2014 was good to me. I took my advisory practice to another level, graduated from business school and got my name in the “paper” on more than a number of occasions. Everything was moving in the right direction, but I was still unsure about the specific path I would take. However, what I did know was that along that path, I would be accomplishing some of the great things in life.
So, I entered this year hungry – eager to figure things out and capitalize on past success. Heather and I were also starting to have serious conversations about leaving the city for the suburbs. Having grown up in the ‘burbs ourselves, we liked the idea of settling down and starting a family outside the hustle and bustle of Manhattan. We have already survived an almost decade-long tour of NYC and have been saving up for our departure since before we were married. This also gave Heather all she needed to develop a healthy addiction to Zillow and lead us on many trips to North Jersey to visit different towns.
On the business side of things, I put action behind the thought that my practice should focus on Millennials, young professionals and entrepreneurs. I made this decision after carefully examining where I think the financial services industry is heading, the type of client that I want to work with and where the greatest opportunity for growth exists. But don’t get me wrong! I am fortunate and unbelievably grateful to work with many amazing clients from generations other than my own. In fact, without their continued support (in every sense of the word), none of this would be possible. I am always sure to let them know it, too.
I totally understand the industry’s mantra of “go gather those Boomer assets.” It’s the here and now and it makes perfect sense for most advisors to take this approach, since the vast majority of them are Boomers themselves. According to Cerulli Associates, 43% of financial advisors are over the age of 55. In case you haven’t noticed yet, I am no Boomer. Therefore, a business strategy that has me competing in the most crowed space, inundated by Boomers, just sounds bad. Why would I want to fight uphill for this market share when I can more easily work with my peers? As long as I can afford to do it, why wouldn’t I first make the investment in my generation? After all, those Boomer assets are only going to eventually change hands.
In March, I launched my media website as a way to assemble the press I have been receiving. I also began to generate an abundance of content positioned towards my Millennial audience, diving deeply into the financial issues facing my peers. I set a goal to appear on television and produce video content with reputable media networks in order to establish credibility with my target audience and build a personal brand. I earned a myriad of media opportunities including a spot on a CNBC Millennial Roundtable in May, making my media goal a reality while also propelling my overall business strategy much more quickly than I had ever anticipated.
Before the end of the second quarter, I was crazy pumped and having an absolute blast with the direction of the business. What could be better? Well, it was right around this time that Heather and I learned of even bigger news: we would be parents by the end of the year! Naturally, we began to get organized (and scramble like hell). We reevaluated our position and plans, since it appeared that staring a family would trump homeownership. We said goodbye to our beloved apartment of five years on the Upper West Side to inhabit greater and more “fairly” priced space on the Upper East Side, all the while things continued to evolve positively in our personal and professional lives. While Heather and I prepared for parenthood, the brand strategy continued to be realized. I was producing content fast, and it wasn’t long before it caught the attention of both businesses and individuals who wanted to collaborate. I had my proof of concept!
As elated as I am to see my hard work starting to pay off and my personal brand beginning to resonate with my audience, I know how much more work I have ahead of me in the years to come. Playing the long game takes patience and discipline. In the meantime, I am going to continue to generate content and guide my contemporaries so that we can approach today’s financial realities and succeed. I strongly believe that the great things in life don’t just happen on their own, and that the secret ingredient to achieving our goals is hard work. Nothing worth doing is easy. Remember that. Heather and I do every day. We hope we both demonstrate that no matter what your challenges are, there’s a plan you can execute to overcome them.
Hazel Shaine Boneparth
Finally, before we close out the year, I want to say thank you. With out you, (my family, clients, colleagues, followers and friends) I could not have found the courage to go after something I love with a burning desire and passion. Oh! What about that baby you ask? Well, player three decided to join the game a little ahead of schedule. Say hello to Hazel Shaine Boneparth! She is, without a doubt, the greatest thing in life.