Finding his planning niche

Spring is looking busy for Sam Honey as he prepares for the certified financial planner exam and the arrival of his second child.
FEB 09, 2015
Spring is looking busy for Sam Honey as he prepares for the certified financial planner exam and the arrival of his second child. The 26-year-old planning associate at Plancorp expected to take the CFP exam last Saturday. In the course of studying for the exam and doing his day-to-day work, he has discovered a knack for estate planning. “My strongest subject, I think, will be estate and income taxes,” Mr. Honey said. “The subjects I'm spending more time on are retirement planning and insurance. Those are a little harder to grasp and memorize all the components, but I'm making progress on all of them.” He estimated that he has studied two to three hours each day to prepare for the test. His interest in estate planning goes beyond what's covered in textbooks and the CFP review course he took in February.

NEW CLIENTS

Mr. Honey now works with a different group of advisers within Plancorp than when he started, and is getting a sense of what it's like to help clients with their legacy planning. (More: Work-life balance is this new dad's goal) “One of the advisers I'm working with has been here a few years and has carved out a niche in estate planning,” he said. “So the clients I've been exposed to are more in need of that.” The clients Mr. Honey worked with previously were still in the accumulation phase of their lives, growing their wealth. These new clients, however, are an older demographic, and their biggest concerns center on transferring wealth to the next generation. It's a corner of financial planning that just might be Mr. Honey's calling. “It's a definitely a possibility, pursuing estate planning,” he said. Mr. Honey, his wife and their 18-month-old son, Henry, will be welcoming a new baby at the beginning of June. The young couple's mothers will be dropping by to help the family out after Mr. Honey's paternity leave is up. Though life is busy, it's still good, he said. “It's really nice after a long day to go home to my family,” Mr. Honey said.

Latest News

Newsom wants nationwide billionaires tax as presidential bid may loom on the horizon
Newsom wants nationwide billionaires tax as presidential bid may loom on the horizon

“It’s time for an economic reset,” wrote the California governor, in a post on X.

Maryland regulators spank fledgling art-focused RIA Masterworks over registration snafus
Maryland regulators spank fledgling art-focused RIA Masterworks over registration snafus

Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.

Investors allege Miami operator took over $1.5 million in EB-5 scheme
Investors allege Miami operator took over $1.5 million in EB-5 scheme

One 2017 form, no broker license, and a $42 million gap they say surfaced on a webinar.

Gen X, millennials lag in retirement confidence amid knowledge gap
Gen X, millennials lag in retirement confidence amid knowledge gap

Fewer than half of Americans in their peak earning years feel on track for retirement, while many say limited financial knowledge and access to professional guidance are holding them back.

Advisor moves: Veteran-led UBS team overseeing $460 million migrates to Merrill
Advisor moves: Veteran-led UBS team overseeing $460 million migrates to Merrill

Meanwhile, Wells Fargo hauled advisors overseeing $825 million in the West Coast, while Wedbush has welcomed a seasoned professional from Stifel in California.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.