Ep #91: Pivoting from a Failed Succession Plan with Cecil Staton

Cecil Staton is the President and Wealth Advisor with Arch Financial Planning. He joins the show today to chat about his journey in the financial planning industry, including how he got started and why ultimately decided to start his own firm.

Listen in as Cecil shares why the fee-only RIA model was the best fit for him, as well as how he was able to leverage his network to find an opportunity that best aligned with his career goals. You'll learn the catalyst that led to him establishing his own firm, how he attracts clients, and tips for new planners who are just starting out.

What You'll Learn In Today's Episode:

How Cecil got started in financial planning. (1:55)
How he secured two internships. (6:15)
Why he focused on the fee-only RIA model. (8:55)
How he leveraged his network to find a role that best suited his career goals. (18:55)
Cecil’s experience with a failed succession plan and what he did after. (22:30)
What he did in the lead-up to starting his own firm. (31:10)
The status of Cecil’s firm one month in. (37:50)
Tips for new planners. (40:30)

Ideas Worth Sharing:

“I really felt like having that {unpaid} internship and the recommendations and references that I got from that was worth more than any amount of money I could have gotten paid.” - Cecil Staton Share on X “If you’re not in a fee-only space, a lot of times you’ll be in a firm that wants you to go out in a business development or sales role.” - Cecil Staton Share on X “The fee-only model, in my opinion, is the best one out there that helps you eliminate conflicts of interest. - Cecil Staton 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.