They grew up during the worst economic straits the country had ever seen, then went on to defeat the forces of fascism. The Greatest Generation inspired David Hudson, CEO of Masters Estate and Financial Services Inc., based in Hickory, North Carolina to build a career helping those to whom America owed so much.
In 1985, Hudson started in the insurance business selling Medicare supplements.
“I spoke to people each day who lived through the Great Depression and World War II,” he recalls. “These were people who sacrificed so much for our country, you had to love them. I gained wisdom from the life experiences of clients.”
Hudson decided he wanted to help these people more, which lead him to financial services and estate planning.
Today, Hudson’s practice revolves around educating, servicing, and protecting his clients.
“We help clients understand the process of gaining and retaining wealth,” he said. “We want our clients to be protected against risk – market risk, inflation risk, the risk of having too little liquidity.”
For retirees, it’s always safety first. His firm helps clients deal with longevity risk through the use of annuities, the inflation risk through a diversified portfolio, and health care risk by developing a comprehensive plan for long-term care.
“We make individualized recommendations to clients. I would encourage the next generation to get involved as soon as possible and get permission from parents to be part of planning process,” said Hudson.
Estate Planning
One way Hudson’s firm differs from other financial advisors is that they have attorneys working with them to provide estate planning services to clients.
“A huge percentage of clients have their estate planning done through those attorneys,” he says, adding that the use of Transfer on Death, Payable on Death and other forms of beneficiary transfers that avoid probate helps pass on legacies to future generations.
The Door is Always Open
At Masters Estate and Financial Services, the door is always open to clients.
“If they feel unsure about a financial product or investment, they can call for a one-on- one interview,” Hudson says.
The firm does a lot of educational events, many of which are open to public. A client review is scheduled at least annually, and they welcome having the client bring a family member to a seminar or review.
The DIY Investor
Hudson notes that most of his clients enjoy a carefree lifestyle, focusing on vacations, grandchildren and travel. While some clients like to invest on their own, others don’t enjoy it.
“If an individual is willing to spend the countless hours needed to get a [financial] education, I think that’s fine,” says Hudson, yet, he does offer a word of caution to anyone who wants to focus on a DIY investment strategy.. “Test your skills with a small amount of assets in a bear market. It’s easy to feel invincible when you’re in the eighth or ninth year of a bull market and everything is going up.”
What Clients Need to Know About a Financial Advisor
When asked about what clients should ask a financial advisor at the first meeting, Hudson said it’s important to do research before then – such as checking if the firm has had any complaints filed with the powers-that-be. He also suggested asking how the advisor is paid, what products they offer, and how clients did in the last economic downturn. Potential clients should know how comprehensive the planning service is, and programs the advisor has in place to help educate clients.
The Year Ahead
Hudson isn’t planning anything particularly different for his firm in 2018.
“We always offer unparalleled service to the clients we have, and clients send a lot of referrals our way. Any financial advisory firm will need referrals to stay in place,” he said, adding they are also planning to increase the number of clients through client and educational seminars.
Masters Estate and Financial Services’ mission is using the knowledge, wisdom and experience they have been blessed with to help provide a safer, more enjoyable future for each client. For more information on Masters Estate and Financial Services, Inc., visit: masters-estate.com
InvestmentadvisoryservicesofferedthroughAlphaStarCapitalManagementLLC, a SEC Registered Investment Adviser (“AlphaStar”). SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. AlphaStar and Master’s Estate and Financial Services Inc. are independent entities.
