Today we’d like to introduce you to Kristin Afelumo.
Hi Kristin, please kick things off for us with an introduction to yourself and your story.
When I started my practice in 2014 in North Dallas, I was looking for a career where I could make what I was worth and have a real impact on the lives of others. I never imagined that my mere existence in the Financial Services industry nearly 10 years later would be a disruption on its own.
Starting my business by working with my natural market of friends & family, I realized that there was a real need for unbiased financial advice, not just the sale of financial & insurance products. Over a few years, I transitioned my practice to a “Fee for Advice” based model to better serve my clients. I now focus my efforts on giving clients unbiased financial advice regardless of their income or investible assets.
It’s exciting to me to work with clients who have a lot of financial complexity, many of which are first-generation high-income earners & investors. My clients are often women who are the primary income earners in their households. In many cases, they’re single or recently divorced. I specialize in working with people who have variable incomes (highly bonused or Business Owners). In addition to my general Financial Planning education, my additional certifications are in Divorce & Small Business.
in 2018, I moved my practice into the cloud. I transitioned to a completely web-based practice (because driving up and down the Tollway and from Las Colinas to Allen was a huge time suck). This gave me a ton of flexibility and efficiency. I’ve lived in 3 states since I started my business and still work primarily with Dallas-based clients even though I live in Tulsa OK.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall, and if not, what were the challenges you’ve had to overcome?
The road has been incredibly bumpy. I’ve spent so much time navigating what’s right for my clients vs. industry norms. In year 4, I almost quit. I realized I had to switch over from the product & commission-based model and there wasn’t a peer I could find doing it nor was my firm supportive. I had to conceptualize my service model on my own. Everyone in my office told me I was wasting time, but my clients thought it was a great idea. In addition, making this shift meant I made less money than I would have for a few years.
These days, I get calls from advisors all the time asking how I made the shift because the industry is changing. Consumers really want a financial sherpa more than they want someone selling them high-commission products. My clients are looking for a partnership. and that’s my sweet spot. Additionally, my business is more valuable.
Another struggle I faced in my business was a lack of financial support. Plenty of my peers come from families where there’s a financial advisor, families with some money or connections and some even have a working spouse.
Though I’m married now, starting my career as a Single Black Female Advisor in an industry where older married white men rule was a challenge for the more obvious reasons (my natural market doesn’t have the same net worth required to support my business, my clients don’t have as much experience working with financial professionals and often less trusting, the list goes on) but it was hard for me to find mentorship because people simply didn’t know what to do with me. They didn’t know how to help me solve the unique problems I had. Often, they didn’t believe my problems even existed. The language the guys used to set meetings was getting me dates or people rejecting my calls because they thought I was a recruiter and they were happy with their current position. The men training me had simply never experienced that.
The standard model of ‘take a young advisor to dinner with his wife and build a relationship’ didn’t work. The men I worked with didn’t feel comfortable taking me to mentorship lunches or hanging out with me at firm events or trips; I was often expected to hang out with the wives and admin staff. I really missed out on mentorship relationships at the beginning of my career. I had to make my own tribe.
I built my business in a way that was not typical at the time. Speaking engagements, and relationship building using depth of relationship, not volume, took me longer, but it’s been worth it. I can’t emphasize how many times industry people told me it didn’t this wouldn’t work.
We’ve been impressed with HerPlanning but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
I say often that clients are looking for me but just don’t know how to find me, or that I exist. My mission is to Empower the Pursuit of your Goals through Financial Planning.
What completely sets me apart is also the best thing about my business–the process. We’ll spend time crystalizing your goals, coming to a common understanding about how financial planning works and what areas we’ll cover (Risk Management, Accumulation, then Distribution & Strategy), reviewing the work you’ve already done, and then implementing any solutions that are not currently a part of your plan or making updates to strategies that just need tweaks.
It isn’t an experience where I poke holes in all the work you’ve done or products you’ve purchased nor is it my job to make you feel bad about where you are. I love to meet people where they are and give them a path to get to where they want to go. It’s an ABSOLUTE JOY to see my clients have success and realize that there’s a clear path to get to where they want.
Additionally, charging a fee for this service allows me to act as a fiduciary in the best interest of the client and gives the client more confidence about my recommendations because they know I’m not sneaking commissionable products in just to be compensated.
I have clients in 6+ states including TX, CA, OK, WA, OH, GA. When clients move, I move with them! The virtual platform allows me to work with clients wherever they are.
What matters most to you?
My personal mission is to help people be great, where it matters to them, without apology. When I completed my Yoga Teacher Training about 5 years ago, I realized that teaching wasn’t my favorite thing–assisting was. A yoga Assistant’s job is to look at your body on the mat from a perspective you can’t see and help you make tiny shifts that make a huge impact. These small shifts give you more power, more confidence, more stability, and more height. They improve your posture & position on the mat to take your practice to the next level. I love that–it’s the thing that gives me a huge sense of joy & accomplishment.
It matters to me that people do what they say they’re going to do and that I’m viewed as someone with integrity. It also matters that I do the best work for my clients and give them the best experience possible.
Pricing:
- $3600+ per year: Budget-Based Planning
- $3600+ for 1 year: Holistic Financial Planning
- $1,800/year+ for Ongoing Advice services beyond year 1
Contact Info:
- Website: www.HerPlanning.com
- Instagram: www.instagram.com/herplanning
- Facebook: www.facebook.com/herplanning
- Linkedin: https://www.linkedin.com/company/HerPlanning/
- Youtube: www.youtube.com/@herplanning
- Other: https://www.linkedin.com/in/kristinoneal/
Image Credits
JCI Creatives
