My firm CORE Max Advisors, LLC is my dba for my securities related services. Through this I entity I provide the following services:
1. Advisory Investment Management Services to retail individual clients many of whom are business owners. Current AUM is about $9,000,000.
2. Financial Planning - I have been using eMoney or EMX Advisor since 2006 for all my investment only or individual Financial Planning clients. Current AUM is about $12,000 in recurring annual Fees.
3. Financial Wellness - I have a lot of past experience running corporate financial wellness and educational programs for publicly traded as well as non-publicly traded companies with more than 200 employees. I have had to sideline this part of my practice for a couple of years but looking to resume these services in 3rd quarter 2020.
4. I have my CPFA and provide Advisory 401k services to companies and have worked with qualified plans for over 25 years. Have about $11,000,000 in qualified plan assets.
5. I own an insurance agency, Wayne Financial Group, Inc., through which I mostly market Life Insurance products and have a 30 year book of business to service and prospect.
In 2018 I started the conversion my securities practice when we were at 40/60 Commissions/Advisory AUM. After about 30 months we have increased the Advisory AUM to about 90%. I took a pay cut in the process but I expect that my 2020 broker dealer gross compensation to be at least 140,000. As of Sept. 2019 I am getting about 85% of that revenue from my top 15 retail households and my top 3 plans.
During the conversion I also cut all my employees because between Jan. 2014 and and 2017 I went through 4 employees that all had licenses but just weren't coming close to meeting my expectations. I would have probably got a lot more effort by hiring non-licensed employees. Therefore my current vision for my future growth is to bring in partners to help with each level of my practice so I can get on top again and get back to selling and growing the practice instead of only maintaining the existing 30 year client base. I have had 25 years of experience in hiring employees but feel that in order to grow my practice efficiently I am better served to work with partners who have a vested interest in my growth. Therefore I am looking to partner with someone in the following areas:
1. I need a CFP to partner with me on my Financial Planning Services. I could drastically increase this part of my practice AUM if I only had the help in building my plans and managing the EMX client experience.
2. Life Insurance Rep - I need help managing a book of at least 250 insurance policies. A lot of these policies are 20 year term policies maturing and needing to be re-written. I also have a lot of under-performing Principal Adjustable Life policies that need to be reviewed.
3. Investment Advisory Rep to help manage the existing Retail Advisory Clients and to assist in the growth of this side of the practice. Will initially combine this with the qualified Plan business as well.
I am planning to continue to do this at a high level with great passion and extreme desire to succeed for at least another 10 years. After which I will probably cut it back for 3-5 years before looking to retire and sell. If you feel that you or your firm might be a good fit for my vision, please let me know. I look forward to hearing from you.