Dichotomy of the Young Financiers

I have identified two types of individuals in the Young Financiers group (maybe this exists in NexGen as well).

• One type are those who are working with an established firm with partners who are seasoned in the industry. This type (I would include myself in it) is learning the ropes of the business and will eventually be a planner and relationship manager.
• The other type (which I have to give my "hats off" to because of the potential extreme difficulty) are those who are their own boss and are responsible for generating revenue to pay their bills and put food on the table.

In the financial planning business, the second type mentioned is extremely difficult to do (especially when you are younger than your clients). Not to mention that doing what's right for the client may hinder the financial success for the short term because what's in the best interest for the client may not be what's best for an advisor's pocketbook. I wholeheartedly agree that doing what's best for the client should be the #1 priority for a financial planner, much less all industries. I was trying to make a point that it's tougher to make it in this business from scratch.

Both types of individuals in the group complement each other well. One is curious what the other does for tasks and activities. What does the "other side" look like? That's why we have these meetings: to find out more about each other's practice and be the best we can be.

Review of Technology Forum Meeting

We had a great turnout for the Technology Forum in June. Thank you to all of those who made it out to the meeting and a big thanks to Daniela Urs for allowing us to use Barnes Investment Advisory's conference room. It is great to learn from one another about the different systems and processes each of us use in the business. It's amazing how there is not one right way. People have different pieces to create their own puzzle. This was an opportunity to open up each other's world by sharing ideas and applications that others had never heard of before. The exposure is greater when more people contribute based upon their experiences. By discussing a particular program being used, it gives the listener an idea of that application without having to use it. There is some trust and validation within the Young Financiers that I think people take one another seriously and have a great deal of respect for others' comments.

One thing the group agreed upon is that there is not a silver bullet in the industry of technology for financial planning. It is almost a best-of-breed combination, but even the applications in that breed are not unanimous. The idea is to stay open to learning new technology and seeing if it is a fit in your practice. Things are constantly evolving in this world. If you stay the same, you will become less competitive because everyone else is adapting to those changes.