S7E12: What do Weddings and Wealth Management Have in Common?
Setting yourself up for long-term financial success takes a ton of pressure off your relationship with your significant other.
But, what the heck does wealth management mean to the average couple?
James is answering all of our questions about finances and dishing out tips and tricks so you can live the life of your dreams together!
Let’s dish about Financial Planning and Investment Management, which all-in I call "Wealth Management". This includes budgeting, saving for retirement and other goals as well as planning for college etc.
Guest: James Woodall, Woodall Wealth Management
This week, we’re dishing about…
What exactly is “wealth management”?
Why is wealth management so important for couples to consider early in their relationships?
What are the most common mistakes you see couples make when planning for wealth management?
What are some of your top tips for successfully navigating financial and investment planning?
What are some common misconceptions about wealth management?
The 4 Horsemen of Financial Planning.
… and more!
Meet James!
James Woodall is the Founder and CEO of Woodall Wealth Management. James’ passion for Wealth Management has always been around, as a child he was fascinated by the stock market in Junior Achievement and had always been drawn to investing. He graduated from Texas Tech with a degree in International Economics and Finance after studying Mechanical Engineering and realizing it wasn’t for him. Moving into the Finance industry he fell in love with Wealth Management and worked with advisors for a decade when he realized his passion for financial planning and becoming an advisor himself. Still dealing with the effects of his Grandfather’s passing and seeing the impact of estate plans going awry, he earned his CERTIFIED FINANCIAL PLANNER® certification from the CFP® Board, using the Southern Methodist University’s program. The desire to build a firm focused on planning for generations so that others avoid the family issues that derive from poor estate planning pushed him to open his firm in 2022.
When James isn’t working you can find him reading, cooking excessively large meals for family and friends, or slowly learning to golf.
Business Details…
How long have you been in business? 10 years
What areas do you serve? USA...joys of being digital :)
Why did you decide to start your own business?
I'd come to realize that the reward structure of almost all advisory firms and large companies is simply, how much money did you bring in last quarter. So I thought there was a better way to build the mouse trap by having exceptionally high service and having clients recommend my firm to others. So far it seems to be working.
What's the coolest thing about owning your own business?
For better or worse my strength is coming up with ideas. Owning my business has allowed me to implement them in the nuanced way that makes the most sense. And instead of spending time trying to sell the idea, I can run a quick experiment to see if it works!
Business Info
Do you have a favorite story to share?
The day I realized I wanted to be a Financial Advisor. I was sitting at a bar with my buddy just catching up during happy hour and we were chatting about life. As we were talking about our futures at the firm we worked at, I realized I wanted to be a financial advisor. The second that happened, the stress released from my back and I've been getting after it ever since. It truly felt like a calling to be in this part of the business and I've loved every second of it. There is nothing i've come across that is more rewarding, interesting and fulfilling.
What challenges have you had to overcome?
Every Challenge you can imagine. I've had multiple people in my work life tell me I couldn't do something, or I was too young. Candidly it put a chip on my shoulder and I move that energy into a positive manner. Another great one is simply the learning curve of being an advisor, it’s straight up. You have so much responsibility in the things you say, that’s why I always try to be careful because there are folks that will half listen to what you say and can put themselves in a bind.
What advice could you offer to someone starting a business like yours?
Find a good mentor and if you can an amazing partner. In life and in business, this is a 24/7 job for the first 10 years. I'm making the sacrifice now so I don't have to sacrifice later.
Any funny stories to share?!
My brother’s wedding was at a great venue with two buildings about a mile apart. Both buildings were having a wedding and apparently, both of the newly married couples were being picked up in a class white Bentley and classic Rolls Royce (much more affordable than you think!). Well, me being the car dork that I am knew Jeff and Destiney were going to be picked up in the Rolls. When I saw the Bentley pull up, I thought I just wasn't paying attention. Well turns out the wrong cars picked up the wrong people at the same time and drove in different directions. All I remember hearing was the bride’s mom saying they stole her baby and no one realized it until they were at the airport...about an hour later :)
Daily Life
What is daily life like in your household?
Wake up around 6...try to work out...either do a workout or a warm-up. Shower and coffee and start working. First thing in the morning is going through podmatch as a great warm-up then catch a break and catch up with the GF after she gets off of work (night nurse).
From there it truly depends on the day and what we have planned, if anything. I treat as if she's working or sleeping, I'm working.
I'm curious to see how that will change once we have kids, get married etc.
What does your future wedding look like?
A giant party. The best one I ever went to was non-stop dancing with great music and strong drinks. We all had a blast. So I'd like to replicate that as much as possible, open seating and nice bar food is how it was set up. Even the older folks in the room enjoyed it!
Photo credits: @laurenpeachie and @kellyoconnorphotography
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