By Kyrk Davis talks about learning the financial industry with our team.
A few weeks ago, we talked about some of the changes happening in our office as we continue to grow our team and our business, and what to expect for both new and veteran clients.
Today, I wanted to talk a little more about how we’re growing and what happens when we add a new team member by talking to Wealth Advisor Kyrk Davis, about his first 18 months on the job.
During his college years, Kyrk was always interested in personal finance, reading all the blogs and articles he could get his hands on and listening to various podcasts. He pursued banking as a career, and enjoyed that, he said, but when looking at where his career could progress to in the coming years, banking started to lose its appeal. At a bank, he found, building a career was all about selling the same products to everyone, simply because the bank knew they had money on deposit.
At that point, Kyrk thought about going into the advising side of the financial industry, but worried that doing something he was passionate about every day would take the enjoyment out of it. So, he decided to use the accounting degree he’d earned. “I learned that I hate accounting, so I went back to thinking about advising, and that’s how I got here.”
Kyrk admits that he came into his first day on the job a little over-confident. “In my mind, I knew what I was doing, I thought I was good to go. Then, about a week later, I realized that I was an idiot. I didn’t have a clue what I was doing. It was humbling.”
Kyrk soon learned what I tell so many people over and over again: you can’t become a financial advisor by reading blogs and doing Google searches. Being a financial advisor isn’t just about being book smart, it’s about real world experience. “Now I see there’s a big gap between learning on my own and being surrounded by this every day. Personally, I had a lot of inefficiencies in what I was doing with my own money that I think most people are also doing,” Kyrk said.
When we first decided to hire Kyrk, in October of 2016, we started him out in the operations department to get his feet wet and start learning how all of these pieces fit together. Kyrk says that’s one of the things that made him choose to join our team. “It’s unique here,” he said. “Most firms have one person you work with, rather than a team aspect.”
Working at an established firm benefits everyone involved, Kyrk explained. He can gain the experience working with Alex and me, who have been in the business for a combined three-and-a-half decades, and the clients he brings in also benefit from our team’s experience. Some advisors choose not to work with clients who have a lower net worth, but who are diligently saving. This is one thing that truly sets Family Financial Partners apart. We work with many ultra wealthy clients, yes, but we also pride ourselves on a service model that allows us to work with young couples who are just starting out and raising families. Regardless of your net worth, you’re family to us. “Clients are building trust with me,” says Kyrk, “and I have enough knowledge from working side-by-side with David and Alex to present a plan effectively. They trust me. The words might be coming out of my mouth, but the processes are all Family Financial Partners.”
Kyrk says the real-world experience he gained working in operations also helped him to obtain his licenses faster. “When I started studying, I found it easy to comprehend and understand because I’d helped out with those exact situations in the office. If I’d had to just go sit in an office and study, I would have had a much harder time.”
Kyrk says learning the financial planning industry in a team environment has helped him to better learn the customer service side of the business as well. “It’s allowed me to focus on providing good service and good solutions, instead of just, how can I get some money in the door so I can pay next month’s rent.”
Many of you who are clients have already worked with Kyrk, and we continue to add more wealth advisors and investment reps. Brandon Schleter and Matthew Roth also help support Alex and me every day, allowing us to spend that much more time focusing on portfolio management, and making us more accessible outside of the conference room. You’ll still see us in meetings, but Kyrk, Brandon and Matt will handle the first part of most meetings, much like a dental hygienist or physician’s assistant.
As always, if you have any questions about how we work or what it’s like to be a Family Financial Partners client, give us a call any time. We’d love to chat.
Article by David Smyth, CLTC, Senior Partner at Family Financial Partners — a financial services firm in Lexington, Kentucky.