I am using this blog to announce some exciting news. Jim Moore will be joining my firm. Below he’ll introduce himself and talk a bit about why he chose this path. Jim and I were co-workers back in my public accounting days and like me spent many years in corporate finance. We both made the switch to financial planning because that is where our passion lies. Going forward Jim and I will take turns writing the blog. Jim’s practice will be based in Connecticut.
Let me introduce myself. My name is Jim Moore. As I progressed through the various stages of my own financial life, I found myself asking many of the same questions you undoubtedly have asked yourself: Will I have enough money to retire? How much savings do I need to maintain the quality of life that I desire during my retirement years? Can I afford to fund my children’s education? Do I have enough life insurance to financially protect my family? Are there ways to reduce the taxes owed on my retirement savings?
As a CPA with a finance education and years of corporate finance experience, I had access to the resources to answer a lot of these questions and found the experience so valuable and fulfilling that I decided to pursue a second career as a financial advisor to assist others needing financial advice.
When I decided to follow my passion, I enrolled in a Certified Financial Planner (CFP) certificate program. In June of 2017, I successfully completed the program and went on to pass the CFP and the Series 65 exams. I then faced a decision of how best to launch my new career as a financial advisor.
It turns out that question would be answered after I met with Bill and experienced the financial planning business model that Bill uses at WJL Financial Advisors. I initially reached out to Bill to learn more about his model and because I wanted to get a second opinion on my own financial plan. In working with him, I found several things compelling about his approach. As an advisor, Bill’s relationship with his clients is a fiduciary relationship. He serves his clients by making recommendations that are in the best interest of the client, as compared to some other advisors who may recommend plans and investment products that are suitable for the client but not necessarily in their absolute best interest.
I also liked that his advisory model is based on a low-cost flat fee. In considering other financial advisors, I couldn’t understand the logic of paying a fee based on the assets under management. The planning required for someone with $1 million in assets is comparable to the requirements for someone with $3 million in assets, yet a fee based on a percentage of assets would be three times higher.
Finally, as a CPA, I realized that not only is the service affordable, it also offers unique value because of the focus on tax planning. People often have their taxes prepared without the benefit of year-end tax planning. Unlike many other advisors, Bill integrates tax planning into the financial planning process. As an example, Bill suggested that I consider a Roth conversion, which applied nicely to my situation. This and related strategies are likely to similarly benefit others.
I am excited to start my journey as a financial advisor. Recently, I have enjoyed the opportunity of participating in several client meetings with Bill. These experiences have further inspired me. I look forward to building relationships with individuals and families to assist them in understanding their financial situations and developing financial plans for their future.