03 Nov Why I am an Independent Financial Planner
by Jerry Lynch, Certified Financial Planner, JFL Total Wealth Management
So often when someone is introduced to me and they learn that I’m in financial services, they ask me if I’m a stockbroker or life insurance agent. I smile and say, “No… I’m a financial planner.” Big difference.
Almost every day I get a phone call or have a meeting with a financial vendor who tells me that if I focused more on selling XXXXX, I would make a lot more money… and they are right. I probably really tick off a lot of wholesalers by not selling their products at the volume that they would like, however, I am incredibly fortunate because I do not have to focus on transactions. I wanted to share with you why I really enjoy what I do.
It is very diversified. If I had to “sell” one thing for the rest of my life (life insurance, annuities, long-term care), I would put a bullet in my head. I have the attention span of a two-year-old and the wonderful thing about being a planner is that we discuss everything — taxes, insurance, investments, real estate, financing, estate planning, college funding and many other areas. Every meeting is different and yes, we do discuss products with our clients, but that’s after we have developed a plan and only if those products help make the plan work. Most traditional planning starts with people selling you a lot of financial “stuff” and you have to figure out how to make that into a plan. We make the plan and then find the “stuff” that fits.
It’s very personal. Financial planning starts sitting belly to belly with your clients. Big financial firms start the planning process with the CEO and CFO in a room asking how the firm can make more money. Then the sales trainer comes in and develops programs to “educate” the advisors. My issue with that is that the advisors do not even realize that they are brainwashed. Yes, we get training, but it mainly focuses on tax or estate planning, portfolio development, business succession planning, and things that do not involve you selling only one product.
It’s really fun. I love when my clients make fun of me and I make fun of them (we do that a lot). We discuss family, friends and their dreams, inspirations and aspirations. There is no other type of job where people will tell you the most important things in their lives — things that they would not even tell their best friend!
It’s really important. We help people take care of things, no matter what. If they die, their family is fine. If they live, they can enjoy the fruits of their work. We help their kids get into college and help pay for their weddings. We are there when times are great as well as when things are at their worst. Very few people have relationships with their business associates where when any major even happens, they immediately get a call.
It’s very flexible. As an independent financial planner, I have no quotas or people breathing down my neck to sell more stuff. I can take time off if I need it, maybe to catch my kid’s soccer game or go on vacation with the family. As long as you earn enough to pay your bills, nobody cares how many hours you work.
Every day I meet people who tell me that they hate their job. My advice is always the same: Quit! To spend one-third of your life doing something that you hate will impact the relationship that you have with your family, your friends, and most importantly, yourself. I am fortunate enough to work with great people within my firm, and to have great people that we serve as clients.
For those of you thinking about being a financial planner, my advice is simple. First, get the Certified Financial Planner (CFP©) designation. In my mind, this is the benchmark for doing financial planning. Second, know that it will take a while before you start making any money (several years), especially if you are fee-based. Finally, know that it will take a long time (several decades) to really feel knowledgeable on the various areas that we work on with our clients. If you can do that, you will have an amazing journey of helping people for the rest of your life, and you will enjoy every morning when you get up for work. It’s not really work if you enjoy it.
Jerry Lynch is a Certified Financial Planner with JFL Total Wealth Management in Boonton. He may be reached at or (973) 439-1190.
This story was first posted in November 2014.
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