Fighting for Firefighters

What We Can Learn from Those Who Serve

In a recent episode of the Compounding Change podcast, host Shannon Davis sits down with fellow financial advisors Ed Kindler and Phil Holstrom for a meaningful conversation about what it’s like to work alongside Ohio’s firefighters and police officers, not just as financial professionals, but as allies who understand the emotional, physical, and financial realities of life in public service.

Behind the Badge: They’re Human Too

Shannon opens the episode with a powerful reminder: “We’re all just people.” Whether you’re climbing into a fire truck or sitting behind a financial planning desk, everyone faces uncertainty, pressure, and the need for support.

Phil shared how attending a Fire Ops training gave him a whole new respect for what firefighters go through. “It was eye-opening,” he said. “There’s so much more to their work than I ever realized.”

A Demanding Job with Real Costs

Throughout the conversation, it became clear that firefighting isn’t just physically demanding, it’s mentally and emotionally draining too. Shannon reflected on stories of rescues and accidents. “We expect Superman to show up, but they (firefighters) are real people. And they don’t get nearly enough credit.”

Ed chimed in: “These men and women choose to put themselves in danger to help others. They never hesitate.”

The Truth About Pensions

Shannon addressed a common misconception: the idea that firefighters have it easy because they get a pension. “People don’t realize firefighters contribute 12.25% of their own pay,” she explained. “That’s a huge amount, most private sector workers aren’t saving anywhere near that.”

Phil added, “I’m always impressed by how disciplined they are. Between their pension and their 457 plans, they’re setting themselves up well.”

Few private clients are saving at that level. “But if they did", said Ed, "even close to it...they’d be much more prepared for retirement.”

Helping Heroes Make the Most of Their Money

So what do these advisors actually do when they visit a station?

“I tell them I’m here to help them retire well,” Ed said. “It’s about listening to what they want and what’s standing in the way.”

Phil’s approach includes practical tips. “I usually bring one quick idea, like how increasing contributions by just $10 a month can almost double their savings over time. Little things add up.”

“That second cookie every day adds up, too", Shannon jokes. " Whether it’s your waistline or your savings account.”

When Good Intentions Go Unchecked

One of the more frustrating things, they admit, is hearing someone say, “I’m good,” without even sitting down to chat. “Maybe everything is good", says Phil, "but maybe your allocations are off, or your beneficiary hasn’t been updated in 10 years. Let us take a look.”

Ed added, “Sometimes they think we’re trying to sell them something. But we’re not. We’re fiduciaries. We’re here to help.”

Saving Smarter, Starting Earlier

Shannon brought up how easily small mistakes, like selecting the wrong tax treatment for contributions, can have a big impact later. “I can’t tell you how often I’ve caught something like Roth dollars being contributed as pre-tax,” she said. “If we don’t catch that, it could be a huge tax issue later.”

Phil stressed the importance of education: “We need more financial literacy in schools. I was thrilled when a firefighter told me his kid was finally getting a finance class in high school.”

Social Security: Know Your Numbers

The trio also discussed the confusion around Social Security—especially for public employees.

“Create your account,” Shannon urged. “Know where you stand. Check your quarters. Don’t wait until it’s too late.”

Ed added, “I use my own Social Security account to show people how to navigate theirs. Seeing it laid out helps them understand the impact of timing.”

Don’t Just Roll It Over

They also warned about the risks of rolling over a 457 plan too early. “People don’t realize they could lose access to penalty-free withdrawals,” Shannon said. “Or miss out on the $3,000 public safety tax exclusion for insurance premiums or other qualified expenses.”

Phil noted, “By the time we find out, it’s sometimes too late. We can’t undo it.”

It’s About Trust, and Showing Up

Shannon emphasized that what they offer isn’t just investment advice—it’s a relationship built on trust. “This is your money. Don’t stay with an advisor out of loyalty. If you’re not comfortable, find someone else.”

“There are bad apples in every profession", stated Ed. "But we’re here to help. If you don’t feel like your advisor is working in your best interest, it’s okay to make a change.”

A Message to the Firefighters

“We’re a resource", says Phil. "We may not always have every answer right away, but we’ll help you find it. Don’t give up just because you had a bad experience calling a hotline. Call us instead. That’s why we’re here.”

Big results come from small actions. Whether it’s checking your pay stub, upping your savings, or just having a five-minute conversation, these are the steps that lead to long-term change.

If you're a firefighter or public service professional: You don’t have to figure it out alone. There are people like Shannon, Phil, and Ed who care—not just about your money, but about your future.