I didn’t get into paraplanning because I needed a job. I was on a mission to gain experience and hours for designations. This was part of a bigger “quest” to satisfy my need and desire to help others with money.
I’ve shared this part of my story several times in person. I’m not sure I’ve shared it publicly though. I’ll try to be brief on my personal details, but it’s impossible to tell my paraplanning story without also telling my personal story too.
My Background and Why Paraplanning
First, let’s back up a little so you can understand why I was getting into financial planning in the first place. My wife and I had become debt free then kind of stopped there. Once we had our son, I started to think more long-term and get more serious about our finances.
Fast forward, I finished my bachelor’s degree and had a little extra time. I kept my habit of getting up every morning at 0430 (that’s 4:30 a.m. for non-military folks) and reading while I had my morning coffee (still do). In that time, I started reading personal finance books – lots of them!
In a 5-month time period, I read 32 books on personal finance (according to my Kindle, probably more in physical form). I eventually figured out all these books were just the same basic information in a different voice. If I wanted to learn more, I needed to go back to school. I was also growing accustomed to helping my Soldiers with their finances.
Long story short, I eventually stumbled upon a profession called Financial Planning. This might sound silly, but I literally had no idea financial planning was a thing. I originally started looking for coaching. I found The American College through a Kitces blog article. I received a full-ride, military scholarship for their CFP® and ChFC® coursework.
Enter Paraplanning: The Ultimate Financial Planning Side Quest
I soon discovered I needed experience hours in order to get either of the designations I was studying for. I started looking around locally for places to intern, but I had a serious problem – I had a full-time job with the Army still. I joined the local FPA, reached out to local firms around base, but nothing really fit.
I eventually found the XY Planning Network (XYPN). Then I started reaching out to all the advisors listed in the military and veteran category on their website. This turned out to be a fantastic idea!
I met virtually with many advisors, who would eventually form the Military Financial Advisors Association (MFAA). This is largely the same group who created the Military Qualified Financial Planner (MQFP) designation I have as well. In a call with Daniel Kopp from Wise Stewardship Financial Planning, he mentioned paraplanning as an option.
I had no clue what paraplanning was, but he explained a bit and pointed me toward Alex Hopkin at Simply Paraplanner. I connected with her on LinkedIn, set up a call, and joined their Paraplanner Portal. If you’re thinking about a paraplanning career, this is an absolute must!
Getting My First Job as a Paraplanner
I quickly consumed every piece of content on the Simply Paraplanner site. By this time, the COVID-19 pandemic was in full lockdown mode, and I was working from home. I attended a Simply Paraplanner virtual happy hour and they discussed setting up a website.
That night, I fired up my laptop and created the first version of the site you’re on now. I continued doing informal interviews with other financial planners. This helped me learn more about the profession and look for internship or work opportunities.
My first big break was landing a writing gig (yeah, I didn’t plan on that one either). I also did some plan-building and other admin/technical work. I guess I’m officially a paraplanner (and content writer?) now!
Paraplanning Takes a Pause
I had another job doing some content writing, but it wasn’t really the right fit. The first firm I was working with had grown quite rapidly. They soon hired an associate advisor and didn’t really need my services. I’m incredibly grateful for them taking a chance on me!
This was okay because I was taking on more responsibility at work with the Army. Remember, I’m doing all of this “in the margins” of my active-duty Army career. And yes, that’s allowed (needs approval) and yes, it’s possible (I’m proof!).
Regardless, I knew there wouldn’t be any room for paraplanning while I was a First Sergeant. As the kids say, if you know, you know (IYKYK). Paraplanning was on pause for that period of time.
Finding the Right Planner-Paraplanner Relationship
Eventually, I moved to a different position. My wife also became a stay-at-home mom again. This meant I had a little more capacity and more need for side-hustle income too.
Once again, I started reaching out to financial planners again. I had heard about the Kansas City Financial Advisors Network (KCFAN) on Taylor Schulte’s Experiments in Advisor Marketing Podcast. We’re planning on moving back to Kansas City when I retire from the Army, so it made sense to reach out to some local firms there.
I met with almost all of the KCFAN advisors and landed the perfect paraplanning job. The pay worked out, the hours worked out, everything. Perfect!
I’m still working with Clint at NextGen Wealth today. My only goal is to keep him happy as long as possible, so he’ll keep me around! He’s been an outstanding paraplanning client, sage mentor, and great friend!
Why Call Paraplanning a Side Quest? Why Not Full-Time?
In reality, paraplanning can be a full-time gig. I know several paraplanners who do this full-time. For me, paraplanning has been a great way to get paid to gain experience in the financial planning industry. It’s been a fantastic side-hustle and makes me feel much more confident about my transition out of the military in a couple years.
Some paraplanners want or need flexibility. Others are career changers like me.
However, I knew something was missing. I knew I’d need one-on-one interaction with people. I absolutely thrive around other people. Point in case, I’ve started a tradition of losing my voice at MilMoneyCon every year talking to everyone.
So, What’s Next?
I’ll keep paraplanning and running my own personal finance blog, Enlisted Money for the foreseeable future. I’m planning to retire from the Army here in a couple years and will do this stuff full-time. I can’t say exactly what that will look like yet, but it’s all coming together.
When I started, I had no idea what financial planning was, what paraplanning was, or that you could get paid to write for other people. I just followed my heart and curiosity. Those have served me very well so far!
It’s for all these reasons that I believe paraplanning is my ultimate side-quest!