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Building a Boutique Wealth Management Firm with Michael Mahoney
Manage episode 387975379 series 3534672
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Numbers can often obscure the essence of wealth. However, the heart of wealth management lies in the stories, dreams, and aspirations of the individuals underlying the figures.
In this episode, Steve talks with Michael Mahoney, Owner of Cypress Asset Management. Before becoming a wealth manager, Michael had a successful business in commercial insurance. His life experiences as an entrepreneur in insurance and financial planning eventually led him to his calling — to serve a select group of clients as a fee-only, fiduciary, strategic life-wealth planner. Michael is confident that a financial plan based on the client's unique goals, values, and relationships reduces risk and increases financial security.
With over 30 years of experience in insurance and financial planning, Michael shares with Steve how he transitioned from the insurance business to wealth management. He discusses the challenges he faced during the 2008 financial crisis and the lessons he learned from that experience. Michael also emphasizes the importance of focusing on the planning aspect of wealth management and building strong relationships with clients and their families.
Key Takeaways
[01:47] - The role Cypress Asset Management plays in wealth advisory.
[04:15] - How Michael got into the wealth management space.
[05:37] - Why Michael transitioned from insurance to wealth management.
[07:36] - The challenges Michael faced when he launched his firm.
[08:42] - The biggest lesson Michael learned during the recession.
[10:03] - How Michael discovered Dimensional Fund Advisors.
[13:39] - Michael's client experience with portfolio planning.
[15:27] - The importance of engaging multiple generations in the planning process.
[20:15] - How Michael gauges the effectiveness of his business.
[22:29] - Michael's approach to working with high-net-worth clients.
[25:08] - One of Michael's favorite things about RIA.
[26:35] - What motivates Michael to keep doing what he does.
Quotes
[12:42] - "The portfolio drives the investing. It's the whole core. But it's all about planning around people, their families, their relationships and values, and what's important to them." ~ Michael Mahoney
[13:25] - "The world's catching up even on the brokerage side. Brokers are seeing the light and understanding that there's a better way to invest than just being transactional and selling products. It's all about the plan." ~ Michael Mahoney
[16:58] - "People don't want to talk about money a lot, and it's sad. You've got two choices. You cannot talk about it, keep it a secret, wait until you die, and let your will do all the talking. Or you can have the conversation, get feedback, and pass your values on and what's important to you." ~ Michael Mahoney
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Disclosure
For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)
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