We’re thrilled to share the story of XYPN member, Chuck Donalies, on the show today. Chuck is the owner of Donalies Financial Planning, a fee-only firm in Washington DC. Chuck started his career in the biotech space but was drawn to financial planning while pursuing his MBA. Shortly after graduating, Chuck changed careers by taking a position at a fee-only RIA—what he describes as the perfect entry point into this space.
In today's episode, Chuck details his six-year journey developing the skills and tools needed to run an RIA while pursuing his CFP designation. As a self-proclaimed introvert, Chuck has leaned into a community of like-minded financial advisors with the belief that the more willing you are to put yourself out there, the more you'll get back in return.
Through his journey, Chuck felt the itch to go out on his own—to serve clients he wanted, on his terms—which led to his decision to start his own RIA. Launching a firm provided Chuck the flexibility to focus on his priorities—spending time with family and staying mentally and physically healthy—and to ramp up his firm now that his kids are getting older.
Whether you're an introvert wondering if you can create a path in financial planning or a career changer looking to make the switch, this episode has something for you.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Chuck’s transition from the biotech space into financial planning (02:56)
- What to expect as a career changer entering the financial planning profession at an established RIA (09:33)
- What drew Chuck from working under a firm owner to eventually launching his own RIA (13:27)
- The amicable departure from his previous firm and how Chuck was able to focus on working with younger generation of clients (18:37)
- Being an introvert and how that personality trait has influenced his decision to stay a solopreneur and leverage technology rather than partner/hire (22:04)
- Building and running your firm with your needs/personal priorities in mind and not comparing your firm with others (26:04)
- About Chuck’s clients:, how his marketing strategy aligns with being an introvert, his plans to continue growing his firm, and his different types of client communication (31:33)
- How Chuck has been navigating the past couple of weeks with COVID-19 and market downturn (39:51)
- Chuck’s compliance program and his experience of being audited twice since his firm launch (44:18)
- Chuck’s advice on work/life balance and how, in order to take care of your clients, you must take care of yourself (49:57)
Featured on the Show:
- Chuck Donalies: Website | Facebook
- John Hopkins Carey Business School - MBA Programs
- CERTIFIED FINANCIAL PLANNER™ (CFP®)
- Acuity Scheduling
- FA Bean Counters
- Mastermind/Study Group
- Acsellarate CRM
- XYPN’s Community Benefit: Member Forums
- XYPN’s Benchmarking Survey
- National Association of Personal Financial Advisors (NAPFA)
- Fee-Only Network
- Ep #233: Embracing a Psychographic Niche and Keeping Your Planning Firm Personal: The Career of Alex Yeager
- Ep #247: Leveraging Technology and Broker/Dealer Experience - The Career of Cliff Downie
- Rick Ferri, CFA
This Episode is Sponsored By:
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