Jenna Hung, CPA, CFP

Did you have any hesitations about joining ACA (before you joined)? If so, what were they?

Before I found ACA, I did a lot of homework on starting my own practice. My homework included working without pay as an intern with 4 different financial advisors in my local area, joining the CPA/PFS training, attending the FPA Residency Program, studying NAPFA University material, and a full blown marketing campaign to contact everyone that I knew.

I learned a lot through these involvements, but nothing helped turn these experiences into paid clients. I worked hard for 6 months and only billed $2160 from my sporadic hourly work. Then, I heard about ACA through my mentor from the FPA Residency Program.  I spoke with several ACA members who have similar backgrounds and learned about their experiences. I applied for membership as soon as I spoke to these members.

How did you overcome those hesitations and decide to join?

While I did not have any hesitations about joining ACA, I was worried that I would not be accepted.  My background experience was not in practicing financial planning and I was in the midst of working on my other credentials. The ACA application process made me realize that I need to have a realistic business plan and that made me want to join even more.

Which features of ACA membership helped you decided to join?

The first year coaching and practice management, guidance on calculating the client fee and providing client-centered services to have a profitable practice.

Now that your practice is up and running, which features make you want to maintain your membership.

The Discussion Forum and community support from my like-minded fellow ACA members.

What was your strategy for achieving practice growth?

Get out of the office and meet people.

How has being an ACA member helped you achieve your growth goals?

ACA membership provides me with confidence. I know my job is to get clients and service clients to the best of my ability. If I do not know the answer, I can count on my fellow ACA members to help me through the complicated cases.

How has the economic recession affected your practice?

My revenue stayed the same as last year - unlike an AUM model where much of the revenue has been severely impacted. Being in Silicon Valley, one of the areas most impacted by the recession, we have been experiencing a longer sales cycle, but the closing rate remains the same. We also discovered that the recession functions a natural filter to help us recruit the clients who really understand the importance of comprehensive financial planning, even in the bad times. The clients we have signed up during the recession are more appreciative and have more understanding that money is a mean, not a goal.

What words of advice would you give to a prospective member who is hesitant about joining ACA?

Ask yourself – “Can I afford not to join?” If you want a client centered practice, you cannot afford not to join. Every month of delaying is a month not being ahead - this delay creates two months of gap in the progress. Weigh your opportunity costs vs. membership fee.  Can you afford not to sign any clients next two months?

If you had to do it over again (starting a practice and joining ACA), would you change anything? If so, what would you change?

I was shocked by the amount of additional training and practice management knowledge that I had to go through and absorb. It is a time and effort commitment once you sign up! Prepare yourself and family for that.

How much money you think you've saved by being an ACA member?

Priceless. My initial investment turned into a successful career and my renewal membership serves as the back bone of my day-to-day practice. ACA has helped me build a business that I could sell or a profession that allows me to work as long as I wish. 

When did you join ACA? 

September 2006

How many clients do you currently have? 

Currently I have 57 clients: 33 are on full retainers, 22 are financial reviews, and 2 are on limited retainers.

How long did it take for your practice to become profitable?

It took me 4 months to break even and I started paying myself in my second year. 

Do you serve a niche market or have any specialties?

My specialties include emerging professionals, international marriages, and growing families.

On average, how much do you charge a full retainer client?

$8,000-$9,000