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Why I Started My Financial Planning Firm

I’m a firm believer that if you do what you love, you never have to work a day in your life. My father was a financial planner and seeing how much he enjoyed it as well as how many people he helped, inspired me to pursue a similar career.

I worked with my father at his firm for more than a decade before a consultant I hired to review our legacy business asked me a simple question: “What clients do you enjoy working with the most?” She didn’t ask who was my most profitable or largest client, nor did she tell me the largest market I should target. After talking with me, she told me she could help redesign our legacy business but that was what she was doing for everyone else. Due to being a fairly young owner of an advisory firm, she knew I could take a chance
 to do something different, something out of the box. I could go against the flow of what every other financial advisor was doing and help the clients I truly enjoy working with, young people in the accumulation stage of their life. If I did this, If I worked from my passion, I could turn this from a job into an enjoyable career. After taking some time and reviewing my current book of business, my answer wasn’t a particular niche. I enjoyed working with clients earlier in their careers, who like myself, are younger than the typical financial advisory firm client (I am 37 years old and the average financial advisors is in their late 50’s). It didn’t matter if they were a dentist or a real estate broker, a teacher or a small business owner, people in the accumulation phase of their lives (“Accumulators”) all face similar financial challenges and I use the experience I have to craft plans to help them use these important years of their lives more efficiently. So, in 2017, I founded Accumulation Wealth Partners with the goal of providing impactful and targeted financial advice at a transparent cost (flat monthly retainer fees) to people in the accumulation phase of their lives.

The Goal of My Firm

Let me start by pointing out that I understand why most advisory firms focus on serving much older people who are near or in retirement and have a significant amount of assets saved. THEY ARE VERY PROFITABLE TO THE ADVISORY FIRMS. Younger people building their careers and wealth, or accumulators as I call them, are often overcharged by these traditional advisory firms if they are even served at all.  

Many advisors avoid working with them because they don't have $1 million liquid cash laying around. They may have most of their net worth tied up in their 401(k) and home equity which most other firms deem "unmanageable" and therefore are "unprofitable clients." At Accumulation Wealth Partners we believe that every dollar a client has on their balance sheet (both assets and liabilities) is just as important as the next. We don’t discriminate against your money just because it is beyond our “manageable reach”. Maybe call us an equal opportunity advisor. How do we do this? We don’t sell products or claim that we can beat the market with lower risk. We are fiduciaries and we provide advice. That’s it. We may manage your Roth IRA, but we’ll also help you evaluate selling or buying a rental property or which business entity to use when starting your new business.

Accumulators not only need financial advice just as their older counterparts do, but they also need a specific, tailored plan for their unique stage of life. My goal was to create a firm that served the type of people most advisors shun.

What Makes Us Different

One main difference is we try to quantify the client's "Human Capital" or the present value of their future earnings and use that in their financial plans, which allows for more holistic planning towards goals. All of this is done via a Flat-Fee engagement based off of a combination of the client's net worth and income. Young clients (Accumulators) don't like hidden fees or to be sold products. This fee structure allows us to be more conflict-free and give them what we think is the best advice to increase their wealth and financial well-being.

It used to be that clients could expect reams of paperwork from a financial advisory firm, plus regular meetings at the advisor’s office. We value technology for both the organization and convenience it brings to our clients’ lives. We use technology to aggregate your accounts into a household balance sheet that’s instantly updated, and to create and monitor your financial plan.

We believe in the value of ongoing contact, but you don’t need to carve time out of your already busy workday. We can meet with you virtually—after you get home from work and have put the kids to bed. You can relax and enjoy a glass of wine with your spouse while we walk you through the financial progress you have made. Different, right?

How We Can Help You

Working with us, you can expect structured wealth management at a transparent price. We take pride in becoming your thinking partner when it comes to your finances. Financial freedom is an attainable goal and is uniquely customizable between individuals, just like the plans and strategies we develop.

We enjoy serving as the helping hand for people when they seek more personalized advice and a customized strategy for working toward their goals. We tell our clients to think of us as their household CFO. They still run the place, but we handle the numbers so they can live their lives and focus on their passions.

If we sound like the kind of firm with which you’d like to work, schedule a free 15-minute introductory phone call. We can get to know each other a little better and understand your needs and goals.

About Scott

Scott Melbrod is the founder and CEO of Accumulation Wealth Partners, an independent wealth management firm in San Diego, CA. Working with a wide array of clients, from families to young Millennials just starting their careers, his mission is to provide impactful and targeted financial advice at a transparent cost to people in their accumulation phase of their lives. With more than 15 years of industry experience, he uses his knowledge to develop for his clients a structured and tailored plan designed to guide them toward financial freedom. Learn more about Scott by connecting with him on LinkedIn or emailing him at scott@accumulationwealth.com.