Dave graduated Magna Cum Laude from the University of Wisconsin-Eau Claire, majoring in Accounting. He earned his CPA designation while working with the public accounting firm of Ernst & Whinney (now Ernst & Young). Further audit experience was gained as Senior Internal Auditor for Carlson Companies. He went on to become a staff salaried financial advisor for a prominent Twin Cities family and eventually moved to become CFO for one of their corporate holdings. He held Controller positions with mid and large-sized corporations in the Twin Cities before committing himself to help the public with their financial needs in 1996. As a financial advisor, he associated with Lincoln Financial Advisors, running public seminars and quickly gaining recognition within the firm and the community. He earned his CERTIFIED FINANCIAL PLANNER™, CFP® designation in 2000. Dave's practice, which he moved to Focus Financial in 2003, continues to flourish.
Dave is a devoted Christian and involved in many volunteer efforts including leadership of community boards and coaching youth sports teams. He and his family live in the Minnetonka area.
My Approach
I began my practice with the mission of helping people with their finances, so they could focus on more important facets of their life. Money doesn’t have to be the difficult issue we make it. I enjoy helping with all aspects of clients’ finances, having seen and experienced the financial world from many angles.
Because my focus is on guiding clients over a lifetime relationship, I sometimes don’t take traditional approaches. For instance, financial plans are created more during our meeting than through software. The math comes easily to me (MENSA member since 1984), so I focus more on the unique recommendations appropriate to the client’s situation. Software can’t do that.
I do my own big-picture economic research and derive my investment recommendations based on what I envision coming versus following textbook historical patterns. Most advisors assume the future will be like the past, and integrate our current environment. My recommendations certainly consider the past, but are more based on where I believe our future is headed than what the past held for us.
Services
My primary effort is usually directed toward money management, where I embrace the fee-based, fiduciary concept. I believe this is best for all parties. By keeping my fees below market rates while attempting to outperform expected returns (usually with less risk), clients can be assured I’m working in their best interests.
But money management is empty without comprehensive integration into people’s lives. Understanding client’s goals and quirks makes the process fun and enriching. Each client situation is like a puzzle to me, where I try to help put the pieces together to help get where clients want to go.
I also help with people plan for their retirement and figure out how much income they can take and what source(s) make the most sense.
I enjoy reviewing Insurance needs and am just as likely to suggest someone decrease or cancel insurance as I am to suggest they increase coverage. And my review goes beyond “what I can sell them”, which is a focus for some advisors. I’m more concerned about getting it right than who they buy their coverage through.
Estate planning isn’t just for ultra-wealthy folks. Many clients haven’t are surprised at the little (and sometimes big) things that can be done to help things go more smoothly for others around them when life takes its twists and turns.
While my clients tend to be better-off than the average, they sometimes run into cash flow issues. I’m often able to help them see things differently and determine their best course to get back on track.
People often find it refreshing to visit with someone who is competent, passionate, and honest and who doesn’t push commission-paying products that just don’t feel right. As a fiduciary to my clients, I only make recommendations that are well thought out and in the client’s best interest.
The Client Experience
I enjoy meeting with clients as often as they wish, usually once or twice per year. Meetings are typically 1 ½ to 2 hours and we discuss my agenda items as well as the client’s questions. There are no costs to a client for meeting, calling, or for my recommendations. The fees charged based on my investment management allo w me to focus on all aspects of their situation without having to charge separately.
Along with the natural monthly statements and communications from the brokerage firm, Royal Alliance, clients also receive a newsletter and quarterly performance report a couple of weeks after each quarter-end. The newsletter is self-written and describes my views of our economic past, future, and its impact on what we should be doing in preparation. I also cover ancillary topics that may be relevant to my clients, such as insurance, estate, or tax law changes. Most clients find the newsletter easy to read and understand. I’m told that I take complex concepts and communicate them clearly.
Practice Overview
As a result of this direction, my practice is mature and client turnover has been negligible. I have committed to accepting a few new clients per year by referral only in anticipation of inevitable attrition over the years as we grow old together. I am always happy to offer my thoughts on client questions, or to meet with people whether or not they are likely to become clients long-term, as it keeps me fresh and helps those who need it most.
Investors should understand that working with an advisor that is a fiduciary does not guarantee that they will experience greater investment performance or reduced losses as compared to working with an advisor that is not acting as a fiduciary.
Securities offered through Royal Alliance Associated, Inc., Member FINRA/SIPC.
Advisory services offered through Focus Financial Network, Inc., a registered
investment advisor.
