Daniel Yerger is the Founder and President of My Wealth Planners based out of Longmont, CO. He joins the show today to discuss his journey to becoming a financial planner, including how he transitioned from active military service, became aware of the profession, and secured his first position in financial planning. If you want to know what it is like to start in the dually registered RIA channel and transition to the fee-only RIA model, this episode is for you!
Listen in as Daniel discusses his insights on the necessity of an MBA for new planners, the criteria he used to choose his first employer, and his experiences with the dually registered RIA model (both advantages and drawbacks). He also talks about how he successfully built a client base during challenging initial years, the evolution of his service model and pricing strategy, and the process of transitioning clients to his newly established independent firm.
What You'll Learn In Today's Episode:
- Daniel’s journey to financial planning. (2:20)
- Career shifts in the finance industry and whether an MBA is worth it. (4:15)
- The challenges of starting a new career as a financial planner. (9:30)
- Transitioning from a financial advisor to a fee-only practice. (11:30)
- Tips to be successful as a financial planner. (18:20)
Ideas Worth Sharing:“My impression of an MBA really is that it's just business school #2.” - Daniel Yerger Click To Tweet “I think a lot of people are in such a rush to stay out of the sales world that they'd rather start their own firm, which ironically puts them in the sales world anyway.” - Daniel Yerger Click To Tweet “Always make sure that you take the time to learn the skills and learn the craft before you're going to actually apply it.” - Daniel Yerger Click To Tweet
Resources In Today's Episode:
- Daniel Yerger: Website | LinkedIn
- Getting In The Door: Starting a Financial Planning Career by Daniel M. Yerger, CFP®
- Finding your Path: The Roadmap from Student to Successful Financial Planner by Caleb Brown
Download your free copy of the New Planner Career Roadmap! In this roadmap, you'll be guided through the details of various stages of your financial planner career, including position descriptions, licensing, skill and experience level requirements, and compensation ranges.
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