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“Determine what you are looking for.”, with Tim Neuville and Tyler Gallagher

Before hiring a financial planner (advisor) you must determine what you are looking for. You may need someone to help you manage your investments (adviser) or may need someone to address your investments plus risk management, estate planning, tax planning and charitable giving- this is called comprehensive planning (planner). I had the pleasure of interviewing […]

Before hiring a financial planner (advisor) you must determine what you are looking for. You may need someone to help you manage your investments (adviser) or may need someone to address your investments plus risk management, estate planning, tax planning and charitable giving- this is called comprehensive planning (planner).

I had the pleasure of interviewing Tim Neuville of Marcum Financial Service, LLC.


Thank you for joining us! Can you tell us a story about what brought you to this specific career path?

When I was 14 years old, a neighborhood friend’s parents died leaving her the sole beneficiary of their estate. It was put in trust for her until she reached 18. For the next three years she lived off parties and bad decisions. At 22 she had nothing to show for it and was broke. I wanted to work in an industry where I could make a positive impact with people’s lives when faced with life’s big questions.

Are you working on any exciting new projects now? How do you think that will help people?

A new project that I am excited about is writing and conducting classes on Health Savings Accounts (HSAs). This is a widely misunderstood savings account which I feel is underutilized. With increasing medical costs and insurance premiums, people need a tool to help manage this risk. The HSA has what I call the “trifecta’ of investing: tax deductible contributions, tax deferred growth and tax free distributions for qualified medical expenses.

Are you able to identify a “tipping point” in your career when you started to see success? Did you start doing anything different? Is there a takeaway or lesson that others can learn from that?

The tipping point in my career was in 2005 when I accepted a position as an adjunct professor at University of California– Irvine (UCI) in their extension program for Financial Planning. I wrote and taught the curriculum in Risk Management and Retirement Planning. This not only helped me get a better understanding of the available planning techniques, but it reinforced the fact that clients want a consultative approach toward their comprehensive planning.

What three pieces of advice would you give to your colleagues in the finance field to thrive and avoid burnout? Can you give a story or example?

1. Control what you can control

2. It is more than money

3. Take care of yourself

As a “finance insider”, you know much more about the finance industry than most consumers. If your loved one wanted to hire a financial advisor (not you :-)), which 5 things would you advise them to find out about before committing? Can you give an example or story for each?

Before hiring a financial planner (advisor) you must determine what you are looking for. You may need someone to help you manage your investments (adviser) or may need someone to address your investments plus risk management, estate planning, tax planning and charitable giving- this is called comprehensive planning (planner).

Once you address what your needs are you would then proceed to interview potential candidates. Keep in mind besides the five questions below, you will be entering into a professional relationship with this person. You will be sharing private aspects of you finances, family and dreams so you need to be sure that your personalities work well together and you can trust them.

1. What are your qualifications (licenses and credentials) and experiences? Will you act in my best interest (fiduciary standard)

2. Have you been publicly disciplined for any unlawful or unethical actions in your career? Use brokercheck on Finra.org

3. What services do you offer and what is your planning approach?

4. How are you compensated? (fee and/or commission) Are you independent?

5. What type of clients do you work with? Retirees, business owners, young individuals

I think most people think that financial advisors are for very wealthy people. This is likely not actually true. Can you explain who would most benefit from hiring a financial advisor and why? Can you give an example?

Anyone who is looking for answers to life’s many important questions: How do I manage my debt (student loans big issue), best way to save for retirement, buy or lease a vehicle, rent or own? For many of our client’s children we will sit down with them for a couple of hours and address their concerns and come up solutions.

We recently sat down with the daughter and her fiancée of our client. She and her fiancée had questions on budget, debt management, saving for retirement and purchasing a condo. We covered these and provided solutions to assist them in these life decisions. However the most important discussion we had was how was money discussed growing up. Since money can be a cause for divorce, I feel it is important to bring out their thoughts and discuss it. We found out that the daughter lived in a household where there was stability of employment and saving money was encouraged. The fiancé grew up where there was no employment stability, lived in a small apartment and lived paycheck by paycheck- sometimes no paycheck.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

It is very difficult to get started in this business. I became licensed in 1986 after I completed college. I was fortunate to have a branch manager, Jim Morton, who created a community of other young eager advisors. Together we learned how to develop business, service clients, and build a business. It was challenging but Jim made it fun by keeping us together so we could learn from our successes and even more important our disappointments.

It lead to a fulfilling career and passion to serve great clients.

How can our readers follow you on social media?

LinkedIn: https://www.linkedin.com/company/marcum-financial-services-llc/

Twitter: https://twitter.com/@Marcumfs

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be?

A passion of mine is the health of our young adults. I feel that too much time is spent on their electronic devices, sitting watching TV, poor diets and poor sleep patterns. This has led to obesity, diabetes and depression.

I was fortunate to lead a group of families 8 years ago where we started a local high school mountain biking team. This was part of NICA (National Interscholastic Cycling Association). When we started they were in 8 states now they are in 25 states.

I have seen firsthand young athletes gain fitness, focus and move on to accomplish great achievements in college, military, professional careers and elite racing. Cycling and being in the outdoors is great therapy for the mind, soul and body. I have also witnessed transformation with parents, who decided to start bike riding, in their health and mental outlook.

I believe it is more than money, it is health and wealth.

Thank you for all of these great insights!

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