We’re excited to have XYPN members Diana Bacon, with FSG out of Dallas, TX, and Scott Bell with GDP, inc out of Manhattan Beach, CA on the show today. Both Diana and Scott started and grew their own RIAs during the 2008 recession.
During this episode, we reminisce about their experiences getting started in the industry and their decision to go out on their own during such a tumultuous time in our history. You’ll also hear Diana and Scott share their advice about what to consider when starting a business during a recession. Finally, you’ll learn about the changes that they've witnessed throughout their careers: the entrance of more women into the industry, the impact of technology, the ability to reach diverse clients, and finally, how the industry has become more and more focused and in demand of real client relationships.
Although our world has changed as we're each faced with so much uncertainty around COVID-19, not much has changed for Diana or Scott; their strategies remain the same and their passion continues to drive their work. If you're interested in what it's like to launch and grow a business during a recession, this episode is for you.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Overview of Diana Bacon and Scott Bell’s background (00:03:17)
- The experience of running a newly launched firm during the 2008 market crash and the similarities/differences between running a firm then and now (00:07:45)
- How Diana and Scott prepared to launch their firms, including the work experience they had prior to launch and the resources/support they leveraged from community (00:20:31)
- Where to find new clients if you’re launching your firm in this current environment (00:28:33)
- Why, if you’re thinking of launching your firm in today’s environment, you should consider joining another firm to get more experience and how to approach other advisors about potentially joining their firm (00:35:05)
- How the focus of their firms has not changed, despite this “doomsday-type” recession (00:45:52)
- The future opportunities that exist within this industry as advisors and where this current environment could lead us in the future (00:57:27)
Featured on the Show:
- Diana Bacon: LinkedIn | Facebook
- Scott Bell: LinkedIn | Twitter| Website
- Ep #144: Finding Success Working with Clients with Similar Values – The Career of Diana Bacon
- First-Year Budget
- First-Year Business Plan
- Launching Your Planning Firm: All-in-One Checklist
- Certified Financial Planner™ (CFP®)
This Episode is Sponsored By:
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