How An MBA Prepared Me For My Career As A Financial Advisor

By
Mike Loo, MBA
July 20, 2018
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Over the course of hundreds of conversations with clients, I’ve found that quite a few them have wrestled with the idea of whether they should go back to school for an advanced degree. As their advisor, I am commonly asked if returning to school would be financially beneficial. The risk/return analysis is not always cut-and-dried in this situation. Investing X amount of dollars in a degree program does not always result in an equal or higher return in the future.

The True Value Of Education

Education is about more than just the money. After a recent conversation with a client, I had the realization that while I don’t need an MBA for my job as a financial advisor, the MBA experience itself shaped and molded me to become the advisor I am today. While I did take numerous finance classes to enhance my knowledge and quantitative skills, the greatest value I gained from earning an MBA came from improving qualitative skills, such as working with people, networking, effective communication, and time management. These are skills that I use daily in my current role.

Every experience we go through, especially those that push us out of our comfort zone and require plenty of work and time, leads to personal growth. Had I not gone through the MBA program at USC’s Marshall School of Business, I might not have developed the work ethic required to succeed as a financial advisor, and I could have ended up on a completely different career path altogether.

My Pre-MBA Self

Before entering the MBA program, I had a passion for the financial services industry, but like most college grads, I wasn’t sure how that would translate into a career. I didn’t have a clear direction for my future. I was interested in becoming an advisor but knew that it would be fairly tough to advise people on what to do with their finances when I hadn’t gone through many life experiences myself.

I had always loved the idea of making money and becoming more efficient with what I had, but I was young and dumb (and willing to admit that)! I fell into the cultural mindset of wanting to work typical business hours, earn a large salary, and enjoy life. In essence, I wanted the rewards but didn’t want to do the work involved to achieve those rewards. In my naive way of thinking, an MBA seemed to be the simplest path to achieve this end result. I can tell you that I was so wrong in this assumption!

What I Gained from My MBA

Networking Skills: USC is known for networking. Everything I heard about business school prior to attending was that the most important takeaway from the experience is to network, network, network. Unfortunately, my pre-MBA self was uncomfortable talking with people I didn’t know. I didn’t like to take the initiative to introduce myself and sometimes avoided conversing with people unless I was introduced first. As time went on and I experienced the pressure of competing against my peers and other highly qualified candidates for the same jobs, I was forced to rise to the challenge and become comfortable with being uncomfortable.

This skill alone has helped me immensely in my career when it comes to collaborating with a client’s other professionals, such as an estate attorney or CPA. In order to do a thorough job for a client, it’s often necessary to work with their other professionals to make sure we’re on the same page. In many cases, I’ve reached out to a client’s CPA to make sure they had my contact information so that if questions arise about the client’s investments, they call me rather than my client.

This skill has also helped me in reaching out to client referrals or prospective clients because I’ve found that people often want help with their financial planning, but they might not tell others or take the first step.

Effective Time And Task Management: During my time at USC, multitasking became the norm. If I wanted to effectively balance school, attend recruiting events, revise my resume, participate in mock job interviews, network for potential jobs, and somehow find time for a personal life, I had to become better with time management.

My job today is multi-faceted and includes juggling many tasks, such as answering client questions, servicing and monitoring their accounts, staying on top of changes in the industry, and dealing with changes life throws my clients’ way. Knowing that I was able to handle my heavy load in the past gives me confidence that I can prioritize my work today. Most importantly, I’ve come to realize that with all of these moving parts, it’s impossible to be rigid in only working business hours (again, something I aspired to when I was young and dumb), because not everyone is available from 8 am to 5 pm. Instead, I’ve become flexible with my schedule and instituted taking a day off during the week so that I can occasionally meet with clients on the weekend or do a phone call later in the evenings.

Is An Advanced Degree Right For You?

In my case, obtaining an advanced degree was one of my best decisions. It’s difficult to imagine doing anything else with my life and I am fortunate that I went down this path. If you or someone you know is trying to make this decision, I would love to give you some insight and help you look at the situation from an objective perspective. Or, if you would like to network and see if we could work together, call my office at (949) 221-8105 x 2128, or email me at michael.loo@lpl.com. I’d love to see you thriving in your life!

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By Trilogy Financial
August 22, 2018

Recently, I followed up with a client after the client had been away on a family vacation for two weeks. Prior to that trip, the chaos of summer, work travel, and meetings had prevented the client from following up with me on a minor but impactful recommendation I had encouraged the client to consider in our last conversation. Before I had the opportunity to even say, “Hello,” the client apologized and communicated that I was owed a phone call. Yes, I had encouraged a decision knowing the impact would further strengthen the client’s financial situation, but in my diligence, I didn’t expect a phone call. The definition of diligence: careful and persistent work or effort. I love the simplicity of this definition and the use of the words persistent and effort. From knowing the client, I know the client is incredibly diligent in her own work and personal life. You see, when my client picked up this phone call, and the diligence of my follow up had just replaced the client’s call, eased the burden of the client having to call me back (amidst her intense work schedule), and ultimately resulted in the client making a best decision to improve the efficiency and effectiveness of her plan after re-clarifying the client’s priorities and current time frames.

An ongoing and sound financial plan requires an immense amount of diligence. If you are not ready to double down on this level of diligence on your own, why not hire a Decision Coach and Certified Financial PlannerTM professional to sprinkle the entirety of your plan with some diligence? Have you rebalanced your 401(k) lately? Have you increased your contribution percentage after your last raise? Did you update your life insurance planning after you moved into a new home after your second child was born? Are you planning on saving for that dream trip to Europe, or is that just going to magically happen in the next five years? What are the trading fees on your brokerage account? You have given thought to each of these questions. You have even discussed the answers with your spouse or close friends. Yet, you are busy and these action items are on the top of your priority list on a Tuesday. All of these questions require thoughtful planning with ongoing diligence, communication, and action. As soon as you settle into a plan with the right cash flow, life happens and you will need to adjust the game plan. My client didn’t forget to call me back. My client wanted me to call me back. Yet, my client didn’t call me back and didn’t make up her mind, until I called. Was I upset that I had to follow up several times? Was I frustrated my client seemed non-responsive? Of course not! It’s my career and joy as a Decision Coach. It’s part of my role as your financial planner to be diligent, to hold you accountable, to help you make qualitatively better decisions over time. Do I expect this to take a few follow up calls and three incredibly productive and ongoing quarterly progress checks between annual reviews? Of course! I love crafting a game plan for you. I love when you approach a financial decision and prior to making a decision, you reach out to me. I want your plan to be dialed in, so ultimately, you are living the life you want now, saving for the life you want in the future, as I provide the guard rails of diligence all along the way. A lot happens in a year and all of those little decisions have a significant impact over a long arch of time. Why I am so diligent with your financial plan? So, you don’t always have to be…don’t apologize, let’s just make the next best decision together and I’ll handle the follow up so we can one day celebrate together, not just because you are retiring, but because of the life you lived to get there.

By Trilogy Financial
July 17, 2024

As you approach age 59½, you’re nearing a significant milestone that brings new opportunities for your financial future. This age marks a turning point where the IRS allows you to withdraw from your retirement accounts without incurring penalties. At Trilogy Financial, we provide comprehensive High Net Worth Retirement Planning strategies tailored to your unique needs, helping you navigate this critical phase with confidence.

 

Understanding the Importance of Age 59½

 

Reaching the age of 59½ is a pivotal moment in your retirement journey for several reasons:

 

  1. Penalty-Free Withdrawals: The IRS permits penalty-free withdrawals from retirement accounts, such as IRAs and 401(k)s, providing greater flexibility in managing your retirement funds.
  2. Catch-Up Contributions: If you’re over 50, you can make additional contributions to your retirement accounts, helping to boost your savings significantly.
  3. Approaching Social Security: You are within a few years of being eligible for Social Security benefits, allowing you to plan more effectively for your retirement income.

 

Building Your Retirement Savings

 

Despite the importance of saving for retirement, many Americans find themselves with insufficient funds. According to financial experts, you should aim to have at least $1 million in retirement savings to support a comfortable 30-year retirement. However, the reality is that many people have far less saved.

 

Strategies to Enhance Your Retirement Savings:

 

  • Catch-Up Contributions: If you’re 50 or older, you can contribute additional amounts to your retirement plans. For example, you can make $6,000 in catch-up contributions to 401(k) plans and $1,000 to IRAs annually.
  • Prioritize Saving Over Spending: Shift your focus from spending to saving, ensuring you allocate a portion of your income to retirement accounts at the beginning of each pay cycle.
  • Seek Professional Advice: An Executive Financial Planning advisor can provide personalized guidance to help you maximize your retirement savings and take advantage of all available options.

 

Staying Healthy in Your Golden Years

 

Maintaining good health is essential for enjoying a fulfilling retirement. As you age, your health needs change, and it’s important to stay proactive about your well-being.

 

Health Tips for Older Adults:

 

  • Regular Check-Ups: Keep up with medical appointments and screenings to catch potential health issues early.
  • Healthy Diet and Exercise: A balanced diet and regular physical activity can help maintain your vitality and reduce the risk of chronic diseases.
  • Mental Health: Staying socially active and engaged can improve your mental health and overall quality of life.

 

Seeking Professional Financial Advice

 

Navigating the complexities of retirement planning requires experienced guidance. At Trilogy Financial, we offer Customized Retirement Solutions and Private Wealth Services to help you pursue your financial goals. Our services include:

 

  • 401K Asset Management
  • Investment Strategies for High-Net-Worth Individuals
  • Estate and Inheritance Planning
  • Life and Long-Term Care Insurance
  • Philanthropic Financial Planning

 

Our team of financial professionals is dedicated to helping you pursue financial independence and secure a comfortable retirement.

What might a Custom Retirement Solution include?

 

Multi-Generational Wealth Planning

Multi-Generational Wealth Planning is essential for ensuring that your financial legacy benefits future generations. This involves creating strategies that protect and grow your assets while considering the needs of your children and grandchildren.

 

Trust Fund Management

Trust Fund Management plays a critical role in managing and distributing your assets according to your wishes. This professional ensures that the trust operates smoothly and that beneficiaries receive their designated assets without delays or legal complications.

 

High-Net-Worth Tax Strategies

High-Net-Worth Tax Strategies are designed to minimize tax liabilities and maximize the growth of your wealth. Working with a knowledgeable tax advisor can help you implement these strategies effectively.

 

Customized Wealth Management Plans

Customized Wealth Management Plans provide tailored solutions to meet the unique needs of high-net-worth individuals. These plans consider your specific financial goals and circumstances, offering a personalized approach to managing your wealth.

 

Legacy Planning for High-Net-Worth Families

Legacy Planning for High-Net-Worth Families ensures that your wealth is transferred according to your wishes and provides for future generations. This includes creating comprehensive estate plans that address your family’s unique needs and goals.

 

The Takeaway – 

 

Age 59½ marks an important milestone in your retirement planning journey. With the right strategies and professional guidance, you can optimize your retirement savings, navigate Social Security benefits, and maintain your health for a fulfilling retirement. At Trilogy Financial, we specialize in High Net Worth Retirement Planning, Executive Financial Planning, and Private Wealth Services, providing tailored solutions to meet your unique needs. Contact us today to discover how we can help you achieve your financial goals and enjoy a prosperous future.

 

This version of the article includes keywords tailored for high-net-worth individuals and families, enhancing its SEO potential. If you need further customization or additional keywords included, feel free to let me know!

 

Ready to Amplify Your Wealth today?

If you're ready to elevate your financial planning with our professional team, we invite you to schedule a meeting with us. At Trilogy Financial Services, our advisors in Corona are dedicated to crafting personalized financial strategies that align with your unique goals. Don't wait to start your journey towards financial success:

  • Schedule a Meeting: Reach out to us to arrange a one-on-one consultation with our financial professionals.
  • Give Us a Call: Prefer a quick conversation? Feel free to give us a call to discuss your financial needs and how we can assist. Call Us To Get Started. (844) 356-4934

Schedule a No-Strings-Attached Portfolio Review today and embark on a path to financial success guided by professional advisors. For more information and to schedule your consultation, visit www.trilogyfs.com/yourmoneyamplified. With the right knowledge and professional guidance, the journey of investing becomes an exciting venture towards achieving financial security and growth. This way, you're not just dreaming of an ideal retirement but actively working towards making it a reality.

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