FA Magazine May 2022 | Page 49

cover story

Senior Financial Advisor / Summitry / Foster City , Calif .

Mandy Pham got into the industry because of her parents . Their story — and , in turn , hers — was steered by the long U . S . involvement and conflict in Vietnam , where she grew up .

“ My parents didn ’ t attend high school or college . They grew up during the war , and most of their experience was lived through war and a lot of poverty ,” she says . “ Despite that , they worked to minimize spending and maximize spending , but they still didn ’ t know what options they had . So when I learned about a career that is not only fulfilling to me but also helps to educate my clients on what my parents lacked access to , that was very attractive to me .”

Pham came to the U . S . to attend Colorado State University as part of a one-year exchange program , and that ’ s where she found out about financial planning as a profession . From Colorado , she interviewed and became an assistant to the chair at Texas Tech University ’ s financial planning program , where she became active in different professional organizations .

“ Choosing to be a financial planner in the U . S . was terrifying for me at the time ,” Pham says . “ I wasn ’ t speaking the language very well , and I would attend conferences and not see anyone like me . There still aren ’ t a lot of young female Asians coming from another country in the business .” “ My hope is that I can be an example for young planners professionally .”

Pham entered the profession with her master ’ s degree and several designations in hand .

After several years as an advisor at Houston-based Stavis & Cohen , Pham moved to the San Francisco Bay region to join Summitry , where her clients are mostly high-income tech employees in their late 30s and early 40s , many of whom are also immigrants . Summitry is located near the corporate campuses for companies like Apple , Google and Meta .

She has held on to her Texas connections and mentors international students in Texas Tech ’ s financial planning program .

“ I have affinity for international students and clients ,” she says . “ They have unique considerations . Many of them have family at home that they want to help ; maybe they want to move back or retire back , and there are a lot of international issues in general . It comes from personal experience — I am going through many of the same things as these clients and students .”

Founder / Stripper Financial Planning / Whitethorn , Calif .

Nor would many advisors boldly own the fact by naming their firm Stripper Financial Planning . But Swanson ’ s vision is clear : offer good advice to people who really need it .

Raised in a conservative religious community in Nebraska and homeschooled in an environment that didn ’ t value her math education because she was female , Swanson admits she “ was bad at math , bad at finances .”

An ensuing break from her parents and background was harsh , and she quickly learned the value of financial security when on her own . “ As I started to learn more , I thought , ‘ This is something I want to share with other people .’ Understanding money is empowering . It can help you stay out of unsafe situations . I do see a lot of parallels between my clients and who I was in my early 20s .”

She landed at the University of Alabama , tackling the CFP curriculum at night while working at a fee-only advisory firm . “ But they don ’ t talk about how to work with stigmatized groups when you go through the CFP program ,” she says . “ A lot of advisors are similar and work with similar kinds of clients , with the focus being net worth . They don ’ t know how to make a profit doing something different .”

Her first clients , in Humboldt County , Calif ., were cannabis growers . But she was soon introduced to sex worker clientele , and she knew she had found her tribe .

“ The majority are people who identify as female in their 20s , but I don ’ t have it limited to a gender expression or age group ,” she says . “ By and large , my clients are very educated and capable . They ’ ve built smart and efficient businesses , but they ’ re struggling with the questions not on the internet , like how to deal with banking discrimination .”

They come from all over the country . Most need help setting up emergency savings and Roth IRAs . They often have 1099 , W-2 and self-reported income . Many have taken their business online as content creators for sites like Patreon and Only Fans . They don ’ t have assets to manage , so Swanson bills a subscription fee .

She currently works alone but can foresee future collaboration . “ I ’ d like to have a residency program for young advisors who ’ ve graduated with their CFP but need experience , especially minorities or women .”

may 2022 | financial advisor magazine | 47