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 finance and I was good working with numbers. In school, I studied many aspects of business and, after receiving my bachelor’s, continued on in school to receive both my MBA and Masters in Taxation.
After graduating college, it was finally time for me to jump into the business world. I spent the next 15 years as a practicing CPA specializing in taxation, working with international CPA firms.
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 your 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 200 plus page mutual fund document doesn’t escape me. Yes, fund expenses are important, but federal and state taxes on earnings are a much bigger number to focus on.
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 its impact on their investment assets. The best way I could do this was by founding my own firm. In 2012, I formed David Wealth Management, a Registered Investment Advisor (RIA).
Expanding to Financial Services
After years of working as a CPA, providing financial services seemed like a logical extension. I felt like I could add value to my tax clients expanding into financial services 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, which 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 do 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.
I enjoy meeting new people to learn more about their goals and discuss how I may be able to help. If you have financial questions, please call or email me. If you’d like to meet in person, I offer a no obligation meeting to get acquainted. Get started today by emailing me at email@example.com or calling (703) 560-8300.
Jim David is the co-founder of David Wealth Management LLC, an independent financial planning and investment management firm focused on providing customized wealth management solutions to individuals and families. With a bachelor’s degree from Cornell university, a master’s degree in taxation from Georgetown University, an MBA from the College of William & Mary, and the Certified Public Accountant (CPA) and Personal Financial Specialist (PFS) designations, he uses his knowledge and 30 years of experience to educate clients on best practices of financial and investment management and help them feel confident in their financial future. Learn more about Jim by connecting with him on LinkedIn or emailing firstname.lastname@example.org.