PASSION WITH
A CAUSE

As Senior Wealth Coach of financial advisory firm, Syverson Strege & Company, David Strege can attest to the eye-opening experiences the industry has afforded him and the integral roles various individuals – be it the staff or the clients – play in making the business flourish. The Practice reports.

Strege and his wife, Jennifer (second from right) with their two children, Erik and Adrienne.

The Practice: How did you get into the financial planning profession?
DS: When I was an actuarial science major at Drake University, I joined a student group that helped low-income individuals with credit problems. This actually led me to wonder where people with money went to get financial advice. Interestingly, a Stanford Research Institute study in the late 1970s found that financial planning would be a preferred career in the ’80s. As such, after working with the Dean of the Business College, I became the first to graduate from Drake University in 1981 with a Finance Degree, concentrating in personal financial planning.

The Strege’s family home in Winterset, Iowa.

The Practice: What is the secret behind your success in the profession and how do you maintain your competitive edge in this ever-evolving industry?
DS: To be successful in this industry, you need to always act in the best interests of the client. When you do not have the particular knowledge to address issues raised by clients, be upfront about it
and proceed to help them fi nd the necessary expertise they need. This way, clients will fi nd your company a trustworthy institution and will continue to stay as loyal customers over the years.

Staff of SS & Co at an annual team-building event during the Iowa State Fair.	SS & Co employees lending a hand in one of the company’s community service projects.

To be a successful business owner, on the other hand, you need to develop a plan, work it and measure the results. For my company, we conduct regular meetings with the staff to chart their professional and personal progress. If the company goals seem to be unattainable, we will discuss and revise the plan as needed.

Strege proudly displaying his enormous catch during one of his fi shing trips.

Business performances aside, we also seek to instil and encourage a sense of belonging among the staff . Thus far, we have gone on bowling, golfi ng and lake excursions as well as participated in the Iowa State Fair. As a company that believes in giving back to the community, we have also made it a tradition to help out in community service projects, such as helping to build a ranch which provides a safe haven for children needing some positive infl uences.

The Practice: As a member of professional financial associations over the years, could you list out some of the benefi ts of being involved in such organisations?

DS: Having served for 10 years on national boards of professional associations – fi ve years for the Financial Planning Association (FPA) of the US, and fi ve for the CFP Board of Standards where
I assumed the Chairman position last year. I have observed that greater rewards can be attained through the affi liations with various professional associations. For instance, in my role as CFP Board Chair, I was able to gain a broader perspective of financial planning around the world. Such exposure certainly helps to break down some of the paradigms that tend to constrain people
over time. Also, this eye-opening experience has given me the opportunity to speak to the Financial Planning Association of Singapore (FPAS) and meet tremendous and energetic people in our profession, like the Association’s President – James Sim.

The Practice: What would you say to CFP® practitioners and aspirants in this current economic climate and with respect to pursuing continual professional development (CPD)? Additionally, what are some of your insights on the future of CFP® professionals as well as the financial planning industry?

DS: Communication with clients has to increase dramatically during diffi cult times like this. Financial practitioners should send out economic updates to all clients to explain what is going on. Pay a visit to each individual client to show them the extent of the impact of these recent events on their fi nances and goals. As for professional development, practitioners should continue to learn what is going on and why. Find ways to explain these events clearly to clients and seek proven strategies that can eff ectively aid clients in progressing toward their goals.

As for the future of financial planning, consumers are now increasingly seeking for a clearer elineation between practitioners who are providing advice and those who are merely selling products. Hence, in response to this new trend, financial planners are expected to provide a complete financial plan for their clients at all times. This is to ensure that the various areas of
fi nances are coordinated and that the consumer will be able to receive additional effi ciencies to optimise their wealth and avoid costly mistakes.