4 tips for new financial planners

By Haley Tolitsky

Being a financial planner is one of the most rewarding careers. Not only do you get to make a positive difference in clients’ lives, but you are also often the first person they call with life-changing news.

It is an impactful career that, unfortunately, can have its challenges when getting started. As of September 1, 2022, out of 93,997 CFP professionals, only 23.5% are women, 1.8% Black or African American and 2.8% Hispanic or Latino, which prevents many from entering the profession.

If you are new to the financial planning profession or thinking of starting your career in this industry, here are some tips to get started.

1. Determine your why

Before establishing your career, one of the best things you can do to better relate with clients and share your perspective is to determine why you want to be a financial planner. It could be because of your childhood, to make a difference or simply because it is a lucrative career.

Being able to share your story allows you to connect with others and can help you figure out where you want to take your career.

2. Find your ideal position

A common misconception is that all CFP® professionals pursue a lead advisor role that meets daily with clients, which may limit some from entering the profession and others from staying in this industry; however, there are an endless amount of roles within the financial planning industry to fit a wide variety of interests, talents and goals. Aside from being a lead advisor, you could be in marketing, compliance, operations, trading/investments, client service and more.

If you don’t love the work that you are doing in your first role, don’t get discouraged. If the firm you are working for isn't a great fit, find one that is. Continue to ask questions and explore because what you are looking for may be right in front of you. If it's not, create it!

3. Find your community

Having a supportive community that understands your job responsibilities and challenges is crucial, especially if you work for a small firm. This community could be through meeting local planners, national organizations (Financial Planning Association, National Association of Personal Financial Advisors, XY Planning Network, etc.) or even virtually through study groups and/or social media.

Don’t be afraid to reach out to others and build those relationships. It will make your career a lot less lonely and you can learn a ton from others along the way.

4. Give back

I am a strong believer that you get out of something what you put into it and by entering this profession, you already have more financial knowledge than most people around you. Seek out pro bono opportunities to help increase financial literacy in your community or mentor those that want to be where you are today.

I love being a part of the financial planning industry and cannot imagine myself doing anything else for work, but it was not an easy or linear road to get to where I am in my career.

Consistently checking-in with myself, setting goals, finding my communities of planners and volunteering have got me to where I am today. The journey has just begun, and I cannot wait to see where this industry heads in the upcoming years because of the amazing individuals, such as yourself, who are entering this profession.

Haley Tolitsky, CFP® is a Financial Planner in Carolina Beach, NC. She is the NexGen PR Coordinator for the Financial Planning Association (FPA) and serves as the Communications Director and Women’s Initiative Director for the Financial Planning Association of the Triangle.

FPA NexGen, a community of the Financial Planning Association® (FPA®), aims to provide support and collaboration for those professionals new to the financial planning profession. With more than 2,500 like-minded young professionals, members of FPA NexGen are ready to share their experiences and further the future of the financial planning profession. Learn more about our engaged community and join the conversation on Twitter.