It’s still crazy to me how many advisors today won’t talk with clients that don’t have money to invest I met with a prospect this morning. Owns a successful real estate business that did $500k NET last year and on track for $800k this year but otherwise has no “investable assets” as he reinvests everything back into the business. He needs help with entity structuring (all real estate is owned personally ??), tax planning (current CPA is just a paper pusher with no planning, his words not mine) and general financial/cashflow planning so he doesn’t have to worry about it. One of the first things he said to me, “Nick I’ve met with 7 other advisors and you are the first that is wanting to work with me. Everyone else isn’t interested when they find out I don’t have a large brokerage account or IRA to manage”. Needless to say he’s becoming a client. But it re-iterates why only working with those that have money you can charge on, makes no sense. This individual absolutely needs comprehensive, high-impact planning and is willing to pay for it. But other advisors turn him down when they realize they actually have to conduct planning, instead of resting on their laurels, charging a % of AUM and otherwise not doing a whole lot This is why I created Breakaway Wealth. I love the movement with younger advisors breaking out of traditional fee models, but there still are nowhere near enough of us. I am hopeful the change will continue to trend in a positive direction for the financial advice industry #money #financialplanning #tax #investing
Breakaway Wealth Planning
金融服务
Columbus，Ohio 86 位关注者
Not your fathers financial planner #peopleoverprofit
关于我们
Empowering first-generation wealth families to break free from scarcity mindsets, unlocking the full potential of their wealth journey while embracing the joys of living in the present moment.
- 网站
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https://breakawaywealthplanning.com/
Breakaway Wealth Planning的外部链接
- 所属行业
- 金融服务
- 规模
- 1 人
- 总部
- Columbus，Ohio
- 类型
- 私人持股
- 创立
- 2024
地点
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主要
获取路线
US，Ohio，Columbus，43081
动态
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Flexibility is the most important trait you should strive for when saving/investing for a goal. This is a big reason why I am not a fan of 529's or even more egregiously, permanent life insurance as a cash accumulation vehicle. Life changes so rapidly and if your strategy doesn't have flexibility to reduce/eliminate contributions and easy access to capital, you should think twice about putting your money there What do you guys think?
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I received a stern reminder last week that the finance industry still has a LONG way to go when it comes to actually caring about their clients. I was reading an interview with one of the "top advisory firms" in Columbus, (as determined by AUM, not actual client satisfaction or quality of service ??). The advisor being quoted said something along the lines of, "If the client doesn't have $500k to invest than there isn't anything for us to talk about. They need to focus on getting out of debt and accumulating some assets before coming to us." Pardon my French, but this is bullshit. The clients you have the PRIVILEGE to serve are not just dollar signs and a means to extract revenue for your firm. These are real people that have hopes, dreams, values, and beliefs. Their value as people is not derived from how large their net worth is or how much investable assets they have. I would make the argument that those that have less than $500k to invest need comprehensive financial advice THE MOST. They are dealing with REAL life issues, such as how to prioritize debt repayment while saving for a home. How to plan financially and emotionally for having their first child? What insurance(s) do they need to best protect their family in the event of a catastrophic event? What health insurance and other employee benefits make the most sense for their family? These are all questions families are asking themselves and need guidance on that have NOTHING to do with how much money they have. Financial advisors/planners, we NEED to do better #financialplanning #investing #money #wealthbuilding #columbus