Thanks to all the Conversations for Financial Professionals listeners!

On this week's episode of Conversations for Financial Professionals, I chat with Amanda Raymond about how impactful psychological fear can be when transitioning into a new career.

 

In the full episode, you'll discover:

🎙️Amanda's story and origin in financial planning

🎙️The unique challenges career changers face when making a career switch

🎙️How best to deal with obstacles when making a career change

🎙️How The American College is supporting the financial planning profession?

🎙️Interesting trends you've noted during the pandemic about the workforce

 

Resources:

Are you a current or aspiring financial professional?  Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.

Join our weekly newsletter, click here.

Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.

And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.

Please leave a review right now, click here.

Thanks again for listening, reading, and watching!

If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).

Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.

 

Dave holds a doctorate in finance from Golden Gate University, as well as an M.A. in Economics and a B.S. in Applied Economics from the University of San Francisco. He has been practicing financial planning since 1990 and is a past Chair of the Financial Planning Association (US) (FPA), being named a top advisor by Bloomberg Wealth Manager. He has been quoted in national media including The Wall Street Journal, The New York Times, Businessweek, Newsweek, USA Today, Investors Business Daily, San Francisco Chronicle, and The Journal of Financial Planning. Dave has appeared on CBS, CNBC, CNN and NBC News. Dave and the Yeske Buie approach to investing were profiled in the Wall Street Journal in 2009 and Dave was again profiled in the Wall Street Journal in 2010 on “The Science of Financial Advising.”   In 2019, Dave was recognized by InvestmentNews as one of the most influential people in helping to shape the financial planning profession. In October 2017, Dave was awarded the prestigious P. Kemp Fain, Jr. Award, the Financial Planning profession’s lifetime achievement award. Dave’s contributions as a thought leader in the profession through his writing, presenting, and teaching and his dedication to mentoring future generations of planners through his longtime role as a mentor and Dean of FPA’s Residency program and his involvement at Golden Gate University spanning more than two decades were highlighted as he received the award.  

In this episode, you'll discover:

🎙️Dr. Yeske's story and origin in financial planning

🎙️Why financial planning is here to stay as a profession

🎙️The cost of the journey

🎙️What makes the journey worth the cost

🎙️3 things all career changers should keep in mind before making the switch

🎙️"Skinny" certificate programs vs. traditional programs

🎙️In your own words, what does the phrase "career changer dilemma" mean to you?

 

Resources:

Are you a current or aspiring financial professional?  Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.

Join our weekly newsletter, click here.

Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.

And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.

Please leave a review right now, click here.

Thanks again for listening, reading, and watching!

If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).

Show Notes: How do you show up when preparing for a job interview? I've heard from so many of you about career opportunities being presented to you in financial services. What are some tips for success to kill that interview? How you appear online.  Your digital footprint is as big a deal as ever. I can tell you how many people don't get a minute more of my attention after I spend 5-10 minutes researching them on social before a scheduled meeting. We all have the same amount of time, but there's a higher premium on the time of some and you don't want them to make a snap decision before they get to know you in the 3rd step. What are some things you can do to maximize the amount of time someone will spend with you even before they meet you physically? Prime your social profile. (misspelled words, incorrect contact information, inappropriate emails, pics of you in super revealing clothing or drinking with your buddies.) Understand the type of opportunity/job your after. You're trying to help people with their money...THINK ABOUT IT! Watch how you "show up" Use tools like Canva to create a LinkedIn banner that pops, spend money on some professional headshots and buy a good dress suit. How you appear on the phone. Prepare for your phone screen. If you're being interviewed make sure you spend the requisite amount of time on the following: The company and its mission The person(s) conducting the interview (social profiles, resume, etc) The program you're being considered for (what is the program goals, who are they looking for, connect with previous applicants via LinkedIn) How you appear in person. If you're lucky enough to make it to this 3rd stage you need to be prepared to WOW them. Assuming your interview will be formal like most are, dress to impress. If you cannot afford a nice dark suit (gray, black or navy blue) borrow one. Of all the days, you want to make sure you are looking your best is this one because you may not get another chance. Also, get a hair cut and groom appropriately. Show up early, better to have time to kill in the lobby than running late. Maintain eye contact and relax take your time before speaking. It's ok to ask for a question to be repeated so you can think first. You will likely get at least one "stumper" of a question in which case it's fine to say..." you know that's a really great question, I'll have to give that some thought and get back to you." --- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

There are so many ways to make money as a financial advisor, I want to break down some of the more popular models to make money as a financial advisor.

Previously, you might have wondered do all financial advisors, planners, coaches get paid the same?

Is it from products sold?

Services rendered?

How does that AUM thing work? Let's tackle all of that today.

• For traditional financial professionals that are regulated by the 1940 Act, just find the ADV. Within that, you will see the various compensation models. Here's a video I've done describing this with my own ADV down below. Once you find that ADV, you'll likely come across a few different models... AUM Flat Fee Products/Commissions (life insurance, 12b-1 fees) Hourly
• If no ADV, this would be a more non-traditional route and means that you could see a different variety... subscription - probably the most popular (i.e. Financial gym) courses,
• Ultimately what you charge for and how much that will be up to: (1) your expertise and the (2) of client you will serve. But keep in mind flexibility and fit.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

Have you ever thought of a financial services career?

What is the career path of a financial professional? How do you move through the ranks?

When it comes to terms like "analyst", "lead service advisor" or "senior advisor" what do they mean? And even more so, what do those jobs look like?

Although I've talked about my fairly non-linear path as a financial professional, there are career paths that are more linear in nature.

If you're contemplating a career as a financial professional, check it out to see what you might expect.

• Years 0-3. This job role/description can take on many names but you are basically an analyst. By definition, you will see a lot of data and you will be challenged to synthesize mainly for YOUR sake. There's not a lot of liability on you from a client standpoint because you're still learning. Owners don't want you with that level of responsibility quite yet. Tasks may include: inputting data into software, running reports, sitting in meetings and having things go over your head.
• Years 3-5. You might have the title as "associate, lead" advisor but you are basically a service advisor. Having been in the game for some time you may be bumped up in PAY and RESPONSIBILITY for a few reasons. Hopefully, you've deepened your knowledge and invested in yourself to earn a master's degree, designation or both. You've got more experience so you will likely have migrated from synthesizing data for YOUR sake to OTHER stakeholders like firm owners and clients. Tasks may include: running joint or solo in client meetings, managing client relationships within the business, finding new business for the firm, etc.
• Beyond year 5. You have a lot of flexibility. This is where some advisors with a less certain upside decide to go on their own. If you have a good opportunity you may start down a partnership track which could present you with some interesting opportunities beyond just compensation--like ownership during a succession event. Tasks will likely include a fair amount of business development for (finding and retaining client relationships), you may also wind up portfolio management responsibilities depending on your expertise, or other high-level responsibilities like operations, compliance, marketing, etc.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

Have you ever wished you had more time in a day?

Understanding how to stop procrastinating and get work done can be liberating for you.

As a financial advisor to clients and a coach to financial advisors, I've put together a system that allows me to seemingly squeeze more hours out of my day.

Getting more done and being more productive will only help you procrastinate less and thereby be more effective.

I share the method to my madness in the video below...

• Have a morning routine. I have a whole philosophy around mindset and how that dictates our result. I strongly advocate employing a system or framework to start your day. Whether it's exercise, meditation, reading, prayer, et. Some level of consistency provides you with the discipline and momentum you'll need to finish your day. My routine is made up of a mosaic of techniques like using the Life SAVERS technique introduced by Hal Elrod in The Miracle Morning.
• Develop a capture system. This was probably one of my biggest wins going back to 2018 was finding a way to capture my thoughts. (EXPLAIN... You know when you have an idea and then your brain goes into the stage where you can't remember it because you didn't write it down. This is why you need a capture system. Some may use sticky notes, but the goal of any capture system should be EFFICIENCY. When the idea/thought/to-do hits you capture it for processing later. This is how you keep the maximum amount of RAM available for higher-level activities.
• Stay out of your email. This seems a little weird, right? As a financial advisor, you're like well I might miss something from a client or prospective client. Although that can happen you can use an autoresponder during the day. If this is a concern you can turn this on when necessary. Generally speaking, though you should stay out of email because of how much a time-suck it can be. Most are there least productive stuck inside their email inbox marking things read/unread, dragging to folders and contemplating. Set a time in the morning and the end of your day to process your email.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

To all my career changers out there... what do you need to know in order to make it as a financial professional?

As a coach to financial advisors, I run across a lot of career changers from all walks of life and all ages.

I get a very common question, what steps should I take to make it as a financial advisor? It's not an easy question, but I'm going to do my best to help you out. Because this is a great profession in need of really great people.

If you haven't already, navigate here and download my free guide that gives you 10 tips to help you jumpstart your career as a financial professional.

1. Decide on your route. I've mentioned the traditional vs. the non-traditional route before, but it involves the degree to which you want to be regulated.In short, as a financial coach that just specializes in budgeting and/or debt reduction or student loan counseling that doesn't not advise on investments you can avoid being regulated.
2. Decide on your build. What does this mean? Well, what are you trying to accomplish? I've gotten a lot of "Hey Dominique, can I be a financial advisor as a side hustle?"Some want to actually quit their current career cold turkey and start. Others might be the "go-to" for friends and family and are considering a switch. Any of these are valid reasons but they lead to the inevitable questions of "what should you build?" If you want a full list of what to consider check out this video.
3. Build some runway. This can be done in a lot of forms including (1) Reducing your expenses for "x" months while still working your job, or (2) having a working spouse while you save.In either case, you will need margin and runway while you transition. The biggest mistake I see aspiring financial professionals make is not considering how long this will take and not having enough margin to get up and running. This should be 18-24 months of expenses to help you transition.
4. Hire a coach. I can't stress this enough. You need someone that can help you through some of the strategy involved in building a successful practice and making the pivot from your previous career.A coach is helpful in deciding the following:(1) How will you focus your energy? What gets done now vs. later? (2) Developing your marketing plan. Which type of clients will you target or go after and how? (3) How should you price your services?

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

I want to break down my 5 steps to creating a great client experience—what I call the WOW factor (wonderfully overwhelmed) What is the difference between customer service and client experience.

What makes that interaction good or bad? It is how you feel. Feelings influence buying decision and then we use our logic to justify our decisions. So whenever you can provide a great experience it will be remembered. So how do you do that?

1. Be Comprehensive- I like the comprehensive approach because it leaves no stone unturned. If you have a siloed approach you can miss opportunities to provide great service. I like to focus on 4-5 aspects of an individual's financial picture and they are the following: (1) Cash mgmt, (2) Investment positioning, (3) Tax strategy, (4) Asset protection, and (5) Non-Cash Compensations & Benefits. This allows me to see all the different pieces of a client's life and help them "talk" so that wealth and utility can be maximized.
2. Be Curious- If you are genuinely interested in forming a deep relationship with your clients, it will show. You can't expect them to have a good experience if every interaction results in some type of transaction. What about birthdays, anniversaries? How do you react to their wins/losses/challenges in life? Are you empathetic?
3. Be Ready to go above and beyond- I think this goes without saying, but the goal is to provide more value than what you are receiving as payment. My honest belief is that as financial advisors we have the power to change the trajectory of someone's life and that cannot be valued. But it is imperative that we create a process or framework by which to deliver that type of experience. A lot of this comes in the form of proactive vs. reactive service to the client. Can you get the answer faster? Or do something that saves them time on their end?
4. Be Straightforward- Beyond honesty and integrity be firm on any positions you take. This definitely means that when you screw up, be the first to apologize when you make a mistake. I've found that clients don't require perfection, just honesty. You won't have a spotless record but you must be the time of person that your client can trust will do the right thing when called upon whether it is uncomfortable for you or not.
5. Be Thinking of What you Like- This may seem a bit counterintuitive but think of how you like to be treated and do the same. It is the golden rule (more or less). If you like quick responses to your inquiries develop a system to respond to client inquiries and provide them with status updates on items you are working on or they are waiting on.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

As a financial professional you're going to need to know how to attract your ideal client. There are 8 biologically programmed needs that every human wants or desires that revolve around 3 basic life themes...let's see how those fit into developing your marketing plan.

So in a previous video, I talked about the importance of finding a niche market and the 5 elements of how you would create content to market your services to them. And no matter if you feel you are good or bad at selling or marketing your services it will be helpful to understand that there are some common themes to use when doing so. Do people want to be in relationships? Feel safe? Feel significant?

The answer is YES...but how do you package that in a way that feels natural and genuine.

1. Life Theme #1 - Relationship - Everyone wants community. We've been wired to care about what others think in a way that will promote our survival. We care about the protection of our loved ones and we desire a level of companionship.
2. Life Theme #2 - Safety- Going all the way back to Maslow's hierarchy of needs we have to feel safe. This means that the basics of food, clothing, and shelter have to be provided before other things gain importance.
3. Life Theme #3 - Significance- Despite how hard we try we all want to gain the approval of something or someone. Being accepted for who we are and what we do is a big thing in modern society. This need for significance is evident in many different areas of life which is probably where the notion of "keeping up with the Joneses" came from. Regardless there are many different ways to use this as a positive in your marketing strategy...

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

Finding success in your personal financial planning career consists of a lot of things.

For one, which designation, certification or degree program should you use?

There are so many!!!

How do you know which to go after? Which is right for you?

Today, I want to share with you some key considerations for picking the right designation and my top 3 financial designation recommendations.

1. Accreditation. This is one of the biggest factors in my opinion. Just like you want to attend an accredited college you want a designation that also has accreditation. You can use this site to research designations: https://www.finra.org/investors/professional-designations. Be careful of designations/certifications that are relatively new, have a low amount of members and have a fairly low barrier to entry. It leads to my next point about...
2. Public Perception/Reputation. One of the main reasons for the time, effort and money that goes into a designation or certification is the reputation it should bring. You want a designation that is reputable not only among your industry peers, but also the public. Public perception can go along way for helping you as you establish yourself. It is not the "end all be all" but having the right designation combined with the correct marketing strategy is powerful (check out this video on the importance of picking the right niche)
3. Comprehensiveness. Don't forget that the whole point of the designation or certification is also to LEARN something! You want to become more proficient at whatever it is that you are getting the specialized training for. In order to do this, you may want to have courses that are taken (that can be self-study or not) along with an exam requirement.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

It can be difficult to choose a framework or form a philosophy for investing your clients' hard-earned money.

However, there are a few principles to keep in mind.

In developing my "true north" for investing, it started with something Sir John Templeton said...

time in the markets is more important than market timing.

To catch that key piece of wisdom and more...check out today's episode.

What is your investment philosophy?

1. Start with strategy design based off your philosophy. For example, I believe markets are efficient and therefore choose to create portfolios that expose my clients to the factors I feel determine portfolio returns. Like relative price, size, and profitability.

2. Develop a method to evaluate assets and/or portfolio managers. Which types of assets will you use? This involves looking at what the client needs in relation to your overall philosophy and strategy. For example, if I see the client requires 6% returns, I find assets that have delivered at least that historically. Next move to portfolio manager evaluation. This holds true if you select mutual funds or separately managed accounts (SMAs). This should be based on the client's investment policy statement which starts with a discussion around risk and return preferences.

3. Develop a disciplined framework to monitor your strategy. Finally, have the discipline to follow the strategy. Largely the goal of a financial professional is to manage the behavior of the client through good times and bad...especially the bad. What benchmarks or goals will tell you if this is working? Client performance? Broad market indices?

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

I recently brought on my friend and colleague Preston D. Cherry to discuss "how to become a financial planner?"

After receiving many similar questions, I felt it was time to offer 3 distinct paths you can follow to enter the industry.

I thought Preston best to speak on this as his resume speaks for itself...

-instructor at the nation's flagship financial planning program (Texas Tech), -instructor for Dalton Education's CFP program, -CFP certificant, -Master's in Financial Planning, and -Ph.D candidate.

I could think of no one better!

We are able to cover the following during our conversation:

• What's better the CFP or Masters in Financial Planning?
• Why the Master's degree is a base or signal to the public...
• What is the time/energy/money being invested?
• What are the 3 distinct paths?

Preston's website

Preston's LinkedIn Profile

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

On this week's episode of Conversations for Financial Professionals, I chat with Martin Seay, Ph.D., CFP® about the importance of establishing trust to build client relationships in the financial services industry.

 

In the full episode, you'll discover:

🎙️Martin's story and origin in financial planning

🎙️How understanding a client's money story contributes to the financial planning relationship

🎙️Why planners do well to understand their own money stories

🎙️The 3 "must haves" in the client-planner relationship to illicit behavioral change

🎙️How financial planning might look 20 years from now and the skills aspiring financial professionals need to develop

🎙️In your own words, what does the phrase "personal financial planning" mean to you?

 

Community Question

🎙️When asked where are you on the journey, Admir from YT says he still unsure on his direction although he’s passed L&H and SIE. What advice would you give?

 

Resources:

Are you a current or aspiring financial professional?  Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.

Join our weekly newsletter, click here.

Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.

And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.

Please leave a review right now, click here.

Thanks again for listening, reading, and watching!

If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).

Show Notes:

Many people I talk to are utterly overwhelmed during their open enrollment period.

Should I change this benefit? Should I opt-in for this or that?

In my opinion, this is a great time to maximize your paycheck!

There is so much money left on the table that can be placed back into your budget to reach your financial goals, but there are some steps to take.

I want to give you 5 tips for open enrollment period that you can use in order to fully maximize all that is available to you.

1. Know when it starts and ends. How can you be empowered if you don't know when the annual enrollment period begins or ends? Usually, you will get some type of internal notification from your company. I highly recommended marking your calendar and not waiting until the last minute.

2. Review your benefits from previous period or employer. You'll want to review what benefits you had last--either last year or if you're changing jobs from your previous employer. I suggest printing these out before you get started on the upcoming year to give you a side-by-side comparison. It's very possible to use your last paystub to look at this also. Most employer websites have a separate portal that may allow for this comparison so you won't have to print it out.

3. Elect the free stuff. This may be a no-brainer but elect the free stuff. Typically this may be life insurance for you as an employee, short-term, long-term disability and maybe some other things. If it's free and you don't use it, you're leaving money on the table more than likely.

4. Consider the HDHP vs. PPO. One of the most expensive benefits you are provided is health insurance. Just look at your W2 from last year in box 12DD. I've seen a lot of plans that have employer-sponsored and/or subsidized medical coverage depending on plan type. That's to say you may get free health care if you choose a high deductible health plan (or HDHP). This is beneficial in a lot of ways and I'd cover how these plans work in this video. This could potentially save you a lot of money in current and future taxes, as well as, allow you to get some extra cash from your employer.

3. Max out your 401(k). If possible try to contribute the IRS limit into your 401(k) plan thereby maximizing any type of employer match that you are eligible for. I see many people only contribute the default as most plans will elect 1-2% if you don't specify a %.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

It's not often you get to sit with an expert on how to determine your risk tolerance.

Whether your an investor or a financial professional, getting risk tolerance right in your investment strategy is a major component of successful financial planning.

I recently got a chance to have a great conversation with Dr. Brad Klontz, one of today's leading experts on risk tolerance.

We are able to cover the following during our conversation:

• Dr. Brad's personal money story
• Thoughts for how to talk about risk with wealth management clients
• The dangers in trying to "automate" risk management in portfolios
• The most important question to ask clients when it comes to risk
• How to avoid bias in your own investment strategy
• Parting words of wisdom for tomorrow's financial professional

Check out Dr. Brad's book on Amazon: https://amzn.to/2LehWpd

Dr. Brad's YouTube Channel Dr. Brad's LinkedIn Profile

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

I've worked with dozens of financial professionals on how to find a niche market in order to reach their ideal prospect.

Today, I've boiled it down into 5 crucial steps to figure how to market to a certain individual, so if you want to know how to find a niche market as a financial advisor, stay tuned.

I want to provide you with a high-level view of my 5 step content creation guide which gives you how to create content that will be specific to your niche.

1. What is a niche? A niche is a specific group of people with similar characteristics, or in your case a similar problem that you can uniquely solve for them. If you are marketing yourself as a financial advisor to retiring physicians looking to sell their medical practice you will be more attractive to that type of person vs. a "financial advisor". So when we talk about a niche, keep in mind that it can also be persona-based, like "retirees that live in Boca Raton". I'll just say the more narrow and specific you get the better.

2. Why are niches important and how can they help your business? Niches can help in 2 main ways: (1) you have a greater focus on what is crucial to your business to grow and move forward. You don't want to have your focus split too many ways and it will be if you don't have a narrow focus AND (2) it helps the people you are uniquely designed to help find you easier. A lot of advisors confuse this with turning away business. I will just say that it has never been my experience that you miss out on a great prospect because you are too focused. The reality is that prospect is probably not best for you.

3. What is a tried and true framework for marketing to a niche market?

Step 1 - Find out what your Niche/Target has in Common with Everyone. Step 2- Find out what your Niche/Target has that is Unique. Step 3 -Pick a topic/subject/problem they are facing for your angle. Step 4 -Brainstorm a list of 10-20 mistakes with corresponding desires/results. Step 5 - Create content with a bold promise for the 1 thing they want and tell them what life would be with it using.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

Show Notes:

Some of my young advisor friends find themselves in the first 3-5 years of business asking the question...

Can I sell and help?

I'm here to tell you that there are some definite things you can put in place to avoid the financial professional's dilemma. Wanting to help people, but also the need to provide for your financial needs can present this dilemma.

How do you bridge that seemingly wide gap in motives?

1. Understand you will need a "True" North. First and foremost, you must remain true to yourself at all times. This means that money, fame, success at any level will only amplify who you already are. If you're a good person with a good heart, then all those things will only make you better...however the reverse is true. Pro tip: This is why I highly advocate all my coaching clients to have a morning routine that centers you and helps you affirm the reasons why you do what you do (whatever that is). Having a True North will help you stay true to you.
2. Understand that receiving compensation = "Thank you". Practically speaking...being compensated for selling a product or selling advice is just token of appreciation. I heard this concept from Rabbi Daniel Lapin and it was really eye-opening for me. You see all of us come from different money stories and depending on how you were raised you may view money as something other than a tool. It is not in of itself good or bad—it is can only be those things based on who is using it. So if you provide someone with a solution to a problem and they compensate you with money for doing that then you have earned the right to it and you should be proud of what you've done because you've helped them solve a problem.
3. Understand that you need "margin" or runway. Be prepared to "weather the storm" of this industry. Understand what you are getting into. Don't start in this business if it means that if you don't get any clients that you won't be able to provide for yourself or your family financially. It will take some time for people to trust you with their money regardless of how good your advice is. Be prepared for that and have some savings because it may take you a while to ramp up your income.Quick Question...Where do you fall on this continuum? Do you think you would have a conflict between selling or helping? Let me know down in the comments.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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Show Notes:

Do you want to know exactly how to find your next financial services job?

Without guidance, it can be difficult to know how to get a job in finance with no experience.

Many of you that watch my YouTube channel or read this blog want to know how to get a job as a financial advisor.

Knowing how to get a job in finance boils down to a couple of things that I want to share with you.

TIP: Use a site like www.adviserinfo.sec.gov to conduct background research on a firm.

1. Identify the firm(s) - So I shared this trick inside my Facebook group some time back on how you can use public information to research a firm or firms you're interested in working with. Luckily, this information can help set you apart since not everyone knows about this little secret. This is a requirement that all firms have a profile here. You can look up the firm or members of the firm that are registered individuals. Here you can find a lot of helpful information.
2. Prime your social presence - I'll also say that before you go applying this new secret check out my video on "Priming your LinkedIn Profile" so that when firms start looking at you online they will be impressed by what they see.
3. Develop your outreach strategy - Go to LinkedIn and follow their feed or the person that could make a hiring decision at the firm. You will comment on posts they make and engage with them.
4. Execute your outreach strategy - Reach out with a personal video after you connect with them to invite them to 15 mins of "virtual" or physical coffee.

Thanks for listening, reading and watching.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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Show Notes:

I've often been asked what are the best books for financial advisors or what should I be reading as a new and aspiring financial professional?

In this video, I'm sharing my top 3 book recommendations for aspiring financial advisors as well as my honorable mentions list.

COMPLETE BOOK LIST📚

1. "Life Planning for You: How to Design & Deliver the Life of Your Dreams" by George Kinder
2. "The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals" by Ashvin B. Chhabra
3. "The Hero's 2 Journeys" by M. Hague and C. Vogler
4. "Think and Grow Rich" by Napoleon Hill
5. "Principles: Life and Work" by Ray Dalio
6. "Predictably Irrational: The Hidden Forces That Shape Our Decisions" by Dan Ariely
7. "The Practicing Mind: Developing Focus and Discipline in Your Life Master Any Skill or Challenge by Learning to Love the Process" by Thomas M. Sterner
8. "Exactly What to Say: The Magic Words for Influence and Impact" by Phil Jones
9. "How to Persuade and Get Paid: The Sales Workshop for Everyone" by Phil Jones
10. "Never Split the Difference: Negotiating as if Your Life Depended on It" by Chris Voss
11. "Bluefishing: The Art of Making Things Happen" by Steve Sims
12. "The 12 Week Year: Get More Done in 12 Weeks Than Others Do in 12 Months" by Brian Moran
13. "Big Debt Crises" by Ray Dalio
14. "Talking to Strangers: What We Should Know About the People We Don't Know" by Malcolm Gladwell

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes:

Let's talk FEARS of Starting a Financial Professional Career...Are any of these holding you back?

Working as a financial advisor there's nothing like the boogeyman to come try and scare you every now and again. :-)

From my career as a financial advisor I want to share a few "boogeyman" type myths that you may have heard about that shouldn't derail you...

Let's take our time a break down some of these arguments and show you why "FINANCIAL ADVISOR" is still one of the top careers in finance!

✅ Robos will not takeover. Clients still want human connection.

✅ Fee compression is a problem when you don't provide enough value.

✅ Zero commissions are a "shell" game.

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes:

Are there certain things you can't (or shouldn't) say as a financial advisor?

Absolutely.

I've heard some wild stories in my time in the industry and I'm sure you have some doozies to tell also.

There are some guidelines in this industry as to what you can and cannot and I'd like to provide you with some tips that you can use as a financial advisor in practice.

In my latest video, I describe the following things as "bad" financial advisor talk:

✅ "I guarantee OR I'm sure that...Always...never..."

✅ "The client's assets I placed in XYZ fund will perform the same way for you..."

✅ False or Misleading information

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes:

Have you thought: "do I need a college degree just to be a financial advisor?"

The quick answer is "no".

There are a few paths to being a successful financial advisor with (or without) a college degree...BUT there are some things to consider!

In my latest video, I talk about considering the following scenarios for success as a financial advisor:

✅ The Traditional Route with Finance background,

✅ Some college or no college, and

✅ Career Changer with no Finance background

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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Show Notes:

I found out about the great things Steven was doing with financial literacy through Instagram from his Know Money Inc. brand.

I saw he'd just finished a BankRoll Summit at college and loved his focus on financial literacy.

Today, I invited him on to talk about his efforts reaching Gen Y and Z and specifically how the financial services industry can do a better job addressing their financial needs.

We are able to dive into...

• Steven's money story
• What types of conversations about money are resonating with today's college students?
• How can the financial services industry heal the broken trust with Gen Y and Z?
• How interested is Gen Y & Z in the concept of financial coaching?
• How are you incorporating the findings from your summits into those coaching/trainings?
• Has the student loan crisis caused a shift in the mindset of the next generation and how they view borrowing?
• A real-life example of how a current college student should be thinking about their future with money

Steven's Instagram Profile Steven's Website

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Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.

 

Today we have Martin Seay, Ph.D., CFP® who serves as Professor and Department Head of Personal Financial Planning at Kansas State University, where he oversees CFP Board-registered undergraduate, graduate certificate, M.S., and Ph.D. programs. He earned a Bachelor of Science degree and a Ph.D. with an emphasis in Family Financial Planning, both from the University of Georgia as well as earning his CFP® certification in 2014.   Martin's research focuses on borrowing decisions, how psychological characteristics shape financial behavior, and how consumers seek and use financial advice. His research has been recognized with the 2014, 2017, and 2019 FPA Annual Conference Research Paper Awards, the 2016 CFP Board's ACCI Financial Planning Award, and the 2016 Montgomery-Warschauer Award. He was also recognized with the Distinguished Financial Planning Alumnus Award by the University of Georgia in 2021 and selected as a member of the 2020 InvestmentNews 40 Under 40 class. He previously served as president of the Financial Planning Association (FPA) Board in 2020 and currently serves of the CFP Board of Directors.     

In this episode, you'll discover:

🎙️Martin's story and origin in financial planning

🎙️How understanding a client's money story contributes to the financial planning relationship

🎙️Why planners do well to understand their own money stories

🎙️The 3 "must haves" in the client-planner relationship to illicit behavioral change

🎙️How financial planning might look 20 years from now and the skills aspiring financial professionals need to develop

🎙️In your own words, what does the phrase "personal financial planning" mean to you?

 

Community Question

🎙️When asked where are you on the journey, Admir from YT says he still unsure on his direction although he’s passed L&H and SIE. What advice would you give?

 

Resources:

Are you a current or aspiring financial professional?  Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.

Join our weekly newsletter, click here.

Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.

And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.

Please leave a review right now, click here.

Thanks again for listening, reading, and watching!

If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).

Show Notes:

Do you want to know how to manage life and business?

As an empty-nester, entrepreneur and financial advisor and husband of 22 years, I had to bring on my 1st lady (Briana Henderson) to talk about finding balance in the entrepreneur life.

Here are some of the topics we hit...

✅ What everyone is up to

✅ What is the key for a "thriving" relationship with hectic schedules?

✅ What makes this work for us since it's not always perfect?

✅ Why "time is currency" in a relationship (especially our own)?

✅ How you avoid "avoiding" one another when there are no more kids to care for?

✅Some tips to help keep the relationship thriving!

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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Show Notes:

When you want to talk about the impact of technology (automation and digitization) on the financial advisor of today or tomorrow it might be a good idea to talk to a computer scientist.

That's exactly what I did in this convo with Calvin Williams, Jr. (owner of the first black-owned robo advisor--Freeman Capital.)

Our conversation covered so many topics like:

• How was money talked about when you grew up?
• How Calvin views the impact of technology on the advisor of tomorrow...
• What will A.I.'s impact be on human advisors? And where's the opportunity?
• Advice for human advisors...
• What role does traditional learning have in today's society of technological advances...
• Looking at the future of finance with A.I. and humans...

Calvin's Instagram Profile Calvin's Website

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Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes:

Can women in finance find success in a male-denominated industry...ABSOLUTELY!

There's no better person to discuss this with than my friend and colleague, Jacqueline Schadeck, CFP® of Sherrill & Hutchins Financial Advisory, Inc in Atlanta, GA.

Our conversation was about:

• Jacqueline's personal money story
• What it's like to be a woman of color and a CFP in a male-denominated industry...
• Advice for recent grads or anyone new into this industry...
• Jacqueline's recipe for success as a woman in finance...
• Rapid Fire Round covering financial literacy, women advisors, and the meaning of wealth

Jacqueline's Instagram Profile Jacqueline's LinkedIn Profile

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Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes:

I thought to take some time to answer some questions about being a financial advisor and certified financial planner.

This was an absolute treat to put together. I was able to cover:

✅ Update to "Financial Advisor Day in the Life of a CFP" video

✅ Diving into the comment section for "Financial Advisor Day in the Life of a CFP" video

✅ Update to "Certified Financial Planner Career What Does a CFP Do" video

✅ Diving into the comment section for "Certified Financial Planner Career What Does a CFP Do"

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Show Notes:

Get ready to learn social media growth tips for financial advisors!

My latest guest Mr. Andre Albritton (IG: @themillennialsnextdoor) stopped by to provide a bunch of perspective and his top Tips for growing on social media for financial advisors that want to market their services.

Our conversation was about:

• How Andre uncovered his passion for finance...
• A unique opportunity Andre identifies if you're willing to put yourself out there now...
• Why video is key to your social media content strategy and the results he's noticing...
• To niche or not to niche...that is the question...
• How to let social media "pick you"... and developing a content strategy

Andre's Instagram Profile Check out Andre's Blog

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Show Notes

I was so excited to talk with Bola Sokunbi of Clever Girl Finance in this episode. We covered a host of topics such as the lack of women in the financial industry and how she began her online brand by blogging.

Her story serves as an inspiration to ANYONE wanting to become a financial professional.

Our conversation was rich with dialogue about:

✅How Bola developed a good money foundation,

✅ Some considerations for women financial professionals,

✅ How she's used blogging for foundational content to build her brand and why she prefers this platform over just using social media,

✅ Why Bola feels that regardless of which path you pursue you need this one thing...,

✅ Bola's perspective on the student loan debt crisis, and

✅ Parting advice for the aspiring financial professional of tomorrow

Check out Bola's book which features the stories of women that have changed their financial situation and built 6 and 7 figure incomes.

Clever Girl Finance Instagram Profile

Visit her website

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes

If you were curious about how to make $100,000+ as a financial advisor, I want to give you the 3 major things that will determine your pay.

👉🏾Survey of Financial Advisor Pay: https://www.payscale.com/research/US/Job=Certified_Financial_Planner_(CFP)/Salary

This is a very common question that I hear, and quite frankly the answer is "it depends", but let me tell you what it depends on...

1. TYPE OF CHANNEL...this has to do with if you work for a bank or wirehouse, a broker-dealer, hybrid or a RIA. If you want to learn more, check out this video...👉🏾 https://youtu.be/1f4MEt0NzoA
2. TYPE OF FIRM...if the firm is investment-focused or planning focused will also factor into how you are paid. When I worked for an independent RIA, investment-focused firm, I was an employee and also was compensated with revenue share based on how well the firm did.
3. TYPE OF REVENUE MODEL...how the firm bills its clients will dictate how you are paid also. For instance, if the firm is mostly compensated by fees for assets under management, or if they collect commissions from the amount or level of business they transact, or if they are remunerated by a 3rd party company for products they sell. These are all factors that play a part in the way you will be compensated.

Thanks for listening.

Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career!

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Show Notes:

​​I met Whitney Hansen ​through her branding for The Money Nerds podcast​--a ​colorful and entertaining ​collection of ​stories and perspectives ​​on the employment of ​practical financial strategies for the everyday person.

When I reached out to Whitney and she so graciously responded I just knew we were going to have a great conversation about...

• The benefits of attending financial conferences like FinCon19
• What financial coaches do
• How she started The Money Nerds podcast
• Entrepreneurial advice
• Where she sees tremendous opportunity within the financial services industry
• Some disruptors to be aware of
• and much more!

Whitney's Instagram Profile Whitney's Podcast

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Show Notes:

I met Julie Kalkowski after I reached out to her after reading an article in Creighton's Alumni magazine about the tremendous work she's doing to promote financial wellness in the Omaha area.

Through several self-initiated grants, she has helped hundreds of individuals gain valuable perspectives on their financial health and also found data on how this relates to physical wellness.

Her work has several implications on how financial services will be both received and delivered in the future and I wanted to bring her on today to talk about that.

• How Julie developed her career in financial education/literacy
• Tell us about the study and the impact on the financial services industry
• The tools and methods that are being effective in helping drive outcomes in the study
• What should tomorrow's aspiring financial professional understand about financial health?
• What makes a good financial coach
• and much more!

Julie's Linkedin Profile Financial Hope Collaborative's Website

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NQouKGKjlzA

I met Ash Exantus by watching one of the many interviews he's done for social media. Without a doubt, my #1 takeaway→HIS ENERGY.

His energy and passion for financial education and literacy were infectious and contagious.

At that point, I reached out and several DMs later, we have this opportunity to talk about:

• His humble beginnings in the projects of New York...
• The origin of his work ethic
• Why entrepreneurship isn't for everyone
• Why he got into financial coaching and left the "regulated" world of financial services
• Why everyone one that earns money needs a financial advisor
• and much more!

Ash's Instagram Profile: https://www.instagram.com/iamashcash/ Ash's Website: https://www.iamashcash.com

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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On this week's episode of Conversations for Financial Professionals, I chat with Hannah Moore, CFP® about why the financial planning industry is typically viewed as a linear career path from the outside looking in, but in fact, it's quite the opposite.

 

In the full episode, you'll discover:

🎙️Hannah's story and origin in financial planning

🎙️What is the nex-gen financial planner?

🎙️How does one become a nex-gen financial planner?

🎙️What trends are shaping the financial planning industry?

🎙️How can aspiring financial professionals best position themselves for success?

🎙️In your own words, what does the phrase "financial planning professional" mean to you?

 

Resources:

 

Are you a current or aspiring financial professional?  Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.

Join our weekly newsletter, click here.

Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Conversations for Financial Professionals!" by clicking here. If you enjoyed this episode, please share it with your friends by using the social media buttons you see at the bottom of the post.

And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.

Please leave a review right now, click here.

Thanks again for listening, reading, and watching!

If you enjoyed this podcast, I would love to hear your thoughts (CLICK HERE).

This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NXqsJMi_0FI

In a recent group coaching session, I covered why you might want to be an independent financial advisor and start your own firm.

There are a lot of factors to consider...

My hopes are that after listening to this episode you will be able to understand some of the more important ones.

SHOULD YOU START YOUR OWN INDEPENDENT FINANCIAL SERVICES FIRM?

Here are some possible reasons you may go that route...

1. REASON #1 -- The current firm you work for does things you don't agree with morally or ethically.
2. REASON #2 --There isn't a clear career path that aligns with your goals.
3. REASON #3--The firm doesn't have enough stability (financially, management, etc.)
4. REASON #4 --The firm doesn't value your contribution.
5. REASON #5 --The firm owners are looking to sell.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/2LLiqm0Pk7E

Want to be a financial advisor, I'm going to be sharing with you my top 10 list of things to do to get a job as a financial advisor and jumpstart your career.

1. DO YOUR RESEARCH. You should be aware of all the different avenues there are to enter this industry. What type of role are you looking for? What roles are the most popular and what are people hiring for right now? Which firms are hiring?
2. JOIN A PROFESSIONAL ORGANIZATION. There are many organizations like FPA (Financial Planning Association), NAPFA (National Association of Personal Financial Advisors), and AAAA (African American Association of Financial Advisors) and others have varying levels of membership to fit wherever you are in career stage. These are national organizations that often have local chapters for you to be a part of. The next thing to do would be to join and become active.
3. JOIN A STUDY GROUP. This is usually a group of 5-10 or your peers that serve as accountability and camaraderie. Study groups can be excellent sources of information and a way to share wins/losses and best practices among a group of people you feel safe around and be transparent around.
4. FIND A MENTOR. A mentor's time and experience can be invaluable to you so this is a must. Check out this YouTube episode for more details: https://youtu.be/NXqsJMi_0FI
5. PRIME YOUR ONLINE PRESENCE. I place a high degree of importance on what someone looks like online. Check it out this video for exactly how I got to 10,000+ followers on LinkedIn: https://youtu.be/9fyVbjKR1ng
6. PURSUE A DESIGNATION. This is a highly competitive industry and while you're chilling, someone else is reading, studying, practicing, etc and you have to stay sharp.
7. NETWORK WITH PEERS. Invite a peer to lunch or coffee to talk "shop" as we call it. These are good opportunities (a bit more intimate and informal) than a study group might be.
8. ATTEND AN INDUSTRY EVENT. Most of the organizations I named earlier will have events on a local or national level that you can attend for a cost. This can be an excellent avenue for you to meet new people to further your career. Be intentional about why you are going and what you're trying to accomplish before you book your agenda.
9. REACH OUT TO POTENTIAL EMPLOYERS. That stellar opportunity will usually not walk up to you and tap you on the shoulder. You have to go find it. I cover 3 tips on how to position yourself to potential employers here: https://youtu.be/lcuy4ooDyaE
10. HUSTLE. Invest in yourself. Because if you don't you can't expect anyone else to do so.

Want a physical copy of this list to keep on your wall next to your computer? Send me a DM.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NXqsJMi_0FI

I've often been asked: "Dominique, how do I find a mentor?"

In this video, "how to find a mentor for your career", I'll be showing you the 3 steps (with one bonus) that will help reduce the difficulty in finding a mentor.

I'll answer questions like:

• What should I look for in a mentor?
• How to find a great mentor?
• How do you approach a person for mentorship?

1. DO YOUR HOMEWORK. Before you approach a potential mentor, learn as much as you can about them. IN this age of information that should be easy. Spend some time on their social profile, reading their bio, etc.
2. MAKE A DIRECT ASK. What just noted was probably the most important takeaway...your ideal mentor has something you want. **Identify what that is, and ask directly for it.**
3. FOLLOW-UP. If you've picked the right person that has things going for them, they are likely busy. So your first overture may go unanswered. This is all the more reason that your approach should be direct so that they can immediately know if they want to engage with you or not. If they have to figure out what you want, then you won't be getting a response.
4. BONUS - If you are so fortunate to secure their time, DO WHAT THEY ASK. There's not a lot of benefit in the mentorship if you won't be using the advice that is given.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/Hqv9Ym2ex5k

I met Danny Harvey through a mutual friend for the first time a few months ago during a visit to PV to enroll my children for the upcoming academic year. We hit it off right off the bat. I recently sat down and had a conversation with him about:

(1) PV becoming the 3rd HBCU to have board registered CFP program,

(2) the right mindset to have as "tomorrow's financial professional",

(3) what he's telling his students about the profession, and

(4) how the industry is changing for tomorrow's financial professional.

Danny's LinkedIn Profile: https://www.linkedin.com/in/danny-harvey-mba

Danny's TedX Talk: https://youtu.be/AIVEpUDAUNg

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/bMP1L_RBl5k

Have you ever wanted to listen in on "behind the scenes" talk in the financial service industry?

My friend Preston Cherry, a fellow financial advisor, go "unscripted" on several subjects including:

1. The many facets and entry points into the financial services industry for aspiring financial professionals,
2. How you might not always follow a linear path as a financial professional,
3. The benefit of educational programs like Dalton, and
4. How to get experience (as a new advisor) if you don't have any.

Preston's LinkedIn Profile: https://www.linkedin.com/in/prestoncherry/

Preston's website: https://www.concurrentfp.com/financial-advisor-preston-cherry

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=L5ItcWyM48w If you are a current or aspiring financial professional you may wonder: "how to prepare for a meeting with a potential client?" I think this list can help you attract new clients to your practice as well as turn existing clients into raving fans from your meetings. 1. Set expectations. No one wants to be frustrated by being "overpromised" to and "under-delivered" to. This is why it is critical to set realistic expectations that you can deliver on with meeting with a prospective client. 2. Provide a service calendar (2:06). What should they expect? And at what times of the year will you be delivering these services? This will also allow you to create a set of routines or tasks for your back office to perform in order to meet expectations. 3. Always probe and ask great questions (3:25). Your clients and potential clients are really interesting people that do interesting things. BE INTERESTED. This will only strengthen the rapport you build for them to trust you as their advisor. Be genuinely interested in what is going on with them. Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=1f4MEt0NzoA

What is the entry level financial advisor career path like? This is a question I get all the time and I want to cover the 4 basic paths today.

1. Brief history of entrance into the industry
2. There are differences between each channel. They are the bank (or wirehouse/captive), broker-dealer, independents (or registered investment advisors) and hybrids.
3. There is a different standard in those channels—it is the suitability standard or the fiduciary standard.
4. Why you may choose either has totally to do with you and what you believe. Can you serve the client's best interest using either standard? What you would do for your parents should be what you do for clients.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/9fyVbjKR1ng

Today I'm going to show you how to make a good LinkedIn profile and share how I grew my LinkedIn profile to over 10,000 followers. It doesn't take long to setup a good LinkedIn profile and it'll really pay off, even in 2019 as more people join the platform.

1. Use a killer headshot. A picture is worth a thousand words...but make sure it is a good one. If you have to spend a few bucks getting it right...even if you have to go to a photo booth.

2. Write a killer headline. My personal preference for the 120 characters that we get for this prime piece of real estate, is to state "how I help people." Don't just use a job title as that can be reflected in the description below.

3. Triple check the profile for accuracy. There is absolutely no way to look unprofessional than to half misspelled words or inaccurate information on your LinkedIn profile. Remember this is how recruiters, colleagues and potential employers are seeing you for the 1st TIME. Make sure you check, double-check and triple-check your profile to make sure it is accurate. Don't use unprofessional email handles and old phone numbers.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/dE2OWKFSrIc

How to start your own investment firm and become an independent financial advisor is what we're going to cover today. There are 2 important questions to ask "when" and "how". When it comes to exactly when to do break away involves mainly:

1. "Do you have the financial runway?" Financial runway is a supportive, working spouse that understands that in months 0-24 you will be grinding it out and adding extra expenses to your household budget. You need either this and/or savings that will give you the income you need once you leave a paying position and go to zero but start incurring business expenses.

2. Also consider... do you have the expertise it will take to care for clients and have them trust you? You shouldn't break out on your own with less than 5 years experience. I may have some that disagree but this is just a hard thing. Unless you are an 11 on a scale from 1-to-10 on sales, you need to wait until you have established your reputation in the business before you become the quarterback of someone's financial life.

3. Next you should consider "how". Always play by the rules and declare any OBA (outside business activity) while you're registered with your current firm. You may also have a non-compete agreement in place preventing you from soliciting clients for business. Ultimately you may just have to make a clean break from your existing firm.

4. This means you'll want to file properly and use a professional with the expertise to help you. However, before leaving your current firm and stopping your paycheck, you need to have a clear idea of your firm name, how you will charge and drafts of all your documents like your ADV, file your LLC (articles of incorporation), your policies and procedures, etc.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=Ku3oiyzHBi8

If you want to be a financial professional and you want to know what working for a big or small financial services firm would be like...keep reading!

• PRO -The availability of resources at a large firm will likely not be an issue. Things from office space to a dedicated admin are things that you won't always find when going small or on your own. Typically, a larger firm will have a lot of amenities.
• CON - Big is not always better. At large firms, there can be a tendency to be lost in the shuffle
• CON - Does a big firm serve the client or the shareholder? This may show itself in the form of products sold and quotas being met. By contrast, without hundreds or thousands of client families, each one is more important, so you will feel closer to your clients in a smaller firm
• PRO - Financial stability at a larger firm isn't usually an issue. A stable firm would probably be one that reaches more than 100MM in AUM or more than $1MM in revenue. This is a very common benchmark in the industry and many small firms never reach this.
• No matter where you work, make gaining experience your chief objective during your stay.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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Welcome to another episode of the Conversations for Financial Professionals podcast where we are shaping the next generation of financial advice.

 

Today we have Hannah Moore who is a Certified Financial Planner™ and Certified Financial Transitions™ expert. She is the owner of Guiding Wealth and works one-on-one with each of their clients. She graduated from Baylor University with a degree in Financial Services and Planning and Business Management in 2008 and has been voted one of D Magazine’s Top Financial Planners in Dallas (from 2014 and running) and was awarded the Young Gun’s Award by the Dallas/Fort Worth Financial Planning Association.    She was also included on Investment News’ 40 Under 40 list in 2017 and one of the Financial Advisor Magazine 10 Young Planners to Watch in 2018. In 2019 and 2020, she was also named one of Investopedia’s Top 100 Financial Advisors in the nation. Hannah is also the recipient of Financial Planning’s inaugural Visionary Leader Award for an individual, based on her work creating a virtual externship for new planners at the start of the COVID-19 pandemic.    

In this episode, you'll discover:

🎙️Hannah's story and origin in financial planning

🎙️What is the nex-gen financial planner?

🎙️How does one become a nex-gen financial planner?

🎙️What trends are shaping the financial planning industry?

🎙️How can aspiring financial professionals best position themselves for success?

🎙️In your own words, what does the phrase "financial planning professional" mean to you?

 

Resources:

Are you a current or aspiring financial professional?  Click here to join the Jumpstart community! Listen to previous podcast episodes, clicking here.

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/lcuy4ooDyaE

If you want to know how to impress a potential employer and stand out, in this video I'm going to be sharing some tips you can use to help you secure that next job if you're trying to break into the financial services industry.

1. Do Your Homework. Your potential employer probably has dozens of other equally qualified individuals asking for the same job. If you are granted some "face-time" with them, what's going to make you different?
2. Be professional. Do yourself a favor and use the highest degree of professionalism when interacting. Spruce up anything that will represent you (e.g. email, social profiles, etc.). After all, how can you demonstrate you will respect the job if you don't respect yourself?
3. Be memorable. You hardly ever get a 2nd chance to make a first impression. Make yours count! Instead of just sending a typical email, record and send a video introducing yourself.

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message

This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/SCV30_Yy3HY

I've seen my fair share of new hires and interns while working as a financial professional. And although during the last 3 years I've worked as a solo advisor, I've had a lot of people that I've coached to get them to the next level. I want to share what I think is the proper way to position yourself when you prepare your resume...

1. Nothing beats personal touch. Don't let your resume do all the talking. I use a free video service called Loom that allows me to record a quick video that provides context and can be embedded write into the email you're sending with your resume in it. SET YOURSELF APART.
2. Keep it shorter (vs. longer). This shouldn't be a biography. It needs to highlight in 1-2 sentences how you helped the bottom line of that organization.
3. Highlight only relevant experience. I see LinkedIn profiles with every bit of experience a person has whether it's relevant to the opportunity or not. What is really important to remember is that you are seeking a specific job type at a specific company. Your resume shouldn't then scream "generalist".

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/kxjxmCUiCYk

The website I'm referencing in this podcast is located here: https://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements

The path involves following the 4 E's:

Education (including continuing education).

• Complete college or university-level coursework through a program registered with CFP Board, addressing the major personal financial planning areas identified by CFP Board’s most recent Job Analysis Study; and
• Verify that you hold a bachelor’s degree or higher from an accredited college or university (accreditation must be recognized by U.S. Department of Education at the time the degree is awarded).
• Continuing ed 30 hrs every 2 years

Experience

• CFP® certification indicates to the public your ability to provide financial planning unsupervised, and CFP Board requires you to have 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements.
• You have to understand the 6 Elements of financial planning: https://www.cfp.net/images/default-source/infographics/experience-infographic-web.jpg?sfvrsn=4

1. Establish and define the relationship: What is the scope?
2. Gather data What info do you need to fulfill the relationship expectations?
3. Evaluate client's financial status How will you analyze where they are?
4. Develop and present recommendations
5. Implement recommendations What needs to happen to carry out recommendations
6. Monitor over time How is success measured?

Exam

• 170 questions administered over two 3 hour sessions (with a 40 minute break). I started studying after my education requirement was complete with a review course in August and then sat for my exam that November.

Ethics

• Must adhere to CFP Board's Standards of Professional Conduct and be willing to allow them to enforce them if you don't comply. It's really 3 parts...you have the Code of Ethics, the Rules of Conduct and then the Practice Standards. Basically means to make sure you render all your advice while a CFP in the client's best interest

Thanks for listening.

For more information on what I'm doing for current and aspiring financial professionals, click here.

Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

--- Send in a voice message: https://anchor.fm/dom-the-maven/message