Four Career Growth Resources For NexGen Advisors

By Paul Feldman

By Joseph R. Stemmle

While at Virginia Commonwealth University, I was involved with a Financial Planning Association® (FPA®) Student Chapter, had two different internships in financial planning, and ultimately graduated with a financial planning degree. But very quickly after graduation, I realized that there was still so much about the profession that I did not know or understand.

Here are four resources that led me to have a deeper knowledge-base of the financial planning profession and ultimately helped me with my own career growth.

FPA NexGen

Soon after I graduated from college, my local FPA Chapter started a NexGen community that I became involved with. NexGen is a vibrant community of students, aspiring financial planners and professionals in the early stages of their careers.

With NexGen, I was able to meet individuals not only locally in Virginia but across the country where we shared successes and struggles together. With 53 local NexGen chapters across the country, there are opportunities to get together in person with those in a similar career stage.

FPA Connect and FPA Activate Facebook groups are two online communities that allow individuals to discuss hot topics, share resources, ask questions, and ultimately learn more about the profession from peers across the country.

On a monthly basis, the FPA Next Generation Planner digital publication and the “You’re a Financial Planner… Now What?” podcast provides content that can help you develop personally and professionally as a new or aspiring professional.

By having a community of individuals to interact with, I have been able to better navigate my career and the financial planning profession as a whole.

12 Tribes of Financial Planning

“The 12 Tribes of Financial Planning” are 8 YouTube videos (with a diagram) that introduce financial service business models and feature Luke Dean, Nathan Harness, Craig Lemoine and Martin Seay. On YouTube, the videos can be found as: Circle of Financial Planning.

The videos and diagram do a great job of explaining a basic overview of the profession, the differences in the business models, job opportunities, and the attributes associated with the various models.

By having a better overview of the profession and business models, I have been able to find the “tribe” that compliments my own skill sets the best.

Financial Planning Career Paths: Building More Sustainable and Successful Businesses

A few years ago, with input from 30 firms, the CFP Board Center for Financial Planning developed the Financial Planning Career Paths: Building More Sustainable and Successful Businesses. The guide was created to help firms with recruiting, developing, and ultimately training the next generation of financial planners.

By breaking up the financial planner career path into 5 rungs, planners can see opportunities for the future as well as the skills, experience required, and responsibilities needed in each rung, which was especially important to me. The 5 rungs are:

● Analyst
● Associate Advisor
● Service Advisor
● Lead Advisor
● Partner

By understanding the skills required in each rung, I have been able to create my own development plan for career progression as I have moved from an Analyst role to Service Advisor and ultimately Lead Advisor role.

A Financial Planner Recruiter

As a student, I was fortunate enough to compete in the Financial Planning Challenge hosted by the Financial Planning Association® (FPA®), Ameriprise Financial and CFP Board. Before the oral presentation of the case study to a panel of judges, our program director pointed to an individual in the audience.

His exact words were “That is a very important person to know if you want a job in this field.” That individual was Caleb Brown MBA, CFP®, who is the co-founder and partner of New Planner Recruiting. Over the years, I have had discussions with him and Jesse Lineberry, CFP® who is an account executive on the team.

The job of a recruiter is to be an expert in recruitment and the financial planning profession. A recruiter can provide unique insights into the profession, provide information on desired skills and even trends on benefits and compensation. A recruiter views candidates all day long and hears from companies that are actively looking for individuals to fill open opportunities.

By speaking with a recruiter, I have had an expert assess my skills and experience from an objective viewpoint. This has led me to better understand my strengths and areas for improvement as a professional.

Joey is a financial advisor with Riverstone Wealth Advisory Group in Midlothian, Va. Joey graduated Magna Cum Laude from Virginia Commonwealth University (VCU) with a Bachelor of Science degree in Finance. Joey serves as the President-Elect of the Financial Planning Association (FPA) of Central VA and on the Board of Directors for the Financial Empowerment Board for the City of Richmond Treasurer’s Office. Joey also serves as the Program Director for the VCU CFP Board Registered Financial Planning Program and an adjunct instructor in the Finance Department.

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.

Here are past NexGen columns:

Tech Tools For Today’s Young Advisor

Fintech’s Lesson For The Young Advisor: ‘The Only Way You Survive’

A Millennial Advisor Pays Tribute To Those Who Paved The Way

Five Professional Development Tips For NexGen Advisors

Want To Thrive During The Pandemic? Exhibit These Four Traits

A Different Recession For Young Advisors

Taking The Next Step With Client Relationships

How To Build And Maintain Meaningful Virtual Engagements

With Every Crisis Comes An Opportunity To Make A Difference

Invest In Yourself To Raise Your Stock As A Leader

A Twentysomething Advisor Shares Tips For Breaking Into The Biz