My Path From A Large Brokerage House to Fee-Only Financial Planner John Konetzny, cfp®, The Practical PLANNER, LLC

Outline Introduction My path to ACP Why I decided to leave What made my transition easier Things to do before you leave your job Things to do as soon as you leave your job About ACP

Introduction Partner at The Practical Planner, LLC in Maynard, MA and Groton, MA Small but established and growing RIA and fee-only financial planner ACP member CFP, EA Active in my community

My path to The Alliance of Comprehensive Planners (ACP) University of Massachusetts Amherst, Isenberg School Of Management, Resource Economics Upon graduating, started working for large brokerage company as a customer service rep in their call center in Merrimack, NH. Obtained Series 7 (General Securities Representative), Series 63 (Uniform Securities State Law). Moved to investor center working with clients as their financial advisor. Obtained Series 66, (Uniform Combined State Law) and Life, Health and Variable Annuity Licenses. Obtained CFP® At company for six years Took 78% pay cut, joined The Practical Planner, LLC. Completed coursework for Enrolled Agent designation Joined NAPFA, National Association of Personal Financial Advisors

Why did I leave? I felt like I had worked too hard to be a salesman. I didn’t agree with my compensation structure. I didn’t believe in some of the products I sold. I worked with too many families to actually get to know them and remember who they were. Our firm believes in low cost, passively managed investments. DFA firm.

Things that made my transition easier and less stressful My wife works full-time at a job that has employer-provided health insurance. We saved a ton of money to pay the bills if I didn’t earn enough. Having this past experience gave me a strong background in investing. I understand how call centers and brokerage companies work I understand the opposite side of fee-only financial planning, the dark side. The value of ACP and working with a fee-only financial planner is magnified in my eyes and you can better convey the message to prospects with passion.

Things to do before joining ACP and becoming self employed Buy term life insurance. Get disability insurance several months before leaving! Take advantage of everything your company will pay for. Save lots of money. Go to an ACP conference as a guest. Meet other advisors in ACP, go to their office. Consider joining firm instead of starting your own.

Things to do as soon as you make the change Update social media profiles. Join NAPFA. Send announcement letter to family and friends. Take your time figuring out what you need, utilize ACP tools. Take your time buying software! Don’t feel like you need to know all the answers right away Join boards and committees. Volunteer. Your life needs to be your business.

What I love about ACP Community of highly educated, experienced advisors who want you to succeed. No one is competing against each other. Brain trust. A referral network. If a client isn’t right for one advisor, they will recommend to another ACP advisor. Conferences are extremely informative. Tax-focused. Fee-only.