Topic: “Everybody should have a ‘Five Year Plan,’ right? What’s yours? Think ahead and describe what opportunities and challenges the next few years might hold for you.”
I haven't really thought of it as such, but I guess I do have a five-year plan. It is hard sometimes to see future goals when you are grinding through the day-to-day. First part of my plan is to finish at Western with a BBA in Personal Finance in the Spring of 2017. I should at that time also take the Certified Financial Planner exam so I can start holding that designation. Following that, I will take over a greater stake in the partnership between my father and I as my father slows down. The next few years after than will be trying to expand our client base.
While I believe I have a pretty solid plan, there are some major obstacles that need to be overcome. The first and most important being that I need to develop new clients to expand which has not been a focus for me as of yet. I have been too busy putting in the time finishing my degree to really concentrate on developing the skills I need to succeed at that.
Another major challenge is more of a great unknown: new regulation and how that will affect the industry. The Department of Labor just announced some new rules that, even though they haven't been implemented, are causing huge changes in my industry. Right now we are in the process of changing broker/dealers over this debacle. And one thing I can say for certain is that I do not want to do that again in the next five years.
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