- I am uniquely equipped to serve First gen wealth builders. My career has been primarily at the largest wealth management firms serving individuals and families between $5-10 million of net worth develop planning strategies to maintain and grow their legacy for future generations. I also have experience guiding clients who are setting the foundational steps of their financial life, providing customized education along the way. I have been in financial services for 15 years and working directly with individuals and families for the last 10 years.
- As someone who is first gen wealth builder also, I understand hiring an advisor is new for you and you want someone who understands you. Want to see my full resume? Please check out my LinkedIn.
We are far from the most expensive option but are definitely not the cheapest. If you are searching for you advisor based on price alone, here are other important areas to consider:
- Will I get to choose my own advisor?
- Do I like this person and are they listening to me?
- What is the experience level and expertise of my advisor working with clients like me?
- How many clients does the advisor serve?
- What will your access to the advisor be?
- Will you be pawned off to a junior advisor after the agreement is signed?
- Does this advisor have the CFP designation?
- Does the advisor provide full planning with guided implementation along the way?
- Does the advisor only financially benefit when selling you insurance or a product?
- Does this company only focus on investment management?
Yes, I do.
Part of the confusion with financial services is there are a lot of designations and the barrier to entry to call yourself an advisor is unfortunately quite low.
The CFP is the gold standard in the profession and shows a commitment to the technical side of financial planning.
Yes. Fiduciary means I am obligated to do what is best for a client and I am personally liable if I do not. It’s important to get this in writing from the planners being interviewed. For example, there are dually registered brokerage firms. When they speak with you about your retirement accounts, they are obliged to provide fiduciary advice. When they speak to you about your non-retirement accounts, they follow the suitability standard, which is lower care.
Sound confusing? It is.
We recommend getting in writing from the advisor “I am a fiduciary 100% of the time, regardless of which accounts I am providing advice on.”
If they cannot put that plainly in an email, move on.
FirstGen Wealth is designed to serve 55 clients at full capacity.
This allows us to have deep, long-term relationships where you are the focus and get the time you need, when you need it.
I’ve been at firms serving over 200 clients and it’s been a terrible experience, both for the employees and clients. There is higher turnover on the advisor side due to burnout and clients don’t get the time, attention, or quality of advice. It is a short-changed experience for you, the client, and I do not recommend it.
Yes, we work out of the home office in Chicago and meet with clients virtually all across the country. Ever in Chicago?
I will give you ALL the recommendations and would love to meet up!
You can cancel at any time. Our clients pay the annual fee on a quarterly basis and we will refund the portion of the remaining quarter if you cancel. That being said, we are seeking to bring on clients who want a long-term relationship. We also know life changes and needs change. We will always do our best to provide you with amazing service. If there is anytime we are not meeting the mark for you, we hope to foster an open relationship where you feel comfortable telling us.
We charge an annual flat fee for financial planning and an additional service of investment management. If you want FirstGen Wealth to manage your investments, we use a third-party custodian and the fee is 0.25%. This translates to $25 for each $10,000 invested annually. For specific fees, please see the pricing section (link to fee section). We’re not affiliated with a larger brokerage firm, bank or insurance company, so there are no product sales, no commissions, no kickbacks for anything recommended.
Insurance companies and large brokerage firms sell you products. If you go to an insurance company, they will find you a “solution” in the form of an insurance product because that is how they are paid. Know this going into a relationship. In my experience, I have met an astounding number of people who were sold whole life insurance policies that were unnecessary and expensive.
I say this as someone who has been there and was once sold one myself!
Our fees are most appropriate for individuals with at least $120,000 in compensation and couples with at least $220,000 in compensation.
We charge a reasonable fee for the quality and breadth of service. Do some other planners charge more for equal or less service? Absolutely.
FirstGen Wealth exists to help close the wealth divide and provide access to advice traditionally only reserved for the rich. While we are mission driven, this is a not a scalable service and we must also be compensated fairly for our time and expertise.
Nope. There are no asset minimums, meaning if you don’t have investment accounts, we’ll develop a plan to build your wealth. If you have existing accounts and prefer to implement the investment plan on your own, we do not require you move your investments to us. If you do want FirstGen Wealth to manage your investments, we use a third-party custodian and the fee is 0.25%. This translates to $25 for each $10,000 invested annually.
We are an inclusive practice and if you enjoy our vibe, we welcome you. Professionally, our experience level has been primarily working with individuals and families with an average net worth between $5-$10 million dollars. We have the technical expertise to serve your needs combined with speaking to you like a real person.
Jargon is not welcome here.
- Help you to define your goals, vision and ideal life
- Help you prioritize competing financial priorities
- Saving and spending strategies
- Equity compensation (ISOs, NSOs, RSUs, ESPP)
- Real estate planning
- Tax planning and partnering with your CPA
- Retirement planning
- Education planning
- Tax-efficient charitable giving plan
- Planning to financially support a parent
- Insurance review (life, health, auto, home, disability)
- Student loan/debt management
- Investment review and management
- Estate planning
- Employee benefits optimization
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Our relationships are a collaborative process. We can help guide you but cannot do 100% of the work for you. If you are not ready to be committed and show up, we are not a good fit.
We also have a “no asshole” policy. Life is too short to work with jerks
Yes, FirstGen Wealth is a solo practice. As a financial planner, risk management is always top of mind. If I get hit by a bus, there is a legal Business Continuity Plan in place which is reviewed and updated annually as needed. Happy to review this with you.
You have access to your docuements and investments at all times and do not need me to access them. If FirstGen Wealth is managing your investments, this is with a third party provider, Altruist. While we can manage your assets, we never have custody your assets.
Keeping your data safe and secure is a top priority. We do not send sensitive information in emails and encourage clients not to as well. We use an online, web-based portal to transmit and receive sensitive information and documents.
Our services are based almost entirely on web-based software applications. We use multi-factor authentication and select app-based over SMS-based where available. Our hardware is protected with strong passwords.
You can read more about the security policies of our providers linked below:
- RightCapital (financial planning)
- DocuSign (digital signature)
- Wealthbox (client relationship management)
- Google’s G Suite (email, calendar, file storage)
- Calendly (scheduling)
- AdvicePay (monthly payment processing)
- MailChimp (all-client emails)
- Quickbooks Online (bookkeeping)
- Holistiplan (tax-return analysis)
- 1Password (password manager)
- Zoom (virtual meetings)
- Altruist (client investment management & performance reporting)