Big news, or old news, depending on where you sit, but we’ve changed our name to MY Wealth Planners™. Now I know what you’re thinking, “Dan, didn’t we already see something about this last year?” You did, but there’s a big difference underneath. Last year when we adjusted the name of my financial planning practice, we were effectively operating as a “Doing Business As”, meaning that the underlying firm still laid on the platform of another firm’s infrastructure. Not the case now, as both the practicing and legal name of the firm is reflected. So what does that mean?
One of the biggest changes that came with the change of the practice’s affiliation with the old firm is that the technology we now use for our clients is unbundled. Where before everything came as a package deal, we’ve developed the platform and infrastructure we’re using here from scratch. This means that as future technology is implemented, improved, or replaced, we don’t have to move and change everything, just the one thing.
Not to bore you with the legalese but being affiliated with another firm in the world of Financial Planners is actually a big deal. Something as simple as publishing a brochure showing our services and fees would require multiple compliance officer’s approvals, likely involve half the brochure being covered in disclosure and disclaimer language, and otherwise it often would just not happen. As an independent firm, we’re able to tailor the content and information we provide to our clients in a manner that suits them and without the hassle of compliance (which often can be summed up as “rules for the lowest common denominator”). This means more transparency for our clients and more interesting content for everyone.
We’re not and never will be a silicon valley firm, but the classic “move fast and break things” really can’t be overstated here. Implementing a change in a firm with thousands of advisors can take months if not years not only to implement but to then train for and create actual change. As a fully independent firm, we’re free to innovate and make positive changes more quickly and effectively for the benefit of our clients.
So… why MY Wealth Planners™?
Most firms are named after people. You know the names, Ford, Fox, Black and Decker, etc. One of my greatest frustrations with my old affiliation was that when I introduced the firm named to people, they would often say “So which one are you?” Having a firm named after people (dead or alive) is inherently frustrating, because you can never have a sense of ownership if the name isn’t yours. This is something I kept in mind when naming the firm, not only for my future employees, but also for my clients. I wanted to ensure that when someone had the opportunity to say who they worked with on their financial goals, they could say “Oh, my wealth planners.” Beyond that, why “wealth planners” instead of “financial planners”? Well, because financial planning is a core and critical piece of what we do, but financial planning focuses on the numbers, the facts, and the figures. In our philosophy, building wealth is not simply the accumulation of assets, but the development of the opportunity to do with your life what you want. In that light, financial planning is too narrow a scope.
So where to now?
That’s the great adventure! With the settling of the firm under its new name and new structure, there are a number of exciting innovations I’m looking to bring to our clients and the public. So stay tuned, you won’t want to miss it.