Financial Literacy

Financial literacy and faith-based investing

Some financial planners take an impersonal approach to their client relationships. They treat their clients’ investments and portfolio as strictly financial transactions, and pay little attention to the people part of the financial equation. Once they’ve calculated their clients’ risk acceptance and financial goals, they lose the personal connection to their clients.

Randy Morris, founder and CEO of Summit Wealth Group., believes that advisors need to be on the “same side of the table” with their clients, and that the financial industry’s compensation models should foster an ability to focus on more than product solutions.

1923147e 4f29 43ff 8ef4 c08c48831221“Clients need us to come alongside of them from a consultative and not a transactional approach,” said Morris. “There is a need for an ongoing plan that is consistently updated so that it is dynamic. Clients’ needs and situations change. They need us to interact and be proactive with solutions.”

Morris founded Executive Financial Planning Inc. in 1982 with the goal of providing independent, customized financial planning advice. This led to the formation of Summit Wealth Group in 2002, becoming one of the nation’s largest independent financial advisory firms. With the company’s expansion to seven offices across four states, Morris learned the importance of consistent communication.

“At Summit, we have monthly leadership meetings as well as monthly company-wide team meetings,” said Morris. “We make the time to get the entire team together in the same location annually.”

Summit is a faith-based firm, which provides advisors with a model of working with others as servant leaders – both with clients and fellow team members. Following a faith-based model means adhering to certain standards and exhibiting specific qualities. These include working with diligence and excellence, doing what you say you will do, being grateful and encouraging clients and co-workers, and taking ownership of mistakes and being accountable for one’s actions.

“It also means encouraging a habit of grateful giving, and being intentional in our relationships,” said Morris. “If we exhibit these qualities in our interactions and actions, we will work very well, even with those who don’t share our belief system.”

Summit also provides clients with lifestyle coaching, which is a natural extension of its faith-based model. The company wants to do more for clients than discuss rates of return and asset allocation strategies. Its goal is to help clients achieve a better, more secure future, such as getting ready for retirement or preparing to leave a lasting legacy.

“This approach is a differentiator and allows us to ask questions that necessitate trust on the part of our clients,” said Morris.

For more information on Summit Wealth Group, visit: www.summitwealthgroup.com

 

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