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Ask the Expert: Navigating a Financial Planning Career as a Woman

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  • 1.  Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-03-2022 16:26
    Edited by Rebekah Horsting 06-22-2022 14:01
    No replies, thread closed.

    Hi everyone,

    Mark your calendars for our next Ask the Expert event, Navigating a Financial Planning Career as a Woman, on June 22 from 1-2pm ET.

    Our WIN Advocate CFP® professional experts will be available to answer your questions:

    • How to find growth opportunities
    • How and where to network,
    • Areas to find support for your career in financial planning
    • What to ask of your employer, and more!

     Experts:

    We welcome you to drop in during the live event 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.

     Download the event to your calendar here:

     Get your questions ready, we are looking forward to answering them!

     #asktheexpert

    ​​​​​

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


  • 2.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 12:58
    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: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:01
    No replies, thread closed.
    @Erin Voisin, CFP®, @Brenna McLoughlin, CFP®, @Carrie Houchins-Witt, CFP®
    Where did you find support when you were starting in the industry?

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



  • 4.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:04
    No replies, thread closed.
    Hi!!  I was fortunate to start as an intern so my colleagues became my support system and mentors!

    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 5.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:07
    No replies, thread closed.
    I was self-employed as a sole practitioner, so it was very difficult for me!  I joined trade organizations (FPA and NAPFA), which really helped to build my support community.  I found a female mentor through the CFP Board as well.

    I really had to put myself out there and go beyond my comfort zone to ask for help and support, but it was so worth it!  It can get lonely and isolating when you're a sole practitioner.

    ------------------------------
    Carrie Houchins-Witt
    CFP, EA
    Carrie Houchins-Witt Tax & Financial Services LLC
    Coralville IA
    (319)358-2854
    ------------------------------



  • 6.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:07
    No replies, thread closed.
    What organizations/groups do you recommend we join? 
    What is the best source of networking and building your network?
    If someone asked you, what makes you different from others, what would you say?
    How do you "win" business?

    ------------------------------
    Jennifer Neeley
    Practice Manager
    Lincoln Financial Advisors
    San Diego CA
    (619)889-2168
    ------------------------------



  • 7.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:10
    No replies, thread closed.
    @Jennifer Neeley great questions!

    Organizations/Networking
    - I recently joined Females & Finance and have been loving it.
    - I also joined Hey Mama (great for working moms to meet others and network both in and out of the industry)
    - Ellevate Network is great
    - Create a study group- find local professionals that all touch financial services and get together. I created one group and am in the process of creating another. 


    What makes me different?
    - I wholeheartedly believe in financial planning and truly believe that the execution of the financial plan is what sets me and my firm apart. 





    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 8.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:13
    No replies, thread closed.
    @Jennifer Neeley:  On your question about networking, I have found that the best mode of networking for me is finding people who I like and respect and then asking them if they know anyone else they'd recommend I meet.  I try to be very thoughtful in choosing the professionals I network with, and try to find people who are aligned with the fiduciary, client-first approach that I am.  ​​​

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 9.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:19
    No replies, thread closed.
    Hi @Jennifer Neeley

    As a fee-only planner, I found NAPFA to be a great fit for me.  There is a local/regional NAPFA group that has events and a study group, as well as networking. 

    Also, I joined my Chamber of Commerce and I've had great success with building a network.  I try to stay active with the chamber, and when I was starting out I joined a referral exchange group.  It was helpful at the time. Now I continue to be involved to be part of my community and to keep my resources active.

    What makes my business different from others - I am the only hourly planner in my area.  I provide financial advice and planning, and I don't manage assets.  So it is a pretty unique business model!  




    ------------------------------
    Carrie Houchins-Witt
    CFP, EA
    Carrie Houchins-Witt Tax & Financial Services LLC
    Coralville IA
    (319)358-2854
    ------------------------------



  • 10.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:08
    No replies, thread closed.
    Great question!  I found support from a network of female financial planners I built by sending lots of cold emails to CFP® professionals.  When I was preparing to change careers from media to financial planning, I tried to speak with as many people in the industry as I could.  For every five cold emails I sent, I'd get one reply from a planner who was willing to meet me for coffee to share their experience in the industry.  Ultimately there were three experienced CFP®s who became mentors for me as I got started in the industry, helping me navigate the interview process and find my way to my dream job at Wealthstream Advisors, where I'm now a senior advisor and shareholder. 

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 11.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:23
    No replies, thread closed.
    @Erin Voisin, CFP®, @Brenna McLoughlin, CFP®, @Carrie Houchins-Witt, CFP®
    What would you recommend for someone who has no previous financial planning experience and is looking to find a job in financial planning?

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



  • 12.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:27
    No replies, thread closed.
    @Rebekah Horsting So many financial planning softwares now offer classes or certificates. Something that stands out to me on resumes are those with no experience who have sought out some level of experience. For example, we just interviewed a candidate coming from a different career who went out and did the eMoney certification. That stood out to us as someone who clearly has done research on the industry and knew this would be helpful in a new career .   My other suggestion would be to look for internships. This way you can explore different types of firms and their offering and get a better insight into the industry and gain experience to help bolster your resume or hopefully land a full time job!​

    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 13.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:27
    No replies, thread closed.
    @Rebekah Horsting, my best advice for someone looking to transition into the amazing career of financial planning with no prior experience is to take the CFP coursework and pass the CFP exam​.  There's nothing that can better demonstrate your commitment and give you a solid foundation of knowledge to begin your career.

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 14.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:28
    No replies, thread closed.
    Completely agree with @Brenna McLoughlin! If you are serious about the industry, the best thing you can do is start the CFP immediately. ​

    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 15.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:29
    No replies, thread closed.
    Adding on to my own message (ha), if that seems out of reach because of the cost of the courses, studying up on the requirements for the exam, and even beginning the coursework can make an impression on a prospective employer.  In an interview for a financial planning position, even entry level candidates should be able to name the areas of financial planning, and talk with confidence about which are most interesting to her.

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 16.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:30
    No replies, thread closed.
    Do working experiences as life and health insurance agent qualify for working experiment requirements of CFP?

    ------------------------------
    Maitikasimu Wuerguli
    Life&Health
    Independant Insurance Agent
    Ladera Ranch CA
    (949)396-3336
    ------------------------------



  • 17.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:45
    No replies, thread closed.
    @Maitikasimu Wuerguli

    The best way for CFP Board to determine if your experience is accepted toward the requirement is for you to enter it through your online account. And we recommend that you report any and all possible experience. There is no harm to report experience that may not qualify. It allows us to take a look at your experience and then can have a deeper conversation, if necessary, to ask questions about the position(s).

     

    You can also read more about the Experience requirement here. Qualifying experience includes activities involving the delivery of financial planning services to individual clients. You could engage with clients directly, supervise or support the financial planning process, teach financial planning-related courses or participate in internships or the FPA Residency Program.

     

    Please also feel free to reach out to experience@cfpboard.org with any questions.

     



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



  • 18.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:31
    No replies, thread closed.
    I would say internships or administrative work within a financial planning firm would be a good option.  That way you can get a look at how things work, and get to know some people within the industry.

    And DEFINITELY - start the CFP coursework!

    ------------------------------
    Carrie Houchins-Witt
    CFP, EA
    Carrie Houchins-Witt Tax & Financial Services LLC
    Coralville IA
    (319)358-2854
    ------------------------------



  • 19.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:36
    No replies, thread closed.
    @Erin Voisin CFP®, @Brenna McLoughlin, CFP®, @Carrie Houchins-Witt, CFP®
    Do you have any recommendations on how to start the conversation with an employer on growth opportunities?


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



  • 20.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:41
    No replies, thread closed.
    @Rebekah Horsting, Each firm is a little different in how they handle things like performance reviews.  Our firm does reviews mid year and at year end, so every six months we have an opportunity to discuss where we are and where we're going.  We also have a career path for our advisory team that sketches out a hypothetical timeframe for each role and its responsibilities.  If a firm does not have these things in place, a good start would be to find out about performance reviews.  If they're typically held only annually, there's no reason you can't request more frequent conversations about progress, areas for improvement, and growth, especially in the first years of a career in financial planning.  Ask for feedback, highlight your strengths and accomplishments, and ask about the trajectory you're on, and what you'd like that trajectory to be.  ​

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 21.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:41
    No replies, thread closed.
    I love this question and I love even more when my team members come ask me this question.  First and foremost, leverage your formal review period. Ask about the career path within the firm/department and what it will take to advance. I think it's also so important to personally vocalize that you want to grow and further your career. This helps managers identify potential solutions. It is a two way street though. I think it is critical that department leaders create and carve that career path alongside their team members. 

    Every year I go through an exercise with all of my team members. I have them prepare personal SWOT's and a professional development plan. We then review it together and discuss how both me and the firm can help them achieve their goals, work on their weaknesses/opportunities by leveraging their strengths, and things I think they can do to further their career and meet their goals and objectives. We then review it each year to see how it has changed alongside our department and firm growth. As a manager, it is hands down some of my favorite meetings to participate in.

    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 22.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:43
    No replies, thread closed.
    Hear, hear @Erin Voisin!  Love your process.  ​

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 23.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:47
    No replies, thread closed.
    @Erin Voisin, CFP®, @Brenna McLoughlin, CFP®, @Carrie Houchins-Witt, CFP®
    What was your experience starting out in the industry to where you are now?

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



  • 24.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:51
    No replies, thread closed.
    I started as a 20 year old intern. I knew absolutely nothing about the industry. All I knew was that I wanted to graduate with a full time job so I could stay in California! I applied to a bunch of internships and landed in financial services. It instantly brought my love of working with people and working with numbers to life!  16 years later I am now Managing Director and Partner at an RIA overseeing a team of 40 people and growing!  I really took each opportunity given to me and used it to expand both my knowledge on the technical and leadership side of things.

    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 25.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:54
    No replies, thread closed.
    I started out in the industry in my mid-30s.  I knew I wanted to be self-employed and provide hourly, fee-only advice (as well as tax preparation and tax planning).  Self-employment was the right fit for me and my growing family - I wanted flexibility and independence, and I was able to stay home with my kids while starting the business.  I slowly worked up to where I am today - full-time with 2 employees (including my husband, who got his CFP along the way!).  I still love being self-employed - my family and travel are very important to me, and self-employment allows me to fully enjoy those things.

    I've struggled with work-life balance, but I feel like I'm finally figuring it out!  (As she packs for a monthlong trip to Europe...)

    ------------------------------
    Carrie Houchins-Witt
    CFP, EA
    Carrie Houchins-Witt Tax & Financial Services LLC
    Coralville IA
    (319)358-2854
    ------------------------------



  • 26.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:57
    No replies, thread closed.
    @Rebekah Horsting, big question!  I started out at a great, independent wealth management firm, and spent a year there mostly doing portfolio analyses for prospective clients, which was like an investments boot camp.  I then made a lateral move over to Wealthstream, where I got deep into the financial planning work I'd been missing in my previous role.  My responsibilities initially included cash flow projections, trading, and meeting preparation, as well as lots of other in-depth financial planning analyses.  I have been promoted a few times over the seven years I've been with Wealthstream, and now manage client relationships, investment and financial planning strategy, and am also a member of the firm's management committee.  My role now also includes introducing new clients to Wealthstream, which is all rooted in doing a great job for our clients and impressing their accountants and attorneys, who recommend us to their own clients.  ​

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 27.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:57
    No replies, thread closed.
    @Erin Voisin, CFP®, @Brenna McLoughlin, CFP®, @Carrie Houchins-Witt, CFP® What are some networking events or conferences that would be good to attend?

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



  • 28.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 13:59
    No replies, thread closed.
    I love the eMoney conference (specifically when in-person), FPA, NAPFA, Invest in Women.

    ------------------------------
    Erin Voisin
    Managing Director- Wealth Management Services
    EP Wealth Advisors
    Rancho Palos Verdes CA
    (619)548-4556
    ------------------------------



  • 29.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 14:01
    No replies, thread closed.
    The AICPA's ENGAGE conference and the Advanced Personal Financial Planning track have been great for me in the past.

    ------------------------------
    Brenna McLoughlin
    Financial Advisor
    Wealthstream Advisors
    New York NY
    (212)971-9241
    ------------------------------



  • 30.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 14:00
    No replies, thread closed.
    I have very limited experience with conferences, but I have loved the NAPFA annual conference.  

    For networking - local chamber events have been great!

    ------------------------------
    Carrie Houchins-Witt
    CFP, EA
    Carrie Houchins-Witt Tax & Financial Services LLC
    Coralville IA
    (319)358-2854
    ------------------------------



  • 31.  RE: Ask the Expert: Navigating a Financial Planning Career as a Woman

    Posted 06-22-2022 14:02
    No replies, thread closed.
    Thank you so much to experts @Erin Voisin, CFP®, @Brenna McLoughlin, CFP®, @Carrie Houchins-Witt, CFP® for their time, insight, and advice!

    This thread will remain on the Candidate Forum so you can revisit these questions and answers.

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