What are you working on right now?
The last few months, Porter Wealth Management has been focused on the market volatility and helping my clients, particularly those that own a business, understand the COVID-19 legislation. Now I’m turning my attention toward educating families on the financial value of micro Roth conversions and preparing them for the transaction. The approaching sunset of the 2017 Tax Cuts and Jobs Act; the passing of the SECURE Act in 2019; lower profits for small businesses due to the economic shutdown and the potential for another pull back in the market later this year all come together to create a perfect storm where small Roth conversions could be extremely effective when executed properly.
Who is your ideal client?
My ideal client has done their homework and they want 2 things.
- They want to be confident that the advice they receive is in their family’s best interest. I operate an independent RIA and serve my clients as a fee-only fiduciary advisor. In plain English, that means I must act in my clients best interests and I’ve intentionally structured my firm and compensation model to limit any conflicts of interest that could get in the way of providing the objective, unbiased advice families deserve.
- My ideal clients are aware that their financial circumstances are more complex and may require a higher level of planning. In addition to holding a CFP®, I’m also a CPA and have a JD from GSU Law. This allows me to structure my client’s financial plans with tax planning, asset protection and estate planning strategies in mind.
What is a common misconception about your industry or work?
When I tell people that I’m a financial advisor they assume I am going to give them the hard sell on buying life insurance or an annuity or maybe just a sales pitch in general. I can almost see their walls go up during the conversation. Fortunately, I learned a long-time ago that sales wasn’t for me. I’d rather get to know the people I meet on a personal level and let my clients find me through referrals or from a google search. Also, as a fee-only advisor I don’t even sell life insurance or investment products so you’ll never hear that kind of pitch from me.
What is your big picture vision for your business?
I’d love to keep moving the industry toward a client and advice centric model. There are still too many advisors in the industry that are all sales and no substance. Hopefully, I can grow this business to the point where I am able to help train the next generation of subject matter experts.
What is your superpower?
Probably spotting issues before they become problems. When I worked in CPA or law firms, my biggest frustration was when a client would come to me with a problem after an important deadline had already passed. Usually they didn’t reach out because they either didn’t realize there was a problem or they were trying to save money on my hourly bills. As a financial advisor, I don’t charge by the hour anymore. It’s a set fee for the year and my clients get as much of my time as they want (within reason). This allows me to be more involved in my client’s lives throughout the year and I leverage my financial, legal and tax accounting knowledge to spot issues as they arise. It’s a win for everyone. The client doesn’t waste money on minor issues, they get their big problems solved and the other members of the advisory team look like rock stars.
What is your favorite business or productivity tool?
OneNote and a good CRM are the only way I can stay on top of my to-do lists. I should probably give a shout out to RescueTime as well since I recently learned the founder is a fellow Alkaloid member. I started using the software about a year ago and it helped me realize that I’m spending way too much time during the day on e-mail. Cutting that back really boosted my productivity. Also, Loom helped me shorten my e-mails while still covering everything comprehensively.
What business book should everyone read?
My favorite book recommendation is still Richest Man in Babylon. It’s more personal finance than business and absolutely perfect for someone who doesn’t want to read a personal finance book. It’s the Aesop’s Fables of personal finance.
- It’s a smaller group of members which means less potential exposure for COVID
- Some of the best food options whether I want a casual lunch or to take a client out for a nice meal
- I can now safely bike to work on the Atlanta Beltline
- Free parking and unlimited conference room usage
- I shopped around and I like the atmosphere here the most
What advice would you give someone considering coworking?
There are a variety of options in the metro area. Check them all out and take your time in making a decision.
Tell us about your experience at Alkaloid?
Moving out of a home office and into Alkaloid has significantly improved my productivity. Also, everyone I’ve met so far has been very welcoming. I’m excited to meet more Alkaloids once COVID is under control.