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Ep #75: Location Independent and Working with Expats – The Career of Hui-chin Chen

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This week, we’re excited to welcome Hui-chin Chen, a Certified Financial Planner and co-owner of Pavlov Financial Planning, a fee-only firm based in Washington D.C. This Taiwanese native received an undergraduate degree in business before relocating to the United States to pursue her master’s degree at Carnegie Mellon.

Specializing in financial planning for digital nomads, Hui-chin has created a location independent practice that caters to expats with assets in both Taiwan and the United States. As a digital nomad herself, she’s been able to build her practice while relocating between various countries with her husband – a professional in the Foreign Service.

Hui-chin’s experience will shed new light on a world of possibilities for financial planners with a sense of adventure. She lays out the benefits and challenges of operating as an advisor in a global environment. After learning about Hui-chin’s location independent lifestyle, you may never look at financial planning the same way again.

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What You’ll Learn from This Episode:

  • Why the FPA residency program is a great start for advisors with no financial planning background.
  • Alternative to hiring advisors as employees during a firm’s start-up phase.
  • How financial planning lends itself to a location independent lifestyle.
  • The challenges of being a generalist with a focus on international clients.
  • What advisors should do when encountering clients who don’t completely fit a niche.
  • How blogging helps to refine her financial planning skills and attract clients.

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Ep #74: Monthly Retainers Down Under – An Interview with Adele Martin from Australia

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Adele Martin may just be one of the most famous guests ever interviewed on the XYPN Radio podcast. Not only is this Australian planner disrupting the industry down under with her fee-only firm, Experience Wealth, but she’s also a recent recipient of the prestigious Independent Financial Advisor Excellence Award based on the innovative strategies she’s using to expand her firm’s reach while keeping costs low.

After spending a number years in a partnership that focused mainly on early-stage retirees, she made an about face and opened a firm to focus on millennials and Gen Xers.

Adele provides an international perspective on the evolution of fee-only planning. Australian financial planners have transitioned to a business climate that is heavily regulated by the government. She shares a fascinating glimpse into the business environment as we discuss the impact of the new laws on firms and their customers.

Adele has a thriving practice and is passionate about educating the masses. She was ahead of the curve with her fee-only planning firm and now Australia is pushing planners to follow her lead. We can learn a lot about serving clients and running a successful firm service from our counterpart on the other side of the globe.

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What You’ll Learn from This Episode:

  • The evolution of the financial planning educational standards in Australia.
  • The transparency requirements on the financial planning industry in Australia that have been in place since 2008.
  • Various ways planners can work with younger clients and provide guidance in addition to long-term planning.
  • The similarity in the wage gap between genders between Australia and the U.S.
  • The monthly license fees to operate a financial planning firm in Australia.
  • The marketing and operational strategies she uses to attract 1-2 clients a week.

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Ep #73: Fiborg and the Future of the Financial Planning Industry – An Interview with Steve Dunlap

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Steve Dunlap is our guest on the XYPN Radio podcast this week. He is the President and COO of FolioDynamix, a firm that employs technology to help advisors improve their business processes.

This interview is a break from the norm. Instead of learning directly from a firm owner, Steve provides a unique take on the financial planning industry from a business development and software solutions perspective. He’s at the forefront of changes in technology and lends his expertise to help explain how those changes will impact the financial planning industry.

Steve arrived in his current position after an interesting path that took off after a chance meeting with a software salesperson. His experience is a perfect example of how remaining open to a variety of opportunities can help your career bloom in ways beyond your wildest dreams.

We discuss the upcoming trends on the horizon. Are advisors in danger of being replaced by “robo advisors?” How will the new changes in the Department of Labor ruling impact advisors? Will fee compression depress the growth in the financial planning industry? In addition, Steve offers an interesting set of predictions. Tune in and let us know if you agree with his take on the future of the industry.

 

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What You’ll Learn from This Episode:

  • How keeping an open mind to opportunities can lead to success in your career.
  • The opportunity for growth that exists for advisory firms.
  • When firms should bring in professional management.
  • A rule of thumb that firms can use to determine when to make professional changes to management.
  • How advisors are keeping client fees in line without succumbing to fee compression.
  • What Fiborg is and how technology will be used to enhance what advisors can deliver.

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Ep #72: Creating an Encore Career with Linden Cornett

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Linden Cornett is working on an encore career by starting a financial planning firm, Seagrass Financial. At 40, she’s pursuing a new entrepreneurial venture in an entirely new industry. And she can make it happen thanks to the years of dedication it took her to reach financial independence.

18 years ago, Linden began her career at Intel as a software developer with a background in math and computer science. She developed an interest in financial planning through DIYing her own plan. Eventually, she reached the point where working for someone else was optional.

After experiencing her own financial success, Linden started creating financial plans for friends and family members. After some encouragement, she decided to experiment with the idea of opening a financial planning firm with the help of XY Planning Network.

While Linden lacks traditional industry experience, she accumulated $21 million in assets under management and serves 18 clients with a unique, yet simple, marketing technique.

This is an extremely interesting example of how to create a successful foundation for a profitable endeavor.  Creating an RIA without financial planning experience is never easy, but Linden’s story shows it is possible to pursue an encore career while helping others achieve financial success.

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What You’ll Learn from This Episode:

  • Why a study group or mastermind can be an effective tool for starting a business.
  • How XY Planning Network can help time-strapped entrepreneurs thrive and conquer the compliance requirement in creating an RIA.
  • Why creating financial harmony at home helps entrepreneurs succeed in business.
  • Linden’s fee structure and the process of working with regulators to get approved in Oregon.
  • How to determine if your fees are too low.
  • How Linden brought on her first 6 clients in 2 months without business cards, a website, or a formal marketing strategy.
  • DIY resources that Linden used to develop a financial planning breadth of knowledge.

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Ep #71: A Tale of Discrimination, Immigration, and Success – The Career of Catalina Franco-Cicero

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In response to repeated requests, Catalina Franco-Cicero joined us on the show to share her unique journey that brought her into the financial planning profession.

Catalina is currently a partner working to build the Fiscal Fitness Clubs of America brand. The company offers a holistic financial planning service to clients that are often overlooked by traditional money managers.

Catalina immigrated to the US from Colombia. At nine years old, she helped manage the financial transactions for her household as the first one in the family to learn English.

Though she learned about real life money management at a young age, it wasn’t until she went through graduate school years later before she considered finance as a profession. With only a year left before completing a Ph.D. program in sports education, Catalina changed course and answered the call to provide financial planning services for underserved populations.

Catalina’s experience is both interesting and inspiring — but not without the unfortunate challenges that women still face in this male-dominated industry. She’s faced multiple challenges in her career, but maintains a positive outlook and is committed to her cause. She credits one crucial element that we talk about in depth on this episode as the key to her success.

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What You’ll Learn from This Episode:

  • Tips for finding a financial planning mentor.
  • What a Coordinator of Financial Planning for a fee-only financial planning firm does.
  • How to fund the first employee.
  • Several benefits of being involved in professional financial planning associations.
  • Sexual harassment and discrimination issues that women still face in the financial planning industry.
  • Why fantasy football is good for teaching financial concepts.
  • How Fiscal Fitness Clubs has been able to land workplace contracts.

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