My degree, as I’m sure I’ve mentioned before, is in economics. While I loved this study of the more philosophical side of business, I always imagined that, upon graduating with said degree in hand, I’d pursue the more practical world of finance, as was the norm for my Manhattan College brethren.
But then, something pulled the wool from my eyes. A few months before graduation I sat through a research presentation by a candidate for a vacant position within the Economics and Finance Department. This person’s area of expertise was firmly in the field which I had seen myself thriving in my post-college years.
Basically the presentation, which I had so looked forward, broke my heart. Not only was I bored to tears, but I realized I’d been deluding myself for far too long. There was no way on God’s green earth that I could do that for a living.
It wasn’t the number crunching that was the problem. I liked crunching numbers. It was that, to my ears, discussions of asset management, stocks prices, options, mutual funds, cash equivalents and the like sound something akin to the droning of adults in a Charlie Brown cartoon. Give me a good old economic indicator or a discussion about economies of scale any day, but the mere mention of financial planning and investment strategies and I promptly exhibit coma-like symptoms.
That’s not the case for Andrew Clark of Clark Wealth Management. Those same topics make him giddy. I’ve honestly never seen someone get so excited, so passionate talking about financial planning, asset management and all of the research involved to successfully accomplish the two. And it’s a good thing, too. Since that is what he spends his days (and a substantial part of his nights and weekends) doing.
It almost goes without saying that Drew, as he is known to his friends, doesn’t fit any preconceived notions I might have of someone who works in the financial world.
“The stereotype doesn’t fit me; and I don’t want it to,” he told me. While he is incredibly professional, he is much younger and less staid than one would expect from a financial planner. But don’t underestimate him because of his youth. He’s sharp.
Up until about a year ago, Drew worked at a prestigious Maryland firm doing high-end financial planning for clients with a million dollars of more in assets. But when he and his wife Melissa discovered they would be bringing a child into the world, they decided they were looking for a different lifestyle. So last November they packed up their things and moved back to Norwich to enjoy life in the small-town atmosphere where Drew had grown up working at his father’s accounting firm. Part of that dream was to start his own business, and thus, Clark Wealth Management was born.
Drew’s philosophy differs greatly from the not-so pleasant stereotypes often associated with his profession. I always think of an investment advisor as really more of a sales person, steering their clients in the direction of whatever mutual fund is paying the highest commission, regardless of that client’s goals and aspirations. And, particularly when those investments aren’t performing as hoped, they can’t seem to return a phone call.
But with Drew, it’s different. It’s not all about the money, it’s about people and relationships. Oh, don’t get me wrong, it is all about money in the sense that protecting and growing his clients money is his top priority. But it is less of a sales approach and more of a holistic approach with Drew.
The financial plans he generates for his clients take, on average, at least 30 hours of actual work and take up to a month to prepare. He works with their attorney, their accountant and takes the time to get to know them personally as well.
The resulting document isn’t strictly a financial analysis of where that person or family stands, but a comprehensive strategy designed to meet the financial, retirement and educational goals of the client, tailored to meet their beliefs, their comfort level and a zillion other factors.
“This is the kind of stuff I love doing,” Drew explained, as we sat at the long table in his conference room going through one of the plans he had recently completed.
Once he’s spent all of that time preparing the plan, he sits down with the clients and they discuss it all in depth. Topics they cover include an analysis of their existing portfolio, tax planning, estate planning, retirement goals, educational planning, insurances, long term care, cash flow, budgeting and a whole lot more. It’s no wonder the meetings can take a few hours.
But when the client leaves, they know without a doubt that Drew has put in the effort to get to know them and their financial situation better than they know it themselves. And the financial plans he creates aren’t final reports. They are action plans for both parties.
“Knowledge is power. Once you understand where you stand, we can start figuring out and solving (any) problems,” he told me. He loves solving problems, almost as much as he loves a challenge.
Wealth management isn’t just about financial planning. It is also about asset management, which is the other piece which consumes much of Drew’s time.
He spends hours each day reading newspapers (including, I’m happy to say, The Evening Sun), monitoring news and financial networks and checking market fluctuations. This constant research helps him select the right mix of investments for each of his clients.
“There is no one size fits all,” Drew told me, explaining that diversification is the key. Each portfolio he develops for his clients includes a mix of things like mutual funds, large and small cap stocks and alternative investments to meet each of his clients individual needs.
He also builds a secure website for each of his clients, where on a daily basis they can check their net worth, the progress of their investments, etc. That way clients have a snapshot of their current position at their finger tips.
While Drew works independently, he tied in with a group called LPL Financial, which provides him with back office support, research tools and a host of other services which allow him to meet his clients needs.
During the hours I spent with Drew, I was blown away by his knowledge and his enthusiasm for what he does. And upon leaving his office at 38 Hayes Street in Norwich, I had a bit of an epiphany. If he had been the one giving that presentation in that De La Salle classroom all those years before, my life might have taken a very different path.
For more information on Clark Wealth Management call Drew at 336-8087 or visit his website at www.clarkwealthmanagement.net.