Dave Tate has always realized the importance of having a career vision, while at the same time avoiding the rigidity that often can lead to unhappiness or dissatisfaction.
Because of this approach, Tate, a former pastor, is celebrating his 10th anniversary as a financial advisor with Diamond State Financial Group. Becoming a financial advisor — a career change that occurred as he approached his 50th birthday — took Tate on a meaningful path that has allowed him to integrate insights and abilities gained from past experiences to provide a different type of service to others.
“I view my role as a financial shepherd,” said Tate, a Cochranville, Chester County resident. “I am a fiduciary bound to act in the best interest of my clients — to give advice based on my training and your goals. Like a shepherd caring for their flock, my job is to lead and care about my clients’ safety through their financial journey.”
An important part of Tate’s success is rooted in the transferrable skills he developed throughout his life, from his economic studies at college to his decades of spiritual leadership. Every day, Tate finds new opportunities to serve others by helping them see their way to gaining the confidence and comfort that comes from having financial security. But Tate emphasizes people with all types of backgrounds may find similar satisfaction in the financial advisory field and that it’s never too late to switch careers.
“I’ve been a financial advisor with DSFG for 10 years and love it. My advice if you are considering being a financial advisor, as a young person or as a career change, is to put in the work and you’ll get there. Like investing and the ‘magic’ of compounding, once it all starts working, it’s amazing.”
Making a Change
Tate’s career-change story emphasizes the importance of teaming up with the right firm. It was especially helpful to Tate that Diamond State Financial Group’s culture is one that embraces, supports, and values advisors at every stage. From connecting Tate with experienced advisors who shared best practices to providing multiple training sessions and supporting him in starting to develop his own book of business, the firm helped him feel confident embarking in his new career.
“Providing comprehensive and customized financial planning to families and organizations with a variety of needs is one of our top priorities, so we welcome career changers like Dave who offer unique backgrounds to help serve a diverse clientele,” said Stephanie Patterson, senior recruiter at Diamond State Financial Group. She added that some of the core values the company looks for, such as excellence and adaptability, are skills that can be honed across many different industries.
Tate also appreciates that his career accommodates him remaining engaged in his ministry. He attends and leads bible study at Willowdale Chapel in Jennersville and preaches monthly at Brandywine Baptist Church in Chadds Ford.
Tate’s journey to becoming a financial advisor started at Vanderbilt where he majored in economics and considered becoming an attorney. He also became involved in campus ministry which, after four years lead him to Westminster Theological Seminary in Cheltenham Township. For 12 years he served as associate pastor at New Life Presbyterian Church in Abington Township, followed by 13 years as senior pastor at Manor Presbyterian in Londonderry Township.
In 2014, Tate began feeling some frustration and emotional exhaustion from his pastoral work and knew it was time for his career to take another turn for the benefit of himself, his family, and the next community he would provide service to. Working with a career consultant, he determined his economic degree gave him the knowledge for financial advisory, as well as the ability to speak the language. Moreover, his decades as a pastor made him an exceptional people person who excelled at forming trusting relationships.
“I was told these two things don’t often go together — but if I could combine them, that I’d be really special,” said Tate. “So, I passed my tests, worked hard, and a few years in it all turned. Life as a financial advisor has been amazingly different.”
From financial fears to financial freedom
What pre-retiree clients have shared allowed Tate to identify common fears about finances. These include depleting their money in their retirement years — which could account for 30 percent of a person’s life — and that dwindling funds will necessitate moving in with their children.
“Most people are scared about the future. But financial advisors exist to put a plan in place so that you don’t run out of money in retirement. Our job is making sure when a client passes away there will be money to support their children and spouse.”
Tate also finds people’s attitude toward money and finances can create a barrier to financial planning — that they either avoid the topic because it is complex and unapproachable, or because it frightens them.
“Retirement and other financial planning are complicated, but burying your head in the sand is not a strategy. You must do something to start planning. Everyone needs a plan.”
Lastly, Tate feels one of the biggest advantages is that financial advisors work to implement a strategy to get finances in line and retirement set up.
“My time at DSFG has afforded me many opportunities to guide people away from what they fear about money and toward the financial freedom they deserve. I couldn’t be happier in my career.”
Diamond State Financial Group has offices in Media, Delaware County; and Newark, Del. The company will host two Advisor Career Information Sessions, on Thursday, June 5 at 11:30 a.m. and 4:30 p.m. Visit https://dsfg.com/careers for more information.
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