Dr. Condon & His Career
How has your career unfolded?
In stages. First there was the “find myself” stage, then the “academic” period, then the “get-rich-quick” period (oil and gas exploration), then the “slug-it-out and learn-a-trade” segment (financial planning and advice), then the “build-the-business” period, the “sell-it-to-your-partners-and-go-into-semi-retirement” period, then the “e-commerce entrepreneurial” period, which I'm still in.
To be more specific, I was the founder and president of Baltimore-Washington Financial Advisors Inc., director of broker dealer services for the now closed Hibbard Brown & Company Inc., and president of Condon-Reid & Associates Inc. and Petroleum Land Data Inc., which brokered land and exploration data for major and large independent oil and gas exploration companies.
I was vice president of the National Capital Chapter of the International Association of Financial Planners and president of the Maryland Chapter of the ICFP, both of which became part of the Financial Planning Association. I was also vice president of the Northeast Regional Board of NAPFA and a board member of the Maryland Financial Planners Association.
Then, in the early 1990s, I participated with some other financial planners in a promotion sponsored by USA Today. We took phone calls from ‘regular' people who asked relatively simple financial questions. They reminded me of the people I grew up with in Raytown, Missouri. They really appreciated our help and I realized that everyone could benefit from a professional financial advisor.
What do you enjoy most about your career?
I'm a helper by training and nature. I like the people I work with and the knowledge that I'm making a big difference in my profession.
Who were the biggest inspirations for your career?
John Templeton, the dean of international investing. I heard him deliver a keynote speech early in my career that convinced me to pursue a career in financial planning and a life grounded in faith. Many of my colleagues have also inspired me.
What has been your personal key to success?
Persistence.
What awards and/or successes have you had? How important have they been to you, personally and to your career?
I was recognized by a professional magazine as one of the top 250 financial planners in the United States for five years running. It's good to be recognized by your colleagues.
What exactly do you do?
I'm helping to build a new company that's revolutionizing the financial advice industry. I'm part of the policy-making team. I also recruit and train advisors for our national network, help develop materials, market, find investors, talk to the media, go to conferences. It's a constant whirlwind of activities.
Describe a typical day of work for you.
I arrive at the office at about 7:30 in the morning. I look at my e-mails, react to them, make a list for the day and try to get through it. Sometimes I do. But usually something comes up and noses its way onto the list – or pushes some things off that will appear on another day's list.
What professional organizations were you a member of? What are other professional organizations?
In addition to NAPFA and FPA, Nazrudin is an important think-tankish non-organization.
What are some of your personal and/or professional goals for the future?
I want to spend more time with my grandchildren and work in Men's Ministry.
Education Information & Advice
Tell us about your education. What degrees did you get?
I earned my bachelor's degree in liberal arts in 1966 and my master's in 1972 and a Ph.D. in 1981 in geography, all from the University of Kansas.
Do you have to be licensed and/or credentialed?
Yes. You have to be a Certified Financial Planner.
If someone has the talent already, should they go to school (or get professional training) and why?
You have to have professional training. In my field, a college degree is almost mandatory.
What factors should prospective students consider when choosing a school?
Cost. Location. Girls (or guys) on campus.
Based on what you hear in the industry, what do you think are the most respected and prestigious schools, departments or programs for your profession?
Texas Tech has a graduate program in financial planning. There are about 200 schools that train would-be planners and give them a certification, but the CFP is mandatory. I also recommend the ‘School of Hard Knocks' and good sales training.
If you need a graduate degree, when's the best time to go after a graduate degree?
While working.
Job Information & Advice
What are some common myths about your profession?
That it's about delivering a high rate of return.
What kinds of jobs are available for graduating students who specialize in your profession?
Jobs are mostly sales in securities and insurance at this point.
How is the job market now in the profession? How do you think it will be in five years?
The job market is okay now. The future job market will be huge if the Internet lives up to its promise.
What is the average salary for your field? What are people at the top of the profession paid?
I hear the average is $100,000. Top performers can earn between $400,000 and $500,000.
What are the best ways to get a job?
Take the professional certification program to become a Certified Financial Planner. Then intern.
Does graduating from a prestigious school make a difference in landing a good job?
No.
How available are internships?
Very.
What tools of the trade do you use the most? What's your favorite gadget?
I depend on the Internet. I'm on it continually. My favorite gadgets are my computer and my PDA.
How do you use computers? Are there specialty software programs for your profession? If so, what are they and what do they do?
Our company creates programs that allow financial advisors to connect directly to consumers through the Internet. People communicate through our website. Some of our programs help advisors estimate how people's financial actions will affect their lives. Others provide the data points advisors need to make those estimates. We conduct training on the Net.
How has the popularity of the Internet affected your profession?
It is huge, though not everyone knows it.
What topics are emerging as hot issues in the field?
Workplace access to financial planning is hot.
In Closing
Do you feel that is important for someone to be passionate about your profession to be successful?
Yes, although, sadly, it's also possible to be passionate about money and achievement and also be successful (or be considered to be successful).
Editor's Note: For more information about Dr. Condon and his company, or to get in touch with him about this interview, visit myfinancialadvice.com.
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