IE Business Daily Business news for the Inland Empire.
On this week’s episode of the Professionals of the Inland Empire podcast, John Tulac is joined by financial advisors, Ann Norris and Jonathan Stoneking, highlighting the professional talent available in the Inland Empire to aid local businesses and boost the region’s economic health.
Ann Norris from Dolores Capital Management began her career with 25 years in banking, transitioned to a title company where she improved a losing division, and then founded her title report company, which was later was acquired by a Fortune 500 company. After a brief retirement, she joined Merrill Lynch and eventually Dolores Capital Management, focusing on business owners, succession planning, and pre-retirees.
Jonathan Stoneking, at 32, entered finance to assist his mother, who faced financial struggles due to divorce and a gambling addiction. He stabilized her finances over three years and, inspired by her, pursued a finance degree in 2018. He obtained his licenses in 2020 and transitioned into finance when the live entertainment industry, where he worked as a manager, shut down due to the COVID-19 pandemic. His grandparents distrusted banks as immigrants which exposed him to different perspectives on personal finance.
Financial advisors play a crucial role in helping clients increase and preserve their wealth, offering guidance to those who struggle with managing their finances. Effective financial advising involves understanding client goals through detailed questioning and prioritizing planning over mere money management. Advisors focus on goals such as college funds, retirement plans, long-term care, and fulfilling retirement bucket lists. Communication and accountability are key, with advisors refining broad goals into actionable plans through continuous collaboration.
Generational differences influence financial advising, with Stoneking connecting more easily with younger clients due to shared experiences. While younger clients may feel disadvantaged compared to older generations, opportunities still exist. Norris emphasized that experience is very important. While Norris works with clients 40 and above, they are able to engage younger family members by illustrating the growth potential of a Roth IRA, which can spark their interest in financial planning.
Financial advisors often refer clients to each other based on expertise and fit, determined through financial planning for prospects. Referrals consider personality, age, and other factors, with networks like Provisors offering diverse advisors. Sometimes, firing clients is necessary if there is a mismatch or complex issues arise.
A need for early financial education is paramount to financial success. Stoneking’s firm offers a free K-12 financial literacy course to local schools and monthly teaching sessions.
Ultimately, financial advisors educate clients, irrespective of age, and help them make informed decisions to grow and protect their wealth for retirement. They relieve busy individuals of the burden of managing finances effectively. Taking pressure off the client so they can follow their plan and not feel worried is the real value of having one.
Catch the full show on YouTube @ProfessionalsofInlandEmpire.
