Introducing Our Newest Planner: Doug Spencer
August 19, 2013When it comes to choosing a financial advisor to help get you closer to your financial goals, it’s important to ask some tough questions. We have a pretty rigorous hiring process here at Financial Finesse and only about 2% of potential candidates make it on board our team of unbiased financial educators. Recently, I had the chance to sit down with Doug Spencer, CFP®, one of the resident financial planners and a recent addition to the Think Tank at Financial Finesse. I asked him a series of questions trying to pick his brain and find out more about how he became interested in joining a growing group of financial planning professionals who are committed to providing unbiased financial guidance to employees in the workforce. Here is a summary of our discussion with some important resources included for anyone seeking an unbiased perspective on how to take control of their financial future:
What sparked your interest in financial education?
When I first became a CERTIFIED FINANCIAL PLANNER™, I was working for the trust department of a regional bank. Since I was the new guy, I was tasked with dealing with several of the people who were getting a distribution from a trust account. This may not have been millions but it was often a life changing event for them. In order to really help these folks with their investing needs, I had to first get down to the basics and figure out what they knew, what their struggles were and how to educate, equip and empower them to make good decisions. Normally, working with these “small fish” would be a job that I would’ve handed off to the next person in line but I found that educational part of my job to be what I enjoyed the most.
I was eventually offered a job by another bank that was too good to pass up. Part of what made it so appealing was that I got to do the planning and education for the bank’s clients and didn’t have to sell any products or services. In addition to deepening my interest in the one on one coaching aspect, I got to be very involved in employee benefits. Our regional HR contact asked for my help in explaining the benefits of the employee benefits packages of our company and so I started doing group meetings on the value of the benefits programs and how they play a part in your personal financial plan.
As time passed by and new opportunities came along, I was able to find positions like this one where all I have to focus on is financial education. It has really been an exciting and fulfilling career choice for me. I absolutely love it when I’m in a workshop and you can see an idea or concept resonate with someone for the first time, or when someone tells you how much your guidance has helped them. That is what got me interested in this field and keeps me going today.
What would you tell someone who is getting started with their financial plan?
You worry about you. That is parenting advice that I’ve borrowed from a good friend of mine, but I find that it helps in financial planning too. It is SO easy to get caught up comparing ourselves to others: “I didn’t start saving in my 401(k) as early as she did;” “We don’t make as much as they do;” or “I’m not disciplined enough to use their approach,” etc. These are all the types of very real statements that keep us from focusing on what we can control.
We can’t go back in time and enroll in the 401(k) when we were 22, but we can still make a comfortable retirement possible by starting at 42. I’ve worked with people with very modest means who retired without a care in the world and I’ve also worked with couples earning $500,000 a year who were living paycheck to paycheck. You have the power to make good choices and maximize whatever you do have.
We all need some help once in a while and that is why finding the right tools for budgeting or figuring out whether you should pay off the smallest debts first to get the little wins are so important. A plan is worthless if you don’t execute it. But by being honest with yourself and giving yourself a little bit of grace, most people are pleasantly surprised at how well they can stick to their plan.
Lastly, don’t forget to make room for fun. I don’t mean rationalize frivolous expenses, but give yourself some kind of allowance for fun money. The people that I’ve worked with who have been the most successful set aside something, even if it was a small amount, for one thing that they loved to do. That helped give them the motivation to keep going.
What are some of the most helpful tools and resources that you’ve come across recently to help people get their financial lives in order?
www.mint.com – This is a good budgeting and tracking tool. I haven’t pulled the trigger yet but I’m looking at this one pretty hard as many people that I’ve worked with have used it to create a budget and track their spending on an ongoing basis.
www.powerpay.org – This is a great tool for people who are trying to pay off debts. It helps you choose between paying off the highest rate or smallest amount first and even lets you choose a customized option you control. Whatever option you choose, it gives you exactly who to pay, how much and when until you are debt free! It also has budget and savings calculators that are very helpful!
www.savingforcollege.com – This is an oldie but goodie when it comes to preparing for future college education expenses. The site was established in 1999 (when 529 plans were just gaining traction) and is still the leading source on the web for all things related to saving and investing for college funding.
At Financial Finesse, we understand that many people are in need of unbiased information and guidance in order to become financially secure and independent. It’s a pleasure welcoming a new colleague that shares this passion to help others. What are some pressing financial questions or concerns in your life? Leave a comment below and we will be sure to address them in our blog.