Tradeskill
In 1974, author Michael Phillips wrote The Seven Laws of Money in which he coined the term "Tradeskill," meaning those attributes needed to run a successful business that come almost naturally to a person who grows up amidst a family business.
Which maybe explains how Patrick Collins was able to successfully transition from brokering at Merrill Lynch (not exactly a breeding ground for entrepreneurs) to starting Greenspring Wealth Management Inc. in Towson, Md., which, now in its fourth year, supports four full-time employees and 90 clients representing $40 million under management. While Collins says he got started by talking to many independent planners and reading up on the business, his father's CPA firm back in Pennsylvania may have been the real key. "I was always attracted to numbers and finances, and I worked in my dad's office during the summers." Now, Collins' father is part of Greenspring's advisory board.
These advisors and their experiences should convince you that, if you're starting out today, you've got more than a few resources to help. Perhaps Briaud describes the opportunities most succinctly when she says, "Go wherever you can to pick peoples' brains, be clear about your vision for the next five years and, above all, keep it simple."
An independent financial advisor since 1981, David J. Drucker, MBA, CFP, has also been a familiar journalistic voice since 1993. Drucker's entire body of work can now be purchased at http://www.DavidDrucker.com in 14 compendiums, by topic.