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November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

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  • 1.  November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-03-2022 13:39
    Edited by Rebekah Horsting 11-10-2022 13:11
    No replies, thread closed.

    Hello everyone,

    Mark your calendars for our November Ask the Expert event, How to Navigate the Financial Planning Industry as a Career Changer, on November 30 from 1-2:00pm ET. Our experts will be available to answer your questions and provide useful tips and advice geared towards those thinking of changing their careers to financial planning or already on their way!

    Experts:
    @Darrick McGill
    @Linda Leitz

    We welcome you to ask questions, follow the discussion, and/or provide your own input on this topic! Our experts will be using @mentions in the discussion, so when you ask a question, you will receive a notice from the @mention when you get a response.

    Be sure to click the "Follow" star at the top of this post to receive real-time emails during the event and receive the experts' advice straight to your inbox.

    Download the event to your calendar here

    Can't make it during that time? Send me your questions and I will post them on your behalf during the event. All questions and responses will be available in the Candidate Forum after the event. Get your questions ready, we are looking forward to answering them!

     

    #asktheexpert



    ------------------------------
    Rebekah Horsting
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------​​​


  • 2.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 12:58
    Edited by Rebekah Horsting 11-30-2022 13:02
    No replies, thread closed.

    Our event is now LIVE! Please post any questions you have on this thread and an expert will respond to it directly on this thread. Our experts will be using @mentions in the discussion, so when you ask a question, you will receive a notice from the @mention when you get a response.

    Here are some ways to involve yourself in today's session:

    1. Stay on this thread and refresh your screen to watch live what's being posted and post your own discussion post to get an answer.
    2. Click the Follow star at the top of this thread and you will get real time emails from this thread so you can stay live without having to be on the page the whole time.
    3. Post your question on this thread and check back later for an answer and read through the rest of the discussion.

     We look forward to answering your questions!

     

    #asktheexpert



    ------------------------------
    Rebekah Horsting
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 3.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:05
    Edited by Rebekah Horsting 11-30-2022 13:06
    No replies, thread closed.
    @Linda Leitz, @Darrick McGill As an older career changer from corporate finance to personal financial services what is a good strategy to find a firm that is willing to work with someone who has passed the CFP® Exam but has no relevant experience in personal financial planning.  Thanks

    ------------------------------
    Michael Knirnschild
    Manager Financial Systems
    Cleveland-Cliffs, Inc.
    Brunswick OH
    (216)650-2981
    ------------------------------



  • 4.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:10
    No replies, thread closed.
    @Michael Knirnschild
    As with most professional services, networking is the best route to success. Start with ​your local FPA chapter for exposure to the players in your community. Gather some perspective about your long term objective and likely pathways. A reality check, many firm principles started with either brokerage firms or insurance firms then "found" planning. The maturity of career progression in planning only firms is still nascent.

    ------------------------------
    Darrick McGill CIMA®, CFP®
    Regional Vice President
    Primerica Financial Services
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 5.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:21
    No replies, thread closed.
    @Michael Knirnschild

    Michael, your resume will serve you well. While all of us realize that there's much more to personal financial planning than number crunching, that number crunching  experience gives great comfort​ to many consumers. Consider promoting your familiarity with finance on a big scale. If you've had experience with some corporate employee benefits (equity compensation, employee benefits, comprehensive compensation analysis, etc.), show that as part of your skill set. 

    In general, telling people you know about what you're doing and how you're going to structure your services is a good way to put the word out. You don't need to (and shouldn't) ask the people you talk to about your services, but get their input on what you're planning to do. Some of them will want to become clients. Go out and meet tax pros, estate attorneys, and other folks you can refer clients to. Ask their specialties and what kind of clients they like to work with, telling them you'll need to refer to trusted professionals. Then take two minutes to tell them what you do. 

    Darrick gave good advice. Network. The clients aren't hiding in the closet. Also get a good website with SEO that highlights your skills and who you want to work with. ​

    ------------------------------
    Linda Leitz
    President/Owner
    Peace of Mind Financial Planning, Inc.
    Colorado Springs CO
    (719)836-8181 (110)
    ------------------------------



  • 6.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:17
    No replies, thread closed.

    @Darrick McGill, @Linda Leitz
    Has knowledge from your previous profession helped you as a CFP® professional?

    ​​

    ------------------------------
    Rebekah Horsting
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 7.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:41
    No replies, thread closed.
    @Rebekah Horsting
    Military training provides a core competency in managing projects in "fuzzy" situations. That can describe personal financial planning to a tee! Additionally, aviation training is about managing resource constraints to meet objectives. For aviation, time, fuel, payload, and distance are the typical constraints and environmental conditions provide a degree of uncertainty. In financial planning, time, cash flow, goals, and horizon are similar with market volatility providing the uncertainty!​

    ------------------------------
    Darrick McGill CIMA®, CFP®
    Regional Vice President
    Primerica Financial Services
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 8.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:03
    No replies, thread closed.
    @Linda Leitz and @Darrick McGill

    Why did you decide to change careers and become a CFP® professional?

    ​​

    ------------------------------
    Rebekah Horsting
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 9.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:06
    No replies, thread closed.
    @Rebekah Horsting
    I enjoyed helping middle market families expand their financial literacy and make better decisions. When the opportunity presented, I took the plunge and have enjoyed it for going on 25 years now!​

    ------------------------------
    Darrick McGill CIMA®, CFP®
    Regional Vice President
    Primerica Financial Services
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 10.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:03
    Edited by Rebekah Horsting 11-30-2022 13:07
    No replies, thread closed.
    Hello there, @Linda Leitz, @Darrick McGill , I would think a popular question would be how do you attract clients with not a lot of practical experience. For me, I recently passed the CFP exam but I will not be certified until I have 3 years of experience. So how does one start to earn experience. I am thinking about blogging but not exactly sure if there is a good approach to that. Thank you!

    ------------------------------
    Nicola Graham
    Ms
    Storrs Manfld CT
    (860)869-2977
    ------------------------------



  • 11.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:12
    Edited by Rebekah Horsting 11-30-2022 13:13
    No replies, thread closed.

    @Nicola Graham

    That's a good question, Nicola. As a career changer, you have experience in other areas. Even if it seems that you don't have directly applicable experience, look at what does apply and why you decided to be a financial planner. For some folks, it's that they always enjoyed researching things for themselves (and/or family and friends). For others it's that they had in depth experience with specific personal finance issues (employee benefits, stock options, insurance, budgeting, etc.). Don't be shy about including those in your skill set as your tout your credentials. And having passed the CFP exam gives you expertise that consumers don't have. Don't be shy about that. If you want to start smaller (projects, financial tune-ups, etc.), you can. But don't be afraid to start with full planning either. 

    You might also see if there are financial planning practices that would let you do some work behind the scenes to get started. You're in the right spot - the CFP Board website.

    ------------------------------
    Linda Leitz
    President/Owner
    Peace of Mind Financial Planning, Inc.
    Colorado Springs CO
    (719)836-8181 (110)
    ------------------------------



  • 12.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:25
    No replies, thread closed.
    @Nicola Graham

    Regarding business development, there are two major considerations - 1) Who do you serve? 2)  ​What do you do for them?

    On the first point, people do business with someone they know, like, and trust. So the question is how do you perpetually develop that community until you close your business? Aggregating similarly situated people is a tried and true method - aka selecting a niche! This may be something from your previous career, interests, or background. This may also be something novel that you are passionate about serving as well. Once you have the niche developed, building a means of communicating with them regularly is a key to develop TOMA (top of mind awareness) for your selected niche. A blog can work, as can email, as low cost methods of reaching out. If the target is an industry group with local chapters & meetings, getting involved on committees is a great in person technique as well.

    On the second point. Identify an easily digestible service you provide to your select target and communicate that incessantly to everyone in your current network! Your "network" consists of everyone you know and everyone who knows you!

    ------------------------------
    Darrick McGill CIMA®, CFP®
    Regional Vice President
    Primerica Financial Services
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 13.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:25
    Edited by Rebekah Horsting 11-30-2022 13:29
    No replies, thread closed.
    Hi @Darrick McGill, @Linda Leitz,

    I am an older (early 40's) career changer wanting to getting into the financial services.  I want to obtain my CFP as it feels like it will help me deliver the best assistance to future clients.  For someone starting from scratch, do you have a recommendation on where to start and how to maximize my results since I am starting so late in the game?

    ------------------------------
    S Jacqueline Pelzer
    CEO
    Gold Shield Tax LLC
    Mount Vernon NY
    (914)501-6341
    ------------------------------



  • 14.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:37
    No replies, thread closed.
    @S Jacqueline Pelzer
    Actually, you're "average" for career changers in financial services!! From scratch, start with educating yourself about the myriad opportunities that exist and where you see yourself in a decade of a successful transition. Is your objective to be a principal or firm owner? Is it a lead planner role in a firm? As for maximizing results? How much you can leverage your previous relationships and business connections will inform that metric. Ultimately the industry is about helping people build and maintain wealth. Revenue derives from capacity for clients to pay fees ​and the number of clients. A model that builds out your ideal business will give you an idea of immediate opportunities available to you and a growth trajectory!

    ------------------------------
    Darrick McGill CIMA®, CFP®
    Regional Vice President
    Primerica Financial Services
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 15.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:43
    Edited by Rebekah Horsting 11-30-2022 13:45
    No replies, thread closed.
    @S Jacqueline Pelzer

    Foot stomp (a/k/a enthusiastic agreement) on what Darrick said. I'd add that getting your CFP coursework and test done is a first step. That gives you the credibility of commitment and puts you in the profession (not just "the industry").


    ------------------------------
    Linda Leitz
    President/Owner
    Peace of Mind Financial Planning, Inc.
    Colorado Springs CO
    (719)836-8181 (110)
    ------------------------------



  • 16.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:26
    No replies, thread closed.
    hi, @Darrick McGill @Linda Leitz thank you for being here to chat with us today.

    I see that there are a lot of people pursuing the CFP certification coming from other roles in the financial industry. For me though, I don't come from a business or finance background at all.  I was working in story development for film in Beijing for the last ten years or so. So I am not in the industry, and in fact have been out of the country for a long while. (even though I have always had interest in investing)

    I'm looking to move back to LA where my family is, and pursue a career in financial planning. Realistically, how difficult do you think this will be, coming from a non business/finance background. Would employers really be open to accepting someone from a creative background? In your experience, is the CFP certification enough to qualify one for employment without a more technical background.

    Would you have any specific suggestions for me? Thank you.
    ​​

    ------------------------------
    Frances You
    -
    -
    Walnut CA
    (909)979-9796
    ------------------------------



  • 17.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:52
    No replies, thread closed.
    @Frances You
    ​Transitioning from a role within the industry mainly delivers countable experience for the certification. With a secondary benefit of familiarity with some of the language around planning topics. Spend time figuring out where you want to go with the industry. A lead planner role or firm owner in your future? Work as a para-planner supporting lead advisors? Working with a vendor providing services to the planner community (eMoney, asset managers, etc.). There are hundreds of unique opportunities that aren't readily apparent until you dig in and figure out what your passionate about!

    ------------------------------
    Darrick McGill CIMA®, CFP®
    Regional Vice President
    Primerica Financial Services
    Georgetown TX
    (512)331-7552
    ------------------------------



  • 18.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:43
    No replies, thread closed.
    As my interest is in investing. I am very interested in fee-only RIAs that have a robust in-house investment management team. I also see that there is more and more demand from clients about alternative investments. And I feel that this means the target client would be HNWIs. Would you say that this is a very competitive niche to strive for?

    Do you have any suggestions - if that's the kind of company I would ultimately want to work for?

    ------------------------------
    Frances You
    -
    -
    Walnut CA
    (909)979-9796
    ------------------------------



  • 19.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 13:48
    No replies, thread closed.
    @Frances You

    HNW is very competitive. Also, financial planning and investment management aren't synonymous. Investment management is part of what financial planning entails. Both are honorable professions. 

    The National Association of Personal Financial Advisors (NAPFA napfa.org) ​is an association of fee only financial planners, so those folks do investment management and financial planning. Many of those members work with HNW clients. I'd say get involved there and reach out to those particular members.

    ------------------------------
    Linda Leitz
    President/Owner
    Peace of Mind Financial Planning, Inc.
    Colorado Springs CO
    (719)836-8181 (110)
    ------------------------------



  • 20.  RE: November Ask the Expert event: How to Navigate the Financial Planning Industry as a Career Changer

    Posted 11-30-2022 14:00
    No replies, thread closed.
    Thank you to our experts for their time and wisdom! Be on the lookout for the next Ask the Expert event!

    ------------------------------
    Rebekah Horsting
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------