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Jan 06, 2023

Concierge Wealth Management

Can you imagine getting a personal telephone call from your doctor to schedule your annual physical? Moreover, what would you think if he asked you to allot ninety minutes so he could discuss your health in detail as well as administer a comprehensive battery of tests to include an EKG (heart), EEG (brain), Spirometry (lungs), Audiometry (hearing), Visual Acuity (eyes) as well as a full laboratory analysis and evaluation? On the day of the physical exam, your doctor surprises you when he asks to meet again the following week to discuss your test results as well as build a personal health plan (e.g., nutrition, weight control and exercise routine) for the coming year. Finally, because your doctor cares, he’ll call you quarterly to ensure you’re on-track to reach your short-term and long-term health goals. Sounds too good to be true? It’s not. It’s a growth trend in healthcare called concierge medicine!

I spent over 30 years working for a brokerage firm where concierge wealth management was the common standard. The financial advisors I worked with typically managed money for just 125 families. (The average doctor has 1,500 patients and sees 20 of them per day). All our new relationships began with a comprehensive financial plan that included a net worth statement and detailed analysis on college, retirement and estate planning. My colleagues met with their clients twice a year: mid-year and year-end. In addition, the financial advisors called their clients monthly throughout the year to update them on the markets and make adjustments to their portfolios, if needed.

I have been a concierge client for most of my professional life. Quite simply, his adept financial planning and investment advice has enabled me to successfully retire at age 59. It wasn’t an easy journey for my financial advisor. He had to manage my investments through three bear markets (20% decline) over the last 20 years! My advisor also managed the liability side of my balance sheet. Because he advised me to refinance my mortgages several times over the years, I saved several hundred thousand dollars in interest charges! Best of all, I am now 100% debt free! Finally, all of my telephone calls are answered by my financial advisor or one of his two long-tenured assistants, both of whom know me quite well. Everyone on the team is knowledgeable, personal and caring! With their concierge style approach to wealth management, my financial advisor and his associates feel like family. And I am grateful for them.
Can you say this about your client relationships?

Paul Sullivan
Founder and Managing Partner
Wealth Management Independence