Finance

Sheepskin Earns Entrepreneur

Straight out of college with sheepskin-in-hand, hungry and ready to take on the world in academia, Lynn S. Evans CFP® realized she couldn’t land a teaching position in Pennsylvania. Worried and concerned about finding a job, she curiously shuffled through a slew of business cards and discovered a card from an insurance salesman at Metropolitan Life Insurance.

Then she quickly combed through Money Magazine regarding the “in” careers for the 1980s. That’s when she found her career path in life working as a financial advisor.

“I read what it was and I realized that this was what I wanted to do,” Evans explained from her office in Pennsylvania. “I called everyone quoted in the article and they were generous enough to explain to me what it was they did.”

She had a brief stint in the insurance business, spending a year selling insurance to pay the bills as she built her firm, Northeastern Financial Consultants, Inc., now based out of Clarks Summit, Pa., which is a fee-only firm using the fiduciary standard as its guiding principle.

She’s delighted that the federal Dept. of Labor has announced new regulations beginning in 2017 regarding fiduciary care within the financial services industry.

“I am thrilled beyond words that this DOL ruling has finally come out,” Evans said. “I have been so upset with what I have seen going on in this industry by people who serve themselves more than they do their clients.”

She believes the DOL guidelines will weed bad actors out of the industry. More importantly, the DOL ruling ought to shed more light on the types of commissions and fees that participants in 401K plans have been previously paying without having a clear understanding of what they’ve been paying for those services, Evans said.

For now, her focus remains on helping clients prepare for retirement, increasing their financial literacy and building relationships that create a working environment in which her clients are more like partners.

Learn more about Lynn S. Evans CFP® and Northeastern Financial Consultants, Inc., online at www.nefci.com

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