There are many technical terms flying around in the financial planning profession. This week, we’re decoding these technical terms - and going over why new planners need to know them.

There are many technical terms flying around in the financial planning profession. This week, we’re decoding these technical terms - and going over why new planners need to know them.

There’s a lot of terms within the financial planning profession and today’s episode looks to bring clarity to some commonly misunderstood terms. From the difference between an RIA and a Broker Dealer, to the different fee structures and even understanding what it means to be an investor, there are so many different terms thrown around. These terms can be confusing, but it’s critical that planners understand what each of them mean as they navigate the profession, their careers and most importantly capture who they are and what they do.

In this episode, Dan Moisand, former President of the FPA, sits down with your host Hannah Moore to talk through the technical definitions that comprise this profession. We’re really getting in the weeds with it here – and this episode will act as a primer for all new planners entering the financial services industry.

Dan also guides new planners in how they can move beyond these technical definitions to move our wonderful profession forward.

This is a must-listen for all new planners who are looking to decipher the difference between marketing terms and ways that the financial planning profession is actually regulated by our governing bodies!

 

What You’ll Learn:

The difference between a RIA and a Broker Dealer  

What a “Wirehouse” is – and what you need to know about them as a new planner

What a “Custodian” is

The difference between a Financial Planner and an Advisor

The difference between an Agent and a Broker

Why “Wealth Management” is technically a marketing term

What “Financial Planning” actually is

The difference between Discretion and  Non-Discretion

What the Fiduciary vs. Suitability debate is all about, and what the difference is for consumers and planners

What the different career paths for new planners are (paraplanner vs. associate planner vs. junior planner), and how to know what you’re applying for

What the SEC proposed versus DOL fiduciary rules

What it means to be an investor

What the difference between a trader and a speculator is

How you, as a new planner, can help to move the profession forward in spite of the technical jargon

How to communicate with clients about the technical titles in the profession

Why you need to know these technical terms

 

Stephanie Bogan thinks it’s time for a breakthrough. Through Educe Inc., Stephanie works with countless successful advisors on elevating their career, focusing on their personal fulfillment, and changing the way they approach financial planning.

Stephanie Bogan thinks it’s time for a breakthrough. Through Educe Inc., Stephanie works with countless successful advisors on elevating their career, focusing on their personal fulfillment, and changing the way they approach financial planning.

Stephanie Bogan thinks it’s time for a breakthrough and through her experience working with some of the most successful planners, shares tips that will help new planners excel in their careers.

Through Educe Inc., Stephanie works with countless successful advisors on elevating their career, focusing on their personal fulfillment, and changing the way they approach financial planning. Before she was a coach, Stephanie ran a successful startup, sold a Fortune 200 company, and held roles on senior executive boards. Finally, she decided it was time for a change. She pursued her true passion – helping financial planners run their businesses with a virtual coaching practice while moving her life to sunny Costa Rica.

Stephanie helps financial planners through both group and private coaching. As an advisor coach, she’s truly seen it all – and she’s ready to start solving the problems that new financial planners are facing in this profession.

In this episode, we’re talking about how up and coming advisors can find a position with a firm owner – and what they should look for when forming a partnership. We’re talking about work life balance. We’re talking about commitment both to your career, your firm, and this profession.

By the end of this episode you’re going to be ready to tackle your biggest goal as a new advisor. Stephanie has some fantastic insights on getting clarity, and you’ll leave the episode inspired to pursue your purpose as a financial planner.

 

What You’ll Learn:

What makes financial planners successful and what you can start doing today to put yourself on that path

How to approach a founder about a potential partnership or succession plan

How both founders and new planners can talk to each other and understand one another’s experience and validate emotions

How young planners can engage with clients in a way that is meaningful right now

How to know why clients come to you for financial planning services

The best ways to dig deeper and grow personally as a young planner

Knowing how to approach clients about money – because it’s not always a happy topic in their household

How to get clarity

Stephanie Bogan: Are you building a wildly successful business and a life that you love?

Your host, Hannah Moore CFP®, steps into the hot seat this week to be interviewed by Rianka Dorsainvil, CFP®! Hannah is incredibly passionate about the financial planning profession. In this exclusive interview, Hannah is talking about her struggles early on in her career, how she discovered the difference between financial advice and financial planning, and how she found her tribe within the financial planning profession.

Hannah’s career launched in an incredibly unique way. She bought a financial planning practice when she was 26 years old, and was effectively thrown into the deep end of the financial planning world. She learned in the most hands-on way possible, and she quickly realized that isolation as a young planner was not only detrimental to her career, but to her clients.

When Hannah attended her first FPA NexGen Gathering, she quickly realized she had found her people. She was sitting next to pioneers of the profession, and new planners alike – and they were all there for one reason: to spread the gospel of financial planning and to focus on making themselves into the best planners they could be. This was game changing for Hannah, and inspired her involvement in the financial planning profession with the #YAFPNW podcast and, ultimately, the launch of the FPA Activate community.

 

 

What You’ll Learn:

What makes an exceptional planner

How to “show up” in the financial planning profession

How to find your people in this profession

Where to connect with other planners

How to power through insecurities when you’re a new planner

Revelations Hannah has had as a planner, entrepreneur, and business owner

How you can combine your creative side with a career in financial planning

 

 

The 2050 TrailBlazers Podcast

NexGen Gathering

FPA Activate on Facebook

In this week’s unique episode of #YAFPNW, Hannah Moore, CFP® steps into the hot seat and is interviewed by the one and only Rianka Dorsainvil, CFP®. Tune in to hear Hannah’s story, and to learn how she came to be so incredibly passionate about the financial planning profession.

Your host, Hannah Moore CFP®, steps into the hot seat this week to be interviewed by Rianka Dorsainvil, CFP®! Hannah is incredibly passionate about the financial planning profession. In this exclusive interview, Hannah is talking about her struggles early on in her career, how she discovered the difference between financial advice and financial planning, and how she found her tribe within the financial planning profession.

Hannah’s career launched in an incredibly unique way. She bought a financial planning practice when she was 26 years old, and was effectively thrown into the deep end of the financial planning world. She learned in the most hands-on way possible, and she quickly realized that isolation as a young planner was not only detrimental to her career, but to her clients.

When Hannah attended her first FPA NexGen Gathering, she quickly realized she had found her people. She was sitting next to pioneers of the profession, and new planners alike – and they were all there for one reason: to spread the gospel of financial planning and to focus on making themselves into the best planners they could be. This was game changing for Hannah, and inspired her involvement in the financial planning profession with the #YAFPNW podcast and, ultimately, the launch of the FPA Activate community.

 

 

What You’ll Learn:

What makes an exceptional planner

How to “show up” in the financial planning profession

How to find your people in this profession

Where to connect with other planners

How to power through insecurities when you’re a new planner

Revelations Hannah has had as a planner, entrepreneur, and business owner

How you can combine your creative side with a career in financial planning

 

 

The 2050 TrailBlazers Podcast

NexGen Gathering

FPA Activate on Facebook

 

Alex is a great example of what it means to step outside of your comfort zone, get involved and see the benefits of being involved within the financial planning profession. From networking, mentors, peers and finding job opportunities,