Why I Became A Financial Planner
Executive Summary:
Having spoken with young lawyers and other professionals, I have learned that everyone has a unique path to be where they are today. My journey is no different. Becoming a financial planner involved changing careers multiple times, finding a passion for helping others with their personal finance questions, and developing a unique business model to serve young lawyers. It has all been in pursuit of a desire to help people live better lives. I’ve seen firsthand the power of having financial guidance from a knowledgable professional. Making better financial decisions improves financial outcomes, promotes self-confidence, and results in more freedom in our lives. Those reasons are why I do what I do.
My Career Before Developing Financial
Before starting my financial planning firm, my career started in accounting. My first job out of college was working as an auditor for a large public accounting firm. After two years of working as an auditor, I burned out. I did not enjoy that every client I worked with wanted to avoid me at all costs.
So I left that job to work in a career where I could use my knowledge to help people and provide actionable data. So I found a job as a financial analyst at an aerospace and defense company. At first, I worked on some challenging projects that added value to the company, but after six months, new projects stopped appearing. Once the projects stopped, I spent most days with little or nothing to do. So I began reading about personal finance. As a CPA, I always had friends and family asking me for help with their finances. I wanted to learn more and quickly became consumed by the topic.
I've always desired to start my own company, and after doing my research, I found that it was relatively inexpensive to open a firm. At the same time, my wife was in law school, and I noticed that she and her classmates faced many uniquely challenging financial decisions after graduating. These decisions include paying off student loans, "catching up" to their undergraduate peers, and managing a high salary.
So I quit that job and shortly took a job at a wirehouse. I did not want to start there, but I thought it would give me additional training and experience before starting my financial planning firm. I was so wrong. After seeing the culture and learning about how little advice I could provide, I decided I couldn't work there any longer. So I set out to start my firm, Developing Financial.
Why I Became A Financial Planner
I became a financial advisor because I wanted to help people navigate the unique and complex financial decisions that people face in their lives. When friends and family reached out to me for help, I was interested in the various questions people asked. Some people struggled with basic financial questions, while others had complex circumstances that they had to navigate. It felt great to educate people on the various options they had in each decision. It was equally exciting to hear about the results of their better financial decisions.
I loved applying my technical knowledge of personal finance to different situations. Each time I helped someone, it drove me to learn more to help others. As more people started coming to me for help, I saw an absolute lack of access to financial planning for so many people. So I set out to change that by becoming a financial advisor that would help anyone regardless of their means or net worth.
How I am Advancing the Industry
I am advancing the financial planning profession by providing access to financial guidance for anyone through:
- A novel fee structure
- Working with young lawyers and other young professionals who often have a negative or little net worth
- Leading with free financial education so everyone can make better financial decisions, even if they do not pay for financial planning services.
First, I am the only advisor to my knowledge charging a percent of income fee model without any asset or income minimums. After working with a globally known wealth manager, it was apparent that financial advice favored people with a net worth who could pay the industry standard Assets Under Management (AUM) fee of 1%. Without the assets to make that fee model work, anyone without a substantial net worth could not afford financial advice. Yet nearly everyone needs financial planning to some extent. So I created a financial planning fee structure based on income because almost everyone makes money. My fee model is structured so that people pay what they can afford, not a pre-determined number like many flat fee services offer. The percentage of income model allows me to work with everyone that earns an income. I believe that giving everyone access to ongoing financial planning services will improve the lives of so many people.
Since my fee allows me to work with anyone, I can help young professionals who may have a negative or little net worth. So many of these people would otherwise have to figure out their finances without expert guidance. Complex decisions like how to repay student loans, what employer benefits are the right choice, and how to effectively save and spend require technical knowledge. Through my firm, young professionals now have a way to get financial guidance on these decisions. It is so apparent from working with clients that this approach works, and it is visibly improving their outlook on their future.
Finally, I believe that personal finance education is critical if we want people to make better financial decisions. Every week I publish a blog covering some financial planning topics. I construct the blog to explain why the subject is relevant and list considerations readers should know for understanding their financial decisions. I also post regularly on Twitter with financial education content designed to educate people on various personal finance topics. In addition to my work, I regularly reach out to reporters and podcast hosts to share knowledge about personal finance with their audience.
My philosophy for life is to make it better for myself or someone else than it was. I accomplish this objective by providing financial planning services for young lawyers often overlooked by established firms, providing free and relevant financial education, and proving that you can help people with a negative net worth while operating a successful business. Like a financial plan, the work is never done. There will always be new goals to achieve and new challenges to solve. But I’m here to do just that. If you are interested in working with a financial planner who wants to see his clients succeed, I would love to meet with you. Schedule a free Meet & Confer below. This 30min meeting allows us to talk about the financial challenges you are facing and the goals you want to achieve. This is one of two free meetings so you won’t get a sales pitch at the end. It will just be a friendly conversation about money, which is something most people don’t have very often.
Disclaimer: Nothing in this blog should be considered financial advice or recommendations. Your questions are unique to you and your own personal financial circumstances. You should consult with a financial professional before making a financial decision. See full blog disclaimer.