Planning is for Everyone
Empower Wealth Advisors, in conjunction with their broker/dealer Commonwealth Financial Network, uses social media platforms – including Twitter, LinkedIn and Facebook – to connect with a new and younger audience.
Chris Powers, managing partner of the financial advisory firm, cited recent research reporting that only 4 percent of children use the same financial advisor as their parents. While Powers sees that as a disturbing statistic, he also identifies it as an exciting opportunity to continue the growth of his own practice by being of service to an up and coming generation.
“A top goal for us is reaching out to our clients with children who are starting their financial life, preparing them for potential inheritance and getting them set up with a firm financial foundation,” explained Powers, as he outlined growth strategies for his firm. “In a lot of high schools – and even colleges -- kids come out so ill-prepared, or under-prepared, for managing their personal finances.”
In 2000, Powers started the firm with a focus on insurance and in the ensuing years he continued his professional development to become a Certified Financial Planner™ (CFP), an Accredited Estate Planner® (AEP), and an Accredited Investment Fiduciary® (AIF). Empower Wealth Advisors provides a holistic approach to wealth management, including retirement planning, business planning, estate planning and risk management.
Investable assets and account minimums typically define a financial advisory firm's clients. Empower Wealth Advisors, based in San Antonio, Texas, uses broader criteria, engaging with clients who want comprehensive planning and unbiased advice. For instance, they design estate planning strategies for farm and ranch owners and the firm is very involved with owners of oil and gas interests in Eagle Ford Shale – a major economic initiative that is “redefining South Texas as an oil industry hotbed.”
As a boutique financial firm dedicated to professional and personalized service, Empower Wealth Advisors makes it their goal to help people reduce the stress associated with managing their finances. “After several years of recovery following the 2008 market decline, people approaching retirement are more apprehensive about market risk. They want solutions that minimize their risk versus focusing on excess returns created by managers,” said Powers, commenting on the current mood of investors. “Clients are willing to give up liquidity with a portion of their portfolio to invest in more alternative investments and seek more customized solutions for their retirement income needs.”