An Arizona-based financial advisory firm, Watermark Wealth Strategies, is working with a client-as-family ethos producing extraordinary results.
Trusting an advisor with your financial planning is a leap of faith. However many assurances you receive, it is always an immense decision to trust someone with your nest egg. This is especially true in the area of retirement and legacy, which Watermark Wealth Strategies happens to specialize in. Looking towards the final chapters of your life, you would not entrust your savings to just anyone.
Kyle Richardson, founder, fiduciary, and Certified Financial Professional® of Watermark Wealth Strategies, understands this. Unlike many other financial advisors, he puts trust at the heart of his client relationships, by cultivating personal connections and maintaining them with genuine warmth. “People are surprised to learn that I often give clients my direct cell phone number,” he says. “But I want clients to feel connected and know that they can reach me in an emergency and not have to go through the chain of command.”
“Trust is a formula for success. If we’re the right fit for our clients, we want to be the last financial planning firm they ever use. We are accessible and knowledgeable and put their best interests first. I can do what I say and I can say what I do but ultimately I can’t control time. And it is time that build and bridge that trust. We are in no hurry; we like getting to know people so they feel comfortable with who we are.”
One of the ways that Richardson builds those relationships with clients and prospects is monthly happy hour events that provide an informal space to enjoy each other’s company. “We bring in food trucks, set up drink stations, and have a great time with our clients in a relaxed atmosphere,” he says. “We get to know each other much better over a glass of wine than in a conference room.”
Clients bring friends, family, and colleagues to these regular events, which has proved a successful avenue for referrals because 99% of Watermark Wealth Strategies’ business comes from referrals alone. Without a need for public marketing spend, they focus marketing efforts entirely on their existing client base. The human and connected approach by Richardson and his team is transforming the typical wealth manager picture.
“My mom told me once, ‘Imagine I’m sitting in that client’s chair every single time.’ So I treat the client like I would treat my closest family member and it has changed everything,” Richardson says. This heartfelt approach results in reciprocal trust, which supports client relationships in the long term. Many of Watermark Wealth Strategies’ clients are multi-generational, benefitting from their wealth manager having a deep understanding of their family and history.
“Retirement planning really comes down to values,” explains Richardson. “Of course the numbers are key but these legacy and estate plans are so personal. They reflect each individual in terms of what is really important to them. It might be their grandchild’s college education or a family trip. One client wanted to buy an RV so we factored that into our strategy to allow space for that cost.”
This speaks to another founding tenet of Richardson’s approach to retirement planning. “I like to help my clients make amazing memories by creating a retirement plan that allows them to spend their profits safely,” he says. “We hear all the time that we are the only financial planning firm that is actually encouraging them to spend more. It is never too early to start saving but once you are facing your later years, you can’t take it with you so it’s best to enjoy it!”
June 2024 saw Watermark Wealth Strategies win the prestigious ‘Elite Top 1% Firm’ award by LPL Financial, the largest independent broker-dealer in the US, an award recognizing the firm’s exceptional client service and impressive growth.
Richardson believes the mindset of cultivating good and lasting relationships starts with putting the right team in place. The first-class team at Watermark Wealth Strategies is a close-knit group bonded by the care and consideration they have for their clients. “The number one thing we look for when bringing in a new team member is their capacity to care about the clients and their financial outcomes. We can teach someone how to process a transaction, but we can’t teach them to care,” confides Richardson.
Taking on around 35 new clients per year, Richardson is effectuating controlled growth. “My allegiance is to my existing clients. I will continue to take care of them, and with our naturally family-centered approach, growth will take care of itself. By staying laser-focused on client needs and clear communication, we aim to ensure each client feels like they are our sole priority.”
For more information on how Watermark Wealth Strategies can ensure a happy retirement for you, check out their website.