Of Thoroughbred Advisors, Financial Planners.
How did Thoroughbred Advisors come about?
My goal was always to create an independent firm, but I wanted to get a strong corporate background with a large company before doing so. For the decade prior to founding the company, I was a financial advisor and managing director at Northwestern Mutual. My established client base and deep knowledge of the industry allowed me to scale Thoroughbred Advisors very quickly. We opened in 2014 and I am proud to say that we have been able to attract over 80 financial advisors and financial representatives to join us in this short time.
In a competitive industry, what sets you apart?
I don’t see our industry as competitive at all! I do, however, see a lot of financial advisors hanging around in our industry. Are there other great financial advisors out there? Absolutely. Sure, we are in the business of financial planning, investments, and insurance but we are also in the business of personal development of ourselves and our clients. Helping to know our clients as individuals and not a number is important to us because each client is unique and has their own story. With our expertise and guidance, we help steer our clients toward financial security and prosperity.
Who is your typical client?
My typical client is currently in retirement or close to retirement. They often were successful professionals or small business owners. Whether they consider themselves “officially retired” or not, they like to remain active and productive. They are focused on ensuring their investments can continue to support their active lifestyle throughout their lifetime. They also tend to be focused on making sure their assets are protected and that they are positioned to pay for long-term care in their home should they need it later in life. Once they have secured their own futures, they tend to be focused on making sure their assets are efficiently passed to the next generations.
What services do you provide?
Thoroughbred Advisors offers an extensive range of services to provide our clients with a comprehensive plan that meets their individual needs. We believe seeking advice and implementing it are completely different. Our services include retirement planning, financial planning, investment management and life insurance services.
What is the one piece of financial advice you can give to a younger client vs. an older client?
Many of the popular retirement vehicles such as 401(k)’s and Roth IRA’s are future-oriented, which means they can’t be accessed without taxes or penalties before 59.5 (there are some exceptions). I remind my younger clients that not every financial opportunity you will ever experience happens after age 59.5. In fact, the exact opposite is often true. Liquidity today is also important.
I remind my older clients that it was about income while you were working and now that you are retired, it is still about income. The positioning of your assets during retirement is essential. If positioned properly, you may be able to create greater income. Or alternatively, you may be able to create the same income with a smaller asset.
What do you say to the person that thinks they don’t need a financial advisor or think they are only for the wealthy?
Unfortunately, many of the larger name-brand companies in our industry have created that perception. Many of these companies have minimums of $250,000 – $500,000 of investable assets in order to become a client. How many 40-year-olds in the Capital Region have $250,000 outside of their 401(k) plan to invest with one of these large name brand firms? When I came into this industry, I made a commitment that I would not set a minimum investment amount in order to work with the advisors in my firm. Where you are headed is what is important to us.
What is the most common mistake that people make when planning to retire and/or looking to downsize?
Two that stand out have to do with the timing of retirement and the location of retirement. Retirement is something riddled with emotion, peer pressure, fear and confusion. It is essential that I help a client clarify their motivation for retiring and what their retirement is going to look like.
The other thing I occasionally witness is a client’s strong desire to retire, sell their home and move to another part of the country.
It is my job to really help a client think through their motivations for both of these things. We believe it is our job to support our clients across all areas of their lives. The relationships we have with our clients are very personal.
Conor Boyd is a Registered Representative and Investment Adviser Representative of Equity Services, Inc. Securities and Investment Advisory Services are offered solely by Equity Services, Inc., Member FINRA & SIPC, 333 Westchester Ave, South Building Suite 3302, White Plains, NY 10604 914.428.4000. Thoroughbred Advisors, LLC is independent of Equity Services, Inc. TC118125(1120)1