My Second Career as a Financial Educator

October 09, 2013

If you would have told me in 1994 that I could make a living helping people with their finances without the pressure to sell financial products, I would have thought you were joking. Back then, there was a certain esteem associated with financial professionals, and as the stock market began to rise to records levels, the idea of NOT being an investment sales professional seemed silly. So attractive was the prospect of being successful as a financial advisor that I left my first job as a 401(k) enroller after six years to pursue a life as a personal financial advisor.

Then came the stock market collapse following the burst of the dot-com bubble. Many financial advisors struggled to maintain clients, let alone build a new book of them, so my timing couldn’t have been worse.  I was going to survive in this business, I was going to have to advance in my career so in 2003, I enrolled in an online CFP®-certification course.

Within thirteen months, I had completed the coursework necessary to sit for the CFP® exam, and in the spring of 2004, I sat for the exam.  The two-day, ten-hour exam proved to be one of the hardest I had ever taken, and I was relieved to learn that I had passed. Finally, I thought, now I would be successful as a financial advisor.

Over the next several years, I continued to struggle with putting up sales numbers, and as my compensation shifted from salary to full commission, I could see the writing on the wall. In desperation, I brushed up my resume and put the word out that I was looking for work—AGAIN. Out of nowhere came a call from a recruiter that picked up my resume on the Internet.

He seemed familiar with my story and offered me an opportunity to pursue a career path that up to that point I didn’t even know existed.  He explained how I could use my knowledge as a financial planner and my passion to help people to be successful as a financial educator. On top of that, there were no sales quotas to meet, no sales managers to appease, and no investment products to represent when speaking with clients. In other words, there were no conflicts of interest.

As much as the financial industry tries to convince us otherwise, it’s hard to imagine receiving purely objective counsel when you know the person giving it may or may not get paid based on whether or not you accept it. All financial planners are required to inform their clients if a product carries a sales charge, but not all financial planners are compensated for selling investment products. Some financial professionals, such as those affiliated with NAPFA, ACA, or the Garrett Planning Network, are simply compensated for their advice regardless of whether or not you take it.  Similarly, financial educators are paid to educate employees and investors about their options, but unbiased financial educators do so without the added pressure of having to sell a product or service.

What makes the relationship between the unbiased financial educator and employee unique is the immediate trust that comes with the position.  I’ve probably done 500 workshops in my career, and every time I tell the audience that I work for a company that does not sell any products or services, you can just see the relief that comes over them. In a sense, we really are on the same side of the table as those that are participating in our educational events, and when I tell the group that my goal is for them to know as much as I do about the subject, they know I am telling the truth.

Perhaps the best part of my second career are the lives that have been impacted by the education.  We receive emails, comments, and testimonials on a regular basis offering gratitude for our services.  Here is an example of one such email I received recently:

Greg,

I retired from [my employer] on Oct. 1. I am looking forward to starting this new chapter in my life. I want to personally thank you for going “over and beyond“ all of my expectations in guiding me through the entire retirement process. I appreciate your insight and information you provided on financial planning, investment information, long term care and for answering my never ending questions. The spreadsheet you created for me is excellent and I will use this as my “road map“ for years to come. Thanks again for all your efforts and attention to detail.  You have given me the opportunity to retire with complete confidence in my future.

Sincerely,

[Financial Helpline user]

Being a financial educator is not easy, but when you see the impact you are having on people’s lives, somehow it makes all of the hard work worth it!