Blending High Tech with High Touch
Posted on 04/16/2015
By Mark A. Gajowski II, CFP & Founder
It’s quite common to hear the phrase that goes something like “…in my day…“almost always relating to how things were seemingly better “then” than they are “now”. Although in some contexts I would agree, in most instances I would say that technology has really made doing business a better experience for our end clients. I mean the sheer processing power in the most basic smart-phone today is far superior to even the massive football-field-sized computer that landed men on the moon. At MAGII Wealth Management, I believe we have a pretty rare combination of using the best of the old with the new for our client’s unique needs.
Now the “old school” (more traditional) process that I studied through the Certified Financial Planning™ program uses a pretty regimented discovery meeting where we spend a fair amount of time asking for various supporting documents from all the major facets of a person’s financial life (tax, retirement, insurance, investment, legal, etc.), and then asking for metric based responses to questions so that things can be measured to a risk scale, net worth ratio, etc. Additionally at MAGII, we take these questions further by asking much more detailed questions about your beliefs, goals and fears and try to get a deeper understanding of your wants and needs. Although this may seem like the only way to do it (and it really is), rest assured it is really quite unique in the financial advisory market. A recent study by CEG Worldwide, a leading practice management firm that we have on retainer, shows that although 100% of all investment advisers manage investments, fully less than 7% (6.9% to be exact) actually do Advanced Planning, which is taking your investments, and working with your other advisers to tie them into your tax, estate, legal, insurance and overall wealth management needs. With over 500,000 advisors in the U.S. alone, we are in a very small niche of those approximate 35,000 that provide this level of detailed analysis. Clearly a fully integrated plan is better than a segmented one.
That said, however, this method is not without significant complication, for it’s not easy to know where it all is and how it all goes together. That’s the art. The science is the “new school” technology that we employ. In our system, we are able to see where all our clients assets are, not just those assets which we manage. Further, we have many clients that link in to our wealth management portal their outside business valuations, insurance values, cash accounts, credit cards, etc. This provides us, and our clients, with a real-time snapshot of where it all is, and what it’s worth, real-time.
By blending the traditional with the new, I truly feel that we are providing the absolute best in services for our clients and those for whom they care most about.