Helping Clients Build a New Legacy

  • By Lisa Amstutz
  • September 7, 2011
  • 288
                        
Too many people are being ripped off by the financial services industry these days, and Jason Burkholder, for one, is tired of it. “I’ve seen a lot of friends and family duped by amateur salesmen who sold them inferior products that were often counterproductive to their ultimate goals,” he said. This concern led Burkholder, a former institutional investment manager, to envision a different sort of company—one where the advisor’s recommendations are based solely on the client’s best interest, and not influenced by his or her commissions. His vision became reality when he opened New Legacy Financial Group, LLC in 2009. “There are five tenets that I built this business on,” Burkholder said. “We strive to be holistic, professional, educational, independent and committed.” He chose the name New Legacy because setting up a financial plan and getting on the right path helps to create a new legacy for clients and their families. New Legacy Financial Group is fee-only and the only member of NAPFA (National Association of Personal Financial Advisors) in Wayne County. The advantage of a fee-only advisor as opposed to a fee-based advisor is that the latter sell financial products in addition to their financial planning services, Burkholder said. This can create at least the appearance of a conflict of interest. “As a fee-only advisor, I’m paid solely by clients,” he noted. “I receive no commissions. My clients can be confident that the recommendations I make are not tied to my compensation. I strive for zero conflicts of interest.” Another factor that sets New Legacy apart is Burkholder’s extensive experience in the institutional investment industry. Prior to launching New Legacy, he served as Senior Institutional Investment Consultant for Charles Schwab’s Retirement Plan Services. Before that, he managed $8 billion in retirement plan assets for Goodyear and $15 billion of international equity portfolios for Barclays Global Investors. “I take that institutional quality and offer it to my clients,” Burkholder said. “I see myself as a true industry professional rather than just a sales professional.” Because of that background and the relationships he built in the industry, New Legacy can provide access to certain products not available through traditional retail brokerage channels. One example is DFA, or Dimensional Fund Advisors, whose no-load mutual funds can only be sold by approved advisors. Another is the Cambridge Plan, a Fortune-500-quality retirement plan solution for small businesses. New Legacy Financial Group’s mission is to help clients realize financial independence, which Burkholder defines as having choices. “Retirement doesn’t necessarily mean the same thing today as it did in years past. Sometimes it means pursuing a hobby more seriously or just working less. Financial independence means not relying on a job or the government for support. I believe financial independence is achievable for most. It comes down to making choices and setting priorities.” Some people put off visiting a financial advisor because they feel they can’t afford it. “Actually, you almost can’t afford not to visit a financial advisor,” Burkholder said. “The financial landscape is so complex.” Although it’s always good to start young, he noted, it’s never too late to change course—it’s just much harder. Burkholder sees financial planning as a process, rather than an event. His clients come in for a series of meetings on topics such as goal clarification and assessment, tax planning, risk management, retirement planning, lifestyle spending review and estate planning. New Legacy Financial Group’s fees are scalable; they can serve middle-income as well as high net worth clients. The firm also offers retirement plan consulting for small businesses. The budgeting process helps clients prioritize their money. People may not realize they are spending $100 a month on Starbucks, for example. And working through the topics one at a time gives the client a chance to process and implement each step before moving on to the next. “Financial planning is a continuous lifelong process that requires your active involvement,” said Burkholder. “You are far more in control of your financial future than you have been led to believe.” With generational ties to Wayne County, Burkholder and his wife Kim are happy to be raising their three children in this community. His passion for educating people to make wise financial decisions extends even beyond the office as he coordinates Dave Ramsey’s Financial Peace University program at Orrville Christian Church. For more information or to schedule a free initial consultation, call New Legacy at 330-988-1060 or visit their website at www.newlegacyfinancial.com. New Legacy is located at 711 Winkler Drive, Suite C, Wooster.


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