Next Generation Planner: November 2020
Kate Healy
Managing Director, TD Ameritrade Institutional
www.linkedin.com/in/kateehealy/
A profession that is all about giving should naturally include giving back, right? Or at least getting involved beyond your own role. I think so.
As we get close to the end of the year and approach Thanksgiving, many of us naturally start to think about the blessings we have in our lives. Even this year! While 2020 was like no other, it was also amazing to see how people found ways to help others. It’s who we are as human beings, and it’s especially who we are as financial planners.
How can you give back? When we talk about giving back, we often speak of people giving their time, talent and treasure. When we are just starting out, we often don’t have more than our time to give. As we develop in our careers, our talent becomes a valuable gift we can share with others. And our treasure is always something to be shared. Since we’re financial planners who understand the power of compounding, that treasure—and our ability to share it—grows as we do!
So when we think about giving back, there really is an opportunity for everyone to give what they can, when they can.
Create Awareness
You can give back the awareness that this profession exists—and that it’s a great place to help people and have a great career. Talk about what you do. Everywhere. To everyone. Yes, be THAT person. But especially to those who aren’t in the profession today and aren’t aware of it. Talk to kids in grade school and high school. Seek out diverse populations and people changing careers. Talk to those looking to return to the workforce after raising a family or being in the military. Become a CFP® Pro, or a CFP Board Women’s Initiative (WIN) Advocate and share your story.
Are you active on social media? Create content that can reach beyond your clients. Use your blog or podcast to talk about financial education. You have the ability to provide free knowledge on topics that many people are, unfortunately, not exposed to.
Power of Pro Bono
You can give back to those who don’t have access to financial planning through the power of pro bono.
Sharing your expertise with people in need is a big reason you came to this profession. Providing pro bono expertise is one of the things that makes us a profession. And you also become a smarter, more empathetic adviser because you are helping people who may have very different situations than your existing clients. Families dealing with the financial hardship of treating a loved one’s cancer diagnosis. Veterans returning from overseas who are transitioning to civilian life. Victims of domestic violence who are looking to start building their future. So many people can be helped by what you do, every day. Full disclosure—I’m the vice chair of the Foundation for Financial Planning and have been involved with the Foundation for a decade. So I’m a big fan.
Create Community
Give back to the profession by getting involved. Joining an association, like FPA and FPA NexGen, is a great way to better understand how the profession works and grows. It can give you experience in becoming a better leader, in understanding an ever-changing regulatory environment and in determining the future of how we provide advice and planning to future clients. Being active in the financial planning community will grow the power of your network. So that’s a win-win for the profession and you.
Mentor
Spend time with people to help them understand the journey you took on your career path. Your successes and, more importantly, your failures, can provide guidance to mentees as they forge their own paths.
As a mentor, you can help motivate your mentee and be there to provide that emotional support when things get tough. You can help them set goals and find the resources they may need for their careers and clients. And because you got involved in the profession, you have a network full of people you can call on to help your mentee develop further. Kind of also feels like what you already do for your clients. And the best part of being a mentor? Making sure it’s a two-way relationship. I promise, your mentee will teach you just as much as you learn to see situations through their eyes.
As we close out this year, we’ve all faced challenges and learned and grown along the way. Now let’s give back some of the hard-earned wisdom to those who could use a hand.
Follow Kate Healy, managing director of Generation Next at TD Ameritrade Institutional, on her blog, AdvoKate, where she examines the challenges facing the sustainability of the RIA profession and shares her insights on creating the future of financial planning and the diverse people and opportunities to ensure it.