June Member Spotlight: Building Financial Freedom with Diana Bacon

This month our Co-Founder Amy King connected with member Diana Bacon, CFP, CFDA, Partner & Senior Financial Advisor of Apella Capital on her purposeful career and what makes coworking so great.

How did you decide upon a career in financial planning and what types of clients do you enjoy most?

I think financial planning found me more than I found it. I had finished my undergrad with a bachelor’s in Mathematics. I needed to figure out what I wanted to be when I grew up. I wanted to make a difference in people’s lives but questioned if teaching was really for me. I had the opportunity to join the training class of a firm that did comprehensive financial planning, tax and investment advice, and income tax preparation. The firm wasn’t a great fit for me but they helped me gain really broad knowledge. 

I like working with people when we are a team. We work to together so they can live the life they want. Feeling I made a positive impact on the lives of my clients is a huge win for me. That might be why I work with a really diverse client base – my wealth accumulators (just getting started towards financial independence), corporate executives with their complicated compensation packages, women in transition (widowed, post-divorce, empty nest), and LGBTQ+ clients. Each have their own specific risks and external pressures on planning. It is rewarding to be able to support my clients.

What do you love the most about what you do?

It’s working with people. It’s being trusted to sit by their side as they make big decisions, as they have big moments, as they live the life they planned. Also, though I opted not to be a teacher, I do love the education side of my job. For my clients to make the best choice for them, they have to understand the impact of various options. I get to be part of that.

What is the number one challenge that you see with clients  in terms of reaching their financial goals?

Financial independence is attainable but like everything else, you need to be willing to put in the work. If you aren’t willing to save, invest, and plan, you are sabotaging your chances to have the most flexibility in your life. I see people unwilling to work with an investment advisor because of the fees but then never investing their savings due to being overwhelmed by options or buying high and selling low because of emotions. It’s tough but you have to find a way to get our of your own head. 

If you could give advice to a young person developing their retirement savings strategy, what would it be?

First and foremost, start saving. Have enough in savings so that when life goes sideways, you don’t have deplete your retirement savings. Focus on savings 20% of your net income for YOU. This should be in excess of what you need to save for taxes, insurance, that trip with your friends. By saving, you have the opportunity to not only have some of your hard earned money on hand but also to have that hard earned money earning you money. Protect what you have and work to make it grow.

Why coworking for your business? 

My firm has grown and shrank. We hired and then outsourced. We need flexibility. We have been in a few coworking spaces. Good Work is a good fit for us because it’s a space that feels mature, directed and casual.  

Join us for Diana’s workshop specifically for small businesses and entrepreneurs, Reducing the Impact of Income Taxes, on Wednesday, July 21 at noon. Click here for more information.