Ignoring Advice and Achieving Success in Financial Services

"Most of the career advice I received, I ignored. That might have been the secret to my success."

Welcome back to WomenShare: a celebration of women in financial services. Today, hosts Leah Alter and Joanna Ehresman bring you an inspiring conversation with Mary Beth Franklin, a trailblazer who turned skepticism into success. Mary Beth Franklin, a seasoned journalist and certified financial planner, shares her unconventional journey in the financial services industry.

Known for her expertise in Social Security and Medicare, Mary Beth defied the advice of experts who dismissed her niche focus as too narrow. Instead, she trusted her deep knowledge and harnessed it to build a wildly successful business, culminating in the creation and hosting of the television program "Social Security and You." Despite initial doubts, Mary Beth’s intuition proved right, as her insights found a ready market eager for her specialized knowledge. Mary's achievements recently earned her a prestigious Telly Award, a testament to her influence and expertise.

Throughout the episode, Mary Beth recounts her dynamic career trajectory, from her early days breaking norms in journalism to becoming a go-to authority on Social Security and Medicare. Initially launching her career in the bustling hub of Washington, D.C., she honed her skills in various roles, including as a Capitol Hill reporter and public information officer. After transitioning to freelance work to balance family commitments, she discovered her niche in writing about personal finance for older adults—a topic few had ventured into.

Mary Beth’s breakthrough came with an article on maximizing Social Security benefits, garnering widespread attention and cementing her niche. Her career continued to flourish as she negotiated a unique arrangement with Investment News, allowing her to combine her journalism with speaking engagements. Now selectively engaging in speaking opportunities, Mary Beth continues to influence and educate, demonstrating the power of specialization and intuition in career success.

Key Takeaways:

1. Belief in Niche Expertise: Mary Beth Franklin’s success story underscores the importance of trusting your deep knowledge and finding the right market for it. Despite initial skepticism, her insights into Social Security and Medicare proved to be highly sought after.
2. Career Flexibility and Innovation: Mary Beth’s ability to negotiate a flexible work arrangement allowed her to balance journalism with speaking engagements, exemplifying innovative career management in the financial services industry.
3. Importance of Mentorship and Diversity: The episode highlights the growing need for supportive environments and mentorship, especially for young and aspiring female CFPs, to foster diversity and inclusion within the profession.
4. Impact of Technology and Flexibility: The COVID-19 pandemic spurred the use of technology like Zoom for client engagement, offering geographic flexibility and enhancing work-life balance, particularly benefiting women with caregiving responsibilities.
5. Career Adaptation and Resilience: Mary Beth’s journey from traditional journalism to becoming a certified financial planner and public speaker showcases the importance of resilience and adaptability in career advancement.
6. Support for Women CFPs: As an advocate for increasing diversity, Mary Beth emphasizes the need for more women in the financial planning industry, arguing that a diverse profession better serves a diverse client base.

For more about Mary Beth Franklin’s work, including her books, shows, and speaking engagements, visit her website at marybethfranklin.com, where you’ll find valuable resources on Social Security claiming...