Seven Things I Learned being a 22-Year-Old Punk in Finance

Five days before my 22nd birthday, I was promoted at the bar where I worked. I went from being a server to being a manager. It was exciting, but I had my eye on something more. I was going to school studying business while working on a degree in finance. I would work evenings and nights, and then go to school during the day. I needed to figure out how to get my introduction into the business without having any experience, I also wanted to start right away. I am outgoing and I used this trait and talked to all my customers that came in dressed in business attire. I soon realized that many of the patrons worked in the finance industry. One particular set of regulars, whom I had become friends with, would often say how great it would be if I could work at their branch when I was ready. They worked for J.P. Morgan Chase. One day, I piped up and asked the group, “Would the branch manager be willing to interview me?”

Five months after my 22nd birthday, I was hired at J.P. Morgan Chase and as a 22-year-old punk in finance. This is what I learned from that experience:

One: Listen

One thing I hear people say to me all of the time is, “Wow! You really listen.” My wife would not believe this, but it’s true! When my clients talk, I listen. While I’m listening, I take notes. Lots and lots of notes. So much so, that sometimes I need to politely ask for a brief moment's break to catch up. When I was getting started in training, I noticed something one day. I was shadowing a trainer as he met with a client. The client was describing exactly what they needed. The trainer then recommended something that did not match what the client said he wanted. Not at all. The trainer then attempted to sell the client on why what he was proposing, was better. The client was being SOLD. What's worse, the client did not feel heard. From this experience, I learned to STOP SELLING! Another thing I noticed was that when I removed my compensation from the equation, it became so simple to listen to the client and offer him or her what they said they needed. As I met with more clients, I learned how to work on asking the right questions. I wanted to make sure that I was helping the client clarify exactly what it is that they needed. And never, ever, do I try to push them. These lessons became so grossly transparent to me when I witnessed a colleague doing just the opposite. I found myself cringing because sitting there, I felt uncomfortable. I made it my mission to focus more on listening and asking; instead of telling and selling.

Two: Just Call People

If I had a dollar for every time I had a client say to me, after working with someone else, “Well, I haven’t heard from them since they sold me this” well, I wouldn’t be writing this article. Instead, I’d own a private island and I’d be busy sipping margaritas, while being fanned with a giant palm leaf. I have heard that phrase so much, that I made up my mind to assure that MY clients would never end up in someone else’s office saying those words. I make it a point to call people. I always remember the mantra during those restaurant days, “If you don’t take care of the guest, someone else will.” The same is true in finance. I have doubled down with video email communication and birthday cards, but I still surprise my clients and call as often as I can. Some of my clients and I talk every single day. I have made this such a priority that I think often about who I am going to call. I am admittedly slightly superstitious and I have even developed a curse too, it will be the first thing in the morning, and someone will pop into my mind and I’ll think “I need to call them.” Sure enough, if I forget, the very next day they will call. Oh, I get so mad when that happens!! Because I thought of them, and now they don’t know because I didn’t pick up the phone first.

Three: If You Say You’re Going to Do It, Then DO IT!

It always shocked me early on, how confused people would be when I would follow up or come through on something that I said I would do. It was almost like people were stunned when I said I’d call next Thursday, and then I actually did. I learned a lot about my industry very quickly by gauging the way most people had been conditioned; they expected to be forgotten about or let down. I would even start to pay attention to colleagues in meetings, as they’d promise to do this and that, while not writing any of it down. (Again, Take Notes!) Then we’d conclude the meeting and I’d pull them aside and ask them about how they wanted to get started on all of those promises. They had already had forgotten what they promised. I decided right then and there that every single time I said I would do something, I did it. I also decided to be very careful about what I told people that I would do. I also learned to communicate upfront about timeframes or variables that were out of my control, but that I relied upon to accomplish the task. I learned that by properly communicating and managing expectations I really was able to create agreements that I could deliver on consistently. I built a reputation very quickly, that what I lacked in experience I made up for in dependability.

Four: Dressing to Impress, Is More For Me Than You

I wore a suit every single day for my first year in the business. Yes, it was 116 degrees in the blistering Arizona heat and I had on a jacket and tie. I was the only one who insisted upon it. I just felt that the youngest person in the room had to be the best dressed, as a sign of respect. I wanted people to know that I was taking my career and our business seriously. I wanted to make a good impression and make up for the fact that I looked like I was 12 years old. Clients often told me to relax or to loosen up. I learned that they cared way more about what I could do for them, than what I was wearing while trying to do it. Dressing the part is one thing, living it is a whole other thing. Here's a funny story about this. Like everything in life, balance is important. Once, I was in a meeting where my colleague showed up late, in cargo shorts, a tee-shirt, flip flops, and sunglasses. The client remarked, “Gee, don’t get dressed up on my part or anything.”

Five: Mentors Not Managers

I was blessed to have two of the nicest branch managers when I started. In fact, it was my branch manager that insisted on hiring me and giving me my start when the district manager said "I don't think so" to a 22-year-old bar manager. He thought I was too young, with no experience. It was also my manager that stood behind me and stuck her neck out for me again. That same district manager made an exception for me to enter the investment license training program earlier than the probation period allowed for a new hire. Perhaps this section should be called, Mentors not Trainers, because boy, did I ever have some awful trainers. People tell me quite often that I know a lot for my age. It's because I have been blessed with some of the top mentors in my line of work. And I literally mean, THE TOP. Two of my mentors among the most important economists in retirement planning and one of my direct mentors is arguably the most important educator and speaker in the business. I basically followed these guys and bought every piece of educational material that they offered. I was very persistent and eventually, they put their arms around me and took me under their wing. I am also lucky enough to have a father who has been in the business for more than 30 years. Why not trainers? Your upline typically relies on you selling products for them as it is the main way they earn their compensation. I learned pretty quickly to ignore their training, or, I should say their grooming. Instead, I located my own training from mentors. I learned how the overrides and bonuses were calculated, and I decided it was best for me to get my education from the people who weren’t relying on me to sell things for them.

Six: Be Willing to Do What Everyone Else Won’t Do

To me? THIS is really the key to success. I remember when a teenager would walk into our branch and some of my coworkers would scatter because they thought it was a waste of time to help a young kid with no money. I always did everything I could to focus on doing all the things that no one else wanted to do. If I could work nights and weekends, I would. If I could volunteer for a company event, I would. If there was an opportunity to learn, I took it. Systematically over time, by continuing to put in a little extra and doing the right thing, I was rewarded with more opportunities. I learned everything much more quickly, and I would gain more practice, simply by saying yes. And you know what? That teenager often had a parent whom they’d bring along, and that parent would end up becoming a client as well.

Seven: You Don’t Know, What You Don’t Know

You can train a new broker to act the part but faking it until you make it, is a load of garbage. We are talking about people’s life savings. Humility and honesty are always, (I’m going to repeat) always, the best policy. Anytime when I was a new employee and I acted like I knew something; I was quickly embarrassed and humbled. You just don’t know what you don’t know. When you’re a 22-year-old sitting across from a very wealthy senior, it is intimidating. It doesn’t help when they say things like, “You’re my grandson’s age,” either. Unless their grandson is really excelling, and trust me, most aren’t, which is why they said that you sort of have an uphill battle because you can’t know it all. It takes courage to try, humility to learn, and good judgment and character to admit when you need your manager to assist you. Faking it until you make it, is a great way to need to exit this business, very quickly. Become a lifelong learner, I did, and I learned it is the way to go. I’ve learned that this happens on the other side of financial professionals' careers as well. People have done it so long, that they think they know everything, and they stop learning. Complacency is very dangerous, and because of a veteran professional's experience and age, clients may be more trusting of their advice. They believe their advisor should know all the answers, when, in fact, it is very common for veteran financial professionals to switch off their desire to learn and settle into a cookie-cutter approach. This is the final thing I learned as a young punk in finance. I have pledged my commitment to never develop complacent habits when it comes to learning and growing.

The moral of the story: I was blessed. Blessed to meet mentors and blessed to have a father who streamlined my knowledge with his trials, errors, and vast experience. Blessed to have clients who gave me a shot when I was starting out. And finally, blessed to have found my calling at such a young age. I was born to do this, and this business has shaped me into a knowledge-driven, hardworking, now slightly older professional that I am proud of. My success is measured in thank you cards that I receive from clients, and my motivation is to make sure that their trust is always well-placed in me because I am helping them achieve their goals.

Keep up with Daniel Rondberg HERE.