Posted by Elena del Valle on December 20, 2013
Wealthy by Design
Photo: Kimberly Foss
Kimberly Foss, CFP, CPWA, rose from a home with "financially challenged parents" to become the president and founder of Empyrion Wealth Management, which according to promotional materials, was named one of the nation's top wealth managers by Bloomberg's Wealth Manager Magazine. In Wealthy by Design (Greenleaf Book Group Press ebook), published June 2013, she shares some of her life story and wealth management ideas. She assumes readers will rely on a financial planner who will work with them based on their goals, risk taking preferences, equity and age.
She explains that there are two primary types of financial advising services, consultative and transactional. The former focus on client goals and needs and charge based on the number of assets they manage for a given client while the latter recommend products for which they earn commissions. In Appendix A, she provides readers questions to ask a prospective adviser. In Appendix B, she offers six allocation strategies for portfolios. In the ebook edition, it was challenging to read the graphics as displayed on the tablet reader.
In her book, she outlines the importance of understanding personal financial drivers before making long term investment decisions. She strives to demonstrate to readers how following five foundational principles of investing can lead to wealth management based on individual goals and circumstances. The principals are: Goal Setting, Planning, Commitment, Assessment, and Flexibility. The book is divided into an Introduction, a chapter each for the principles, and a Conclusion as well as two appendices. She relies on case studies and anecdotes to illustrate her points. For example, she describes a risk averse client for whom she organized, thanks to her banking relationships, a 15-year CD.
She touts the importance of focusing on the best interests of clients, the relationship between asset allocation strategy and the success of a portfolio, and portfolio diversification. An investor's approach to building wealth, she says in the Conclusion, should be considered with care, planned, reviewed and never random.
Foss has 26 years of financial services experience. She is a member of the Investment Management Consultants Association.
Click to buy Wealthy by Design