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Last Visited: 12/5/2007
When Rob Reed of Reed Financial Planning in Columbus, Ohio was teaching anthropology at Ohio State University, little did he realize that trying to figure out the university's 403(b) retirement plan would put him on another career path.Admittedly, Reed was ready to try something new; "...the deal was after teaching there for about 10 years, I was ready for a change," he says.In today's Business First article "Anthropology professor digs new profession" Adrian Burns profiles Reed and describes his journey from teaching to financial planning.The catalyst for that change?The university's 403(b) retirement plan.Explains Reed: "It is way complex, and of course human resources doesn't want to give a lot of advice because they don't want to have the liability.So I had to figure it out."After researching not only the school's retirement plan but also other elements of financial planning, Reed--it was apparent--knew a great deal about planning for retirement."Word got around," Reed says, "that 'Rob had cracked this thing,'" and it wasn't long before other faculty members began coming to him for advice, causing Reed to begin thinking about financial planning as a career.At the same time his wife, who had quit teaching to write, told her husband, "All of our friends, if you could help them figure out their 403(b) plans, they'd pay you to do it."That's when Reed started the shift into his new career as a financial planner, which began officially in 2001.Although he confesses that he sometimes misses being an anthropologist, Reed is quick to point out that this has been a good move for him.His work now is, after all, a form of teaching: "I'm working across a table with someone, and teaching them how to understand."Still an educator at heart, Reed regularly teaches financial planning seminars to faculty members at Ohio State University, as well as to other groups."I still like to get up on my hind legs and lecture," he says.
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There is the former emergency room physician whose financial practice focuses on doctors who have just completed residencies; there is the father of two adult sons who are mentally retarded whose practice focuses on helping parents with children who have Down syndrome, mental retardation, and autism; and there is Rob Reed of Reed Financial Planning in Columbus, Ohio.Reed, formerly a cultural anthropology professor at Ohio State University, found that he was one of the few people at the school who understood and could explain its 403(b) retirement savings plan to colleagues.Now he specializes in working with members of the education community and with creative arts professionals.He suggests that "advisors who want to work with middle-income clients come up with a specific niche in order to have a skill set that goes beyond financial planning."After all, Reed adds, "You might as well work with the kind of people you hang around with anyway."
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Rob Reed of Reed Financial Planning in Columbus, Ohio has found his niche: working with teachers and creative artists.While teaching at the Ohio State University, Reed had to learn about the school's 403(b) retirement plan, and before long other faculty members started coming to him for advice.This led to a career change--from anthropology professor to financial advisor--six years ago, and--since many of his contacts were still academics--that group became a main client base.Then when be began his financial planning practice, many of the artists whom he and his wife knew also came to him, and that niche grew.Tom and Deb Baillieul--clients of Reed--are artists whose financial stability depends upon understanding and managing the ins and outs of their unique business.
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Reed has helped the couple set up spreadsheets to track income, use tax write-offs efficiently, and do a better job of planning their trips to the art shows where they sell their wares."The art is what [Reed] focuses on," says Baillieul.
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Reed has also benefited from niche specialization: "Among the benefits of establishing a niche," says Reed, "is that clients tend to tell others about it and usually remain very loyal. ...All of my business is from referrals."
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