In today’s episode of Framework, Jamie talks with Douglas Boneparth,  the author of The Millennial Money Fix and President of Bone Fide Wealth. Doug is a thought leader in the financial services industry and has nearly two decades of experience as an advisor.

As a second-generation CFP, Doug had his hands in the finance industry from a young age, though he didn’t always know he’d be an advisor. Once he got to college, his dad suggested he get licensed so he could start learning the family business while also finishing his degree in communications.

While he ended up moving to NYC rather than join his dad’s firm, he took all of the lessons from his father into his career. During the 2008 recession, when he was just getting started, Douglas realized he had a hard time relating to people who were about to retire. Instead, he decided to try something different and work with his peers as clients because he could communicate with and relate to them on a deeper level.

Doug talks with Jamie about how the industry is changing, what clients and consumers are going to be looking for from advisors, and how to get started on something you’re passionate about.

(24:03) “ You don’t have to look too hard see what the big players are doing, right? And you say to yourself, alright, am I going to have more work cut out for me down the road by not making a change today? ~ @dougboneparth

Main Takeaways

  • Focus on the big things that really move the meter. The little things do count, but real change comes from focusing on the things with the biggest impact.
  • The industry might be in for a large decentralization movement with smaller firms registering directly with the SEC instead of tagging along with large broker houses.
  • Clients will be pushing for change by asking for “marketing terms” like a fiduciary. Pay attention to these trends. They are the future of clients in this industry, and to keep your clients you’ll need to keep up.
  • If you’re passionate about something, follow that and use it to create something of value. No area is truly oversaturated with content.

Links and Important Mentions

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