Since 1995, Wealth Consulting Group has served the diverse financial and wealth planning needs of accomplished individuals, families and businesses seeking unbiased advice and sophisticated financial strategies. Their mission is to make a difference in clients’ lives by becoming a partner in their financial well-being and becoming their most valuable resource in pursuing their financial goals and dreams.
Wealth Consulting Group advisors draw upon the broad expertise and talent within their firm to address the complex financial challenges that accompany affluence.
There are 5 of us on the Rancho Mirage team: myself, my partner Jana Ham, and Kristine Rodarte as advisors, and 2 support staff.
We are a very unique partnership in that I have known and been friends with Jana for over 42 years. Kristine is a bit younger than us, but has over 23 years of industry experience and she fits our client profile perfectly. She brings banking and investment experience to deepen our team and help us build new relationships in our community.
We are based in Rancho Mirage, CA. We view ourselves as concierge, independent advisors and service clients all around the country. This is my 32nd year in the business and I am still very excited and passionate about what we are building for our clients.
Jana was a former client. We had both retired around the same time, in our 40’s. I had sold my prior practice in 1999, but when 2008 hit, I had some former clients start to call for guidance because it was such a tough time to be in the market. Both Jana and I came to realize that we were too young to retire (and still had too much energy). We had a lot of flexibility because we had done our own financial planning right the first time, so we decided to jump back in and try to create something unique in our business.
We believed in the idea of creating a concierge-type investment and financial planning business. Really becoming our clients’ personal CFOs in the truest sense so they could come to us for everything related to their finances and we could help them tie it all together. We have fully committed to integrating eMoney, our state of the art planning, account aggregation and digital storage tool that we use with every one of our clients. We recently transitioned to LPL Financial and are very excited about the totally independent and sophisticated platforms we are now able to offer our clients.
We’ve found that we are the last stop for many of our clients. We live in a retirement or pre-retirement community, so many of our clients have moved, retired, or spend the winter in the desert area. They may have changed advisors a few times and might have a spouse or partner that knows where everything is, while the other might not have a clue!
It seems our natural market is working with women, local professionals and other small business owners. Ours is a culturally diverse community with a strong LGBT representation and of course golfers are everywhere!
Our real mission is to Educate, Engage and Empower our clients as we become partners in their financial success. It is so important for people to understand and be comfortable with their current financial situation and their future. We have relied on our teaching backgrounds to help clients learn what is important and what is just “headline hype”. We have a mandatory workshop we insist our clients attend in order to set the foundation for our relationship. This gives us both a chance to decide if it’s a good fit.
We then use our client reviews as mini seminar updates. Since eMoney is very interactive, it’s a great tool for all of our clients to understand how all the pieces fit together. We’ve found that the best way to give clients the information they need is to engage them in the process; it puts the power back in their hands and helps them feel secure enough to sleep soundly at night.
Yes! We think being able to effectively communicate with our clients around their financial information is a key process so we use a financial communication DNA profile. We ask all of our new and prospective clients to do their profile online so we can identify how they learn and make decisions best. It helps determine whether they are bottom-line “goal setters”, or more “stability” and process based, where
they might need to see the entire plan laid out not just the numbers. Others are more “information” driven where they just need to take some time to look at all the data and options. We have some clients who are more “lifestyle” oriented and prefer learning in a group and want the big picture. We find this out up front, and try to customize our communications based on the client’s learning style. We also train our staff to interact with clients the same way because it’s our job to adapt – not the clients’.
Yes, one new initiative that we recently launched really seems to resonate with many of our women clients, the LGBT community and our higher net worth retired individuals who have philanthropic interests. Our High Impact Portfolios speak to those clients who are thinking more and more about their own legacy and the kind of impact they want their investments to have in the world. These new best-in-class portfolios we have created have led to some amazing conversations with clients – really allowing us to have a different kind of discussion around what the best companies in the world are doing to improve their “Best Practices” around environmental, social and governance (ESG) issues.
This is something The Wealth Consulting Group is totally committed to and we have even set up our own WCG Donor Advised ESG Fund where we are donating a percentage of our firm profits each year in order to give back to our local communities. Feedback has been 99% positive and it’s proven to be another real differentiator in our area. It’s a tangible value that we can deliver to our clients and our community around what they feel matters the most.