Nov 2, 2020
In this episode, Steve talks with Dan Goldie, a Certified Financial Planner with Buckingham Strategic Wealth. Though his career started as a professional tennis player, Dan shifted his to financial services in the 90s and never looked back.
Starting from zero clients and minimal experience in 1991, Dan was able to grow his one-man office to 250 clients with $900M in AUM. Even though he’s still doing things mostly by himself, he does lean on Buckingham for support. He likes to say he was always practicing to be a financial planner, even as a tennis player. And that same mindset has paid off in the last 30 years of his career.
Dan shares with Steve how he uses passive-oriented investing with his clients, how high standards of client service has led to sustainable growth, and why he thinks most financial planning is unnecessary.
”I think any strategy that you stick with long-term, you're going to have periods of poor results, not necessarily because the investment strategy is bad but just because of the market environment. You’ve just got to be disciplined and focused and stick to your approach, stick to what you believe in.” ~ @Dan Goldie
Main Takeaways
- A lot of financial planning is unnecessary. Try to be efficient and focus on what is top of mind at any given moment. Some clients will never need complex planning, so don’t waste your time on it.
- Take things a day at a time. Incremental improvements lead to huge gains.
- Poor market performance comes with the job. Make sure you educate your clients about your approach and strategy so they don’t get cold feet and jump ship when there's a downturn.
- The industry might be dominated by a handful of firms in the coming decades. It may be better for independent shops to join sooner, and take advantage of the resources.