I think a general perception exists about financial advisors that goes something like this. We are “numbers-people” who spend most of our time talking “dollars and cents.” Our job, while important, is “dry”, “formulaic”, and all about making sure clients have money to retire comfortably. From an early age we knew we’d enter a financial field.
My career-change story turns this group of ideas on its head. Yes, as financial advisors we need to be numbers and economics oriented. And yes, one of our responsibilities is to ensure clients are set for a happy retirement. But the career has so much more depth and gives us opportunities to make a much greater impact on the lives of our clients and communities than people may realize. Moreover, we aren’t all focused on this career from day one. Which brings me to the story of how I became a financial advisor with Diamond State Financial Group (DSFG) in Newark.
Born and raised in New Castle County, the one thing I knew early was that I wanted a career where I would make an impact on people’s lives. This led me to obtaining my BS in Health Behavior Science and my MS in Health Promotion from the University of Delaware. I spent two years as Assistant Director of Health and Wellness for the YMCA of Delaware, followed by eight years with Rutgers University where, as Senior Program Coordinator, I was responsible for the development and implementation of community health and wellness initiatives. For a time, I loved my work. Then, I fell out of love with what I was doing. I didn’t find joy in it anymore. While I cannot pinpoint all the contributors, “academia and research burnout” was one. So was the disconnect between doing the work and seeing the impact—results often took so long that it was hard to see any positive consequence.
Many years prior to this, Bryan Radcliff, my financial advisor at DSFG and close family friend, had been suggesting that I’d do well—professionally and personally—as a financial advisor. Bryan saw the enthusiasm I had for crafting my own financial plan and obtaining financial freedom. He also knew me well and appreciated the transferrable skills and passion I possessed that would make me a great financial advisor. I had a strong work ethic, attention to detail, communications skills that included motivational interviewing and active listening, and a background in economics and accounting since high school. I had an entrepreneurial spirit and had owned two businesses. And I had a caring personality and a passion for helping people.
Becoming a financial advisor opened doors to what I was missing—an opportunity to build my own financial future while doing the same for others. This winter I celebrated my second anniversary with DSFG. In addition to being a financial advisor to an array of clients, I’ve had the opportunity to use my nonprofit experience to identify gaps in financial services and am helping to develop our firm’s nonprofit division. It’s incredible for me to see—sometimes almost instantaneously—the impact I can make. This holds true for Delaware nonprofits I service as well as individuals and families I’ve enabled to navigate through challenging times of their lives, build financial legacies, and more.
Is becoming a financial advisor right for you?
There are no two ways about it—switching careers is a big leap. You must decide if the comfort level of where you are outweighs the joy and fulfillment you’re missing by staying there. In my case, I also entered a field dominated by males, with females accounting for only 37% of today’s financial advisors. But, with women “projected to control $30 trillion in assets by the year 2030” (McKinsey & Company, 2024), this also means a tremendous opportunity for female advisors.
Becoming a financial advisor does take some time for training and obtaining certificates. For me this took approximately 6 months, while I continued to work full time. When considering a career as a financial advisor, ask yourself:
- Do you need or want flexibility in your schedule?
- Do you have the desire and drive to build your own business?
- Are you a relationship-builder who will appreciate having your own client base?
- Do you want to make a meaningful impact while building long-term financial success for your clients and for yourself?
I have found all these benefits and others as a financial advisor, along with mentorship and support that allow me to work in ways that directly impact my income, at my own pace. My career change has been amazing and it’s a decision I’d make again and again.
A financial advisor career is not for everyone. But it’s worth exploring by, first, shedding the misconceptions about who financial advisors are and what we do. Envision yourself making the difference in the lives of others daily. Whether we are helping nonprofits become more financially sustainable, a family have the assurance of financial stability after a parent’s passing, a young professional start planning for having a family, or a small businesses owner leave a legacy for their children—as financial advisors, we build futures for others while we also build our own. While you can “make money” at any job, very few careers offer the fulfilment I’ve found as a financial advisor.
If you’re interested in learning more about a potential career change for yourself, Diamond State Financial Group is hosting financial advisor information sessions on June 5. Find details at dsfg.com/careers.
Alex DelCollo, CPFA®, CAP® is a financial advisor with Diamond State Financial Group who takes a highly educational approach to helping clients develop comprehensive financial strategies that support their short-term and long-term goals. Having worked in the nonprofit sector for ten years before joining the financial services industry, Alex works with numerous local nonprofits as well as individuals looking to advance their financial wellness.
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