Ben Coombs, CFP®, CLU, was part of the first class of CERTIFIED FINANCIAL PLANNERS™. When he got started, nobody had jobs for financial planners. He struck out on his own in 1971 - and was broke in a year. However, even after taking a full-time job for a period of time, Ben kept pushing. He firmly believed in the importance of financial planning as a profession, and he was thrilled to find like-minded individuals at the onset of this profession as he continued to build his practice.
Ben has developed an incredibly unique view of financial planning. As he’s honed this mindset over the years, he has created a beautiful metaphor: The Iron Butterfly.
An iron butterfly is beautiful. It’s ornate, and it looks great on a coffee table, or hanging on the wall as decor. But an iron butterfly doesn’t actually fly - and what’s the point of a butterfly that doesn’t fly?
Ben views financial plans as individual, unique butterflies. But it doesn’t matter how beautiful they are if they don’t fly. This is why he calls his financial plans “financial action plans.” He believes a financial plan might take years to fully implement as an advisor and a client gets to know one another, and as their goals become solidified, and that consistent action being taken proves whether or not a plan is successful. This episode is full of wisdom, from small nuggets of advice to larger life philosophies that this amazing financial planner abides by.
What You’ll Learn:
- What the beginning of the financial planning profession looked like
- How a seasoned advisor views financial planning software
- How financial planning has evolved over the years
- Where financial planners find the most opportunity through market ups and downs
- Why a financial plan is worthless if it’s not actionable
- How to create actionable financial plans
- How to put your clients at ease and learn more about their hopes, dreams, and financial goals
- Why financial planning is more consistently valuable than investment management alone
- How career paths have changed the game in the profession
10 Wise Lessons Learned About Being A (Better) Financial Planner