Summer has come and passed
How quickly September has flown by. Some highlights included:
Contributed to an article in Fortune, with Matt Becker, CFP®
Attended XYPN Live in Atlanta, to see what other successful planners are doing with their clients.
Sat down for an interview with Allan Slider of FeeOnlyNetwork to discuss my thoughts about my practice, the direction of the industry, and some other fun topics. You can find the interview below as well as on my profile at FeeOnlyNetwork.
Dealt with a house full of sick family members pretty much each week, including a bout of something myself. The joys of being married to an educator and having children in day care!!
The Green Bay Packers began a new era with Jordan Love at quarterback. So-so results one-quarter of the way through the season. I feel optimistic overall, but there is so much to learn.
Enjoyed a luncheon at Eddie V’s in Denver Tech Center. Listened to a great presentation about some tax planning strategies. It’s hard to believe tax season is right around the corner!
As promised, here is my interview with Allan.
What makes you or your firm particularly qualified to serve military veterans and educators?
I am uniquely qualified to help Veterans because I am one. I understand a lot of what our military veterans went through on a day-to-day basis, as well as what to expect once they separate or retire. I have a thorough understanding of the benefits that are available to them.
My wife has been an educator for the past 17 years. As our relationship has grown, I have come to understand the unique challenges that educators face. I have work experience helping them understand the benefits and savings plans available. She also keeps me updated with a lot of the retirement concerns that she hears about around the faculty lounge.
How do you hope the industry will evolve, and how are you contributing towards that change?
I would love to see the industry continue to become more advice-focused instead of product-driven. By being a fee-only advisor, I am able to provide unbiased advice instead of pushing an unsuitable product for a commission.
A stranger at a party asks you what you do. How do you answer?
“I own a financial planning practice.” If they want to know more, then I let them ask. As much as I would love to tell the world about what I do, I’ve realized that listening is far more important.
What is the biggest misconception about your job?
I feel one of the biggest misconceptions is that we are stockbrokers in the traditional sense – think Wall Street or The Wolf of Wall Street. People always ask what the hot stock is right now, or they want to know what direction the market is going. As much as I like to discuss those topics, it’s not what I focus my attention on.
How has your family background influenced your personal financial mindset today?
I grew up in a hardworking, middle-class family in Northeastern Wisconsin. My parents each worked their entire careers in one place. That taught me a lot about loyalty. My goal has always been to have long-term relationships with my clients so they know they can count on me to be there for them.
What do you think is the biggest mistake people make with their money?
One mistake that I see is not having a budget or allocating funds for different goals. It is so easy to automate saving and investing nowadays. I love sharing simple tips and tricks with as many people as possible.
Is there a particular book that has had a positive influence on your personal or professional life?
I read Nick Murray’s Behavioral Investment Counseling when I first started in the industry. It was a game-changer in terms of how I viewed client relationships. It transitioned from helping people choose investments, to attempting to fully understand the dynamics of their relationship with money and the needs that arise.
If you could only give one piece of financial advice, what would it be?
Start saving as early as you can. This includes saving for your children if you have the means to do so. Compound returns are a magical thing when there is a long-time horizon.
Have you had any interesting jobs prior to becoming a financial advisor?
I enlisted in the US Air Force. I joined to serve my country and see the world. I ended up being stationed in Oklahoma for most of my enlistment… not exactly seeing the world. However, I did learn a lot and it helped me to get to where I am today.
How do you keep track of all the things you have to do?
I have a very detailed calendar. I also use a lot of automated workflows to stay on top of things that I need to do for each relationship. I try to be intentional about things and talk to my wife about the things that are happening and what I need to do. She’s a great help with accountability.