June 2021 Issue: Charting his Path in Financial Planning-Charting his Path in Financial Planning by Bridget McCrea

Charting his Path in Financial Planning by Bridget McCrea

Pdf Summary

Larry R. Frank Sr. has found parallels between flying a jet and helping people develop financial plans. As a former command pilot for the U.S. Air Force, Frank drew upon his experience of creating flight plans to develop comprehensive financial plans for his clients at Better Financial Education. He sees the financial plan as the foundation for achieving goals, with investments acting as fuel to propel clients forward. Frank's interest in personal finance grew while completing his MBA, and he decided to pursue a career in personal finance after retiring from the Air Force. He obtained his CFP® certification and founded Better Financial Education in 1997 to educate clients about money management and help them make informed decisions. Frank transitioned his practice from commission-based to fee-based to fee-only, aligning with the industry's progression during that time. Today, most of his clients are retired or transitioning into retirement and seek answers without product pitches. With $32 million in assets under management, Frank predominantly uses Dimensional Fund Advisors (DFA) and Vanguard for investments. He works with a mix of military and civilian clients, leveraging his firsthand experience to support military and government personnel's financial planning needs. As he looks to the future, Frank aims to continue growing his practice while also planning for succession and his own retirement. He seeks to avoid being the type of planner who "hangs around too long" and plans to address diminished financial capacity if it arises.

Keywords

Larry R. Frank Sr.

financial plans

command pilot

Better Financial Education

investments

personal finance

CFP® certification

retirement

assets under management

military clients