By Michael Gold, CFP®, MBA
Have you ever had an experience that was so impacting that it ended up being a turning point in your life? Me too. I knew from a young age that I wanted a career where I could make an impact to help others create a better life for themselves. But I didn’t know what this career would look like until I found myself in a frustrating and messy tax situation due to improper planning and advice from a professional.
As I searched for experts who could help me and who I trusted, I realized that I wanted to spend my working days helping others avoid the problems I had to deal with. I became a Wealth Advisor so I could bring value to my clients’ by helping them improve and enrich the quality of their lives by helping them make smart decisions about their money so they can reach their financial goals.
First let’s go back a bit. I was intrigued by the business and financial world and earned a bachelor’s degree in business and economics from the State University of New York College at Oneonta. At the ripe old age of 22, I started working in the industry for a variety of firms, including Morgan Stanley, Wachovia Securities, and independent companies. I earned my CERTIFIED FINANCIAL PLANNER™ (CFP®) designation and decided to keep honing my skills and increasing my knowledge base by earning an MBA from Stern Business School at NYU, specializing in quantitative finance and leadership.
This is when the aforementioned tax “fun” began. I found out that in addition to the burden of student loans from grad school, I also owed a significant amount in taxes, all thanks to the lack of any tax planning and prudent advice from an accountant. It took months to remedy the situation and I sought out the help of CPAs and other professionals and read up on just about everything I could get my hands on to learn about the impact taxes can have on someone’s financial life and the strategies to address them to make sure I didn’t have any other gaps or weaknesses in my financial situation. Essentially, I researched prudent tax planning strategies and created a team that was working on my behalf to help me take care of both my current and future needs, much like a family office.
Through this process, I started to believe very strongly that this is how financial planning should be delivered. Providing piecemeal financial advice on only certain aspects of people’s financial situations doesn’t help anyone in the long run, and generally their situation is rife with gaps, redundancies, cost inefficiencies, unnecessary taxes, and overlap. What if you have a great financial advisor but a poor lawyer or insurance agent? What if you have multiple advisors, insurance agents and investment managers? What are the chances they are working together in a coordinated effort? From my experience it’s slim to none. The gaps in your overall plan could come back to bite you in the future. This passion to help others avoid what I went through is what led to the birth of Gold Family Wealth.
So, after almost 20 years in the making, I am now president and CEO of Gold Family Wealth, a leading wealth management boutique serving a select number of families, many of whom are business owners and entrepreneurs. I took what I learned from the large firms and independent firms I worked for and further studied the family office model, usually only accessible to the “super rich,” to help wealthy families have a collaborative experience.
I spend my days helping my clients preserve and safeguard their wealth while also pursuing their financial goals. I serve over 100 families and business owners who have entrusted me to be the steward of their financial and business lives, something I never take for granted. I am extremely grateful to hold such an important role in their lives.
Every job has its challenges, and mine is no exception. We all know that dealing with money can bring up plenty of emotions, which can lead to unwise decisions. It can be difficult to help clients through emotional times and encourage them to stick to their long-term strategy no matter what comes their way.
But that’s why I find this job so fulfilling; I can make a tangible difference in people’s lives by providing solutions to pressing financial concerns, showing them their opportunities and helping them make even smarter decisions that bring value to their lives. There’s just nothing like having a client thank me for dramatically transforming their financial lives. For example, one of my clients recently suffered a severe health situation. Fortunately, he survived, however, it looks like a long road to recovery. In the midst of the chaos and emotional strife that accompanies an unexpected health problem, this client’s family reached out to me in gratitude because about a year back we had decided to work together and create a holistic plan which included a strategy to incorporate a long-term care policy. Because this plan was already in place when they needed it, it provided some peace of mind so they could focus on their loved one getting well without the financial stress.
Have you, like me, experienced financial stress or frustration as a result of lack of planning? I want to help ease the chaos and overwhelm in your financial life. Reach out to me at email@example.com or (800) 303-2533 to schedule a complimentary consultation and start taking control of your finances!
Michael Gold is the founder, president, and CEO of Gold Family Wealth, an independent wealth management boutique. Michael has 20 years of experience in the financial industry and has a bachelor’s degree in business and economics from the State University of New York College at Oneonta, an MBA from NYU Stern School of Business, specializing in Quantitative Finance and Leadership, and his CERTIFIED FINANCIAL PLANNER™ (CFP®) credential. He serves business owners and entrepreneurs by stress-testing their financial plan to identify red flags and missed opportunities. Michael strategically outsources professional experts from various fields, such as tax, insurance, retirement and trust, and estate law to collaborate on potential solutions to help position his clients to achieve their desired goals. Michael currently lives in Westport, CT. When he’s not working, you can find him spending time with his wife, Giselle, their three children, Sebastian, Aria, and Pierce, and their dog, Charly. To learn more about Michael, connect with him on LinkedIn.
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