(Fred Lynch) [Order this photo]
Q: How did your careers evolve to get you to where you are today?
A: Rick: After graduating from the University of Missouri with an industrial engineering degree, I went to work for Procter & Gamble here in Cape in 1974. In 1983 I had the opportunity to make a career change and opened an independent financial planning firm when financial planning was a very new concept. Today we have an independent wealth management firm affiliated with First Allied Securities Inc.
Tyler: I spent three years as a nursing major before deciding that finance was the career path I wanted to pursue. So in 2009 I joined the firm after getting my degree in finance from St. Louis University.
Q: You are both certified wealth strategists. Explain this certification process and what a certified wealth strategist does.
A: Rick: Despite attaining a certified financial planner designation in 1988, I sought out a certified wealth strategist designation in 2008. Tyler received that designation in 2011. Over the years, many of my clients attained a level of wealth that requires a knowledge, insight and expertise to meet the challenges faced by high net worth and ultrahigh net worth individuals and families. The certified wealth strategist provides that expertise along with the practical application and communication skills to service their needs. The designation is a 12-month course of study offered through Cannon Financial.
Q: Are there any unique father-son challenges you face?
A: Rick: We sometimes disagree on important items because of the age differences. When this happens, I take care not to pull rank on him but to resolve our differences to both of our satisfactions. Another thing is I still haven't become used to, is Tyler calling me "Rick."
Tyler: I think age has a lot to do with how we view different aspects of the business. Adapting future business plans that consider different approaches to the business has been a unique challenge, but one that we have addressed rather effectively. What was once a challenge to the business is now a driving force behind our future plans.
Q: What advice would you give young people who are just starting to think about saving for their future?
A: Tyler: I think today we live in a world of consumerism. Our wants exceed our needs, and those important financial, money-saving decisions get pushed aside for some other time. I feel it is essential that young people understand the difference between wants and needs and the value of utilizing time as an asset. The earlier a person starts on a savings and investment program, the more time they have for the compounding growth that can occur. I also think it is important to have all people understand that true wealth is more than just having money, and that money should be thought of as a means to a wealthy life and not just the destination.
Rick: Our client base has changed over the 28-plus years. Today it is a much more knowledgeable, sophisticated and affluent clientele. We have approximately 200 client families, many of whom we have served for over 20 years and for whom we now work with the second and third generation in those families. With the addition of Tyler and our growth plans, we continue to seek growth of this client base.
Q: How have advances in technology affected your business and the world of financial planning?
A: Rick: The planning, tracking and communicating areas of this business have changed dramatically over the years. The generations also have very different expectations due to the technology with which they have become accustomed. Keeping the technology updated allows us to serve clients around the country with the same personalization we can provide to the local clients and that has greatly broadened the marketplace for our services.
Tyler: I don't think there is any better way to communicate with someone than in person, but since communication has changed so dramatically, keeping pace with technology is important. Our use of technology has reduced the limitations and given us the opportunities to expand the business in ways that otherwise were not available before -- and we are excited for what's ahead.
Q: You are both involved in several community organizations. Which of these are you most passionate about supporting and why?
A: Rick: I am most passionate about supporting the faith-based organizations in our community. Many people have fallen for the traps of secularism, and they lack the values and beliefs that lead to hope, confidence and an inner peace. Wealth is not necessarily having a lot of money but is truly being happy and content with your life and faith can provide that.
Tyler: We are certainly passionate about all of the causes we are a part of, but for me, my passion is drawn to organizations that focus on our youth. Being a volunteer for Big Brothers Big Sisters and Junior Achievement has been one of the most rewarding experiences of my career. There is no greater feeling than to make a positive impact on a young child's life.