People often ask me why I entered this industry and became a financial advisor. Like many people, I didn’t grow up knowing what I wanted to be or what I wanted to do with my career. I was always fascinated with taxes and the stock market and I was good working with numbers. In college, I studied many aspects of business and, after receiving my bachelor’s of science, continued on to receive both my MBA and Masters in Taxation.
After graduating, I spent the next 15 years as a practicing Certified Public Accountant (CPA) specializing in taxation, working with International CPA firms, including PWC, and with the CPA firm I founded, David & Samson.
Founding My Firm
I’ve always enjoyed the accounting side of business and enjoyed my work as a CPA, especially the opportunities I had to work closely with clients. However, I quickly learned there was a gap that needed filling.
Working with clients, I realized that the financial services industry wasn’t doing a good job at focusing on after-tax performance. While after-tax performance can be found in mutual fund documents, it’s hidden in fine print that most people neglect to read.
As a CPA and a financial advisor, I focus on the details, and the fine print in a 100 plus page mutual fund document doesn’t escape me. Yes, fund expenses are important, but Federal and State income taxes on investment earnings can be a big number!
I realized I could combine my financial knowledge with my CPA experience to work with clients and help them with more strategic tax planning, and improving their after-tax investment returns. The best way I could do this was by founding my own firm - and I founded David Wealth Management, a Registered Investment Advisor (RIA).
Expanding to Financial Services
After years of working as a CPA, providing wealth management services seemed like a logical extension. I felt like I could add value to my tax clients expanding into financial planning and investment management to have a greater impact on their pursuit of financial success.
By offering comprehensive financial planning and portfolio management, I strive to integrate clients’ many needs into a cohesive strategy, with each piece working with the others. The goal of this is to help clients simplify, organize, and streamline their financial and tax life.
Today, I serve a wide array of clients, from busy executives and business owners to retirees. Regardless of the services for which these clients come to me, I believe they value my tax knowledge and planning perspective, and put their trust in me to serve them honestly and individually.
The Triumphs and the Hurdles
As much as I enjoy being an advisor and CPA, there are plenty of challenges to overcome. It can be difficult to manage my clients’ emotions so they can separate them from investing and look beyond the news headlines in order to focus on what they can control. It can take some time for clients to ignore the media noise and focus on their individual needs and goals.
Despite the difficulties, I can’t imagine having any other career. I love what I do, in both good and bad markets. I believe my education and work experience have enabled me to be the best at what I do, and it’s a great feeling when I can apply my knowledge to clients’ questions.
It’s incredibly fulfilling to positively impact my clients’ lives by simplifying their financial goals, decisions, and plans so they can feel more confident in their future.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as investment, tax, or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.