1787fp Blog #2| Customers We Can Best Help
by Jean Jacques Borno, CFP® | Founder and CEO 1787fp
“A journey of a thousand miles begins with the first step.”
−Lao Tzu
When I worked as a financial advisor at Merrill Lynch, one of my clients referred a young husband and wife to me. Both were physicians. Even though they had bright financial futures, because they were just starting their careers, they did not qualify for the investment minimum imposed by my firm. However, I thought I could, and wanted to, help them.
Inside Broker Compensation / Broker Compensation Tradeoff
Although a potential customer may fall short of the investment firm’s required minimum investment, sometimes it makes sense to delay gratification and help guide these emerging customers. In these cases, brokers invest their efforts in a less profitable relationship with the understanding they will receive reduced compensation or no compensation at all. It takes vision to see that today’s small customers with the right financial coaching can grow to become tomorrow’s great customers.
Working Toward Financial Independence
They had a good income. They wanted to pay off their student loan debt, save for their future, and start saving for their son’s college tuition. They were looking for innovative financial strategies to reduce their taxes.
I felt they would become great clients over time, and they did. We set up a plan to pay off their student loans and save for retirement. We put together a financial plan and began an automatic savings plan.
Next Seven Years | Discipline and Focus
Over the following seven years, we navigated investing in bull and bear markets. We had a plan, and we stuck to it. By taking a disciplined savings approach and investing for the long term, the clients were able to reach their financial goals. They paid off the student loans, built a $1 million+ portfolio, and built a college education plan for their son.
Build a Secure Financial Future | We Can Help You
If you are ready to take control of your finances and start working toward financial independence, the 1787fp app can help you. The 1787fp app has a gorgeous design and robust financial planning tools that are fun and easy to use.
The 1787fp app incorporates three powerful financial tools – track your finances, manage your investments, monitor your credit − on a single, unified platform.
Whether you are an engineer, an MBA grad, a medical school grad, a lawyer, a consultant, or an entrepreneur, you can benefit from the 1787fp app. If you are too busy advancing your career to properly manage your finances, the 1787fp app will save you time.
Our best customers are people who are busy advancing their careers. Many work between 50 and 80 hours a week, and are always looking for ways to get more free time.
Stop Wasting Time
Are you tired of logging on to multiple websites to track your finances? Are you frustrated with using a calculator, pen, and paper to balance your budget? The 1787fp app can help you do all that and streamline your finances!
Properly managing your finances takes a lot of time. Last summer, we conducted the 1787fp Wealth Management Survey and found that the average person is using more than seven financial websites and apps to manage his or her personal finances.
What Options Are Available Today?
There are many tools, websites, and apps that address different functions of financial management. What sucks is that none of these systems talk to each other. There has got to be a better way.
What We Do
At 1787fp, we have found a better way. We build powerful financial planning tools to streamline your finances and make investing easy.
What Do New Investors Want?
What is the best way to invest that first signing bonus or your year-end bonus? Should you maximize your 401(k), or should you save to buy your first house? Should you buy or lease a car? Some of the tools we are designing help answer these questions. But we need your help. Send us your most pressing financial questions so we can evaluate the top requests and start developing new tools to meet those needs.
Input Needed From 1787fp Member Community
We rely on our member community. We have a theory about what we think works, but in order to build products customers love, we need your input.
We hope you will join us on this journey to build a company that matters. If you find our blog helpful, please share it with your friends, family, and co-workers.
Do you want to geek out on your planning and financial tracking? Send us your feedback, and help us design more great products. Do you have an idea for our next blog? Do you have a financial planning question? Send an email to us at marketing@1787fp.co.
Jean
Jean Jacques Borno, CFP®
1787fp | Founder and CEO
1787fp Blog #1 | Hello, world! Why I started 1787fp
