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.
Services & Experience:
With thousands of financial advisors, it can be hard to tell one from another. The three factors I tell prospective clients to look for are:
- Trustworthiness. Without this, nothing else matters. The Fee-only approach helps ensure clients are treated in an honest and trustworthy manner
- Knowledgeable. A top advisor should understand a multitude of complex issues and be able to fit them together into the client’s situation.
- Passionate. Without the desire to use the above gifts, a client-advisor relationship falls empty. The advisor should have a hunger to find ways to help his clients achieve their goals.
My clients are not passed off to junior advisors. I limit the number of clients I take so I can work with them personally. 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 client 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.
My primary effort is usually directed toward money management, where I embrace the fee-only, 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 planning process fun and enriching. Each client situation is like a puzzle to me, where I try to help put the pieces together to help clients get where they want to go.
- I also help people plan for their retirement, determine how much income they can draw and what source(s) make the most sense.
- My CPA background often provides strategic tax planning opportunities for clients.
- I enjoy reviewing Insurance needs and show no bias in suggesting that clients increase or decrease coverage levels. And my review goes beyond “what I can sell them”, which is a focus for some advisors. I’m more concerned about getting protection right than who sells the coverage.
- Estate planning isn’t just for ultra-wealthy folks. Many clients 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 situations 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 always in the client’s best interest.
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 for client meetings, client calls, or for my recommendations. The fees charged based on my investment management allow me to focus on all aspects of their situation without having to charge separately.
Along with required monthly statements and communications from the brokerage firm, Royal Alliance, I also write and send clients a newsletter and quarterly performance report shortly 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 despite covering complex issues. Several clients have told me they pass copies of the newsletter to friends and family.