If you are reading this and you are a potential client, congratulations! You are doing more due diligence than the majority of your peers. What should you look for on your journey to determine who to trust with assisting you in making smart decisions with your finances? Let's start out with experience, knowledge, and background. I have been in this industry over 30 years, most of which were with large firms - E F Hutton, Smith Barney, Prudential, and Morgan Stanley. In addition to the necessary industry licenses, I am also a CERTIFIED FINANCIAL PLANNER tm (yes, they make you put that in all caps, I'm not bragging). I am proud to say that in those 30+ years, I have had no customer complaints. It's always good to go to FINRA and check out any potential advisor you may be considering.
Next, what kind of clients do I typically work with? First, a couple of outliers. One of my clients sold his business for around $1 billion. I consulted with him through that process as well as what to do with the windfall. This is not a typical client for me. Next, I had a client that was a very successful CEO of a company who bought up and merged with several companies in the staffing industry. We decided to take his company public in order to raise capital to fund that continued growth. I was the "Broker of Record" for all family and friends of the corporation for shares in the IPO. Finally, the majority of my clients fall into the following brackets: business-owner families nearing retirement or others currently in retirement. For the business owners, we look at what the business is worth and what strategic steps to take that will not only enhance the value of their company, but also make sure they are in a position to exit the business both emotionally and financially. For retirees, we plan for any obstacles that may impair their standard of living throughout retirement. This also includes estate planning and end of life health concerns. Average net worth is between $5 and $50 million. Over the years I have learned that this process involves just as much psychology as it does financial planning.
In addition to the many resource experts I have at my disposal with Cypress Private Wealth, I also work with my son, Michael, in all client relationships. He's a millennial and we know how smart they are with technology!
Personally, I believe in giving back and am involved in several charities as an active participant as well as a donor. Thanks for taking a look and good luck with your search.