Stephen Rischall, CFP®, runs his own financial planning practice and works primarily with millennials and young professionals. When he first started his career, he was working with another advisor at their financial planning practice. This advisor acted as Stephen’s mentor, and sat him down one day to lay out his future career options. It quickly became apparent that Stephen had three career choices in front of him:
- Work with his mentor forever (which would have been fun - they got along really well).
- Go to work for one of the big wirehouse financial planning firms.
- Start his own practice.
Stephen’s entrepreneurial spirit got the best of him and he struck out on his own shortly after that. Over the years, Stephen has learned so much about running his own business. As his practice grew, he learned each element of entrepreneurship himself until he was able to add team members. Stephen has focused on digital marketing, speaking, outbound marketing, growing with a business partner, and so much more.
In this episode, we’re focusing on what it means to run your own financial planning practice with a team. We’re discussing the ups and downs, the big wins and the challenges. Stephen’s story is incredibly inspiring, and his insights are spot-on!
What You’ll Learn:
- What different career paths in financial planning might look like for a new planner
- How strong mentorship relationships can change the game as a new planner or career changer
- What to expect when you’re starting your own planning practice
- How a business partner can help you grow in ways you might struggle to do alone
- What challenges you might face as a financial planning entrepreneur
- What type of staff you may eventually look to hire
- How to focus on a digital marketing presence
- What a “digital media kit” looks like - and how to build one
- Why starting early and trying new things often is more important than getting it “right” on your first try