From Financial Analyst to Wealth Advisor - Skills for Designing Your Ideal Career Path

This presentation was delivered by Craig Toberman, CFA, CPA, CFP® to a Masters in Finance class at the University of Illinois at Urbana-Champaign on October 27, 2025, chronicling his journey from UIUC Agricultural Economics graduate to founding partner at Toberman Becker Wealth. The 34-slide deck provides practical insights on building technical finance skills, transitioning from corporate analyst roles to wealth management, and specializing in family business succession planning—drawing from his unique combination of accounting, investment analysis, and financial planning expertise. It serves as both a personal case study and actionable roadmap for graduate students looking to design their ideal career path in wealth management, emphasizing the evolution from technical proficiency to relationship-driven advisory work.to the

1. Skills for Designing your Ideal Career Path From Financial Analyst to Wealth Advisor Craig Toberman, CFA, CPA, CFP® October 27, 2025

2. Career Path in Finance and Wealth Management Personal Journey and Career Overview Building a Strong Foundation in Finance Corporate Financial Analyst: Skills and Advancement Transitioning to Wealth Management Specialization in Family Business Succession Planning Designing Your Ideal Career Path Q&A and Practical Career Guidance

3. Personal Journey and Career Overview

4. Current role and client base at Toberman Becker Wealth Leadership Role Founding partner at Toberman Becker Wealth, helping lead all firm operations and business strategy Assets Under Management Oversee approximately $150 million in assets under management Client Growth Serving 100 families today after starting from zero clients in 2020

5. Career progression: From Agricultural Economics to Partnership Academic Foundation Started with a degree in Agricultural Economics from UIUC Advanced Business Education Masters in Business Administration from St. Louis University, Certified Public Accountant, Chartered Financial Analyst, Certified Financial Planner Corporate Finance Worked in corporate finance to understand financial management and strategy Wealth Management Transitioned to wealth management to serve families on a day-to-day basis Entrepreneurship and Specialization in Family Business Succession Planning Founded own practice focusing on specialized services

6. Educational background and its advantages Educational Journey Studied Agricultural Economics at UIUC followed by an MBA at Saint Louis University, forming a strong academic base. Non-Traditional Advantage A non-traditional educational path can provide unique perspectives and skills that become key advantages. Differentiation in Finance Having a distinctive background can differentiate you and add value in the finance industry.

7. Key insights: Importance of technical skills and relationships in finance careers Role of Technical Skills Finance careers typically begin with strong technical skills essential for foundational knowledge and problem-solving. Growing Through Relationships Building relationships increases income potential and impact beyond technical expertise in finance careers. Non-linear Career Paths Your career path doesn’t have to be linear – it’s about building the right skills for where you want to go.

8. Building a Strong Foundation in Finance

9. Overview of foundational career stages and roadmap Corporate Finance Analyst Starting point involves developing skills in financial analysis and corporate finance principles. Transition to Wealth Management Move from corporate finance to advising clients on wealth accumulation and management strategies. Family Business Succession Specialize in planning and managing succession for family-owned businesses.

10. Breaking into Corporate Finance

11. Entry into corporate finance and employer expectations Breaking into Corporate Finance Entry-level roles require strong foundational knowledge in finance and accounting principles. Employer Expectations Employers primarily evaluate technical skills and accuracy in financial analysis for new analysts. Early Performance Reality New analysts are judged more on output quality and technical deliverables than interpersonal skills initially.

12. Day-to-day realities and technical responsibilities Daily Work Environment Day-to-day realities vary across companies but often involve collaborative teamwork and data analysis. FP&A Responsibilities Financial Planning & Analysis includes budgeting, forecasting, and variance analysis.

13. Skills to set yourself apart Visibility to Leadership Make yourself and your work visible to leadership Technical Skills Mastery Advanced Excel, financial modeling, ERP systems, and data management Leadership and Communication Combining technical expertise with leadership and communication skills drives career progression. Relationship Building Building strong relationships often influences promotions beyond technical skills alone.

14. Understanding the Distance Dynamic Daily Interactions Analyze customer data but rarely meet customers Your Value Add Deep analytical skills and thinking that guide major decisions Advancement Notice who advances – the CFO combines technical knowledge with leadership and communication. Key Takeaway Technical skills will get you in the door, but relationships typically drive promotions This Photo by Unknown Author is licensed under CC BY-SA

15. Discovering New Paths The Scottrade Experience Working in financial services corporate Finance Exposure Benefits / drawbacks of different business models Discovery Fee-only fiduciary financial planning Self Reflection Recognizing when you are ready for the next stage This Photo by Unknown Author is licensed under CC BY-SA-NC

16. Transitioning to Wealth Management

17. The Self-Assessment Moment Asking Yourself the Hard Questions Who am I really? What excites me about different career paths? Energy Sources What energizes me? Do I get energy from internal problem-solving or external client interaction? Career Shifts Not just skills-based – it’s personality-based. Client Relationship Preference Corporate – you serve internal stakeholders, removed from the customers Wealth – you sit across from families during their biggest decisions

18. Building new competencies: Relationship management and certifications Importance of Relationship Management Relationship management and trust building are essential for advancing client-facing skills and boosting income. Role of Certifications CFP certification adds credibility, but true success depends on maintaining client trust; CFA for investment depth Registered Investment Advisor Experience Worked at multiple RIAs to learn different models

19. Leveraging existing skills to gain independence and navigating the transition Funding Transition to Entrepreneurship Leveraged CPA and corporate finance skills for management consulting and outsourced CFO work to generate cash flow to build the wealth management practice. Consulting vs Wealth Management Consulting involves project-based relationships while wealth management builds ongoing partnership with clients. Different Types of Indispensability Corporate indispensability means being a trusted partner executives rely on; wealth management indispensability means becoming the trusted advisor families call first.

20. Specialization in Family Business Succession Planning

21. www.amazon.com/Five-Year-Plan-Family-Business-Succession/dp/B0F5NS4WSR Published: April 2025

22. Finding a niche through personal experience and unique value Personal Connection Leveraging personal experience from a family grain elevator business. Professional Expertise Combining CPA knowledge with wealth planning expertise to offer specialized financial guidance. Unique Value Understanding how the intersection of background and skills creates distinctive value in the market.

23. Market opportunities and applying supply-demand principles to career Skill Gaps in Markets Many blue collar and small-to-middle market companies lack access to specialized skills available in this room. Applying Supply-Demand Where expertise is scarce and demand is high, your skills command premium value in the job market. Targeting Right Market Segment Not everyone needs to target Fortune 500 or ultra-high net worth clients; niche markets offer opportunities. Timing Sector Entry Find the right sector at the right time that aligns with your skillset for better career success.

24. Ultimate Proximity to Clients The Key to Trust – Breadth and Depth of Knowledge Knowing clients’ businesses, family, and goals intimately The Board Mentality Business owners may have several advisors, but relies on one for the hardest decisions The Value Proposition Most income and value is generated through the hardest conversations, not the most complex calculations. The toughest conversations combine technical knowledge with navigating family dynamics.

25. Key skills and real-world application in succession planning Essential Succession Skills Key skills include tax planning and strategy, business valuation, and facilitating family dynamics for effective succession. Real-World Succession Application Succession planning involves working with family businesses, navigating family fairness issues, designing tax-efficient transfers, and creating exit strategies for owners who’ve never considered them

26. Designing Your Ideal Career Path

27. The Introspection Framework Client Proximity Assessment Reflect on how close you want your interaction to be with the end client. Source of Energy in Relationships Determine whether your motivation and energy come from internal or external relationships.

28. Value creation in corporate finance vs. wealth management Corporate Finance Value Focus on deep company insight and internal leadership to create value in corporate finance. Wealth Management Value Build trusted client relationships to become irreplaceable in wealth management. Time Allocation Consideration Decide whether to focus time on internal strategy or client relationships for value creation.

29. Skill building reality Income Correlation Early careers focus on technical skills, while later careers emphasize relationship depth - in both paths. Evolving Self-Marketing Marketing yourself evolves at each career stage to match growing experience and goals. Strategic Certifications Certifications open doors; choose them based on optionality to maximize career opportunities.

30. Q&A and Practical Career Guidance

31. Q&A Session: Designing Your Path Specific career paths Day-in-the-life of each role Transition strategies and timing Building a business from scratch Succession planning opportunities Certification decisions Finding your ideal market opportunity

32. Key takeaways for career growth and market impact Importance of Technical Skills Technical skills provide the foundation to begin a successful career in finance and related fields. Role of Relationships Building strong professional relationships is essential for long-term career growth and opportunities. Self-Assessment for Success Understanding your preference between internal and external client work helps tailor your career path effectively. Focus on Underserved Markets Targeting underserved markets allows you to maximize your impact and growth potential.

33. Conclusion: Chart Your Path to Success in Finance and Wealth Management

34. Resources tobermanbecker.com craigtoberman.com linkedin.com/in/craigtoberman