Day in the life of
Wealth Manager – Doug Jackson
I own a financial planning and tax consulting business. I’ve been working in finance for 8 years. I started in finance back in 2013 selling insurance and annuities for a global insurance company. After 6 years with that company, I sold my insurance businesses and started my company, Tennessee Tax Solutions.
My company helps people create financial plans, invest portfolios based on investment objectives, prepare tax returns, and resolve IRS audits.
A typical day for me starts with a morning run, a cup of coffee, and spend some time with my wife and 10-month old daughter.
I leave for the office around 9 am and will stay there until about 5 pm. Depending on the time of year, I typically meet with 2-5 clients everyday— either doing reviews or new client orientations.
During a client review, we will go over the performance of their investment account(s), progress towards their financial goals, discuss changes in their financial life as well as their personal life. Oftentimes, course corrections need to be made to our initial plan due to major life changes such as the birth of a child, adoption, marriage, relocation, job change, divorce, and death of a family member.
After our review meeting is finished, I’ll spend time in my office with staff to discuss the client meetings we’ve had during the week. We’ll discuss investment changes that need to be made as well as strategies that need to be modified or implemented. Here is a non comprehensive list of a few planning categories we’ll discuss:
- Tax planning. Is the client in good standing with their tax return and is there a way we can reduce their tax liability through tax deferred savings, deductions, credits, or business entity structuring?
- Retirement planning. Is the client saving money in the proper types of accounts (Roth, IRA, 401k, annuity, non qualified) and are they saving the correct amount of money to meet their future retirement income needs?
- Risk management. Is the client properly insured and/or are assets properly titled in the event of an unforeseen event that leads to loss of income, death, or legal liability?
- Investing. Is the clients overall investment portfolio properly allocated based on their age, time horizon, and risk tolerance?
We will then create a few versions of a plan and present options to our client in a follow up meeting. We’ll choose the course of action everyone is comfortable with, then work towards implementation.
New client orientations consist of identifying lifestyle and financial goals, personality types, and starting to build a relationship with our new clients.
Pros
Working as a Wealth Manager and Tax Consultant might be one of the most rewarding forms of business ownership and career paths someone can choose. You get to help people achieve their financial goals and create strategies to get them there while navigating (and hopefully removing) any obstacle that may prevent them from succeeding. I also have the flexibility to work with the types of people that I choose, and whom I feel like I can help the most. I create my own work schedule, choose how I market, set my own budget, and run everything the way I feel is most beneficial.
Cons
This career can be very challenging for people who want to get started. There is a pretty steep learning curve that requires years of studying and experience. Professional designations such as the CFP®, CLU, CHFC, EA, and CEP (there are dozens depending on the area of focus) are highly encouraged in this industry. They give you a higher level of knowledge and more credibility in the eye of the public investor or potential client. The biggest challenge (especially while starting this career) is finding a way to meet new prospective clients. This is very difficult and requires a high level of determination, perseverance, and hard work.
You also have to stay current on capital markets, economics, politics, and current events. It takes a lot to be good so you need to be in love with what you do.
