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FP CAREER RESOURCES — CAREERS

A presentation at the office_edited.jpg

Updated May 18, 2024

I. COMPENSATION, BENEFITS, SATISFACTION

  1. Compensation Trends and CFP® Professional Salary Calculator — "CFP Board conducted a comprehensive study to see how financial planners are compensated. The study addresses many areas of compensation including salary, job satisfaction and benefits... $198,500 median 2022 total compensation for financial planners." — "Check out our salary calculator to see what you can earn as a CFP® professional."

  2. New Planner Recruiting - Compensating New Planners — "In most markets throughout the country, firms can expect to pay $50-65k for a new college graduate from a CFP program, $70-90k for someone with a few years of experience, and $80k + for a CFP®."

  3. New Planner Recruiting — "Earlier this year we surveyed 665 Generation Y planners and 275 Generation Z planners to get their thoughts on their career satisfaction, and what drives that satisfaction (and from the firm’s perspective, their retention!)."

    1. Career Satisfaction Research Survey: Part 1​

    2. Career Satisfaction Research Survey: Part 2

II. CAREER PATHS

  1. "Real Personal Finance - Episode 017 - What to Look For When Selecting a Financial Advisor" — (Full disclosure: The founder of our firm is one of the hosts of this podcast) — "Are they a fiduciary? Are they a CFP® Pro? What types of clients do they work with? How do I pay you? How else are you paid? Should you go with big firm or an individual financial planner?" — View the full list of 190+ podcast episodes

  2. "Choosing Your Financial Advisor - A Nonprofit Guide to Choosing and Interviewing a Financial Planner" — Explanations of a fiduciary, fee-only vs. commissioned vs. fee-based, comprehensive financial planning, and licenses and certifications​

  3. "Real Personal Finance #181 - What's the Best Way for a Career Changer to Get Into the Financial Planning Industry?" — (Full disclosure: The founder of our firm is one of the hosts of this podcast and mentions this website) — "Listener Question: I've had a 10-year career in nonprofit development, but I've had a passion for investing and personal finance since I was a little kid. I'm trying to pivot into wealth management." — View the full list of 190+ podcast episodes

  4. New Planner Recruiting — "Our recruiting firm was founded with one goal in mind. We want to positively shape the financial planning profession by supplying top-level talent to high-growth firms so more consumers will ultimately have access to financial planning services... Caleb Brown and Michael Kitces, our two co-founders, have been long standing contributors to and advocates of the financial planning profession."

  5. The FPA NexGen Development Pathway - "The financial planning profession can be overwhelming for newcomers looking to make it their calling. Fortunately, the FPA NexGen Development Pathway was created to provide guidance, empowerment, and resources for next-generation financial planners like you. The FPA NexGen Development Pathway encompasses the essential ingredients required for success as a financial planner in five phases: Discover, Prepare, Launch, Elevate, and Impact. Each phase offers a clear structure, knowledge, and recommended resources for your personal and professional growth — no matter the phase you're in."

  6. Kitces.com — A highly respected voice in the financial planning industry

  7. Compounding Careers: Finding Your Fit as a New Financial Planner — I had the opportunity to help Matt Fizell, CFP® and Jared Machen, CFP® with their course, Compounding Careers. I was super excited because I knew this was something that would have helped me on my journey as a Financial Planner. Instead of taking the heavily traveled path of selling products for commissions or starting as a client service associate, this course will show you a shortcut to your dream job in Financial Planning at your ideal firm.

  8. Jumpstart YOUniversity on YouTube (may require subscription) — "Everything you need to know about a career in financial services"

  9. XY Planning Network VIP Facebook Group — A super active and supportive community for RIAs, financial planners, and even career-changers — Free to  join for anyone (just request access)​

  10. "Northwestern Mutual 'Financial Advisor' Review & Confessions" — "The first half was written by an ex-Northwestern Mutual financial advisor, Donovan J. Sanchez, ChFC®, CSLP®, CLU®... The second half is written anonymously."

  11. "Guide to Careers in Financial Planning" from the CFP Board — Page 50: Where to find financial planning jobs. — Page 55: Questions to ask on your job interview about the nature of the work, company culture, compensation structure, and career development

  12. "Guide to Financial Planning Career Paths" from the CFP Board — A comprehensive guide to careers in financial planning

  13. "So You Want to be a Financial Planner" by Nancy Langdon Jones — Great examples of finding work in the financial planning industry

  14. "Is Declining Advisor Headcount at a Tipping Point?" — "Nearly 40 percent of financial advisors plan to retire in the next 10 years, and overall advisor headcount growth is starting to decline. As a result, an opportunity could be at hand for younger advisors."

  15. "Why I Became a Financial Adviser at Age 40" — "I am incredibly lucky to have found a vocation that melds the satisfaction of developing personal relationships and helping others with my business and accounting background."​

  16. CFP Board Candidate Forum — A community for current (and aspiring) financial planners studying to become CFP® professionals — Ask your questions about CFP® education and review programs, tips for passing the exam, and career advice. Anyone can create a free account to access the forums.

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III. START YOUR OWN FIRM

  1. XY Planning Network — "Launch, run, and scale the financial planning firm of your dreams with complete autonomy. XYPN makes it possible for fee-only financial advisors to advise who they want, how they want. Our integrated support system offers everything needed to succeed profitably: curated technology, customized educational resources, a vibrant support network of like-minded people, and business, operational, and client support services."

  2. Core Planning — "The ideal way to serve our clients is through an independent model where we advisors are free to run our practice in a more flexible and personalized manner. Our clients deserve our best work, and we recognize the immeasurable benefits of professional collaboration and support so that we have the space we need to give our clients the attention they deserve. Core Planning is a community of advisors who value independence within a powerful framework of generosity and support."

  3. Avise Financial — "Own your business. Not the other way around. Avise is an RIA co-op that helps you build your ideal business. Being a financial advisor should be more than a sales position. You should get to decide what your practice looks like. That starts with a support system that frees you up to do what you do best: Work with clients to achieve their goals. Avise takes the complexity out of starting and running your firm, so you can do just that."

  4. XY Planning Network VIP Facebook Group — A super active and supportive community for RIAs, financial planners, and even career-changers — Free to  join for anyone (just request access)

  5. XY Planning Network VIP Facebook Messenger chat groups

    • "Ready set launch" Facebook Messenger chat group for folks that are about to launch (their own firms) or launched within the last year.

IV. ADDITIONAL RESOURCES

  1. "Life Planning With Scott Frank, CFP®, CFA® (024)" — (Full disclosure: The founder of our firm is the guest on this podcast episode) — "Scott Frank, CFP®, CFA®, the founder of Stone Steps Financial, is doing the type of planning, known as life planning... and I’ve always walked away inspired to dig deeper with my clients after talking with him. I asked him to join me to talk about how life planning has transformed his practice and is allowing him to live the life he wants–just like he’s helping his clients do."

  2. Measure Twice Planners — Financial planning course by Cody Garrett, CFP®: "Develop a comprehensive financial plan and provide value to the families you serve through personalized education."

  3. Amplified Planning — "Unlock NEW monthly video trainings and resources that help you feel like a confident, capable CFP®... Virtual externship... Access a new real-life client meeting and in-depth reviews each month that you won’t find anywhere else."

  4. Amplified Planning Externship (formerly FPA Externship) — "Instead of working with just one firm, you get to peek behind the curtain and see over 25 firms and experts at work — and do the work yourself. You’ll also get access to over 20 deliverables and processes from these experts, so you can learn a new way to work that works for you... Join us this summer in The Externship for invaluable financial planning training and earn 500 CFP Board Standard Pathway Experience hours… in just 8 weeks!"

  5. XY Planning Network VIP Facebook Group — A super active and supportive community for RIAs, financial planners, and even career-changers — Free to  join for anyone (just request access)

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