Conversations for Financial Professionals

Conversations for Financial Professionals

By Dominique Henderson, CFP®BusinessEntrepreneurshipCareers
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Conversations for Financial Professionals episodes

  • Should You Be an Independent Financial Advisor and Start Your Own Firm?

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NXqsJMi_0FI


    In a recent group coaching session, I covered why you might want to be an independent financial advisor and start your own firm.

    There are a lot of factors to consider...

    My hopes are that after listening to this episode you will be able to understand some of the more important ones.

    SHOULD YOU START YOUR OWN INDEPENDENT FINANCIAL SERVICES FIRM?

    Here are some possible reasons you may go that route...

    1. REASON #1 -- The current firm you work for does things you don't agree with morally or ethically.
  • REASON #2 --There isn't a clear career path that aligns with your goals.
  • REASON #3--The firm doesn't have enough stability (financially, management, etc.)
  • REASON #4 --The firm doesn't value your contribution.
  • REASON #5 --The firm owners are looking to sell.


    • Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    9 min
  • Want to Be a Financial Advisor—Top 10 List of Things to Do to Get a Job

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/2LLiqm0Pk7E

    Want to be a financial advisor, I'm going to be sharing with you my top 10 list of things to do to get a job as a financial advisor and jumpstart your career.

    1. DO YOUR RESEARCH. You should be aware of all the different avenues there are to enter this industry. What type of role are you looking for? What roles are the most popular and what are people hiring for right now? Which firms are hiring?
  • JOIN A PROFESSIONAL ORGANIZATION. There are many organizations like FPA (Financial Planning Association), NAPFA (National Association of Personal Financial Advisors), and AAAA (African American Association of Financial Advisors) and others have varying levels of membership to fit wherever you are in career stage. These are national organizations that often have local chapters for you to be a part of. The next thing to do would be to join and become active.
  • JOIN A STUDY GROUP. This is usually a group of 5-10 or your peers that serve as accountability and camaraderie. Study groups can be excellent sources of information and a way to share wins/losses and best practices among a group of people you feel safe around and be transparent around.
  • FIND A MENTOR. A mentor's time and experience can be invaluable to you so this is a must. Check out this YouTube episode for more details: https://youtu.be/NXqsJMi_0FI
  • PRIME YOUR ONLINE PRESENCE. I place a high degree of importance on what someone looks like online. Check it out this video for exactly how I got to 10,000+ followers on LinkedIn: https://youtu.be/9fyVbjKR1ng
  • PURSUE A DESIGNATION. This is a highly competitive industry and while you're chilling, someone else is reading, studying, practicing, etc and you have to stay sharp.
  • NETWORK WITH PEERS. Invite a peer to lunch or coffee to talk "shop" as we call it. These are good opportunities (a bit more intimate and informal) than a study group might be.
  • ATTEND AN INDUSTRY EVENT. Most of the organizations I named earlier will have events on a local or national level that you can attend for a cost. This can be an excellent avenue for you to meet new people to further your career. Be intentional about why you are going and what you're trying to accomplish before you book your agenda.
  • REACH OUT TO POTENTIAL EMPLOYERS. That stellar opportunity will usually not walk up to you and tap you on the shoulder. You have to go find it. I cover 3 tips on how to position yourself to potential employers here: https://youtu.be/lcuy4ooDyaE
  • HUSTLE. Invest in yourself. Because if you don't you can't expect anyone else to do so.


    • Want a physical copy of this list to keep on your wall next to your computer? Send me a DM.

    Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    13 min
  • How To Find a Mentor For Your Career

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/NXqsJMi_0FI

    I've often been asked: "Dominique, how do I find a mentor?"

    In this video, "how to find a mentor for your career", I'll be showing you the 3 steps (with one bonus) that will help reduce the difficulty in finding a mentor.

    I'll answer questions like:

    • What should I look for in a mentor?
  • How to find a great mentor?
  • How do you approach a person for mentorship?
    1. DO YOUR HOMEWORK. Before you approach a potential mentor, learn as much as you can about them. IN this age of information that should be easy. Spend some time on their social profile, reading their bio, etc.
  • MAKE A DIRECT ASK. What just noted was probably the most important takeaway...your ideal mentor has something you want. **Identify what that is, and ask directly for it.**
  • FOLLOW-UP. If you've picked the right person that has things going for them, they are likely busy. So your first overture may go unanswered. This is all the more reason that your approach should be direct so that they can immediately know if they want to engage with you or not. If they have to figure out what you want, then you won't be getting a response.
  • BONUS - If you are so fortunate to secure their time, DO WHAT THEY ASK. There's not a lot of benefit in the mentorship if you won't be using the advice that is given.

    • Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    10 min
  • How To Become A Financial Planner: Advice for Young Professionals with Danny Harvey, MBA

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/Hqv9Ym2ex5k

    I met Danny Harvey through a mutual friend for the first time a few months ago during a visit to PV to enroll my children for the upcoming academic year. We hit it off right off the bat. I recently sat down and had a conversation with him about:


    (1) PV becoming the 3rd HBCU to have board registered CFP program,


    (2) the right mindset to have as "tomorrow's financial professional",


    (3) what he's telling his students about the profession, and


    (4) how the industry is changing for tomorrow's financial professional.

    Danny's LinkedIn Profile: https://www.linkedin.com/in/danny-harvey-mba

    Danny's TedX Talk: https://youtu.be/AIVEpUDAUNg


    Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).



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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    18 min
  • Unscripted, Behind the Scenes Financial Advisor Talk with Preston D. Cherry, MS, CFP®

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/bMP1L_RBl5k

    Have you ever wanted to listen in on "behind the scenes" talk in the financial service industry?

    My friend Preston Cherry, a fellow financial advisor, go "unscripted" on several subjects including:

    1. The many facets and entry points into the financial services industry for aspiring financial professionals,
  • How you might not always follow a linear path as a financial professional,
  • The benefit of educational programs like Dalton, and
  • How to get experience (as a new advisor) if you don't have any.

    • Preston's LinkedIn Profile: https://www.linkedin.com/in/prestoncherry/

    Preston's website: https://www.concurrentfp.com/financial-advisor-preston-cherry


    Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    23 min
  • Priming Your LinkedIn Profile for Success

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/9fyVbjKR1ng


    Today I'm going to show you how to make a good LinkedIn profile and share how I grew my LinkedIn profile to over 10,000 followers. It doesn't take long to setup a good LinkedIn profile and it'll really pay off, even in 2019 as more people join the platform.

    1. Use a killer headshot. A picture is worth a thousand words...but make sure it is a good one. If you have to spend a few bucks getting it right...even if you have to go to a photo booth.

    2. Write a killer headline. My personal preference for the 120 characters that we get for this prime piece of real estate, is to state "how I help people." Don't just use a job title as that can be reflected in the description below.

    3. Triple check the profile for accuracy. There is absolutely no way to look unprofessional than to half misspelled words or inaccurate information on your LinkedIn profile. Remember this is how recruiters, colleagues and potential employers are seeing you for the 1st TIME. Make sure you check, double-check and triple-check your profile to make sure it is accurate. Don't use unprofessional email handles and old phone numbers.

    Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    10 min
  • How To Prepare For a Meeting with a Potential Client
    This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=L5ItcWyM48w
    If you are a current or aspiring financial professional you may wonder: "how to prepare for a meeting with a potential client?"
    I think this list can help you attract new clients to your practice as well as turn existing clients into raving fans from your meetings.
    1. Set expectations. No one wants to be frustrated by being "overpromised" to and "under-delivered" to. This is why it is critical to set realistic expectations that you can deliver on with meeting with a prospective client.
    2. Provide a service calendar (2:06). What should they expect? And at what times of the year will you be delivering these services? This will also allow you to create a set of routines or tasks for your back office to perform in order to meet expectations.
    3. Always probe and ask great questions (3:25). Your clients and potential clients are really interesting people that do interesting things. BE INTERESTED. This will only strengthen the rapport you build for them to trust you as their advisor. Be genuinely interested in what is going on with them.
    Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    7 min
  • Pros and Cons of Working for a Big or Small Financial Services Firm

    This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=Ku3oiyzHBi8

    If you want to be a financial professional and you want to know what working for a big or small financial services firm would be like...keep reading!

    • PRO -The availability of resources at a large firm will likely not be an issue. Things from office space to a dedicated admin are things that you won't always find when going small or on your own. Typically, a larger firm will have a lot of amenities.
  • CON - Big is not always better. At large firms, there can be a tendency to be lost in the shuffle
  • CON - Does a big firm serve the client or the shareholder? This may show itself in the form of products sold and quotas being met. By contrast, without hundreds or thousands of client families, each one is more important, so you will feel closer to your clients in a smaller firm
  • PRO - Financial stability at a larger firm isn't usually an issue. A stable firm would probably be one that reaches more than 100MM in AUM or more than $1MM in revenue. This is a very common benchmark in the industry and many small firms never reach this.
  • No matter where you work, make gaining experience your chief objective during your stay.


    • Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

    ---
    Send in a voice message: https://anchor.fm/dom-the-maven/message
    10 min
  • The Entry Level Financial Advisor Career Path

    This originally aired as a video on my YouTube channel which you can watch here: https://www.youtube.com/watch?v=1f4MEt0NzoA

    What is the entry level financial advisor career path like? This is a question I get all the time and I want to cover the 4 basic paths today.

    1. Brief history of entrance into the industry
  • There are differences between each channel. They are the bank (or wirehouse/captive), broker-dealer, independents (or registered investment advisors) and hybrids.
  • There is a different standard in those channels—it is the suitability standard or the fiduciary standard.
  • Why you may choose either has totally to do with you and what you believe. Can you serve the client's best interest using either standard? What you would do for your parents should be what you do for clients.

    • Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    13 min
  • Starting Your Own Investment Firm and Becoming an Independent Financial Advisor

    This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/dE2OWKFSrIc

    How to start your own investment firm and become an independent financial advisor is what we're going to cover today. There are 2 important questions to ask "when" and "how". When it comes to exactly when to do break away involves mainly:

    1. "Do you have the financial runway?" Financial runway is a supportive, working spouse that understands that in months 0-24 you will be grinding it out and adding extra expenses to your household budget. You need either this and/or savings that will give you the income you need once you leave a paying position and go to zero but start incurring business expenses.

    2. Also consider... do you have the expertise it will take to care for clients and have them trust you? You shouldn't break out on your own with less than 5 years experience. I may have some that disagree but this is just a hard thing. Unless you are an 11 on a scale from 1-to-10 on sales, you need to wait until you have established your reputation in the business before you become the quarterback of someone's financial life.

    3. Next you should consider "how". Always play by the rules and declare any OBA (outside business activity) while you're registered with your current firm. You may also have a non-compete agreement in place preventing you from soliciting clients for business. Ultimately you may just have to make a clean break from your existing firm.

    4. This means you'll want to file properly and use a professional with the expertise to help you. However, before leaving your current firm and stopping your paycheck, you need to have a clear idea of your firm name, how you will charge and drafts of all your documents like your ADV, file your LLC (articles of incorporation), your policies and procedures, etc.

    Thanks for listening.

    For more information on what I'm doing for current and aspiring financial professionals, click here.

    Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr).

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    Send in a voice message: https://anchor.fm/dom-the-maven/message
    12 min

About Conversations for Financial Professionals

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A Podcast shaping the next generation of financial advice!