Posts Tagged 'financial services'

Learning the business

I’ve spent the last couple weeks learning the business of financial advising/financial planning.  The best part is that I am certain I made the right career choice.  This is definitely the way I would like to help people.

The main thing I’ve learned about so far is insurance – life, disability, long-term care – and how it fits into a financial plan.  I’m shocked at how easy it can be to protect your family, home, income, etc. from catastrophic circumstances, and how relatively inexpensive it can be.  If I’m a professional making $125,000 per year, why wouldn’t I want to spend a little every month to know that, if I were no longer able to work for some extended period of time, I would still receive an income.  However, most people look to put this money into an investment account first even though it will take decades to have enough in investments to provide the same protection as they would have from day one.

It was also a little sad to hear about long term care insurance, and to think of my grandparents.  My grandmother is now in a wheelchair, and can no longer bathe her self, get around, get dressed.  My grandfather has a nurse come to their house every day from the time she wakes up until she goes to bed.  If he had purchased long term care insurance, he would be receiving money every month to pay for the nurse, instead of depleting his savings.  I will be purchasing LTC for both my parents so my brother and I will be able to give them the best possible care if the time comes that they need full time assistance.

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Making a Career Change

The career change starts today.  I’m going from the IT industry to the financial services industry.  Many people are asking why I would make the change, and, especially, why go into financial services now.

First, why leave IT.  To be honest, I was never a true “techie.”  I went to work for a startup application development company in 2000 when it was cool to do so.  From there I started a software company because I thought that software application would be a good one.  We migrated that company from IT management software to IT services because the business model was better.  I never learned programming, I didn’t learn how to configure a router or install a server.  I was the running attempting to run the business.  I was determining strategy, marketing, business development, partners, service offerings, employees, benefits, etc.

I decided to get out of the business partly because it was not my calling – I liked the business model, but I was never crazy about running a business where I knew I would never fully understand the services we offered.

I took quite a while to find a new profession, job, career, place to work.  I first thought I would be a small business consultant.  However, between the falling economy and the hurricane in Texas, spending on small business consulting seems to have fallen.

I decided to take a look at what I liked and did not like about running my business.  I loved the business development aspect more than anything.  I enjoyed getting to network, meet new people, identify issues they might have with their business that I can help.  I enjoyed the opportunity to build trust by finding someone in my network that might be able to provide some assistance also.

In the midst of all this soul searching, the economy was hurting and the market falling.  I had just purchased a house, and was going threw some financial budgeting issues while attempting to reconcile the credit cards, insurance, bank accounts, savings accounts, investment accounts, etc. that my wife and I both maintained.

I realized I could really use someone to help me make sense of my financial future.  I wanted to know how much to save, invest, and spend.  How much life and disability insurance I should have?  How do certain accounts affect my taxes?

Admittedly, I always a skeptical view of the industry.  There were life insurance salesmen, whom I would avoid at all costs.  Then there were stock brokers who were trying to get me to make more trades.

However, the more I talked to people I TRUSTED in the business, the more I realized they were doing the same things that I ENJOYED about my business.  They were meeting new people, and providing much needed solutions, advice, and guidance that impact people’s lives immensely.  I even have a financial background – it was my major in college, and I spent my first 4 years in financial roles.  Why wasn’t I pursuing this career?

So I started trying to find my way in, even during a downturn in the market.  I interviewed with several companies.  Some I liked, some liked me.  I decided on a place to call home based on the people on my team, the management, the perception of the organization, and the mix of products and services available. I will probably steer more toward investments than insurance, but I know insurance is a HUGE part of managing and protecting one’s family and wealth.

I am excited to start, not only a new job, but a new career.  I am looking forward to helping without being pushy.  I want to make certain my clients know I am always being mindful of their best interests.  I can’t wait to learn the ins and outs of the products and services.  Any advice will be welcome.

I’ll be attempting to document my growth, as regulations allow.  If you’d like to talk, email, meet, chat, etc., please feel free to contact me.