We recently connected with Paul Carriere and have shared our conversation below.

Paul, appreciate you joining us today. Alright, so you had your idea and then what happened? Can you walk us through the story of how you went from just an idea to executing on the idea

Starting a business can be a daunting venture. However, the best way to get started is to take the first step!

As a financial Advisor/Planner, I have spent the majority of my career up to this point working for large investment firms. As an employee advisor, the pressure is intense. You have a boss that wants you to meet your metrics, and then you have clients who you are trying to serve in their best interest. This dynamic creates an environment much like a hamster wheel. You are never able to find YOUR enough and set that as a goal. Rather, the goal is always just more, more, more.

Seeing this dynamic turned me off from the industry and I knew there had to be a better way.

Fortunately, I was able to find some pioneers in my business. The XY planning network provided me the framework and confidence to take the leap from being an employee, to being a firm owner.

This would not be an easy process, but it was probably the best investment of time that I have ever made, right up there with my education.

As noted earlier, it all starts by taking the first step. If you don’t take a chance, you don’t have a chance!

Of course, prior to taking the first step is making sure you have the financial runway necessary to take a significant pay cut. I had established enough savings for the startup process and am fortunate to have a spouse who is very supportive and confident in my ability to make this work.

The next several months were a whirlwind of jumping through compliance hurdles, creating legal documents, and gaining approval from my custodian to hold customer funds.

Once this process was complete, it was time to begin signing clients!

Of course, this is the most difficult part of being a financial planner== getting in front of clients who need your help and see value.

I started by signing up my friends and family that were already clients previously, in order to get comfortable with the process and build a small base.

Additionally, I was able to find a contract serving clients for another firm on an hourly basis. This has been and incredible bridge as I build my book of business and provided the income necessary to bridge the gap.

My practice is now established and profitable and I can confidently say that I would not be where I am today if I had not taken some risk and taken that first step.

At this point, there is no looking back!

Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers.

I joined the financial services industry back in 2013 when I took a job as an investment service representative. This position was a hands-on position learning the ins and outs of the technical aspects and “back office” duties of an investment firm.

From there I quickly moved up the ladder into a financial advisor role. The company allowed me to gain all necessary licensing and eventually my CFP credential which I am most proud of.

Through this experience however, I saw a gap between the advice that was appropriate for a client and what the firm wanted me to sell.

Long story short, after leaving this firm and going to a more “Independent” type firm, I saw this consistent trend. Metrics over quality.

The large firms are generally driven by profit and selling products for a commission.

I have since separated myself from this dynamic. I no longer have a boss telling me what products to sell.

As an independent Registered Investment Advisory firm owner, I can simply listen to my clients’ challenges, and identify the appropriate solution, with no limitations. This is true fiduciary financial planning at its finest!

I currently help small business owners and professionals with equity compensation overcome tax, investment and risk challenges through a comprehensive financial planning process intended to simplify and maximize client outcomes.

Any stories or insights that might help us understand how you’ve built such a strong reputation?

When working with clients, I have the ability to take my time in a new way. I am not in a rush to get a sale and then go get a client. I am able to be patient and move at the client’s pace.

Clients notice this. My google reviews most commonly point out my patience through the process.

Clients appreciate this!

What’s a lesson you had to unlearn and what’s the backstory?

When working with the larger firms, the initial goal was to focus on the investments first and get them moved.

However, I feel like this is a broken process. The investment strategy comes from the plan.

Without first creating a financial plan, the investment strategy is “aimless” and often not understood.

Changing the process by focusing on planning first has helped with client retention because the understand the “why” behind the investment strategy and can maintain conviction in their investment strategy.

Contact Info:

• Website: https://www.carrierefinancialplanning.com/
• Facebook: https://www.facebook.com/carrierefinancialplanning
• Linkedin: https://www.linkedin.com/in/paulcarriere1/