Keep learning—and put that knowledge to work for clients

Curtis Fay • Williamsport, PA
Creative Financial Strategies • Cetera Wealth Services LLC

B​efore entering financial services, I worked in constituent services for a Pennsylvania state senator. That role involved helping people with a wide range of state-related issues—licenses, documentation, agency problems, insurance questions, business concerns, and many other matters.

I learned how to listen to people who were often frustrated or trying to solve a difficult problem. That experience taught me something that still applies to my practice today: People do not just need someone to talk about solutions. They need someone willing to help them work through the problem.

When I transitioned into financial planning, I knew I had a great deal to learn. The industry can feel overwhelming at first. Many areas can affect a client’s life, including investments, insurance, retirement plans, Social Security, estate-planning issues, taxes, Medicare, annuities, and long-term care. I navigated that learning curve by using every resource available to me.

I believe one of the biggest contributors to the growth of my practice has been my desire to learn from others and apply those lessons in my business. There is a wealth of knowledge available in this industry if we are willing to look for it. It may come from speaking with peers about how they solved certain issues, reading articles and white papers, following thought leaders in the industry, participating in group discussions and conferences, earning professional designations, or simply being open to conversations with people who see the business differently.

That last point is important. It is easy to create our own bubble. We can get comfortable with the same process, providers, planning tools, and way of explaining things. But the ground is always shifting under our feet—from market outlooks and regulatory changes to evolving technology, new product development, and demographic trends. If we do not keep learning, we risk being left behind.

The credentials I have earned have been part of that learning process. The CFP professional designation helped reinforce the importance of looking at a client’s full financial life, not just their investments. Completing the CPFA designation helped me better understand retirement plans and fiduciary considerations. Completing the Certified in Social Security Claiming Strategies (CSSCS) designation helped deepen my knowledge of claiming strategies and how those decisions may affect retirement income. Each designation gave me a broader perspective that I can bring into client conversations.

But education by itself is not enough. We also have to avoid simply accumulating information and keeping it to ourselves. The value comes from applying what we learn in practical ways for clients.

That is why I believe in doing the hard work with clients, not just talking about it. Client issues are often more complicated than they appear at first. A question about an old account, an annuity feature, a beneficiary designation, a Social Security decision, retirement-plan scenarios, or an estate-planning concern can lead into several other areas. A conscientious advisor may need to investigate, ask questions, call the provider, talk with an expert third-party professional, or navigate complex paperwork.

That is part of the job I enjoy. I try to work shoulder to shoulder with clients and colleagues to help solve those harder issues. I do not want to tell a client just what might theoretically work. I want to help them understand the issue and, when appropriate, help them take the steps needed to address it.

That work also has a compounding effect. When you help one client solve a difficult problem, that experience becomes part of your knowledge base. Later, when another client faces a similar issue, you may recognize it sooner and provide better guidance. Over time, those lessons can become a meaningful part of the value you bring to the relationship.

I also try to remain open to conversations across the industry. My coworkers sometimes joke that I will take calls from firms or providers they haven’t heard of. But my view is that they might have something interesting to say. Whether I ultimately use that product, strategy, or service is a separate decision. The point is to understand what is changing and whether any of it could help clients.

For me, lifelong learning keeps this career interesting. More importantly, it helps me serve clients more responsibly. The rewards lie in helping people accomplish something they might have struggled to do on their own.

Disclosure: Curtis Fay is an investment advisor representative with Cetera Wealth Services LLC and a financial advisor with Creative Financial Strategies. 1140 Sheridan Street, Williamsport, PA 17701.

Securities offered through registered representatives of Cetera Wealth Services LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.

CFP and Certified Financial Planner are registered trademarks of the Certified Financial Planner Board of Standards Inc. (CFP Board). NAPA CPFA Certified Plan Fiduciary Adviser is a trademark of American Society of Pension Professionals & Actuaries.

Photography by Eric Stashak