Ep #90: Finding the Right Path After Changing Careers with Steve Kampschmidt

Steve Kampschmidt joins the show today to share how he got started in the financial planning industry, including what it was like trying to enter the profession in a down market. After transitioning from his job to the bank channel, Steve used that position to leverage his way into an entry-level opportunity in a wirehouse training program before ultimately building his own RIA.

Tune in as he shares what he learned from his time in the corporate world that has helped him in his financial planning career, the pay cut he navigated in his first financial planning position, and how he knew that the wirehouse was not the best long-term fit for him. We also discuss how he maintained his client base when transitioning to his own RIA, how his firm is structured in terms of pricing and service models, and why he believes that starting his own firm was his only option.

What You'll Learn In Today's Episode:

How Steve got started in the financial planning industry. (2:00)
How his corporate career helped him in financial planning. (4:45)
The initial pay cut for Steve in his first financial planning role. (7:45)
How he kept his client base while starting his own firm. (13:10)
Why he chose not to offer assets under management services. (16:45)
The pros and cons of being an entrepreneur. (20:00)
How Steve works with financial DIYers. (23:20)
Advice for anyone considering a career change into the financial planning industry. (26:15)

Ideas Worth Sharing:

“Service and sales is what it comes down to.” - Steve Kampschmidt Share on X “Financial planning is a people business.” - Steve Kampschmidt Share on X “It’s easier to perform meetings and to work through things virtually.” - Steve Kampschmidt Share on X

Resources In Today's Episode:

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.