Wealth Management * Financial Planning * Family Office * Tax Services
Mowery & Schoenfeld Wealth Management – Helping Our Clients Grow and Succeed.
475 Half Day Road, Suite 500
Lincolnshire, IL 60069
Mowery & Schoenfeld – Wealth Advisor
Type: In Office
Role:
The Wealth Advisor must have experience working with clients, they need to be able to step into the role, they should not require a lot of shadowing, training, etc. They need to understand the industry, investment management. They should be able to create reports, run a financial plan, and follow up on action steps. This is not a sales role, there will be no sales goals; this is to work with existing WM clients and assist (existing) CPA clients of the firm with their overall wealth management needs.
Overview:
You work hard to earn, manage, and grow your money.
For each of us, we have a different set of priorities and concerns around wealth. Are you most concerned about planning for a financially-secure future and need help with retirement and social security planning? Do you want to ensure your legacy through an estate plan or gifts? Is it time to begin saving for your grandchildren’s education?
What makes us different? Our Wealth Management practice is associated with Mowery & Schoenfeld, LLC – a Firm of dedicated certified public accountants. We bring the expertise of individual tax planning and financial advisory to bear on our Wealth Management practice. For many of our clients, this means an extension of the service and relationships they already know and trust. For our new clients, this means a wholistic approach often missing from other Wealth Management providers. We offer the personalized service only available through a small practice, but with the support of trusted, large and diversified investment partners.
No matter what your goals, the Mowery & Schoenfeld Wealth Management team is here to help you plan for your priorities, guide your choices, and enjoy your wealth – today and in the future.
Wealth Management
Our wealth management practice was born of a need shared with us by many individual clients in our accounting practice over the last 25 years. With a deep understanding of financial markets, portfolio construction, and advanced planning strategies, we allow our experience and client needs to drive our work and partnerships.
Our Approach
Our approach is simple. We will act as your trusted partner to create and execute a wealth management plan that is right for you, your family and your goals.
Plan
All of our recommendations begin with a discussion of your goals and priorities. We always take your unique timeline and risk tolerance into account. We will begin by creating a plan customized to your individual needs.
Guide
Wealth management is an ongoing process. We will continuously review and monitor your progress toward your goals, implement our best thinking into your portfolio, and make recommendations to adjust accordingly.
Enjoy
We understand the goal of all wealth management is to enjoy freedom and peace of mind. As fiduciary advisors, we will always act as your trusted partner, caring for your dreams as though they are ours.
Creating your plan
We work closely with you to create a single, cohesive plan that includes every facet of your financial and personal situation. Mowery & Schoenfeld Wealth Management utilizes a comprehensive series of meetings to help you coordinate your financial life:
- Discovery meeting in which we engage you a thought-provoking conversation for us to begin understanding your vision and goals for your wealth, both in the near-term and into retirement..
- Planning meeting for presenting your personalized financial plan as well as investment recommendations based on your unique circumstances.
- Mutual commitment meeting for confirming your goals before plan implementation.
- 45-day follow-up meeting to ensure that you are on your way to better financial health.
- Financial checkups to review progress toward your goals, investment performance, and evaluate your changing goals and needs.
Company overview:
M&S Wealth Management is an RIA that was created out of a CPA firm, it is independently owned outside of the CPA firm which was started in 1996. The CPA firm has grown to >170 employees, >$40 million of revenue. Sixty percent of the firm’s revenue is from the tax business. M&S has an international tax office in Miami, and a group of ten people in the Philippines.
They started getting into wealth management work in 2000 by leveraging the firm’s (tax) clients that had grown and sold businesses. Kristy McCullough joined in 2022 to jump start and build a wealth management practice. In less than three years, they’ve grown from $60 million (AUM) to $330 million (AUM) with 103 households. Twenty of those account for 80% of the revenue. This is only scratching the surface, there are >$1 billion of assets to mine on the CPA side of the house. These include commercial clients, audit clients, and entrepreneurs.
This is all without having done any dedicated marketing efforts to clients of the CPA firm, it’s been low-hanging fruit. The early success is because the assets are from (CPA) clients with whom the firm has worked for nearly thirty years; they trust the firm because they’ve advised them on selling their businesses. Having the value of a tax team, as an overall service, is attractive to clients. They get to know the tax Managers and Partners who then bring in Ms. McCullough to talk about an overall wealth management approach.
The CPA firm was recently ranked, by Accounting Today, #7 for fastest growing CPA firms. The firm uses Fidelity as its primary custodian, they can also work with Schwab.
Top components:
Relational oriented, steeped in relationship management, and managing processes; an ability and warmth with other people – clients and colleagues. Able to communicate and manage, both a learner and a teacher. The Wealth Advisor will support Ms. McCullough and her clients, they will work directly with clients on both investment management and financial planning. They must be able to run point and manage a full relationship; this includes asset allocation, portfolio construction, portfolio reviews, rebalancing. This work in conjunction with financial planning, retirement projections, social security, Medicare, cash flow, estate planning, stock compensation, concentrated holdings, and benefits. Kristy would prefer if the Advisor leaned more toward investment experience than planning.
The Wealth Advisor will handle the prep work for client meetings, run the meetings, create actions plans, and execute on those plans which includes handing off (some) tasks to team members. They will also interface with the tax Partners, work with the tax team on client issues before year-end. Kristy wants to introduce them to as many people within the firm as possible.
Presently, Ms. McCullough does all the legwork for financial plans, she would like to hire someone to input the data.
She does have someone that handles onboarding/paperwork for new clients.
Experience with the software is a must, they use Tamarac Envestnet (SMAs), Nitrogen and MoneyGuide Pro (planning).
M&S has great technology, they’re always looking to improve and add value to their clients.
The Advisor must be prepared to wear “so many hats because we’re small. The overall company isn’t small, but the WM piece is.”
Licensing:
The Advisor must be licensed, Series 65; if they have the 7 & 66, that may allow you to apply for the 65.
Career track/upside:
This Advisor will be their own person, they’ll have their own office; this is someone to partner with Ms. McCullough, not be her assistant. The goal is to hire more people like this person, they could eventually have their own team. They will be the lead on relationships, this needs to happen in the first year, and not with just a few clients.
Compensation:
Base salary that is commensurate with the person’s background.
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