confident. I know this may be hard before you earn your degree or actually are hired into the profession but you'd be surprised how coming across certain and confident will take you further than you expect.
- Engage in "deliberate" practice. Practice saying what you're good at and why you would bring value to an organization on your friends, roommates or family. Get in front of the mirror and practice with yourself. Give your opening line that you would say to a prospective recruiter over and over again. Hi my name is Dominique Henderson. I'm currently studying finance at Prairie View A&M University and I'm eager to learn more about the career opportunities you have at ABC firm. Would you mind telling more about [insert job opportunity]?
- Be Diligent. Follow up. You can't just check the box of attending one function and think that you will win the opportunity. Get a business card, connect on LinkedIN and other social platforms with the representative and follow-up. I'm talking about a setting like a career fair but you can apply this in just about any forum.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).
Send in a voice message: https://anchor.fm/dom-the-maven/message
In this episode, I cover the highlights and main takeaways from my YouTube channel videos uploaded in July on financial literacy, economic empowerment and personal development.
Here is what we discussed:
- Week 1 - How to Recover From Investment Losses
- Week 2 - You Don't Need A Financial Advisor
- Week 3 - What's Wrong in the World of Financial Advice
- Week 4 - How Can a Financial Advisor Steal Your Money💸?
- Week 4 (BONUS LIVE STREAM)- Debt Free Journey On A Low Income 💳
- Week 5 - Mindset of Wealthy 🧠 How To Manage Your Money Like the Rich
🗣️ Send me a message. I just might include it in the next podcast episode! https://anchor.fm/dom-the-maven/message
💬 LET’S CHAT -- I'd love to meet you! Send me an email at: info@djh-capital.com
📲CONNECT WITH ME ON THE WEB - https://djh-capital.com/
© 2019 DJH Capital Management, LLC. Hosted By: Dominique J. Henderson, Sr., CFP®
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In this episode, I cover the highlights and main takeaways from my YouTube channel videos uploaded in June on financial literacy, economic empowerment and personal development.
Here is what we discussed:
- Week 1 - How To Build Wealth
- Week 2 - Evaluating Portfolio Performance: How to Evaluate Your Portfolio
- Week 3 - How Much Does the Average American Make and Spend
- Week 4 - Entrepreneur Wife Life 🤦🏽 3 Valuable Takeaways UNCENSORED
🗣️ Send me a message. I just might include it in the next podcast episode! https://anchor.fm/dom-the-maven/message
💬 LET’S CHAT -- I'd love to meet you! Send me an email at: info@djh-capital.com
📲CONNECT WITH ME ON THE WEB - https://djh-capital.com/
© 2019 DJH Capital Management, LLC. Hosted By: Dominique J. Henderson, Sr., CFP®
Send in a voice message: https://anchor.fm/dom-the-maven/message
In this episode, I cover the highlights and main takeaways from my YouTube channel videos uploaded in May on financial literacy, economic empowerment and personal development.
Here is what we discussed:
- Honeydue App Review What is Honeydue and How Does It Work
- Why I Became a Financial Advisor: LIVE and UNSCRIPTED!
- How To Make Money While in College
- How Much Money Should I Be Saving 💲
- Budget for Small Business How To Do Your Numbers
🗣️ Send me a message. I just might include it in the next podcast episode! https://anchor.fm/dom-the-maven/message
💬 LET’S CHAT -- I'd love to meet you! Send me an email at: info@djh-capital.com
📲CONNECT WITH ME ON THE WEB - https://djh-capital.com/
© 2019 DJH Capital Management, LLC. Hosted By: Dominique J. Henderson, Sr., CFP®
Send in a voice message: https://anchor.fm/dom-the-maven/message
In this episode, I cover the highlights and main takeaways from my YouTube channel videos uploaded in April on financial literacy, economic empowerment and personal development.
- Financial Checklist 2019 - 3 Questions to Ask Yourself
- Should I Save Money or Pay Off Debt
- Certified Financial Planner Career What Does a CFP Do
- 4 Tips to Avoid Tax Scams
- How to Do a Budget and SAVE MONEY
- Restricted Stock Units Explained
- How much to Save for Retirement
- A Rubric for Behavior
🗣️ Send me a message. I just might include it in the next podcast episode! https://anchor.fm/dom-the-maven/message
💬 LET’S CHAT -- I'd love to meet you! Send me an email at: info@djh-capital.com
📲CONNECT WITH ME ON THE WEB - https://djh-capital.com/
© 2019 DJH Capital Management, LLC. Hosted By: Dominique J. Henderson, Sr., CFP®
Send in a voice message: https://anchor.fm/dom-the-maven/message
As part of a settlement with the SEC, Elon Musk agreed to pay a $20 million fine and step down as chairman of Tesla. Here are my lessons learned from this news as Elon Musk resigns from Tesla.
🗣️ Send me a message. I just might include it in the next podcast episode! https://anchor.fm/dom-the-maven/message
💬 LET’S CHAT -- I'd love to meet you! Send me an email at: info@djh-capital.com
📲CONNECT WITH ME ON THE WEB - https://djh-capital.com/
© 2019 DJH Capital Management, LLC. Hosted By: Dominique J. Henderson, Sr., CFP®
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Financial literacy is only required in 17 out of 50 states. Today, I share why financial literacy is so important with former NFL star Brandon Williams and Representative from Wisconsin Jason Fields.
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Here are tips on how to lower your tax bill and other tax deductions so you can save money this year and beyond. If you are employed, these are ways to reduce your taxes.
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We were a family of 5 living off of ONE INCOME. Here's how we did family budget planning to cut our grocery budget in half.
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How can Robinhood afford to give free trades? Are there hidden fees? Understand how the Robinhood app makes money in this review before you use it.
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Here are my budgeting tips to help you budget your money and save for emergencies, retirement, and other expenses! See the formulas for success here: http://bit.ly/5-success-formulas
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When you’re thinking about your investing strategy, here are 3 different ways to invest your money in the stock market.
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Increase your financial literacy and general money knowledge so you can better understand your personal finances and money mindset.
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I’m a financial advisor and in this podcast, I share my first impressions about the Robinhood Training App.
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Here are a few tips on how to invest your 401k in stocks strategically.
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Here are 3 tips successfully managing finances in marriage and for keeping the peace when you are supporting family members financially.
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Does your employer offer a flexible spending account (FSA) or health savings account (HSA)? In this episode, I break down the differences between a FSA vs HSA to help you decide which one is right for you.
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Here are a few personal finance tips so you can successfully manage your personal finances. Learn how to do personal financial planning in this episode.
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Roth IRA vs Traditional IRA, here are three reasons to use a Roth IRA.
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A lot of my clients ask me whether they should pay off their mortgage or invest. These are my tips to help you make the decision between paying off your mortgage early or investing.
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Compound interest can be extremely powerful for investing. In this Episode, I answer what is compound interest and how does it work.
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In this episode, I explain the differences between a Roth and a Traditional IRA so you can determine what is best for your retirement savings strategy!
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HSAs provide a triple tax advantage! In this episode, I talk about a health savings account and how it works. Learn how an HSA works!
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What is unrealized gain or loss on investment? In this episode, I explain the difference between realized and unrealized gain or loss.
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Have you ever wondered what the difference is between your FICO score and your credit score? In this episode, I explain your FICO score and tips on how to increase your credit score.
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Here are 3 marriage and finance tips for communication that we have used throughout our 21 years to help us with managing finances in marriage!
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There’s good debt vs bad debt. In this episode, I talk about a lender’s top concern which is your debt to income ratio.
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After 21 years of marriage, these are our 3 must-haves that any marriage or relationship needs in order to successfully handle finances in marriage!
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TODAY>>Creating a plan for managing finances in marriage and living debt free are essential. Here are 5 tips for handling debt when you share finances in marriage!
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If you've ever had the feeling that you're leaving "money on the table"...(KEEP READING)
As a financial advisor, I read through hundreds of employer benefit plans--and do you know what I see?
MONEY LEFT ON THE TABLE. On average, I see five figures not utilized through several very easy, simple strategies that can be implemented by anyone.
On today's show, I want to give you the 3 most common, best "bang-for-your-buck" strategies that I'm employing with my current clients. When properly employed, you can put thousands of dollars back into your pocket!
I'LL GIVE YOU AN EXAMPLE OF MONEY LEFT ON THE TABLE THROUGH UNDER-UTILIZATION OF EMPLOYER BENEFITS THAT INVOLVES: -a common retirement plan strategy -a triple tax-advantaged strategy to fund your medical care -a strategy to reduce the costs of childcare
All these questions and more in the 4th episode of the "Creating Walk Away Wealth" series.
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This week we continue the fun...with the 401k!
Have you ever thought: "how can I use my 401k to build wealth?"
If you've ever asked yourself this question, this week I'm going to give you 3 strategies, that if followed, will help you maximize your 401k AND save you thousands in taxes!!!!
Get your copy of these strategies... Click to get my FREE guide: "Creating Wealth to Walk Away!" >>>>>>>>>>http://snip.ly/7lhvwi
P.S. Subscribe to stay up to date with the latest videos here: http://bit.ly/FLBCYouTube
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Eventually, wouldn't you like to kick your feet up?
You know...just sit back, relax and live off the fruits of your labor from all the hard years of work.
Before you do this, you'll need to create "walk-away" wealth.
Join me today, as I begin a new 4-part series on wealth strategies I'm using inside my financial planning practice which enables my clients create "walk-away" wealth.
If you have ever had questions about the following topics, don't spend another weekend sorting through:
401(k) allocations; employer benefit plans and options; monthly budgets with cumbersome software; employer stock purchase plans; and restricted stock units and stock options Get out your pen and paper as I walk you through several strategies which will maximize your opportunities to create "walk-away" wealth.
Avoid the common mistakes of "do-it-yourself" financial planning by using these strategies to create wealth for the lifestyle you want!
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Creating “Walk-Away” Wealth: Strategies for Equity Compensation – Part 1
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Eventually, wouldn’t you like to kick your feet up?
You know…just sit back, relax and live off the fruits of your labor from all the hard years of work.
Before you do this, you’ll need to create “walk-away” wealth.
Join me today, as I begin a new 4-part series on wealth strategies I’m using inside my financial planning practice which enables my clients create “walk-away” wealth.
If you have ever had questions about the following topics, don’t spend anothe
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3 Things to Pay Attention to for the Rest of 2018
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
*NEWS FLASH*
“3 Investment Themes that Might Affect You in 2018!”
It’s amazing how those type of headlines get our attention…
As a maven of information, I try not to abuse that privilege 😊
Nonetheless, as a student of the markets, I do see at least 3 major themes evolving that will shape the landscape of the global economy for the second half of 2018. I discuss each one of them on this week’s upcoming episode entitled “3 Things to Pay attention to for the Rest of 2018”
Questions such as…
Retirement: 10 Must-Haves for Your Financial Plan to Work When You Stop
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Are you ready for retirement?
You say: “No way man, I’m still young!” or “I’ll never retire, I love what I do!”
All good points–congratulations on having a great attitude. (smile)
The other day the Wall Street Journal released an article discussing how the generation of Baby-Boomers are entering retirement the “least prepared” of any generation in history
(see story here: https://on.wsj.com/2lKi3M0
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TODAY’S TOPIC: Myths About Financial Advisors and Financial Advice – Part 3
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
GET ALL 20 MYTHS IN MY FREE GUIDE HERE====}}} http://bit.ly/20-Myths
Today we’ll cover…
Myth #11: All financial advisors are trained similarly.
Myth #14: All financial advisor designations mean the same thing.
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Contentment” —
TODAY’S TOPIC: Myths About Financial Advisors and Financial Advice – Part 2
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
GET ALL 20 MYTHS IN MY FREE GUIDE HERE====}}} http://bit.ly/20-Myths
Today we’ll cover…
Myth #6: Financial advisors should always outperform the market
Myth #7: Financial advisors can outperform the market
Myth #10: Financial advisors only work with the wealthy
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Contentment”
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TODAY’S TOPIC: Myths About Financial Advisors and Financial Advice – Part 1
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
GET ALL 20 MYTHS IN MY FREE GUIDE HERE====}}} http://bit.ly/20-Myths
Today we’ll cover…
Myth #1: My money is safer with a financial advisor from a larger firm.
Myth #4: I have tax professional…there the same as a financial advisor right?
Myth #5: Financial advisor fees are too expensive, it’s better to just invest in index funds.
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Faceb
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TODAY’S TOPIC: Best of FAQ: “What the public wants to know” – Part 3
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
In this final installment of the series: “Best of FAQ: What the public wants to know”, I walk through individual scenarios from a website that gets over 30,000,000 unique views per month—to provide insight some answers to your own #financial questions.
Here are some of the questions:
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Does the advice of saving the $1 million dollars for retirement apply to our situation?
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I want to move my 401(k) into an #IRA. Then I want to cash out a portion of those funds. What kind of IRA would allow me to do this? What are the ta
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TODAY’S TOPIC: Best of FAQ: “What the public wants to know” – Part 2
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
In this 2nd installment of the series: “Best of FAQ: What the public wants to know”, I provide a “behind-the-scenes” look at questions from the investing public from a website that gets over 30,000,000 unique views per month.
I’ll cover the following…
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Are #highyield #bonds a good investment? And what to look for to get a “cheap” asset?
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Where should I invest a large sum of money? What order or priority should I spend/save/invest
TOOLS FOR GROWTH
- Want
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TODAY’S TOPIC: Marriage & Finances: “All the Tough Questions…”
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
My wife Briana and I want to share some of the secrets after 21 years of marriage, like..
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How to handle family members in your pocket;
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How to communicate “spender/saver” language;
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Why you might need neutral 3rd party advice in your marriage to discuss finances;
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How should you view debt? Is it good or bad?
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Con
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TODAY’S TOPIC: Best of FAQ: “What the public wants to know” – Part 1
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
A behind the scenes look at questions from the investing public from a website that gets over 30,000,000 unique views per month. In this episode I answer the following…
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What is a good debt ratio, and what is a bad debt ratio? My answer to this question received over 165,000 views
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What are unrealized gains and losses? My answer to this question received over 108,000 views
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Can an individual contribute to both a Roth IRA and a Traditional IRA in the same year? My answer to this question received over 54,000 v
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TODAY’S TOPIC: The Formula for Cracking the Top 10% in Medical Sales with special guest Jason Elmore
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Recently had my friend and medical sales leader, Jason Elmore on the podcast to discuss his formula for cracking the top 10% in medical sales.
Jason gives us insights from:
-his first opportunity in medical sales
-how he leveraged “living beneath his means” to take career opportunities that catapulted his career
-his new book “Elite Execution
-how his faith in God set up his career success
Get Jason’s book by visiting
TODAY’S TOPIC: Another Successful Career Transition from the Gridiron w/special guest Jeremy Stewart
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
I recently shared the mic with Jeremy Stewart–former NFL pro, Stanford alum and Wharton School of Business MBA candidate student on the Experiencing Financial Contentment.
We talked about…
about his NFL playing days,
his love for finance, and
how he became exposed to the world of business;
Jeremy also shares his perspective on what it takes to make it in the NFL for any aspiring young athletes.
TODAY’S TOPIC: How to Legally Lower Your Taxable Income
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Taxes, taxes, taxes…
“How can I reduce what I owe?” is probably the first question that comes to mind. The next should be how do I do it legally. (No, really…)
If you’ve ever been through an IRS audit you know what I mean, there’s no one that enjoys these. In this latest episode, I talk about some tax strategies you could employ given the new tax law and some of the changes that impact you.
Here’s what you should know about tax strategy…
It happens year-round. If you want to save the most amount of money you need to
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TODAY’S TOPIC: A Practical Guide to Comparing Different Investment Strategies – Part 3
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Here are the elements of an investment policy statement (“IPS”). This should be the backbone of your investment strategy.
Risk & Return Preferences
Liquidity Needs
Time Horizon
Other Constraints (Legal, Tax, etc.)
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Contentment” —
TODAY’S TOPIC: A Practical Guide to Comparing Different Investment Strategies – Part2
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Here are 3 different ways to execute your investment strategy along with the pros and cons of each:
Robo-Advisor or Automated Wealth Platforms
Self Directed
Managed Investment (e.g. hire someone)
TOOLS FOR GROWTH
-
Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Contentment” —Join Here!
-
Where do you st
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TODAY’S TOPIC: A Practical Guide to Comparing Different Investment Strategies – Part1
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Differences between Taxable vs. Tax Free vs. Tax deferred accts
Examples of each
Benefits and strategies of using each
TOOLS FOR GROWTH
-
Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Contentment” —Join Here!
-
Where do you stand financially–Take o
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TODAY’S TOPIC: Why News Soundbytes Don’t Equal Actionable Advice
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
What an “interest rate” news headline might mean…https://www.nytimes.com/2018/01/10/business/bond-market-central-bank.html
What a “trade war” news headline might mean…https://www.marketwatch.com/story/heres-why-the-stock-market-took-the-china-tariffs-so-hard-2018-03-22
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook group: “Creating Your Roadmap to Financial Contentment” —
TODAY’S TOPIC: Lessons Learned Supporting A Spouse Through Career Transition
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
My wife, Briana and I, want to share a few lessons from our years in marriage to help you support a spouse involved in career transition!
Financial lessons learned – create money margin for the dream not to be killed
Relational lessons learned – create boundaries by communicating your intentions to your inner circle
Emotional lessons learned – create time for fun, self-care, be intentional
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook gro
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TODAY’S TOPIC: 3 Overlooked (But Simple) Ways to Boost Portfolio Returns
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
February was a rough month in the markets…lots of volatility…
And just in case you might be thinking what happens if the markets take a prolonged tumble. I’m going offer up some quick tips to help you boost your portfolio returns.
Deduct investment Mgmt fees – (see IRS Pub 550)
Defer taxes
Use the power of compound interest
TOOLS FOR GROWTH
- Want to connect with others that think like you? Join my Facebook group: “Creating Your R
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TODAY’S TOPIC: Financial Contentment Lessons from 20 years in the Business
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Today, I’m completing the series on Financial Contentment lessons with a couple of client stories from my past.
Money creates more problems when you’re never satisfied
Money can be used to create legacy
PARTS 1 AND 2 IN THIS SERIES
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Financial Contentment Lessons from Think and Grow Rich (CLICK HERE)
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Financial Contentment Lessons from Marvel’s Black Panther (
TODAY’S TOPIC: Financial Contentment Lessons from Marvel’s Black Panther
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Today, I’m extracting a few lessons from the Marvel’s Black Panther about financial contentment…
You can use what you have–whether it is a little or a lot.
Money, fame and power are just amplifiers of who you truly are
TOOLS FOR GROWTH
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Where do you stand financially–Take our quiz!
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Upgrade your life….check out The Maven’s Financial Boot Camp: https:/
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TODAY’S TOPIC: Financial Contentment Lessons from “Think and Grow Rich”
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Today, I’m extracting a few crucial lessons from the book “Think and Grow Rich” to show you how you can have a more fulfilled life…
The power of thought. I believe our thoughts are the cornerstone to our actions and thus our results.
Desire: The Starting point of All Achievement. Desire says: “Who am I becoming…not hoping or wishing to become, but who am I becoming through definite and intentional actions.
TOOLS FOR GROWTH
- Where do you stand financially–
TODAY’S TOPIC: You’ve Got 3 Choices in This Type of Market…
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
Wow…what’s up with the stock market as of late? We’ve down more then 10% in just 7 days–here are 3 strategies to consider.
Get real defensive and go to cash.
Get somewhat defensive, by pausing.
Stay the course and/or put idle cash to work.
TOOLS FOR GROWTH
-
Want to steal 5 strategies I use with clients to help them take advantage of “low-hanging” fruit? Click here for my wealth guide.
-
Where do you
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TODAY’S TOPIC: 4 Things You Can Do Now to Avoid Eating Cat Food in Retirement
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
If you ever wondered how you can be more certain about the life you want to live in retirement…today we’ll cover the 4 things you can do now to avoid eating cat food in retirement.
Implement a better tax strategy
Don’t spend pay increases
Refinance long-term debt
Increase your skills/knowledge so you can earn more
TOOLS FOR GROWTH
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Where do you stand financially–Take our quiz!
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Upgrade your life….che
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TODAY’S TOPIC: Know Your Numbers: Going Beyond the Math for Life 2.0- Part 2
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
What will it take for you to be financially free? What are your numbers?
This discussion is Part 2 of the previous episode around creating a financial or life plan to deliver on your dreams.
We’ll do the following in this episode:
1) Take a deeper dive on how to look past just the numbers to create a life plan.
2) Find ways to fulfill your passion and your purpose with your money.
This discussion includes:
&nb
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TODAY’S TOPIC: Know Your Numbers: Going Beyond the Math for Life 2.0- Part 1
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
I was recently inspired by a couple conversations in my practice around the specificity of knowing your number. And it got me to thinking how important this can be to a plan. So I want to take the next couple of episodes to cover:
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How to calculate your number given a set of circumstances.
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Then I’ll take a sample case and walk you through the math and some of the consideration.
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Then we’ll discuss the recommendations that would apply.
This discussion includes:
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TODAY’S TOPIC: 2017 Investment Review and 2018 Market Outlook
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
We’ll recap investment performance in 2017 and discuss whether those type of returns will continue in 2018 and how you can take advantage of that in accounts like your 401k. I’m gonna walk you through how to do that today.
This discussion includes:
Segment 1: Show you how to read a couple important charts to give you an indication of how to pick funds in your 401(k)
Segment 2: Show you fund choices from a sample 401(k) plan to convey how to use that information learned in Segment 1
TOOLS FOR GROWTH
- Where do you stand financia
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TODAY’S TOPIC: Asking the Right Questions Blockchain, Bitcoin and Cryptos
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
If you’ve ever wanted to know what are the right questions regarding blockchain, bitcoin or other cryptocurrencies–especially if you’re considering them for your investment portfolio, you don’t want to miss this episode.
Segment 1: How is value exchanged? How will that change with Blockchain or Bitcoin?
Segment 2: What is Bitcoin? What is Blockchain
Segment 3: How do you invest? What are the pros/cons?
TOOLS FOR GROWTH
- Where do you stand financially–
TODAY’S TOPIC: What is Good Financial Advice?
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
If you’ve ever asked: “what is good financial advice” or “what does good financial advice look like”, I’m going to talk about how to figure out if you should:
1) take your own financial advice, or
2) hire someone to give you financial advice
Segment 1- Know yourself…
Segment 2 – Understand financial planning is both emotional and logical…
Segment 3 – Integrate the 4 components of financial planning…
TOOLS FOR GROWTH
- Where do you stand financially–Take our quiz!
TODAY’S TOPIC: What to Look for in a Good Financial Adviser
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
If you’ve ever wanted to know what to look for in a good financial adviser–credentials, qualifications, education and just a way to check their background, I’m going to give that to you today.
We’ll walk through my own personal registered profile and show you how to find:
Segment 1-What it takes to get into the financial industry? (6:25-8:25)
Segment 2 – How to fact check your person before working with them (8:30-16:10)
-
Time in the Industry
-
Education & Qualification
-
Compensation
TOO
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TODAY’S TOPIC: A Financial Literacy Mastermind Discussion: “A Blueprint for 2018 and Beyond”
Hosted By: Dominique J. Henderson, Sr., CFP® (Send me an email)
Get Alerts at: Link to Show Episode (For mobile users)
On today’s podcast, I have two very special guests to help me discuss financial literacy, personal development, and overall personal development. Former NFL star turned speaker, author and personal development coach Brandon M. Williams follow on and state representative from Wisconsin and co-author of Wisconsin’s financial literacy bill, Rep. Jason M. Fields follow on . Both these gentlemen were introduced to me through ou
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TODAY’S TOPIC: How to Find Harmony in Your Marriage with Your Finances – Part 3
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Hosted By: Dominique J. Henderson, Sr., CFP® Can I get your help to grow the podcast–click here for more info! Link to Show Episode (For mobile users)
Subscribe to the YouTube Channel>>>>>>>
WHAT WE’RE TALKING ABOUT TODAY
How to Find Harmony in Your Marriage with Your Finances – Part 3
Answers to 3 Questions to Help You Move the Needle…
1) HOW TO MANAGE SEPARATE ACCOUNT…(3:15-5:55)
Keep communication open and have a purp
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TODAY’S TOPIC: How to Find Harmony in Your Marriage with Your Finances – Part 2
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Hosted By: Dominique J. Henderson, Sr., CFP® Can I get your help to grow the podcast–click here for more info! Link to Show Episode (For mobile users)
Subscribe to the YouTube Channel>>>>>>>
WHAT WE’RE TALKING ABOUT TODAY
How to Find Harmony in Your Marriage with Your Finances – Part 2
To communicate as partners…there’s a 5-step process:
1) CHECK YOURSELF, FIRST…(5:24-8:00)
– What is your money mindset? How d
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TODAY’S TOPIC: How to Find Harmony in Your Marriage with Your Finances – Part 1
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
What is the “parent-child” dynamic? (4:25-8:05)
How does it begin or where does it stem from? (8:15-13:18)
How can it limit a marriage relationship? (13:21-17:28)
TOOLS FOR GROWTH
- Finally, a system to control your money without having to sacrifice more of your time–Download a free copy here:
TODAY’S TOPIC: The Ultimate 3 Step Process for Results
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Assess – “Where Am I?” — Identify the Gaps (7:17-9:17)
Address – “What are the gaps?” — Create an action plan/necessary steps to close the gap (9:18-10:28)
Adjust – “What actions should I take?” –Give your brain instructions on what to accomplish (10:30-14:35)
TOOLS FOR GROWTH
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TODAY’S TOPIC: Your Plan Doesn’t Need to be Perfect, Just Answer These Questions…
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
cash flow management – how long could you survive if steady income was to stop (4:19-6:08)
investment positioning – how well are you utilizing tax-deferred or tax-free investment vehicles? (6:20-9:24)
tax planning – am i paying more than my fair share? (9:25-11:53)
asset/estate p
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TODAY’S TOPIC: Very Possibly the Only Investment Advice You’ll Ever Need!
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On Itunes at: http://bit.ly/FLBC_Itunes
Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Leverage the Power of Compound Interest (5:15-9:15)
(More detail in episode 46 of FLBC: The Power of Compound Interest Explained)
You need capital (9:17-12:03)
Blood in the water–FEAR (12:05-14:50)
TODAY’S TOPIC: 5 Must-Have Elements to your Financial Plan
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Have a strategy in place (4:35-8:45)
Have the proper insurance (8:50-12:31)
(More detail in episode 5 of FLBC: https://youtu.be/EI1g8YTB0Cc)
Have a system to differentiate current lifestyle support from future lifestyle support–“ca
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TODAY’S TOPIC: Creating a Rhythm for your Finances and Your Life
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Quick Recap (2:55-4:30)
What is Rhythm (5:14-7:45)
Filling the Gap (8:05-10:35)
Ask the Hard Questions (10:45-15:00)
TOOLS FOR GROWTH
- Finally a system to control your money without having to sacrifice more of your time–
Downloa
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TODAY’S TOPIC: The 5 Biggest Financial Mistakes I’ve Seen Made
(Get the complete list inside our FREE Facebook Group–http://theredpillcommunity.com)
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode (For mobile users)
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Not Establishing the proper money mindset (5:05-7:50)
Not creating an investment policy statement- (7:50-9:23)
Not investing in assets but investing in fad
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TODAY’S TOPIC: 6 Tools for Establishing the Proper Mindset and Environment
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On Itunes at: http://bit.ly/FLBC_Itunes
Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
SILENCE (5:37-8:35)– you should begin every day here. Meditation, prayer, gratitude. Before you check your social media, email, etc.
AFFIRMATION (8:37-10:34) – tell yourself the truth about yourself. There are so many negative things you can focus on, this allows you to focus on the truth.
VISUALIZATION (10:37-
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TODAY’S TOPIC: 4 areas to evaluate so you can start living the life you want now!
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Hosted By: Dominique J. Henderson, Sr., CFP® RESERVE A COPY OF THE E-BOOK! Link to Show Episode
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Evaluate your mindset (5:35-9:28)
Evaluate your environment (9:30-10:28)
Evaluate the system that controls your money (10:30-11:26)
Evaluate your “Why” (11:30-12:40)
TOOLS MENTIONED ON TODAY’S SHOW
- Book on Mindset: “Psyco-C
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Podcast Details
Podcast Title: Creating Margin for the Life You Want- Part 2
Podcast Series: Financial Literacy Boot Camp RESERVE A COPY OF THE E-BOOK! Link to Show Episode
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Earlier in the week on episode #32 of Maven’s Keys, I started talking about how to create margin for the life you want by answering to important questions about your “why” in life…
If all your needs were met (financially and otherwise), what would you be doing with your life?
If you were to take your last breath today, what wouldn’t people be able to say about you because you never go to do or be that thing?
- Financial Planning is a system that d
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Podcast Details:
Podcast Title: Creating Margin for the Life You Want – Part 1
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers. RESERVE A COPY OF THE E-BOOK!
Catch the YouTube Version here…
Link to Show Episode
WHAT WE’RE TALKING ABOUT TODAY
- So not so long ago I had a meeting with a client and we mutually agreed that our objective in working together was to “create enough margin for the life they wanted”. I thought this was a beautiful way to articulate how I view financial planning.
Podcast Details
Podcast Title: Retirement Readiness: An Example of “How”
Podcast Series: Financial Literacy Boot Camp RESERVE A COPY OF THE E-BOOK! Link to Show Episode
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Earlier in episode #31 of Maven’s Keys, I started a discussion based on an article about retirement excuses. Also in Episode #60, I gave you a system on how to organize your financial life and today I’ll provide you an example of how to use that system to be “retirement ready”…
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Podcast Details:
Podcast Title: Retirement Mindset: Will You Be Ready?
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers. RESERVE A COPY OF THE E-BOOK!
Catch the YouTube Version here…
Link to Show Episode
WHAT WE’RE TALKING ABOUT TODAY
- How do you become retirement ready? A recent article (click here to see the article) I read talked about 3 excuses that people u
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Podcast Details
Podcast Title: Necessary Tools for Financial Success
Podcast Series: Financial Literacy Boot Camp RESERVE A COPY OF THE E-BOOK! Link to Show Episode
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Check out episode MK030 (as it is a precursor to this episode)
Tool #1 – You need a system in order to achieve financial success (5:35-6:55)
Remember the acronym K.I.S (Keep it simple).
Complexity is the enemy of progress…
There are 5 ways to spend money (see episode 24 of Maven’s Keys for more details)
-
Tax payments
-
Debt payments
-
Charitable giving
-
Current lifestyle support
-
Future
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Podcast Details:
Podcast Title: Avoiding the Mental Failures to Financial Success
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers. RESERVE A COPY OF THE E-BOOK!
Catch the YouTube Version here…
Link to Show Episode
WHAT WE’RE TALKING ABOUT TODAY
-
Developing the proper money mindset to avoid mental failures that hinder your financial success
-
Get a goal in mind! Make it vivid. Make it real. Take any successful thing you’ve done and use it as a blueprint.
-
Let yourself auto-co
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Podcast Details
Podcast Title: Living Your Why with Representative Jason Fields
Podcast Series: Financial Literacy Boot Camp Link to Show Episode
YouTube Version:
WHAT WE’RE TALKING ABOUT TODAY
Rep. Jason M. Fields Story (2:00-8:00)
Jason Talks about Economic Empowerment (8:10-11:00)
Jason Talks about Financial Literacy and SB 280 (11:05-20:00)
- Link to the historic legislation.
Jason’s perspective on the bill’s wide-reaching effects proposal (20:10-24:05)
Jason and I talk about his “why” and some of the things he’s doing to fulfill that mission (24:30-36:01)
Jason talks about his future endeavors and how he’s living his why…(36:04-41:35)
financialliteracy #economicempowerment #personald
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Podcast Details:
Podcast Title: Why
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
WHAT WE’RE TALKING ABOUT TODAY
-
Turn on your notifications on Facebook for when we go live on “Ask Me Anything”!
-
Everyone that downloads the Financial Dashboard will get an automatic notification when the e-book is ready!
-
What is your “why?”
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Avoid the trap of “doing” vs. “being”
-
Focus on finding financial contentment which is
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Podcast Details
Podcast Title: Taking Control of Your Investment Experience
Podcast Series: Financial Literacy Boot Camp Link to Show Episode
YouTube Version:
What are some of the things you can control…
Your tolerance for risk: ability/willingness (7:25)
- Want to know how do you create a portfolio? Check out this article.
Your investment return preference (11:14)
- Do you know what you need? Do you know why? Check out this article.
Your style: Are you Active or Passive? (13:45)
Don’t know what type of investor you are? Check out this article.
Figure
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Podcast Details:
Podcast Title: The Next 90 Days…Pulling Back the Covers
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
Three Big Announcements….
THANKS EVERYBODY!
I greatly appreciate all the support (close to 4000 downloads every month). I’ll be posting more to the blog going forward and using it as the primary method of communication, so make sure you follow us on Social Media…
- Facebook (Personal,
Podcast Details
Podcast Title: 3 Steps to Becoming a More Effective Leader
Podcast Series: Financial Literacy Boot Camp Link to Show Episode
- Empower people…provide inspiration that ignites a person’s internal motivation.
Strengths overextended become weaknesses.
No organization can rise past the level of the leadership’s constraints.
- Don’t push your agenda…look for buy-in and feedback from your team so they feel valuable also. Use your natural charm or charisma to “present an idea” vs. “pushing an agenda”.
If you are a leader and you look up and no one is following you you were just taking a walk.
- Listen to perspectives but make your own decisions…be confident in what you believe or stand for and don’t be easily offended with alternative views.
Some
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Podcast Details:
Podcast Title: Money & Psychology – Part 4
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode Part 1 – we discussed the 5 ways to spend money
Parts 2 & 3 – we covered the irrational behaviors that marketing can bring out in us when it comes to what we consuming a good or service.
Today, we will have some Big Ideas or (the “
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Podcast Details
Podcast Title: 3 Reasons the Stock Market is So High
Podcast Series: Financial Literacy Boot Camp Link to Show Episode
“Let’s set some common language about how the economy works” (2:56)
You should watch this at some point…#RayDalio #BridgewaterAssociates #Economics
- How does the economy tie to the current stock market highs? (7:37)
Quick lesson on P/E ratios (price-to-earnings ratio) (9:34)
Are valuations of the current #stockmarket too high? (10:20)
(I talked about this in a previous block post here…)
Here are the 3 reasons I think the current #stockmarket is so high
Interest Rates (12:34)
Accelerated corporate borrowing (14:00)
(click for larger
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Podcast Details:
Podcast Title: Money & Psychology – Part 3
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
So last week we covered 2 ways marketers have used tactics that influence us into decisions on how we spend our money. Go back and listen to episode 25 to play a little catch up as I want to move right into Part 3 discussing two additional tactics.
“Pavlovian” Association
“Pavlovian” Association -Th
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Podcast Details
Podcast Title: Strong Considerations During Career Transition
Podcast Series: Financial Literacy Boot Camp Link to Show Episode
No matter how hard we try we all will be inevitably faced with a career transition–whether that be within the same company but a new position, a new company altogether or a complete career change and the ever so famous “starting your own business”. Having had my fair share of career transition I thought I’d share some of the things that successful career-changers have implemented.
Here’s a list for your “consideration”…
They consist of the following:
Consider Cash Flow
This is what will kill a new business quick if you are an entrepreneur. And it is not necessarily your business expenses, but your personal living expenses [that don’t stop] when you are
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Podcast Details:
Podcast Title: Money & Psychology – Part 2
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
The 5 Ways to Spend Money
So last week we discussed the 5 ways to use money. And I invite you to go back and listen because you’ll need context for today’s discussion.
Today I want to start uncovering some of the hubris that plays a part in that “manipulation”. A lot of what I’ll be discussing going forward will be the synthesis of things IR
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Podcast Details
Podcast Title: How Do the Rich Really Get Rich?
Podcast Series: Financial Literacy Boot Camp Link to Show Episode Link to Latest Forbes 400 List
What is Systematic Risk?
So there is a term called systematic risk. And I have to cover this because it will give context on “how you get rich”. Systematic risk is the risk inherent to a “system”. Think of investing in the stock market and the risk that comes with investing in equities. There are risks inherent to that type of investment that are unavoidable and non-diversifiable. This would be defined as the uncertainty associated with investing in this system.
This is not to be confused with “systemic” risk which is risk similar to the collapse of 2009 where subprime mortgages almost took down the entire
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Podcast Details:
Podcast Title: Money & Psychology – Part 1
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
The 5 Ways to Spend Money
For the next few weeks, I want to discuss money and psychology.I’m going to begin this series with a concept I read in Ron Blue’s Book “Master Your Money”. And I’d like to use that as context to set up the first part of this discussion. He mentions a lot of things in this book and I highly recommend it for its principles and content.
There are 5 ways to spend money he says:
1) Tax Payme
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Podcast Details:
Podcast Title: Listening…The Advisor’s Best Tool
Podcast Series: Financial Literacy Boot Camp
Link to Show Episode Link to ThinkAdvisor Article
The latest research suggests there are:
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over 400,000 advisors in the US
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over 164MM working adults (26-65) or “potential clients”
Based on these numbers, every financial advisor would have about 400 families to serve, and everyone wanting financial services would have an advisor and every advisor that wanted to serve clients would have plenty of clients to make a good living.
F
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Podcast Details:
Podcast Title: Financial Idioms and What They Might Really Mean…
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
Today, our conversation is about the language we use around our finances. You may or may not believe that words are just containers for our emotional thoughts. What we speak or say about something is truly how we feel it about. Note: Ever been around someone at Happy Hour and they start to reveal “TMI” (aka too much information)????
When it comes to our finances there are several things that we say or have heard
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Podcast Details:
Podcast Title: Tools for Your Personal Development
Podcast Series: Financial Literacy Boot Camp
Link to Show Episode
So on today’s show, I wanted to wind-up this series on “Solutions to the Career Transition” by talking about some things I have come across that will be helpful in your personal development.
Understand the difference between the necessary and the important…
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Very successful people say “no” a lot more than they say “yes”
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Very successful people prioritize things that are necessary (essential to life or their purpose) and focus on those things. Important things (relevant, but not essential) receive less attention. This is key in avoiding distractions and maintaining your focus.
To get a “return” on yourself, you have to “invest” in yourself…
Podcast Details:
Podcast Title: The Social Cartographer Series: Monitoring
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
So last week we talked about “PRESCRIBING“…and today we’ll cover “MONITORING”.
So a brief recap…
In DIAGNOSIS we have to have a DESTINATION DECISION and DESTINATION ADJUSTMENTS. This is inevitable. Although possible, it is rare when you are traveling long distances that you won’t have to ma
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radPodcast Details:
Podcast Title: Solutions to the Career Transition Problem: “Developing a Millionaire Mindset” with Brandon M. Williams
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)
Link to Show Episode
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(3:07)–Brandon’s background and journey in college and professional football
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(6:50)–Brandon’s transition from football to broadcasting; his mindset when leaving NFL and not reaching all his goals while playing in the NFL
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(11:45) –Brandon’s perspective on wealth management and what drove his decision
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(16:40)–Brandon takes us inside the NFL locker room;
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(23:10) –Brandon and his passion for financial literacy and his partnership with Wisconsin’s new financial literacy legislation
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Podcast Details:
Podcast Title: The Social Cartographer Series: Prescribing
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
So last week we talked about “DIAGNOSIS“…and today we’ll cover “PRESCRIBING”.
Any good physician will diagnose prior to prescribing a solution/medicine/remedy for the patient. I have a similar mindset when working with a financial planning client. I believe gone are the days of a paradigm where advisers withhold information in a condescending manne
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Podcast Details:
Podcast Title: Solutions to the Career Transition Problem: Discovering Passion from Adversity with Ernest Owusu
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)
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(1:25)–Ernest’s journey into football, his perspective as an undrafted free agent competing in the NFL and what it felt like when he started to realize the “business” part of being a player in the NFL;
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(8:58)–the transition process he went through when an injury related to his sickle cell trait caused his premature exit from the league and what some of the crucial decisions he made during that time;
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(11:05)–we also talked about his money habits (and where they came from) and the discipline he employed while being in the spotlight of the National Football League; and
-
(15:15) –we talk about what
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Podcast Details:
Podcast Title: The Social Cartographer Series: Diagnosing
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
As we discussed a couple of weeks ago in “Decoding Our Money Messages“, there are belief systems that essentially act as the software program in our brains that have us carry out certain behaviors or decisions that produce a set of desired or undesired results. For example, you may be that money is something that only the rich have because they take it from others, and therefore you find it hard to
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Podcast Details:
Podcast Title: What to Do Before You’re Gone
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)
So recently I created a little template that I like to call the “Financial Contentment Letter“. And it is really a discussion starter and thought provoker for clients to start to take action on their estate planning. This is a good document to go over before you create a will, medical & health care directives, or power of attorney because it helps you think through the things necessary in all those documents.
So I wanted to take the time during this show just to walk through the rationale behind my creation of this document and some of the experiences I’ve had
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Podcast Details:
Podcast Title: Decoding Our Money Messages – Part 2
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(CHECK OUT OUR YOUTUBE CHANNEL FOR THE VIDEO VERSION) Link to Show Episode
George Kinder from 7 Stages of Money Maturity – (2:30)
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The Seven Stages of Money Maturity: Understanding the Spirit and Value of Money in Your Life
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page 5…”Money Maturity helps resolve the troubling emotional conflicts around money that never seem to go a
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Podcast Details:
Podcast Title: Strategies to Maximize Executive Compensation
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)
Powerpoint Slides
In my previous positions and just through a lot of reading on executive compensation, we’ve developed an expertise. So any of you listening out there that have executive compensation like RSUs, restricted stock, NSOs or ISOs, you want to give us a call so we can evaluate whether not you are maximizing your wealth potential and saving yourself money in tax liability. Today, I’m going to share a little parable that gives a high-level overview of how we help our clients.
In previous articles, we’ve have mentioned the importance of having a specific strategy to maximize your wealth bu
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Podcast Details:
Podcast Title: Decoding Our Money Messages – Part 1
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(CHECK OUT OUR YOUTUBE CHANNEL FOR THE VIDEO VERSION) Link to Show Episode
George Kinder from 7 Stages of Money Maturity – (3:30)
- The Seven Stages of Money Maturity: Un
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Podcast Details:
Podcast Title: What Do You Need to Know Before Working with a Financial Planner?
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)
Powerpoint Slides
I really wanted to use this show as a way to update my article: “Five Tips to Consider Before Choosing an Advisor”. As an industry insider and one that has a concern for those that consume financial services, there are things you should know before working with a financial planner/advisor/professional.
Some of this has been covered previously through the above-referenced article and
Podcast Details:
Podcast Title: How to Unlearn Fear
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(CHECK OUT OUR YOUTUBE CHANNEL FOR THE VIDEO VERSION)
Today, we will be dealing with the subject of FEAR. How does one unlearn fear? What happens in between the stages of GOAL FORMATION and GOAL ACHIEVEMENT? I’d argue that most people deal with different levels of “FEAR of the unknown” that may cause us to settle for not going after our
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Podcast Details:
Podcast Title: The Power of Compound Interest Explained
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Powerpoint Slides
Today we’ll discuss a topic that almost all of us have heard of “Compound Interest“. Over the past couple of weeks, I’ve had conversations with prospective clients and they mentioned finding a way to let “their money work for them”. I realized they meant “compound interest”. So today we’ll answer the questions of:
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How does it work? (4:30)
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Why is it so powerful? (8:50)
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How do I take advantage of it? (14:10)
Podcast Details:
Podcast Title: Goals, Goals, Goals – Part 3
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(CHECK OUT OUR YOUTUBE CHANNEL FOR THE VIDEO VERSION)
GOAL EXECUTION
How do you execute? Try this formula…
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Start with the end in mind
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Develop a strong “WHY” (in Goal articulation)
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Put one foot in front of the other…rinse and repeat.
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Revisit your why when times get tough (as often as necessary)
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Move on from defeats and learn your lessons from failur
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Podcast Details:
Podcast Title: Some Popular Questions and What They Mean
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Powerpoint Slides In episode 44, we discussed “Knowing Your Numbers” and this is a follow-up to that episode on some of the more popular questions I’ve come across.
Questions/Issues We’ll Address on this Episode:
Q) What is a good debt ratio and what is a bad debt ratio? (5:23)
A) Most experts would say for every dollar of income you should have no more than 36 cents of debt. This would be anything you have a payment on (house, car, etc.). As I explained in episode 44 about knowing your numbers, underwriters will use 43% t
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Podcast Details:
Podcast Title: Goals, Goals, Goals – Part 2
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(CHECK OUT OUR YOUTUBE CHANNEL FOR THE VIDEO VERSION)
In GOAL ARTICULATION, you must…
Start with the vision, write down what you think it will take you to get there, and finally, commit to the plan!
This 3-step process is called GOAL ARTICULATION. It creates the accountability system you need to accomplish whatever goal you are striving to achieve. Generally speaking, my clients come to me with a picture
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Podcast Details:
Podcast Title: Know Your Numbers: The Most Important Financial Ratios/Formulas to Know
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Powerpoint Slides In episode 40, we talked about whether we were winning the fight for financial literacy and I made a comment about understanding certain financial ratios when it comes to your personal finance. Today, I’ll cover some of the most important financial ratios and formulas to know that are crucial to your financial picture. After this episode you should be able to take these financial ratios and formulas to get an indication of where you are when it comes to spending, saving or investing.
Questions/Issues We
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Podcast Details:
Podcast Title: Goals, Goals, Goals – Part 1
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(CHECK OUT OUR YOUTUBE CHANNEL FOR THE VIDEO VERSION)
The first step in reaching your goals is to DREAM. The dream is the essence of your GOAL FORMATION.
A common theme in our society is saving for retirement. But where do you begin? GOAL FORMATION.
Spending some time on GOAL FORMATION is the first step in how you would attack how much money needs to be saved, such as:
- What do you want your l
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Podcast Details:
Podcast Title: The Low-Down on Financial Advisor Credentials
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Powerpoint Slides
Questions/Issues We’ll Address on this Episode:
How many financial advisors are there? (5:15)
Per the BLS there are 249,400 (in 2014) of “financial advisors”.
How many financial advisors are there? (7:20)
Natural Questions….Which one should I work with? Which designation is “better”? What are the qualifications to become one? How are they regulated?
Top Down View on Advisors and their Specialty (8:15)
What is a CFP and what are the requirements? (9:35)
What is CFA and what are the requirements? (16:12)
Podcast Details:
Podcast Title: Using Money and Not Letting It Use You
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
- Journal of Financial Planning Tweet (2:35)
Bloomberg View article
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What does the research really show? (3:20)
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What is our problem? (5:40)
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Making Better Financial Decisions Part 1,
Podcast Details:
Podcast Title: The Infamous 401(k) Rollover: The Why and The How
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Powerpoint Slides
Questions/Issues We’ll Address on this Episode:
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There are two buckets of money…qualified or non-qualified (5:00)
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What is a 401(k)? (6:00)
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Is it mine? (6:35)
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Can I roll this into my new employer’s plan? (10:35)
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Can I still participate in my former employer’s plan? (11:30)
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How should I invest my 401(k)? (12:33)
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What is an IRA? (15:35)
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Why would I want to rollover my 401(k)? (17:00)
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The steps to a 401(k) Rollover (19:00)
financialliteracy
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Podcast Details:
Podcast Title: Using Money and Not Letting It Use You
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
- The 3 Questions…(1:55)
-Why do I need financial success?
-What will I do once it is obtained?
-How will I pass on my financial success?
Answers to these questions by you reveal the lenses through which you view money and will reveal other things about yourself if you choose to explore them.
- What “space” does money take up in your life? (2:50)
Podcast Details:
Podcast Title: Solutions to the Career Transition Problem: “Starting New Things”
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Questions/Issues We’ll Address on this Episode:
-We talk about Marques’ upcoming speaking academy and how attendance has tripled (2:10)
-Marques’ advice on “fearing to fail” (3:48)
-Marques’ newest endeavor….SURPRISE!!! (7:40)
-Another life lesson “unpacked” (14:40)
-The lightning round: what is Marques think about….(16:40)
Solutions to the Career Transition Problem Series: 1st Interview, 2nd Interview, 3rd Interview,
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Podcast Details:
Podcast Title: What’s Your [Financial] Motivation?
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
So we just completed a series on developing our “money mindset” to address our attitudes and behavior with money. I’d argue it is impossible to use something for its intended purpose if you don’t know it’s purpose. Which constantly gives me something to talk about….but it occurred to me that I gave you the purpose of money in the last 3 podcasts on
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Podcast Details:
Podcast Title: Are We Winning the Fight for Financial Literacy?
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Powerpoint Slides for the Presentation
Questions/Issues We’ll Address on this Episode:
The Question–“Are We Winning the Fight?” (2:25)
What drives or influences our spending decisions? (5:30)
The influences that marketing has on us are undeniable. We are constantly bombarded with the message of CONSUMPTION to, if not drive decision making, definitely influence our decision making.
What is US consumer spending?(8:00)
Domestic consumption of goods and services is near 70% (per the Bureau of Economic Analysis or the B
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Podcast Details:
Podcast Title: Developing Your Money Mindset: “You as Steward and Your Money as a Tool”
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
So we’ve been talking about developing your money mindset and we want to wrap things up today with how we should view money.
Last week I talked about Marvel Comics and this week I’ll stay with the entertainment theme and talk about The Count of Monte Cristo---
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Podcast Details:
Podcast Title: The Evolution of the Retirement Landscape
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
Questions/Issues We’ll Address on this Episode:
So I recently penned an article entitled: “Executive Compensation: A Guide to Building Wealth” (send me an email to get the article) and I wanted to use a podcast segment to take a high-level view at the purpose behind that article, and talk about the evolving retirement landscape that I’ve witnessed in my years of practice. Per the Survey of Consumer Finances conducted by the Federal Reserve Board, the number one reason for individuals to save and invest i
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Podcast Details:
Podcast Title: Developing Your Money Mindset: Money as an Amplifier
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
In talking about “Developing Your Money Mindset”, I want to begin this episode with an analogy to help unpack today’s discussion. I watch the Marvel movies and Netflix series because I do enjoy the entertainment value of the movies and Netflix series. And it occurs to me (and probab
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Podcast Details:
Podcast Title: The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Questions/Issues We’ll Address on this Episode:
I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus (on Twitter @AthletesNeXus)
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Who is Tywanna Smith (2:25)
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Tywanna talks about her idea behind writing “Surviving the Ligh
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Podcast Details:
Podcast Title: Developing Your Money Mindset: “Money as a Tool”
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
We’ve covered a lot on the first seven episodes and now it is time to start talking about “developing your money mindset”. Today is a topic that we’ll probably unpack over the next 3 or 4 episodes for the sake of being thorough. So we’ll start with “developing your money mindset–money as
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Podcast Details:
Podcast Title: The Art of Personal Branding with Marques Ogden
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Questions/Issues We’ll Address on this Episode:
-Branding
-Social Media
-Marketing
-What to Include in your Digital Content Image (2:15)
-Marques top social media sites for personal branding (5:04)
-Differences in the use of social media across the age groups (7:30)
-Most important aspect of your personal brand (10:50)
-Is Twitter is optional? (13:45)
-Marques’ tricks of the trades for building followers (15:05)
-The obstacles that keep us from developing good personal brands (20:45)
-Preview for segment on personal branding for Marques’ upcoming academy (26:35)
financialliteracy #persona
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Podcast Details:
Podcast Title: Selling Ourselves Short
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)
Last week we discussed what “finding and doing what you love to do”. After that show aired, I thought about how I should have dealt with the issue of how we “sell ourselves short” first. So this will be a prequel of sorts. You may not think that you sell yourself short, but if you dream less about what you want and could do, you are doing it.
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Podcast Details:
Podcast Title: The Importance of an Estate Plan: “Transferring Your Wealth and Wishes”
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Questions/Issues We’ll Address on this Episode:
In today’s episode we continue the series we started about various case studies that I’ve come across and found interesting. This week we’ll address the importance of an estate plan. I think the general consensus from talking to many people is that they associate this level of readiness with something that has nothing to do with the importance of an estate plan. What is the association? I’m not going to die right now. This association is misguided at best, and catastrophic at worst—I believe it is that they feel they have much longer to live and time to address the importance of an estate plan. It also may
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Podcast Details:
Podcast Title: Finding (and Doing) What you Love to Do
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
So last week we discussed what real or true financial contentment is and I broached a subject that I feel obligated to unpack just a bit. Because in order to have this true financial contentment that we are speaking about, you have spend your time doing what you love to do. Many of us can push past what we desire to do out of obligation to others. But to be truly financially content, your resources (time, ta
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Podcast Details:
Podcast Title: The Retirement Solution: “Finding What You Love to Do”
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Questions/Issues We’ll Address on this Episode:
In today’s episode and maybe for the next couple weeks, I want to highlight some key takeaways from a few case studies that I’ve experienced in my years of practice around the subject of “retirement solutions”. In addition to starting my own practice last year, I have had the benefit of serving about 600 families with another firm in the 6 years prior. From that experience, I helped form several “retirement solutions” with several different financial planning strategies and techn
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Podcast Details:
Podcast Title: What is True Financial Contentment?
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
For the last few weeks we have discussed “Financial You” which was all about ASSESSING (identifying the gaps), ADDRESSING (owning your situation), ADJUSTING (changing your behavior) to ACHIEVE your ideal financial situation, I thought it would be appropriate to cover wha
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Podcast Details:
Podcast Title: Solutions to the Career Transition Problem with special guest Marques Ogden
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
Questions/Issues We’ll Address on this Episode:
A discussion of “Solutions to the Career Transition Problem”and the tools needed by young athletes to effectively transition from the gridiron to the boardroom!
Marques Ogden and I continue our conversation on “Solutions to the Career Transition Problem” by having a very candid discussion on the tools he used after leaving the NFL to begin his transition into the business world. We discuss the development of his thought process, a strategic plan, and a business network to launch his next phase in life. We also cover in the discussion practical examples on what business owners can do to boost their networks
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Podcast Details:
Podcast Title: Financial You–Part 4
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
What makes up financial you? Is it your money? How do you feel about it? Are you happy? Are you content? If you are or aren’t content do you know what is making you feel that way?
I believe a lot of people ask these questions internally, everyday and don’t always have answers. Here are 4 steps to uncovering answers to those type of questions.
ASSESS, ADDRESS, ADJUST, ACHIEVE
A brief review of the rubric. These are the questions I believe a lot of people ask internally, everyday.
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