This year marks our 30th anniversary as an independent wealth management firm. As I reflect on this milestone, the word “gratitude” repeatedly comes to mind. Building and growing a sustainable wealth management firm within a highly competitive industry requires the commitment of a dedicated and experienced team, well-vetted professional partners, and most of all, our clients who have embraced our vision and placed their trust and confidence in our team.
Building a wealth management firm from the ground up
Before I started our independent wealth management firm in January 1994, I’d been in public accounting for more than a decade. I realized I wanted to do more to help families and business owners connect the dots between their tax and wealth planning, since the two are inextricably linked. I began exploring relationships with some of the big name wirehouses and insurance companies, but I couldn’t find the right fit.
At that time, wealth management and financial planning were largely reserved for ultra-high net worth investors. Even as these services became more mainstream in the early 90s, in my opinion, most companies were just paying lip service to planning. I wanted it to be the central focus of my practice. So I decided to start my own wealth management firm.
I initially focused on tax planning services as a way to get people to come in and have broader conversations about their taxes, insurance, investments, retirement, and estate planning. Many of those early engagements grew into valued long-term relationships and cherished friendships that now span multiple generations of our clients’ families.
Strengthening the foundation
It’s really gratifying to look back on the many opportunities we’ve had to help couples, families, and businesses develop financial foundations they could build upon over time. As a wealth management firm focused on business owners, we’ve also helped to design and implement complex business continuity, exit planning, executive compensation, and corporate retirement plan solutions for businesses of all sizes, across multiple industries.
Over the course of three decades, we completed a successful acquisition, changed our business structure to a Registered Investment Advisor (RIA), and continued to expand our service offering. Most notably, we built a team of wealth advisors and associates bringing diverse perspectives and experience across multiple financial disciplines. I’m proud to share that we were recently named a 2024 Forbes Best-in-State Wealth Management Team.*
Like any business, we’ve also encountered our share of challenges, navigating through multiple business and economic cycles, sweeping industry changes, and technological innovations that have fundamentally changed the way wealth management firms do business. Throughout, we have remained steadfast as we strive to help our clients define and follow a clear path toward their goals, free from the noise and distractions of daily news cycles, day-to-day market fluctuations, and ever-changing economic winds.
Designing a framework for the future
As a wealth management firm, our approach has always centered on getting to know and understand our clients, their families, and businesses, and how they define meaning and purpose in their lives. That’s really the origin story for our Return on Life® mantra. I’ve always believed that wealth is only one determinant of success. Happiness and fulfillment are dependent on many variables that must come together to achieve each individual’s personal definition of success.
It became increasingly important to me that the name of our wealth management firm accurately reflected the principles that truly differentiate our brand. So in October 2023, we made the decision to change our firm name from Planned Financial Services to Return on Life Wealth Partners. Our new name emphasizes our core commitment to look well beyond financial returns to help our clients use their wealth as a tool to pursue a life well lived – something you can’t put a dollar amount or price tag on.
As we look toward the future, we are grateful for the trust our clients place in us every day and remain inspired to continue to earn your confidence for decades to come.
You can listen for more about our first 30 years as I speak with a special guest about how our independent wealth management firm has grown and evolved on a podcast episode of Frank Wealth Insights. If you’d like to learn more about how we can help you pursue the Return on Life® you desire, contact us today for a free consultation.
About Return on Life Wealth Partners
Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients’ lives before their money, Return on Life® aligns its advice with clients’ values. With access to its Personal CFO™ services, Return on Life Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®.
*Return on Life Wealth Partners ranked number 95 out of 167 for the state of Ohio. The Forbes Best-in-State Wealth Management Teams ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings and a ranking algorithm that includes: a measure of each team’s best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor and team, and are not indicative of future performance or representative of any one client’s experience. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking. Neither Return on Life Wealth Partners nor any of its financial advisors or RIA firm pay a fee in exchange for this award/rating. To view the full list, please visit https://www.forbes.com/lists/wealth-management-teams-best-in-state/?sh=abb8e6776f26.
Forbes, SHOOK Research, and Return on Life Wealth Partners/Planned Financial Services are separate, unaffiliated entities.
Investment advice offered through Planned Financial Services, a Registered Investment Advisor.
Copyright © 2024 Planned Financial Services. All Rights Reserved.