Financial discovery: JP Thompson helps clients find success with investments, retirement and insurance planning

JP Thompson became interested in finance during high school, and it was the economic recession that led him to a career in financial planning.

"Before 2008, I knew what financial advisers did in a nutshell, but it was learning how this time period uniquely affected each household that made me dig deeper into the importance of this profession," he says. The Jackson native studied finance and real estate at the University of Missouri and now works as a financial adviser with R&F Financial Group and Mass Mutual Financial Group in Jackson. Thompson says he loves working with and serving people, and he works daily to help clients discover -- and reach -- their financial goals.

Here's a closer look at Thompson's work in financial planning, and his best advice to individuals and businesses:

Business Today: First, let's talk about you: Where did you grow up? What's your educational background?

JP Thompson: I grew up in Jackson and attended Immaculate Conception Elementary School (go Eagles!). After gaining an incredible interest for finance and planning at Notre Dame Regional High School (go Bulldogs!), I went on to dual major in finance and real estate at the University of Missouri (go Tigers!). During my last semester at Mizzou, I obtained my Series 7, Series 66 and Life and Health Insurance Licenses.

BT: Why did you choose a career in finance, and how did you land in your current position?

Thompson: When "The Great Recession" began in 2008, I became very intrigued with the enormous amount of panic and chaos that was happening across our nation. I didn't quite realize the full ramifications during the decline, but I had the opportunity to study this period in great detail through the pertinent finance curriculum at Mizzou. During my coursework, I was able to engage in comprehensive discussions of the contributing factors of the recession with experts in the fields of finance and economics. Before 2008, I knew what financial advisers did in a nutshell, but it was learning how this time period uniquely affected each household that made me dig deeper into the importance of this profession. I adore working with and serving people; I love to both learn and teach, so I therefore came to a realization that I could pour myself into this career and make an impact one person at a time. After interviewing with more than 10 firms, I realized that the R&F Financial Group and Mass Mutual Financial Group was the right place for me. I found that this group connects retirement, investment and insurance planning for an individual situation better than any other.

BT: Who are your typical clients and what are they hoping to achieve?

Thompson: There are no boundaries. From young to old, we serve anyone who is receptive to learning what a collaborative financial discovery process looks like for them and their family.

BT: Why is it beneficial for individuals -- and business-owners, too -- to work with a financial adviser rather than going at it alone?

Thompson: Two of my favorite terms are accountability and coaching. I am not immune to failure, but I am grateful for the areas of my life from which I have established accountability for my actions, just like a coach who can shoot me straight if I'm not performing up to my own standards. I believe this holds true with financial advising and the people who try to take this enormous task on their own. Unless you perform at this capacity each and every day, the scope of finance is often too large for someone to manage all of life's challenges without the ongoing knowledge and accountability from a licensed adviser. It is extremely difficult to be an expert at everything, but I applaud and admire the people who are. My grandfather said it best: "You do what you do best, and rely on others to do what they do best."

BT: The cost of living is going up, people are living longer and the future of Social Security is uncertain -- many seniors are working well past their retirement years. What are the most important things we can do for our finances long-term?

Thompson: I would say the most important thing we can do is to come to the realization that our most valuable asset is time. This is true in every aspect of our life, including saving and investing. Lord willing, we can use time to our advantage to save as early and as often as we can in order to capitalize on the miracle of compounding interest. Too often it seems that when I sit down with my well-seasoned clients, they look me in the eye and mention, "If we would have started earlier, then we could have (insert aspiration)…" This humility should be taken very seriously by the younger generations because we have the precious gifts of influence and wisdom from the preceding generations. Sometimes all we need to do is listen and follow these people rather than acting like we have a better way of doing things (including me!).

BT: If you could share just one piece of financial wisdom, what would it be? What's your best tip?

Thompson: Obviously, the best piece of wisdom that I have is finding yourself an adviser who you can trust and can share your aspirations with. And it's a bonus if you actually like them. The Southeast Missouri area has many premier financial advising firms and advisers -- people who would love to play an important role in your and your family's life. That is why we are here and why we operate with such passion every day.

BT: What do you like to do outside of work -- any community involvement, family, hobbies?

Thompson: I love to travel and experience new places and cultures, whether it is snowboarding once a year with my best friends in Colorado (I'm always the last one down the mountain!) or taking two weeks to "sharpen the ax" through attending financial planning conferences across the nation. As far as community involvement, my passion is working with various youth organizations as a positive role model. My ongoing involvement with the Alumni Mentoring Program that I helped found at Mizzou allows me to give back to a student-driven organization that was instrumental in discovering the importance of a mentor/mentee relationship in any field. My fiancee, Carter, is ecstatic to move to Southeast Missouri from Columbia, Mo., to join me in experiencing more of the opportunities our welcoming community has to offer. Personally, I try to spend any amount of free time with my family and friends. Being able to start a career a mile from my childhood home is a dream come true for me.