TL/DR: I need help naming my new firm? (see below for what i have so far) and Is there an appetite for how I am structuring my firm and my value prop?
I am a CFP(r) and Financial Advisor for a small BD/RIA in the northeast. My firm has increasingly become more about annuity sales and only marketing to older individuals. By their words "I like to fish where the fish are". To me that is bullshit and short sited. I am only 32 and have a long career ahead of me. I have 50+ Mil under management and have decided to leave my firm. They think the industry isn't changing and I think they are dead wrong. So here are my dilemmas.
I need a name. Fuck, I didn't think this would be so hard. I don't want to use initials because I am an IAR for my RIA and I have my CFP and eventually the initials get confusing. I also don't want to name it after myself as my parents are immigrants and have damned me with a difficult name to pronounce. Okay, what I have so far:
Lumos Financial Planning and Asset Management- A little nod to Harry Potter which I love and also derived from Lumen meaning light. Like a flash light, I am a tool to help guide you along and avoid tripping and falling in your financial life.
Caerus or Tempus Asset management. - Greek and Roman God of good fortune. I started my career young and have been fortunate in my life, this is a little tip of the cap to that.
Verge Financial Planning and Asset Management- Verge is the norwegian word for guardian and also when you are on the verge of something its generally a breakthrough.....or if you have toddlers like me its on the verge of a breakdown but lets not be negative.
Tenzing Asset Management - Tenzing Norgay was a guide for Sir Edmund Hillary when he climbed Mt. Everest.
After that I am totally blank. Please help!!
Second:
I am structuring my firm to have no minimum investments and to be completely fee only other than if someone needs TERM life insurance. I am not the biggest believer in whole life. My goal is to market to young families and be more about advice than asset management. If you are 30-45 yrs old me telling you how smart I am and how I am going to beat the market is bullshit. My value added is providing low cost efficient exposure to the broad markets, with rebalancing and repositions as time goes on. I feel that other value comes from more advice and financial planning. My fee structure is either monthly retainer, hourly, or a percentage of assets under management ranging from 1.5% to 1%. I find people pay for stuff they don't need. If a young family comes to me with no savings, I am not going to start having them add $500 a month to a brokerage account and then charge an AUM fee. Thats stupid they won't ever build any wealth. In that case maybe they just need to pay hourly for when we sit down, or a low monthly retainer (50-150 dollars depending on complexity). Do you feel there is an appetite for this type of an advisor in the world going forward? Gone are the days of selling products, now its about efficient exposure to the markets and being the go to person to help people make good financial decisions. Helping people budget, and pay down debt efficiently and effectively. More goal based planning like funding education for children etc. My aim is to eliminate all conflict of interest.
Okay I am sorry for the whole book but help would be much appreciated.
Submitted March 28, 2018 at 02:24PM by throwaway1213445 https://ift.tt/2pJ8yPG
