by joe innace
Pat Harmon, CPA/PFS, CFP® President Harmon Financial Advisors, Inc.
SHUNNING THE WEALTH MANAGER MONIKER Zeroing in on small business 401(k)s
The wealth management industry in the United States is estimated at about $29 trillion, according to the publication Business Insider, citing statistics from Aite Group. And assets under management (AUM) of North American wealth managers are expected to increase more than 26 percent by 2025, notes a recent Insider report titled Wealth Management Ecosystem 2021: Industry trends, stats, and firms undergoing digital transformation.
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till, not every investment advisor fits the wealth manager mold—nor cares to. Just ask Pat Harmon, CPA/PFS, CFP® and president of Jackson, Mississippi-based Harmon Financial Advisors, Inc. “I don’t have a firm minimum (investment) number one, and number two, I don’t call myself a wealth manager,” Harmon told Advisors Magazine in a recent interview. “You see that title in a lot of organizations, but I make myself available to just about anyone who has a need for financial planning.” Originally a CPA with a tax practice dating back to 1987, many of Harmon’s tax clients sought out his investment advice. So, after just a couple of years he decided to shift focus to financial planning and joined a large financial institution to better learn the business. The move was more suited to his personality because as a tax specialist, Harmon felt he was working in the past. “I was more interested in projections and working in the future on planning and helping clients prepare for
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upcoming events,” he explained. Eventually, Harmon started thinking about opening his own firm. By the mid-late 1990s, he had received his designations as a Certified Financial Planner® and a Personal Finance Financial Specialist and has maintained an active financial planning service practice ever since. He noted that early on, he never really put a price tag on advice, and was more dedicated to educating people and helping them move forward. CPA partner Clint Brown is an Investment Advisory Representative who has been associated with Harmon Financial since 2013. He has over 10 years of experience guiding clients toward a successful and fulfilling retirement. His background in tax planning and preparation provides him additional resources to provide clients a full spectrum of financial advice. Most clients are referrals. “When prospective clients come to me, I tell them on the front-end if a fee is involved after I meet their needs; and if I end up managing their assets, the fee is generally a percentage