CFP Board Candidate Open Forum

  • 1.  Career Change

    Posted 01-21-2020 21:09
    I have been interested and managing my personal finances for years and always wanted to make a career out of helping others do the same.  How do you get over the fact of starting over in a new position while earning significantly less money?  Would you recommend starting off part-time?

    A bit of background.  I have been a finance professional at 2 large Investment banks and currently working at Deutsche Bank as a Product Controller.  While I don't hate my job, I don't find it fulfilling and a strong passion of mine.  I am struggling with having to start fresh and earn significantly less in the beginning.  I was also never really into the "sales" aspect of trying to sell and acquire clients which also is holding me back.  However, I have been approached several times by friends who have asked for my help regarding personal finance and was more than happy to help without a fee.

    Any advice is greatly appreciated!

    Thanks in advance!

    ------------------------------
    Steven Zai
    AVP
    Commack NY
    (631)896-9975
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  • 2.  RE: Career Change

    Posted 01-21-2020 22:28
    Hi Steven, I am a career changer as well, much later in life than you. The sooner you start the change the sooner you will reach your desired income level. If you never try it you will always be left to wonder "what if I had ....?"  Join your local FPA and network some. Your experience might be relevant to some business. Ask questions about if they know of any part time positions. What would they have done differently?  What do they look for in new hires, etc...  This is a big step so you want to make sure you do your research. Best of luck.

    ------------------------------
    Robert (Rob) Rea
    Financial Planner
    American Armed Forces Mutual Aid Association, Wealth Management & Trust (AWMT)
    Montclair, VA
    (703) 946-1198 (cell)
    rrea@aafmaa.com
    ------------------------------



  • 3.  RE: Career Change

    Posted 01-21-2020 23:18
    Rob,

    Thanks for your advice.  I definitely agree with the "What if I had...." scenario and have heard that multiple times.  I will look to reach out to my local FPA network and start asking questions.  May I ask why you decided after all these years to career change into becoming a CFP?

    Thanks,

    ------------------------------
    Steven Zai
    Associate
    None
    Commack NY
    (631)896-9975
    ------------------------------



  • 4.  RE: Career Change

    Posted 01-22-2020 00:46
    Steven, I have always had a interest in personal finance. My undergrad as in accounting and my graduate degree is an MBA. I spent 28 years on active duty military service, two years as a civilian support contractor then 10 1/2 years as a federal government employee.  Afterwards, I was set financially to study for the CFP (r) exam. In hindsight, I wish I had pursued the financial planning route after the military vice with the federal government. That was a very frustrating time. 

    Regards,

    Rob Rea





  • 5.  RE: Career Change

    Posted 01-24-2020 12:28
    Rob,

    Thanks for sharing.  It's nice to know there are others out there like me.  I've always felt it was too late, but after hearing others stories, I realize it's better to start sooner rather than later.

    Regards,

    Steven Zai

    ------------------------------
    Steven Zai
    Associate
    None
    Commack NY
    (631)896-9975
    ------------------------------



  • 6.  RE: Career Change

    Posted 01-22-2020 01:39
    Steven,

    I am a CPA working for a family office. I am doing this for me, personally, and not planning on changing my career any time soon. I plan to "retire" in 5 years at 53 and will use this information personally and for family and friends. I also plan to volunteer my time to help others plan for retirement. 

    Christy

    ------------------------------
    Christine Walker
    CFO
    Half Moon LLC
    Santa Fe NM
    (505)930-4335
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  • 7.  RE: Career Change

    Posted 01-29-2020 12:09
    Christy,

    That's great.  I feel that having a CPA certification will help tons in the financial planning field.  I am also trying to "retire" or join Financially Independent Retire Early (FIRE) movement as they call it.  I would love to help others get to that point as well.

    Thanks,

    Steven

    ------------------------------
    Steven Zai
    Associate
    None
    Commack NY
    (631)896-9975
    ------------------------------



  • 8.  RE: Career Change

    Posted 01-24-2020 09:05
    Hi Steven,

    These are all great questions to contemplate before you make the leap into your career change. Fortunately, there are so many resources out now there to help answer your questions, and I will list some of these here:

    1. As Rob Rea mentioned, join your local FPA. You can do volunteer work for your local FPA without paying the membership fee. It's a great way to network and help at the same time. I recommend joining FPA as a student member to have access to other great resources such as webinars, discounts (i.e., CFP® exam discount), etc. 

    2. Another organization you can join as a student member is the National Association of Personal Financial Advisors (NAPFA), especially if you're passionate about the fee-only, fiduciary model. NAPFA may have a great study group in your area which would give you additional opportunities to network and learn technical topics in a smaller group setting.

    3. Read "So You Want to be a Financial Planner - Your Guide to a New Career" by Nancy Landon Jones, CFP®. I read the 8th edition, but I understand that the author updated this book. I strongly recommend anyone interested in entering the financial planning profession to read this book as it talks about the financial planning coursework, preparing for the CFP® exam, the different types of financial planning career paths out there, starting your own firm, to name a few. She also interviewed many financial planning professionals, and they all share their stories in this book.

    4. Michael Kitces - Watch his videos and read his blog posts on his website: https://www.kitces.com/. He addresses your question about entering the profession on a part-time basis here: https://www.kitces.com/blog/transitioning-part-time-into-financial-planning-as-a-career-changer/ and here: https://www.kitces.com/blog/cfp-board-experience-requirement-part-time-career-changer-3-years-6000-hours/

    5. New Planner Recruiting - They also have some great resources and blog pages with a lot of good information for new entrants into the financial planning profession. https://newplannerrecruiting.com/.

    6. Simply Paraplanner - One way to enter the profession is to work as a remote paraplanner. Simply Paraplanner has so many resources to help you learn how to begin working as a virtual paraplanner. You can post your resume on their site: https://simplyparaplanner.com/. You can also join the Simply Paraplanner Portal to learn from a community of paraplanners: https://paraplannerportal.simplyparaplanner.com/.

    7. Find a mentor! I cannot stress this enough. The CFP Board, the FPA, and NAPFA all have formal mentoring programs. A mentor (or mentors as you do not have to limit yourself to one) can help make your journey as a career changer seem less daunting. Having a cheering crowd can also help you stay motivated.

    I wish you all the best for your career transition. You are off to a great start asking the right questions on this forum. You will find that there are so many people in this profession who are willing to offer their help and support. I was lucky to find many of them who helped me on my journey as a I made my career change.

    Sandy

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    Sandra Cervantes, CFP®, EA
    Owner, Virtual Paraplanner
    eParaplanner LLC
    Scottsdale, AZ
    Phone: (480) 757-0277
    Email: sandy@eparaplanner.com
    ------------------------------



  • 9.  RE: Career Change

    Posted 01-29-2020 12:56
    Sandy,

    Whoa, thanks so much for the list of resources.  Seems like I have a lot of reading and research to do.  I will definitely begin checking out these sites though and start networking at my local FPA etc.  I appreciate the support and well wishes and hope we will continue to stay in touch and cross paths one day.  One thing I have noticed in my current career is that the world is pretty small =).

    Thanks again,

    Steven Zai

    ------------------------------
    Steven Zai
    Associate
    None
    Commack NY
    (631)896-9975
    ------------------------------