This month’s Technical Tuesdays video, presented by Aaron Weston, CFP®, and Mike Zarrelli, CPF®, EFA, shares stories about why we do financial planning.
Unlocking the Hidden Impact of Financial Advisors Transcript
Mike:
Welcome back to our Technical Tuesdays video. I’m Mike Zarrelli.
Aaron Weston:
And I’m Aaron Weston.
Mike:
Today, we’re going to go off script and talk about how we got into the financial planning industry and what do we like about being financial advisors. So Aaron, why don’t you start with how you got into the industry?
Aaron Weston:
Yeah. So growing up, my dad was in technology in the right time, and he was into finances at the same time. He kind of got me into it. And through a mutual golf friend, I was able to get into the industry and realize right away that I wanted to help people. Unfortunately, I’m not going to name the company that I used to work for, but unfortunately, that was not the case there. I realized every meeting, every call, it was salesy. It was what can I get for me? What can I do for the company? How much revenue can I generate for the company? And to me, I felt like I was sitting on the wrong side of the table. I wanted to be sitting on the same side of the table as the client. So I realized after about 18 months that’s not where I wanted to be.
Now, I ended up here at FSA, and I feel like I completely sit on the same side of the table as the client. And really what that means to me is I’m able to help clients realize their financial goals. And there’s a lot to that, but when I have a meeting with a client and I get to share information with them where it puts them at peace, where I can physically see them change, I can physically see the weight lifted off of their shoulders and realize that they have someone in their corner that’s going to help them along the way, that’s even going to maybe transition them into the next generation and work with the next generation of clients, take care of them, be on the same side of the table as them, that is what really fills me up. That is why I want to stay in this industry and what fills me up at the end of the day.
Mike:
Yeah. And I think your journey into financial planning, that is pretty typical, where you go through the sales route, more of the sales route, and then transition into the fiduciary side of the business. So you and I, we’re both CFPs®, CERTIFIED FINANCIAL PLANNERS®, and we have to do what is best for those clients over and above us and our business, and it’s really focused on the client. So it’s super fulfilling knowing that we’re just going to lay out the options and help the client decide what’s best for them.
Aaron Weston:
Yeah. The first 18 months in the industry, that was brutal. That was, I mean, really, really tough. Again, I’m not going to name the company. They’re a massive company. They’re still around. You would know them by name. Everyone knows them by name. But I had a hard time sleeping at night, really, I did. It was tough just saying, “I’m going to get everything I can out of this call or this meeting.”
Mike:
Yeah. Yeah, agreed. Now, one thing you said is when you’re in those client meetings and you’re working with a client and you see that aha moment or the weight come off the shoulders, tell me about how empathy plays into that part of our jobs.
Aaron Weston:
Yeah. I mean, sometimes we can say that we’re counselors as much as we are financial planners. There are challenging events that clients go through, big life events. And some of them are exciting and some of them are more challenging. I think of marriage, having kids, having grandkids. Those are life events. Those are happy life events. But on the same side, on the other side, I should say, there is divorce, there’s death, there’s challenging events. And when I could sit there and let them know, I can think of a particular client that I just started working with where her husband passed away and she was lost. She had no idea where she was going with anything. She had no idea what to do. It was his world, and he passed away suddenly. And I was able to walk her through every step of the way what the transition is going to look like, but also, more than that, let her know she’s in a good spot. She’s not going to run out of money. She doesn’t have to worry about money. She can live the lifestyle that she’s currently living. And that, that right there is what was super fulfilling about this job is letting her know you’re going to be okay. And I think she’s going to be a lifelong client because of that.
Mike:
Absolutely. It provides a partner to walk this journey with, to course correct and navigate as life changes. I agree. I’ve had a similar situation where a wife’s husband passes away. He was the primary financial person, and now her whole world has shifted. And I remember the first call when she called in the first time she gave me the news. I might’ve talked for a minute out of this 30-minute conversation, and I just gave her the space to feel all those feelings, talk through everything that was going through her mind and the emotions. And by the end of it, without saying many words, she thanked me so much for it. And it was the same kind of deal. You’re going to be okay. We’re going to work through this. We’re going to create a new plan and find and navigate to that next new phase of your life. And that’s what it is. Like you said, we are counselors in that way.
Aaron Weston:
Mike, I shared with you how I got in the industry. You shared a little bit, but you want to share your journey a little more?
Mike:
Yes. Actually, similarly to you, my dad had an impact on what I studied in college. He was in accounting. And I knew I kind of wanted to go into the business world, but I knew accounting was boring. So I said, “Dad, I’ll make a deal with you. I’ll study the adjacent finance and minor in accounting,” and I got the thumbs up on that. But growing up, I’m one of five siblings, so I had to fund college myself. And that’s when I got really interested into personal finances because I had to. I was not one that was just going to take out a bunch of debt, not understanding the impact that I would put myself through. So I built out this spreadsheet, and it was a way to track my net worth, the income that’s coming in, working part-time jobs through school, how much student loans I was taking out, what my rent and groceries and all that other kind of stuff was. And after a couple of years doing it, I was like, “Wow, I’m kind of good at this stuff. I wonder if there’s a way that I can help other people work on their finances.” And luckily, I went to a school that had a financial planning program, so I was able to learn all the different assets or facets of financial planning, the investments and estate planning, insurance, and so on and so forth. And luckily, right out of college I joined this firm and haven’t looked back since.
Of course, both of us, we like numbers. We like looking at investments, the stock market, running numbers. You got to have that kind of tilt to be in this industry, but the more rewarding side is being that counselor.
Aaron Weston:
The more we talk about it, the more the feelings are coming up for me of just those client meetings where you get to share information with them where it’s, man, I have someone in my corner. This is the person that I want in my corner. I have a lifelong relationship with this person. And even like I said before, the next generation I’d like to work with, just make sure that I’m in that corner with them. I often use the analogy I want to be their financial quarterback. I want to be the person that they call when a life event happens. And when they do, that’s what’s rewarding for me, knowing that I’ve done my job to make sure that they know I’m the person to call when something comes up.
Mike:
Absolutely. It’s a voice, a second opinion, an objective opinion, and someone that you can trust. This is a trust business, so building that relationship with people all around the world. And it’s interesting because some clients we’ve never met, we’ve never seen in-person. We just have phone calls. And being able to build that trust, to build that deep relationship, that’s something special. And to know not just about their situation, their kids, their friends, their work life, their passions. One of the things we love to talk about is where are you traveling? What vacations are you doing? Do you like planning it yourself or would you rather have a tour guide and somebody put it together? And the values behind that, especially as our clients get into that retirement mode, you can really focus on what’s most fulfilling in your life.
Aaron Weston:
I remember a meeting recently where it was a Zoom meeting. They were traveling to Utah. and they had just gotten a puppy, and he adjusted the Zoom camera down so that I can see the puppy sleeping in the bed. So it’s the furry family as well as the whole family that we like to hear about, as well as, to your point, the traveling.
Mike:
And just to add another other client situation, I was on the phone with yesterday and we were talking about when we want to meet next. And he said, “I actually like to do our meeting when we spend our two weeks in Florida on vacation. It’s like a retreat, a financial retreat where we get to get out of our heads, get out of our day-to-day, look at the numbers objectively, and share a moment with you guys and talk through what we want the rest of the year to look like.” And so it’s just, it’s different than crunching the numbers, putting our head down, being on the computer all day. It’s awesome to have clients calling in and seeking our advice.
Aaron Weston:
And don’t get me wrong, Mike, we do plenty of that.
Mike:
Yeah, absolutely. Well, any last words? Otherwise, we’ll close it out.
Aaron Weston:
Yeah. No, just again, love both sides of the job, the financial aspect of it, but also the relationship aspect of it.
Mike:
Yeah, totally agree. Thank you for watching this Technical Tuesdays. Again, like, comment, follow. If you have other topics you want to hear us talk about, even if it’s just something personally, we’re happy to hear it. See you in the next video.
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