The Story Behind Why I Became A Financial Advisor

The Story Behind Why I Became A Financial Advisor

In this video, hear the totally true story about how my past experience with a terrible "financial advisor" (a.k.a. broker) put me on the path to becoming a fee-only, fiduciary financial advisor.


Hey there folks, I'm Patrick King with Transformative Financial. Here on this channel, we help people make money, keep money and feel more financially secure along the way.

If that's something that's interesting to you, please contact me - my contact information is below in the show notes. Happy to talk with you and see if that's a good fit.

But on today's episode, what I want to do is share with you the sometimes funny, sometimes stupefying, but completely true story of why I became a financial advisor and how working with a terrible financial advisor (and financial advisor in air quotes there) led me down the path to becoming one. So here we go.

Okay have you ever had an old 401k plan from an old job you didn't know what to do with? Well that's how all this started for me.

Believe it or not, I wasn't a financial advisor my entire career. I started out as a mechanical design engineer. I designed outdoor equipment like construction equipment, lawn mowers, outdoor lighting and packaging equipment.

And while I enjoyed the creative aspects of engineering, it wasn't a very rewarding career. You know, the packaging equipment we did put soda cans into the 12-pack boxes you put in your fridge.

Well everybody needs soda I guess - probably they don't need soda - but I felt like there was something more I could be contributing, right? And let's just say the social interactions at work weren't always that rewarding. So while I worked with some amazing people they weren't always the best cultures to work in.

In fact, my last job is a mechanical engineer I was working...

...but it was while I was working here that I was out in the field in Wisconsin in February working on getting a machine ready.

Now this is second shift - and we've got to get it ready for first. And so I'm sitting there laying in a pool of dried soda underneath this machine with a bench grinder, grinding on each link of a conveyor belt that was yards long.

And I thought to myself, what am I doing here? And I looked out beside me and the engineer that was with me, helping me on this project, who was, you know, squarely in his mid-50s.

You know, I'm thinking I can't be like that what I'm in my mid-50s. I've got to do something else. We finally got the machine up and running and got on the plane - grease - head to toe covered in grease, you know

Of course people in the plane and in the airport were looking at me a little funny. But I came right back and I applied to to go back to get my MBA.

But this was this was kind of the last stop for me engineering-wise.

So, like I mentioned, I was going from job to job. It seemed like every company that I worked for as an engineer was either going out of business or outsourcing the design work to India and China.

In fact, I had a Chinese visa for three months to go there and train our replacements. So the writing was on the wall in that job. So that's how I ended up at the packaging equipment company.

So at the same time, I'm still dealing with these 401k issues. My then father-in-law at the time was a C-level executive at one of the big national banks with a name you would recognize, right?

So I asked for a recommendation, "Hey could you hook me up?" So he sent me to...

All right so here is where I actually had the meeting with the quote-unquote "financial advisor" that was supposed to help me with my investments.

You know, I had these 401ks I needed help with. Well why wouldn't he have my own best interest in heart here, put me in the best things? I mean, after all, I'm an introduction from on high within the company.

Well turns out, he was a broker of course -  and not a very good one.

So he just put me in like one fund that was like a US large cap fund, so it was like some diversification, but none really. It had all these fees and loads in it. And at that point once I figured it out, you know after I went back on the back end, assuming he had done a good job, and did a little due diligence. I was furious, right?!

Why the **** would he put me in this in this crappy investments? And of course, all the while he was making those commission fees off of that as well. So it just made me mad.

And so I'm going through this process of thinking, all right, what I want to do now? How do I want to make this pivot? And of course, the first thing that came into mind is, you know, this guy is doing well. He's got a nicer office than me. Drives a nice car.

If this person can do well doing this, imagine what someone who actually gave a **** could do.

So yeah, it's funny to kind of be back here in this same spot where I had that meeting.

That's why ended up doing this. So when I work with clients, that's the background I'm coming from. Remembering my experience with "Jeff" the advisor and how pissed I was to realize he wasn't looking out for me. He was looking out for him first.

So, that is the stupefying and sometimes funny story of the events that led me up to becoming a "real" financial adviser that actually puts clients interests ahead of my own. So that's my story, hope you enjoyed it.

Click "Like" if you enjoyed this. Click "Subscribe" if you want to see more videos like this. I'm Patrick King with Transformative Financial. Until next time, cheers.

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