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by Kevin 

Date August 12, 2020

Mentoring Meeting #1

I am hopeful that the following series of ongoing mentoring sessions will be valuable, not only to current students looking to launch within their chosen profession or young professionals  looking to make a leap forward in their career, but also to a mentor who is curious how they can be a reassuring resource to their mentee. 

In my belief, mentoring should capture all aspects of one’s journey: from spiritual to career and everything in between. However, these upcoming posts are contrary to this conviction—confused? So, let me explain...I thought it would be intriguing—and a little ambitious—to document one young person’s journey to accomplish a very specific career goal: to begin a career in investment banking. The intent of these posts is to allow the reader to experience how involved a mentor can be to help a mentee achieve a long term goal. 

This idea occurred to me after a recent meeting I had with a very ambitious college student: Jackson High. Upon our first meeting it was evident to me how driven, intelligent and personable Jackson is. Also, as I alluded to earlier, I was inspired to learn about Jackson’s very specific goal to begin a career in investment banking. Consequently, I will be documenting this journey as I ride alongside him—not knowing with any certainty where this ride ends!

First, a little more background on Jackson. Jackson grew up in Oklahoma City, OK and is currently a finance major at Oklahoma Christian University. Jackson graduated high school in 2018 and plans to graduate from college the fall of 2021, which means he will obtain his degree in three and a half years! In his primary and secondary education, Jackson was disciplined in the liberal arts, learning poetry, philosophy, and everything in between. Upon beginning college he majored in Electrical Engineering with the premonition that it would land him a stable, respectable job upon graduation. But, he soon realized that this would not lead to a life which fit his potential, nor one of fulfillment.

When Jackson first chose his major, he felt like wealth management would be the appropriate career to satisfy his career ambitions. However, during a restless evening searching for videos to watch on Amazon Prime, Jackson stumbled upon a documentary about Goldman Sachs. Six hours later he was sold not only on investment banking, but a dream to launch his career!

His excitement led him to LinkedIn to perform some research on Goldman Sachs’ employees. He desired to know more about “real” investment bankers: what do they do, and how did they get there?. Or more specifically, to answer the question: “what does Jackson need to do to get there?” He observed that, generally, their careers began as financial analysts—at least for the first couple of years. He also looked at the specific schools and advanced degrees they obtained prior to employment.  Jackson then read many online articles and a few books about investment banking to get a broader understanding of the industry. It was apparent to Jackson that his passion and strengths aligned nicely with what he was hearing and reading about investment bankers. 

Although Jackson’s first indoctrination in the investment banking world was inspired by Goldman Sachs, he understands that other investment banking firms could provide the career rewards he seeks. Jackson acknowledged that any national, regional, or boutique firms would be satisfying to his career cravings. 

I am excited to join Jackson on this journey and to document the strategy, action steps, and results along the way! Ideally, this will demonstrate to mentees how a mentor can assist with your career, and vice versa, how a mentor can be actively involved with the outcome of a mentee. Please remember, at this juncture, we do not know if Jackson will achieve his ultimate goal of investment banking, but we do know we will put in the proper amount of planning to put Jackson in the best position possible. Let the journey begin!

Published on

by Kevin 

Deciding to obtain a graduate degree is a difficult decision, especially after you have started a successful and meaningful career right out of college. However, this is exactly the decision a young professional named Brian Davidoff had to make. 

I met Brian through a work relationship a few years ago. I will tell you that it has been extremely enjoyable to observe his steps toward career success. After graduating from Dartmouth, Brian began a career in finance with a reputable bank. However, as Brian will describe it, he felt something was missing...

Brian will discuss his reasons for transitioning to graduate school, as well as the uncertainty and the required determination along the way.  I hope that his journey will be motivating to anyone who is wondering if their current job is fulfilling their life purpose and if—perhaps—graduate school is the necessary step to capture the next phase of their career. Brian utilized his resources and grit to achieve success with graduate school, and I believe you can too.

Brian is currently an Associate in the Chicago office of Hines Interests, a global real estate investment, development and management firm with a presence in 225 cities across 25 countries.  Brian focuses on new developments and acquisitions of commercial real estate in the Midwest United States.  Prior to joining Hines, Brian completed his MBA at the University of Chicago Booth School of Business, concentrating in Finance.  Prior to Booth, Brian was an Analyst then Associate within the investment bank at JPMorgan Chase in Chicago.  Brian graduated from Dartmouth College in 2014 with a major in Economics.

by Brian Davidoff

In February 2018, I was promoted to an Associate position at a bulge bracket investment bank in Chicago.  As a single 26-year-old, I was making enough money to not want for anything, and my working hours were reasonable enough that I could actually enjoy this relative wealth.  Just six months later, however, I abandoned that career and started the two-year, full-time MBA program at the University of Chicago Booth School of Business.  So what happened?

The promotion to associate spurred self-reflection and more thoughtful consideration of what I wanted to achieve in and get out of my career. Around this time I started working with Kevin, who helped guide this reflection and planning.  My work in investment banking was well compensated, intellectually rigorous, and perceived to be a “good job” by my family and friends, but I was not happy on a day-to-day basis and could not see myself making a long-term career in the industry.  Once I came to this conclusion, it was time to make a change.  But how?

My family has always placed high importance on education, so graduate school had been on my radar.  Now, as I looked to make a career change, pursuing an MBA became the means to that end. With the education, network, and career resources of a top tier MBA program, I was confident that I could both identify a career that would excite me and be able to get my foot into the door of a new industry.  But first, I needed to gain admission into one of these programs, which required a stellar GMAT score, supportive letters of reference, compelling essays, a sharp interview, and meaningful work experience.

The summer of 2018 became dominated by applying to business school.  While my friends enjoyed the summer weather—boating on Lake Michigan or watching the Cubs at Wrigley—I was face down in my GMAT prep book.  Already long work weeks became longer as I would get up early to complete practice problems before heading into the office.  When test day came around, I was confident I would get the score I needed to get into a top school.  But then I didn’t.  The instantly-scored grade flashed on the computer screen, and my stomach sank.  The good news was that I could take the test again.  The bad news was that it meant three weeks of more studying and ever-higher pressure to do well the second time around.  Fortunately, I did. 

Still, a strong GMAT score was no guarantee of admission.  Plenty of deserving candidates would achieve the same.  So, I applied to a handful of schools, including Tuck Business School at my undergraduate alma mater. As an alum of the college and given my strong application, I thought I was a shoe-in.  Once again, I was mistaken.  It was bad enough to be rejected, but worse because it was the first school I heard back from, causing me to seriously stress whether I would get in elsewhere. 

Having worked in Chicago for the prior four years, my preference was to stay in the city, and Booth was my top choice for where to go.  The day before Booth officially released admissions decisions, I received a call on my cellphone while I was at work from an unknown 312 number.  I stepped away from my desk and answered.  On the other end was an admissions officer from Booth.  As soon as she spoke the word “congratulations”, I was euphoric.  Six months of soul searching, sacrifice, determination, and hard work had paid off.  I was extended a spot in Booth’s Class of 2020.     

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by Kevin

As a college student, there are so many careers to choose from, it can undoubtedly be overwhelming. Even after you narrow down your educational goals to a major, such as accounting, there are still a multitude of opportunities at different companies and firms to navigate. I have meandered my way through this maze myself, and have watched countless others do the same. Still, I have never seen anyone more successful at attracting offers than Nick Stephens. Seriously, I think very highly of Nick, but it was mesmerizing to monitor the several suitors strongly seeking Nick’s services. 

Therefore, I asked Nick to provide his playbook to build relationships with accounting firms. I believe this post will not only be helpful to accounting majors, but also to every college student looking to land their first job and even—perhaps—receiving multiple offers along the way, just like Nick!

First, a little more background on Nick. Nick graduated from the University of Oklahoma in 2015, majoring in Accounting and Finance with a minor in Economics. Nick is currently an Investment Accounting Associate at Asana Partners. Prior to that, Nick worked four years as an auditor for both PwC and KPMG. During college he landed an internship with the accounting firm BKD.  

by Nick Stephens

Public accounting recruitment is a year-round process that seems to start earlier and earlier each year. There are many ways to navigate the recruitment process. I will discuss factors that you will have to consider, which events to attend, and individuals to develop a relationship with in order to have the most success.

The first factor to consider is whether you are interested in pursuing a career in audit or in tax. When I was first asked this question, I had no idea. I felt like I knew so little about both that it was essentially a coin toss. I asked around to get various opinions and try to determine the pros and cons of each option. Once you have an idea of which area of practice you would like to pursue, it is important to meet individuals that work in that practice of the firm. Firms are so large that the recruitment process can be very siloed. Each practice of the firm is recruiting for their own office and practice. Because of this, it is important to spend your time getting to know those in the city and field that you would like to work in, as those are the individuals who will have the greatest say in who to ultimately hire. 

 Beginning in the fall of sophomore year, firms will start to host events to get to know new students as well as maintain relationships with students that they already know. Firms rely heavily on recent hires to understand which candidates they should focus on, as recent graduates have the best knowledge of the current accounting students. Because of this, the first thing that younger accounting students should do is develop relationships with upperclassmen. When those upperclassmen get hired by various firms, they are going to recommend students that they know and would enjoy working with. 

Firms host a variety of events on campus - some are open to all accounting students while others are invitation only. I would encourage students to attend as many events as they can. These events are a great way for the firms to get to know students, but just as importantly, they are a great way for students to get to know the individuals at the firms and learn who they best connect with. Everyone will have varying advice about what to look for when deciding on a firm, but one of the most important factors is the people that you will work with day in and day out. When attending events, make an effort to meet individuals at all levels from associate to partner. While you will begin your career working closely with associates, individuals at all levels of the firm will have a strong impact on your career. 

It is also important to develop a relationship with the campus recruiter at each firm. These are the individuals that plan firm events on campus and are a great contact to have during the recruitment process. Campus recruiters will reach out to the students that they know and have developed a relationship with. Again, the best way to develop a relationship with them is to attend as many events as possible. There are so many students going through the recruitment process that you want to be known by the firms to avoid being overlooked. 

Once the interview process begins, candidates will apply for the firms that they are interested in. The first thing that firms do is check GPAs, only considering those candidates that meet the requirements. Once they have a list of candidates that meet their requirements, they will first focus on students who they have a relationship with. Those that have attended recruiting events and maintained communication have a large leg up over those that the firm has never met. 

Everyone’s recruitment process will vary, but there are a few things that you can do to differentiate yourself. This begins with meeting as many people as you can early on. Once you have met several firms, try to focus your efforts on a select few where you can see yourself beginning your career. The recruitment process can be overwhelming and if you can focus on a few firms and a few cities early on, it will allow you to build better relationships and have a better understanding of which firm is the best fit for you.

Published on

by Kevin

Our next guest blog post comes from Jake Weatherford. Jake is a graduate of Oklahoma State University and is currently a partner and wealth advisor at Castleview Wealth Advisors. I asked Jake to discuss how he determined that wealth management was a career that responded to his mission. 

I have found that many individuals coming to the end of their college lives are unsure of where they want to focus their future, especially graduates with a finance degree. There are so many careers to consider...which can be exciting, yet completely overwhelming! Jake landed a role that was both rewarding and satisfying, along with a culture that aligned with his own values.  

I am hopeful that this post from Jake will help anyone who is currently going through this process of choosing a career...

by Jake

So, you’re about to graduate college with a finance degree, yet you have no idea what you want to do. Guess what? You are not alone! 

The purpose of this blog post is to give you a concise “map” designed to help you navigate your job search. Instead of providing a list of different types of jobs and explaining the pros and cons of each, I invite you to take a brief walk with me down the path I took. Understanding why I made certain career decisions will enable you to do your own research and make the best decisions for you and your future family. 

My interest in finance began in high school, when I wanted to learn how to make money. After many discussions with my father, he opened an IRA for me and funded it with $1,000. But after six months I had only about half of that. Surely there must be a better way of investing money than just picking random stocks based on my own limited knowledge, I thought.  

That’s when I set out to learn as much about different types of investment vehicles as possible. Throughout my college years I read books, met people in the industry, took as many classes as I could on the subject, and sought out opportunities to serve as an intern. The one problem I had with each finance internship I took was that I felt I was not actually helping other people. This was certainly not true, but it was nonetheless the way I felt. In virtually all corporate finance roles, individuals help others by funding projects, forecasting sales and production data, and performing many other duties. For me, however, there was a yearning to directly improve people’s lives. Since I nearly pass out at the sight of a skinned knee, I knew that being a doctor was not the best way for me to help others.

As I continued to explore my challenge of how to help people in a meaningful way (without having to do open heart surgery), I finally found exactly what I was looking for. When I met Kendall King, founder of Castleview Wealth Advisors, I knew his firm was different from all the others I’d interned with or interviewed with. Kendall recommended investments based on academic research instead of a hunch. He was paid by a fee of account instead of a commission to recommend a certain investment. He explained that fee-compensated advisors take a unique approach to investing. Advisors who are not paid more money to recommend one investment over the other are naturally motivated to make sure their clients do well.

Let me be clear: This is not a post about fee only vs. commission. I have certainly met plenty of great people who work on commission. In my opinion, Kendall King’s choice to be paid by fee only felt like the best way to be compensated. More than anything, I could tell Kendall truly cared about his clients. 

My desire to help others in a meaningful way and to be compensated in a way that ensures my clients’ best interest is what guided me to the role I’m in today: Partner and Wealth Advisor at Castleview Wealth Advisors. 

My desire to help people extends beyond my clients. These days I equally enjoy helping others drawn to the field of finance as they embark on their professional careers. That’s why I want to share with you what I like to refer to as “Jake’s Three Keys to Entering the Financial Services Market.”

Key #1: Before applying for a job and then forcing yourself to fit into the role, look at the people currently in that roll. If their core values don’t line up with yours, it’s probably a good indication that you need to look elsewhere. If the guiding principles of the individuals within the company do line up with yours, it’s a good indication that you will enjoy the career you are about to embark upon. One effective strategy to ensure you are true to yourself when making employment decisions is to write down your core values and your goals prior to your first interview. Doing so will help you approach the interview in a mindset of not only being interviewed, but also of interviewing the company that you might work for. Asking about the organization’s core values will help you evaluate the company and will illuminate the values that are important to you.

Key #2: Don’t settle for the first internship or job offer you get. Your exposure to different types of organizations within the finance industry will only make you more valuable to the end company you chose to work for. Another way to get experience is to ask companies and individuals about available shadowing opportunities. I’ve found most people are more than willing to assist. Even if shadowing isn’t possible, they will likely take you to lunch to discuss their role and help guide you in your journey. 

Key #3 This brings up the third and perhaps most important key: mentors. Get one! Most people are more than willing to give you advice if you just ask. Mentors allow you to learn from their mistakes without having to make them yourself. A mentor will introduce you to people who will help you make the right decisions throughout your career and will be there when you have to make tough decisions. 

I’ve been very blessed to have mentors such as Kevin Lawrence and Kendall King. My goal is to extend the same favor they have shown me to others; therefore, if this post has helped you, then I invite you to reach out to me with any questions you may have. 

JAKE WEATHERFORD, MBA, CFP®

jake@castleviewadvisors.com

To learn more about fee only financial advice, internships, and mentorship please visit https://www.napfa.org/

To learn more about ethics, standards, and the financial planning process please visit https://www.cfp.net/ and/or https://castleviewadvisors.com/