Why I Created Legacy Wealth Management Group

By: Brandon Harvey, Founder / Family Wealth Advisor

As I prepare to launch my new website, I’ve been thinking a lot about what my new brand means and how I aim to help clients and investors like yourself. Financial matters are often complex, the motivations behind investment advice are often questionable, and the investment world looks much different than it did over the past 30 years. Investors have different needs, and should question those needs.

Have you ever felt that finance is overly complex? When researching investments, do you feel the jargon causing your eyes to cross? Have you tried to get your financial affairs in order, but got part-way through and decided it could wait? 

The truth is, the finance world has thrived on the back of maintaining its over-sophistication, making people believe that they couldn’t do it themselves for years. Having spent the first 5 years of my career at Morgan Stanley, I saw first-hand the grandstanding, egoism and deserved attitude of many financial advisors. Many advisors were actually able to create a very lucrative careers without doing so much as placing trades for clients. This is not the world we live in anymore; this world has changed. 

The internet continues to make information more readily available to everyone and not just advisors, with a plethora of investment news at peoples’ fingertips. Discount brokerage services have made buying and selling investments extremely cheap. Exchange-traded funds allow investors to hold a significant portion of the market for next-to-nothing. The space for lazy advisors to hide out is rapidly disappearing.

At this point, the reality is that most people have the ability to manage investments on their own. However, another reality is that most people do not have the capacity to do so; preferring to spend their free time on things they enjoy—like family, hobbies, or altruistic endeavors. It’s like me changing my own oil: I could climb under my car and do it myself, but there are much-better things I’d rather to do with my free time.

Legacy Wealth Management Group created a process based on my experience, and the with the changing world of wealth management in mind. We understand that most people are busy running their lives, and that is where we fit in. 

We work with clients to create a structure to simplify financial decision-making in their lives. Our wealth management process starts by using tools to frame our clients’ goals and standing into a financial plan. The output of this plan is then used as a continual relation point, so we can assist clients’ decision making based on the plan, instead of purely gut-reaction.

The investment world is changing, and clients need to ask themselves, “What do I really need?” If you can handle it yourself, take action and do it. If it’s overwhelming or if you have to question what your advisor is doing for you, then you deserve more. 

 

Where do we go from here?This is the first of a monthly blog series where I’ll be sharing insights and education from actual experience in working with clients. This blog is designed to reduce the complexity of managing your finances and provide transparency into how I work with you, my valued clients. I look forward to connecting with you here. Feel free to email me with your questions or comments at brandon.harvey@lpl.com.