Presented By: Caleb Brown, MBA, CFP® Partner, New Planner Recruiting, ©2016 New Planner Recruiting, LLC 1 Transitioning From Student to Professional and Getting Hired in Financial Planning FPA of GA Symposium 2016

Specific Goals of the Session Describe desirable candidates for professional entry level financial planning positions Discuss intergenerational traits, impacts on hiring, and career outcomes Build basis for understanding how to find the right fit Provide guidelines for a long-term successful hire ©2016 New Planner Recruiting, LLC 2

Agenda What’s out there? How do I find the right fit? What can I expect in the hiring process? Okay, I’m hired. Now what? What do I need to do to become a successful Financial Planner? ©2016 New Planner Recruiting, LLC 3

These Days Everyone’s a Financial Planner ©2016 New Planner Recruiting, LLC 4

Business Model Overview ©2016 New Planner Recruiting, LLC Wealth Management Insurance Company - Northwestern Mutual - Mass Mutual Wirehouse - Morgan Stanley - UBS Brokerage Firm - Edward Jones - AXA Fee-Only Registered Investment Advisor Firm - Elwood & Goetz -SignatureFD Dually Registered Investment Advisor Firm - Raymond James - Ameriprise - LPL Bank and Credit Union - Bank of America - Wells Fargo 5

All Firms are Not Created Equal! FPA Firm, NAPFA Firm, Fee-only, Fee-based Investment management only Financial planning only Client experience and deliverables can vary drastically Compensation Structures: Hourly Retainer AUM % of income % of net-worth ©2016 New Planner Recruiting, LLC 6

Finding the Right Business Model Fit Questions to consider: What is your business model? How do you generate your revenue? How are you compensated? What is the reasoning for this philosophy? What type of client deliverables do you provide? Can I see some examples? What is your investment philosophy? What is your ideal client? What is your process for working with clients? ©2016 New Planner Recruiting, LLC 7

The Hiring Process Eerily similar to online dating sites Post profiles (job descriptions) Review profiles (resumes) Set up chats (phone interviews) Dates (in person interviews) Proposal (job offer) Engagement (probationary employment/internship) Marriage (long-term career commitment) ©2016 New Planner Recruiting, LLC 8

Make it Easy for Employers 9

Secure multiple internships Learn software programs Attend conferences Take the Series 65 Sit for the CFP® Certification Examination Create blog and/or website - ©2016 New Planner Recruiting, LLC 10

Finding the Right Position Fit  Preliminary Fit Factors: Skill set/ education/ background/ experience Compensation Geography Philosophy  Right Fit Factors *: Coachability, attitude, natural work instincts, personality mesh, alignment of expectations *Best predictors of a successful outcome ©2016 New Planner Recruiting, LLC 11

Questions to Consider What are the most difficult aspects of the position? Describe the culture of the firm for me. What happens when firm meets or exceeds goals? What are your expectations for me right now, 1 year from now, 2 years, etc.? What is the person doing who used to hold this position? How many people have held this job in the last five years? Were they promoted or did they leave the company? ©2016 New Planner Recruiting, LLC 12

First Day on the Job Keep your job description close by, but realize it may change Be prepared for not receiving as much training as you expected Expectations can and will change Stay in the “I have to keep this off of my Senior Planner’s plate” mentality ©2016 New Planner Recruiting, LLC 13

Progressing Down Your Career Track Internal Career Tracks Employee: Working for someone else Duties, experience gained, and benefits can vary drastically Can be tough to move up the career ladder – remember these are typically small firms! More conservative Hybrid: Working for someone else as well as building your own business Usually lower guaranteed income Client acquisition More entrepreneurial ©2016 New Planner Recruiting, LLC 14

What Path is Right for Me? It Depends! Firm needs and your skills More Specifically: What do you want to be doing (i.e. career & personal goals) Personality type – utilize career center resources Strengths & abilities Financial situation ©2016 New Planner Recruiting, LLC 15

Typical Progression Level 3/Client Services Planner Level 2/Assoc. Planner Level 1/Lead Planner Director of Fin. Planning Firm Mgmt. ©2016 New Planner Recruiting, LLC 16

Firm Owner Frustrations with Candidates Lack of professionalism Deficient passion for the industry Stringing them along Employees asking for too much compensation without having first proven themselves Not forthright with experience and skill set Lack of taking ownership and unreceptive to constructive criticism ©2016 New Planner Recruiting, LLC 17

When employer doesn’t know what they want Employers stringing them along Unrealistic expectations No clear path for increased responsibility and compensation Not enough firms hiring for true financial planning positions Candidate Frustrations with Firm Owners ©2016 New Planner Recruiting, LLC 18

Tips for Success Build your network Obtain a mentor(s) Continue learning Think like an owner Ask lots of questions Don’t worry about messing up! Ask for feedback regularly Respect seasoned planners ©2016 New Planner Recruiting, LLC 19

Questions? Caleb Brown, MBA, Partner, New Planner Recruiting, LLC ©2016 New Planner Recruiting, LLC 20