Don't know how to get started in the financial planning profession or what career paths are available? Here are some resources to help get you started on your journey.
Nancy Langdon Jones, CFP Board Emeritas, wrote "So You Want to be a Financial Planner" to help aspiring financial planners. Sandy Cervantes, CFP®, EA, shares her story in the 10th edition of the book about how she started working as a financial planner by providing virtual paraplanning services to fee-only RIAs. Read excerpts from Sandy's contribution in the book on Amazon.com. Sandy does not receive compensation for recommending this book.
Paraplanning, a well-established career in the UK and Australia, is gaining recognition in the US. If you're unfamiliar with this role, read "What is a Paraplanner" by CoryAnne Hicks in U.S. News & World Report. This article provides an overview of paraplanners' duties, pathways to becoming one, salary prospects, and types of paraplanners. Freelance paraplanners often call themselves "outsourced planners," highlighting their expertise and versatility.
Inexperienced financial planners with tax preparation experience can bring significant value to registered investment advisors (RIAs) that offer tax return preparation services. In fact, for many newcomers, this opportunity has served as a stepping stone towards securing a position within an RIA. An insightful article published by InvestmentNews in 2016, titled "Crazy Season for Advisors Engaged in Client Tax Return Preparation," sheds light on the high demand for assistance that advisors face during the busy tax season.
Some outsourced planners are career changers with diverse professional backgrounds and expertise whose skills can be a great addition to your team. Read about them here.
There are outsourced planners like Brandon Lovingier, ChFC®, MQFP®, who are passionate about writing. Brandon has been working on his career transition into financial planning while serving in the Army (Thank you for your service!). For RIA owners who don't have the time to create content for their websites, for instance, Brandon offers his writing services in addition to paraplanning. To see samples of his work on his own website "Enlisted Money," click below to learn more.
Outsourced planners like Sandy and Jami Barkley, ChFC®, EA, RTP™, have years of experience in tax return preparation and planning. Their tax skills are highly valued by tax-focused RIA owners because they are rare among outsourced planners. Simply passing the IRS Enrolled Agent exam is just the beginning. It takes years of dedication and practice to truly master the tax rules and apply them effectively on tax returns and tax planning projects. To visit Jami's website, click below.
If you're an RIA owner who frequently helps clients with insurance needs, consider teaming up with a paraplanner like Chris Bauch, CFP®, who is experienced in this area. Chris is ready to jump right in and assist with analyzing your clients' insurance requirements. With a background collaborating with LPL Financial advisors, she is well-versed in LPL Financial procedures and tools. Click below to explore Chris' website and learn more!
Are you ready to chat with Sandy about your outsourced planning needs? Book a call!