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

By
Mike Loo, MBA
July 20, 2018
Share on:

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!

You may also like:

By
David McDonough
February 18, 2021

What is a fiduciary?

When selecting a Financial Advisor, it’s important to know they will be looking out for you and the money you worked hard for all your life. Not all financial advisors are the same. When considering a financial advisor to partner with, it’s important to know if they are fiduciaries, meaning they will be ethically obligated to work in your best interests to help you reach your goals.

Why choose Trilogy?

At Trilogy, we operate by suitability standards in offering advice and recommendations that are the most suitable to your needs. We aren’t just salesmen looking to sell products that earn the highest commission. We are dedicated Advisors, financial life planners, who use our expertise to guide you to make smart money decisions. We recommend investments and financial products that are the best fit for your life situation.

Trilogy Capital Inc. is a Registered Investment Advisor. We are a fee-based firm. That means some of our Advisors earn commissions from the sales of certain insurance or securities products. While this incentivizes our Advisors to be the best they can be at their job, be assured that they put people first to select the best solutions for you.

You have a team behind you

When you work with Trilogy, you don’t just have just one Advisor, you have a team who have an ethical duty to recommend what’s best for you. We are specialists with decades of experience in wealth management and protection.

Life planning

With our Advisors, you can be sure they have a fiduciary duty of care to work at the highest level of trust in creating and reviewing your Life Plan. When they make a recommendation, it’s because they feel strongly it’s the right fit for you and your needs, in the life stage you are now and for the future.

Investing for your future

Our financial professionals work in a fiduciary capacity with our investment platforms. We value our relationship with you and work to maintain your trust. We look at the big picture and consider all aspects of your life regarding your personal financial situation.

We know managing your finances can be a full-time job. That’s why our Advisors are there for you to ensure your investments are properly diversified for your risk tolerance. We also monitor other service providers working on components of your plan (including investment companies, record keepers and third-party administrators) to make sure they are catering to your needs and in a cost-efficient manner.

Managing risk

Your fiduciary Financial Advisor will review your personal situation to determine where the risk factors are when it comes to protecting your wealth and recommend insurance products that best fit your needs to add peace-of-mind protection. Whether it’s long term care or life insurance – we’re here to set you up for success so you have a solid plan for whatever comes your way in life.

In keeping with our fiduciary commitment to you, we are an independent financial planning firm. That means we don’t own any insurance products. We’ve done the legwork to find reputable insurance companies who have a proven track record of financial security and claims-paying ability, so you can be confident we recommend products that have the credibility you can count on.

A partner you can trust

When you work with Trilogy, you can finally take a breath in knowing you have a partner who will look out for your finances and do what is best for your life situation and help you meet your financial goals. You can get on with enjoying life, not worrying if you have the money to cover it.

By
Jeff Motske, CFP®
November 26, 2018

Money is a commonly held taboo topic, like politics and religion. We just don’t feel comfortable talking about them – especially to people we care about. That’s because these topics are tied closely to how we view ourselves. These topics also garner a lot of judgment, and the last thing we want is to be judged on something that we feel is intrinsically linked to our intelligence or sense of maturity. Yet, by practicing a few simple tips, we can start tackling the taboo topic of family finances and get on that path to financial independence.

Be Honest

It is human nature to want to hide things we may not be proud of or want to avoid. Perhaps you charged a bit too much to your credit cards or haven’t saved as much as you planned for all of your family’s goals. You may want to avoid addressing such issues, but those who are part of your financial household need to know the honest, unvarnished state of your finances. Trying to hide the facts will just compound your issues when they come to light – and they will.

Be Frequent

Don’t just talk about money when money is a problem. That’s when stress levels are high and emotions are frayed. What needs to be a level-headed discussion can quickly escalate into an emotional shouting match. Instead, conversations about finances should become routine. If you schedule a monthly financial date night with your spouse, the frequent exposure will minimize the surprise and anxiety from these talks. Ultimately, there will be fewer surprises and more planning to help when unexpected or hard decisions need to be made.

Be Open to Feedback

You and your spouse are a team. Teams succeed by working together towards the same goals. Teammates, though, don’t always see things the same way and may have different approaches to the same objective. That’s why it’s important to get your spouse’s input on how your finances are being managed. Not only does your spouse’s input ensure you’re working towards the same goals, but different perspectives can also provide multiple solutions to financial issues. Most importantly, your spouse feels heard and validated, which is a precious thing to give to the one you love.

Be Non-Judgmental

What causes many to shy away from discussing finances is the idea that they will be judged for things they did or did not do with their money. Did you mismanage your funds and refrain from saving sufficiently? Were you too risky with your investments or not risky enough to provide for the household? To avoid the judgment, most will just avoid talking about their finances all together, which doesn’t often have good outcomes. Avoidance doesn’t help financial situations – it often just prolongs the mess. To help your spouse open up, it is beneficial to allow them to speak openly and freely and to listen without judgment.

I do believe that it is imperative to take the taboo out of talking about money with your spouse. Both of you should foster frequent and honest financial discussions, free of strife and judgment. Doing these things will allow you to solidify yourselves as a strong financial team and set you on your path for collective financial independence.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Get Started on Your Financial Life Plan Today