Hello, world | Why I started 1787fp
by Jean Jacques Borno, CFP®
November 3, 2017
My Wealth Management Journey
Over the past 15 years, I have been fortunate to work as a financial advisor at some of the premier financial services firms, such as Merrill Lynch and Morgan Stanley. During that time, I was able to learn the wealth management business inside and out. Many big brokerage firms often targeted wealthy clients with $1 million or more of investable assets.
Wealthy clients and institutional investors have had access to the best advisors, money managers, and processes for years.
Rising professionals can’t afford high minimum investments
Many of my prospective clients were young attorneys, MBAs, engineers, doctors, dentists, and entrepreneurs, so they were busy advancing their careers. These rising professionals could not afford the high investment minimums imposed by many of the big brokerage firms and banks. However, with the right financial coaching and guidance, they were able to implement a disciplined savings plan and build sizable six-figure portfolios over time.
Learning the Craft
After I obtained my CFP® license four years ago, I thought that there had to be a way to offer middle-class and emerging investors the same systems that wealthy clients and large institutions have used for years to build and maintain wealth. I thought:
“Why should only the rich have access to wealth-building secrets, processes, and tools?”
In response, I founded 1787fp at the University of Virginia Darden School of Business in order to democratize the financial planning and financial services market.
At 1787fp, we want to help investors save more money and take control of their finances!
If we can get this right, we feel that we can help more people build a financially independent future.
Why I choose the 1787fp name
I am a big fan of the history of United States. The Constitutional Convention was held in in Philadelphia in 1787. The constitution of the United States was drafted at the convention, and the three branches of US government were formed. From the original thirteen colonies to the fifty states today, the United States is arguably the world’s greatest startup. Over more than two hundred years later, the United States serves as a beacon for the world today.
“You’ve got to have a dream, if you want to have a dream come true.”
The FP in 1787fp is for financial planning. I believe applying financial planning principles and tools can help more people achieve their financial goals faster. Setting financial goals helps bring focus. Financial goals compete for your financial resources, so investors have to prioritize and make tradeoffs when planning. Your financial goals can serve as a “lighthouse” and help you focus and stay the course.
Studying Some of the Best Companies in the World
During my MBA studies at the Darden School of Business, I got a chance to analyze some great company titans, such as Netflix, Nordstrom, Google, JetBlue, Southwest Airlines, Apple, and Hubspot. One thing all of these great companies had in common was a strong culture of excellence, so I thought it was critical for us to build a mission-driven company. Together with my founding team, we have thought long and hard about how to build a company with a purpose.
Our mission is to improve the world by advancing financial services, technology, and entrepreneurship.
We hope you join us on this journey to build a company that matters. If you find our blog interesting, helpful, or inspiring, please share it with your friends, family, and coworkers.
Jean Jacques Borno, CFP®
1787fp | Founder and CEO