So, you want to be a financial advisor...
From Princeton, to Freddie Mac, to an outdoor gear retailer call center, to starting his own financial planning company,?Mark Parrett?has had a most unconventional career path. But that unorthodox journey produced his unique perspective on the financial planning industry. Curious to hear more about Mark and his road to financial planning success? Read the interview below:
Q: Tell us about your unusual career path
"I did the same old finance gig that was pretty common coming out of an Ivy League program: I worked at the International Monetary Fund in D.C. for a little while, then had a job at Freddie Mac during the financial crisis-?that?was an interesting time!?It was really good to work hard and do excellent work as a young man- I think that’s what those formative years are for. I don't think I would have learned nearly as much in a lower stress, lower demand environment. Later, when my wife, who’s a doctor, was placed in a hospital out west, I wanted to do something fun for a while and kind of take a break from the high powered finance world. So, I took a job answering telephones at a company that sold outdoor gear called Backcountry. I think I was making $8 an hour and the plan was to ski every day for that winter and then get another finance job later. Trouble was, they found out my finance background and I ended up helping them acquire five other companies! Backcountry ballooned into a billion dollar company. So much for the low stakes world of being a call center operator!
On the side, I had always really enjoyed helping people with their money when my wife was in med school: I would sit down with her classmates, and we'd go through their budgeting and loans. I realized there weren’t many resources combining a Biblical worldview and really sound financial advice. So an old friend and I said, 'Why don’t we just make an old fashioned blog about personal finance?' I tuned in one day and saw that there were 30,000 people a month reading this thing. A light bulb went on for me:?'If I could actually do this with ALL of my time, really serving people with financial guidance, and saving them from the nightmare of financial instability… man I would love that.'?And so began Outpost Advisors ... which meant that my first job in the world of financial planning was starting my own firm. I don’t think that’s a normal path… but it’s been a great ride!”
Q: What advice would you give to someone looking to enter the financial industry?
“Oh that’s easy: I’d say, pay attention whenever people tell you that you're adding tons of value to the world. Then do THAT THING as much as you possibly can.?
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Go out and build things - whether that's a family, a business, or even working at a larger company where there’s a high bar for excellence. Learn how to produce work that sets a standard for yourself and those around you. As I said with my own story, any of those things are better at equipping you to serve people than just going and getting a job that follows the prescribed?‘financial planner career path’. You’re free to go get expertise in areas outside of financial planning. Then whenever you do come in to this industry, you'll have a lot more to contribute than if you just learn the academics of financial planning."?
Q: That’s great advice. What encouragement would you share with someone who is a couple of years into their financial advisory career and is looking to grow?
“Well, a lot of our quality client leads come because we’re willing to invest time talking to people who are NOT good fits for our firm. We just try to help them, where they are. For example, I wouldn't recommend that a young, less established couple shell out for our fees for a financial plan, but if we maybe spend 30 minutes or an hour talking through their situation earnestly, and not worrying about making money off them… a year later their parents might call us and say,?‘Hey, you made a huge difference in our daughter's life…” Suddenly you’ve earned a great entree into what can become a terrific client.
That kind of story happens with us regularly. We're just doing our best to add value and serve whoever we touch, and let the bottom line take care of itself. That tends to produce organic growth of the business, with goodwill, recommendations, and referrals in tow. AND that kind of serving posture keeps us out of the greed business! I’d call?that a win/win!"