Oct 10, 2023
In Episode #10 of NAPFA Nation, Irfan Bhabhrawala, Owner and Lead Financial Planner at Arbor Financial, talks with podcast host Marie Swift about his career transitions – from a university setting to technology and consulting roles, plus real estate investments, to ultimately becoming the owner of a fee-only financial planning firm based in Ann Arbor, Michigan.
Bhabhrawala is proud to be part of the fiduciary movement in financial planning, which prioritizes giving honest advice with minimal conflicts of interest. He shares:
- Why he decided to leave lucrative career endeavors in other fields to become a commission-free, retainer-based, tax-focused, comprehensive financial advisor
- How he used his transferable skills in his now chosen field of holistic financial planning and investment management
- How he became the owner of the financial planning business versus just staying on with a financial planning firm in a more traditional, salaried role
In a nutshell:
- Bhabhrawala has been involved in financial planning for over 20 years and is passionate about understanding each client's unique situation. He joined Arbor Financial in 2014 and purchased the business in 2015. Prior to that, he had experience in mechanical engineering, real estate investment, management consulting, and university administration. The seed for his interest in financial planning was planted when he helped his parents with their finances and struggled to find a professional who aligned with his values of fee-only advice without commissions. He became interested in financial planning as a hobby and eventually took over Arbor Financial.
- He is an active member of ACP (Alliance of Comprehensive Planners) and NAPFA (National Association of Personal Financial Advisors), which provide him with support, community, and resources for his practice. At Arbor Financial, Irfan focuses on holistic financial planning that includes tax preparation services since taxes are an important factor in clients' overall financial well-being.
- Bhabhrawala uses the ACP model for client compensation, focusing on factors like income and complexity. He prefers a flat rate annual fee and believes in being fair with fees.
- Real estate investments are discussed, with Bhabhrawala cautioning against too much risk, which could jeopardize an otherwise solid financial plan.
Special Note: In 2023, we rebranded the NAPFA podcast with a new album cover and series title: NAPFA Nation. We are shifting our monthly episodes to bring you inspiring conversations and key insights from leaders in the Fee-Only financial planning profession. Marie Swift, Founder and CEO of Impact Communications, will continue on as host, interviewing a variety of NAPFA members and professionals. You will still be able to find on this channel the 32 Mindset Mastery episodes with respected fiduciary financial planners and allied advocates who are committed to accomplishing great things as they master their own mindset and continue to serve their clients in the best ways possible.
Brought to you by NAPFA - the National Association of Personal Financial Advisors - the country’s leading professional association of Fee-Only financial advisors. Learn more about NAPFA at https://www.NAPFA.org.