Jane Young, CFP®, EA, MBA, More Than Your Money, Inc.
From early on Jane Young knew she wanted to be a financial planner. Late in high school, she got her hands on The Joy of Money by Paula Nelson, and it inspired her to see financial planning as a form of empowerment. “You’re teaching people how to control their own destinies,” she says. Though she knew that becoming a financial planner was her long-term goal, she also knew that she wanted a career that would provide a solid financial foundation to build from.
When she entered the University of Colorado Colorado Springs, Jane decided to major in information systems and production management. After graduating, she found a job with Digital Equipment Corporation, working in materials management. The first few years with the company were hectic—Jane was trying to get her feet under her while moving at the furious pace of the high-tech industry. But as soon as she had the bandwidth, she began to plan for her future in financial planning. While working full time, she went back to school to ger her MBA in finance, and she began to study for the CFPÒ.
As the tech industry went through a slowdown in the mid-90s, Jane saw her opportunity to change gears. She volunteered for a severance package, which gave her a year’s salary and the flexibility to start a new career. When outplacement services came to help people navigate their severance packages, Jane saw an opening. She volunteered to provide free classes about how to rollover 401Ks. She gave about a dozen classes, which connected her to her first handful of clients. Soon she’d built a successful commission practice.
After operating under a commission model for a few years, Jane was happy to discover fee-only planning. By this time, she’d teamed up with fellow advisor Linda Leitz and they were both excited about shifting to this new structure. “It was so freeing to let go of being paid based on what you sold,” Jane says. Though she’d always put the client first, Jane knew that the transparency of fee-only meant the client could feel more comfortable and trusting. “They could listen to my advice without having to wonder what my motives were,” she says.
When she heard about ACP from a friend, Jane knew it would be a good fit. “It was so great to have a system and to be able to look at a client’s whole picture,” she says. Though she was nervous to take on taxes at first, she figured out quickly that she really enjoyed that component. “It was something new, and it allowed me to serve my clients so much better,” she says. As important as ACP was at the beginning of her fee-only journey, Jane has found that it has been essential to maintaining a healthy, profitable practice.
The ACP philosophy of focusing on the client while building a successful practice was a big part of the appeal for Jane. “That balance is so important, and ACP provides the best practices to serve the client but also to stay efficient and profitable,” she says. The fellow planners have been an important resource and point of connection as well. “The quality of people, their willingness to share, and the way they really take responsibility for their clients and practices—that’s what makes ACP what it is.”
Currently, Jane’s practice is growing. Right now, she works with 72 client families and two full-time employees, but she’s looking to add an additional team member who can grow into an advisor role over the next few years. Even in growth mode, Jane believes in taking time outside of the office. Between travelling, attending conferences, and doing volunteer work, Jane tries to spend 12 weeks a year out of the office. This keeps her connected to the community and prevents her from getting burned out. Just recently she returned from Scotland and northern England, and she’s already looking ahead to a trip to Tuscany and Sicily in 2020.
Along with the work she does in her local community, Jane has volunteered for ACP in a variety of roles. She served on the Conference Committee for a long stretch, acting as chair for the event in Charleston. She was also an instructor for group training and a member and co-chair of the Advanced Planners Retreat Committee. When asked why she gravitated towards this work, she explains how beneficial these events are for attendees. “The conferences are such a good chance to hear what other planners are doing and to share ideas with each other. That’s where the real value is,” she says.