BELMORE’S 2016 REGULATORY AND BUSINESS UPDATES
A memorandum to Belmore’s Clients
May 18, 2016
Each year, Registered Investment Advisors are required to deliver, or offer to deliver, a copy of our annual disclosure filing, or ADV Part II. You can find and download our most recent filing at www.belmorefinancial.com/2016.
In addition, we are required to provide notice of any material changes to our business. As there have been many changes in recent months, I thought it would be fun to provide those updates in a Q&A format.
What are the biggest changes at Belmore in recent months?
There have been a lot, and I’m excited about all of them! Here’s a quick overview:
- Belmore’s primary location has moved back to Washington
- Danika moved to a larger practice in Seattle where I think she’ll gain great experience
- I’ve brought on a fabulous paraplanner, Jonathan Grannick
- We’ve adopted additional planning software to allow us to better help clients and provide a more streamlined and interactive experience
Why Washington? Are you moving back there?
After seven months living in Denver, Colorado, Braden and I realized that wasn’t the right spot for us. Being the nomads that we are, more information on our next adventures are below.
The regulators require Registered Investment Advisors to have a primary state, which is straightforward for most. However, running a completely virtual practice and being location independent doesn’t jive as well with the regulators.
Belmore was started in Washington, has always been registered in Washington, and the majority of Belmore’s clients are in Washington, so making Washington the primary state seemed like a no brainer. My parents also live there so that’s where my roots remain.
Belmore’s new mailing address is: 1425 Broadway #20-1658, Seattle, WA 98122, though I prefer to keep delivery and communications electronic.
When did Danika leave?
Danika’s last day was Friday, April 22 and we got to have a great brunch together on Sunday, April 24 before she started her new job the following day.
It’s been wonderful working together over this last year, but the thing about great people is, they often get snagged away. She’s taken a job at a larger firm in Seattle and I think it will be a perfect fit for her.
What’s a paraplanner? Can you tell us more about Jonathan?
A paraplanner is like a paralegal. They help with data gathering and data entry, plan creation and analysis, research, systems and processes. But Jonathan has been so much more!
He passed the CFP Board exam in 2013 and comes with great experience from a highly regarded planning practice. He’s been helping overhaul all client processes, on-boarding, technology, and planning.
Will we be hearing from or working with Jonathan?
Yes! We’re not sure exactly when or what that will look like yet, though. He’s incredibly thorough with data gathering so it’s likely he’ll reach out with clarifying questions or to obtain additional information to ensure we have all we need.
What’s the new software?
While working with Jonathan, we have adopted a new software that just released a major upgrade. We’re still getting used to it and learning all of its capabilities, though Jonathan has extensive experience working with the prior version.
I’m always striving to find the tools that allow me to best help you and provide great planning in an easy to understand way and I appreciate your patience!
Will this require learning a new login?
Nope! It integrates perfectly with the existing client website.
When will we get to see the new software?
I’ve already begun scheduling meetings with clients to do an initial walk through and hope to do this with as many clients as possible in the coming weeks. If you haven’t heard from me yet, you will soon!
I shared a story in Belmore’s March newsletter (you can read the story here; it’s very short) that fits perfectly with how I work with clients, and it also got me thinking. The gist of it is — what are we all working towards and what truly makes us happiest? I believe the primary role of financial planners is to help clients figure out what they want their life to look like, then create a plan to go after it.
We’ve all got wild ideas that hang out on the back burner for ‘someday, maybe’, but my favorite part of being a financial planner is bringing those ideas to the forefront and helping you determine how to make them a reality.
So after reading and reflecting on the story, my own wild ideas, and my desire to ensure I practice what I preach, Braden and I have decided to move to South America this summer.
We researched and considered locations all over the world and settled on South America for a few key reasons, all centered on the desire to continue providing the same high quality service there as I do from the U.S.. The biggest deciding factors were the availability of broadband internet and T-Mobile access to remain fully connected and accessible to you, and the timezone convenience as much of South America is on Central or Eastern time.
Where exactly in South America?
As we haven’t been there yet, we’re not committing to one location, but wherever we visit, ‘test out’, or settle, you can be sure that I'll have the needs of clients in mind as one of my highest priorities. Wherever we end up, my aim is to continue providing a seamless experience as we work together to reach your personal and financial goals.
It definitely sounds exciting, but what are the reasons for this big move?
There are a lot of reasons, including:
- Much lower cost of living
- I read a book recently with a great tag line: Live a better life for half the price
- I have opportunities to help get financial planning off the ground in Colombia
- We’d both like to be fluent in Spanish (I took five years of French; not sure how helpful that’ll be . . . )
- Braden owns a trucking business in Las Vegas so we both want to show what’s possible in life and career when you get creative
- The idea of retiring abroad is gaining momentum so helping clients plan for that may become a niche aspect of Belmore
- The way the Presidential election is looking there may be far more than just retirees moving abroad . . . :-)
Will you make trips back to the U.S.?
Absolutely! I will continue working with clients on the employee advice side, visiting many of you in person when I’m in the area, attending conferences, and maintaining my involvement within the industry.
You also have an open invitation to come visit anytime!
Is this memo done yet?!
Yes! If you’ve read this far, thank you! If you haven’t read this far, I still hope you know how much I value you as a client, and a person. I’m often asked what I specialize in and I always answer: “I specialize in working with great people that I’d want to hang out with at a BBQ. If I wouldn’t enjoy their company on a casual Saturday afternoon, I know we’re not the right fit.”
As always, please let me know if you have any questions.
Thank you for your continued support,
Kate Holmes, CFP®
Founder + CEO
Belmore Financial, LLC