Nowadays, it is hard to find financial advisors that put their clients above their own profits. In some cases, people ended up broke or in jail because they chose to trust the wrong person. Wealth Manager Mark Doman, who is the Chief Executive Officer and Managing Member of The Doman Group, manages approximately $200 million in assets, is convinced that it does not have to be this way. “I genuinely believe that anybody who is hired to be someone’s trusted financial advisor should have the legal obligation to do what is best for the client, not what is simply suitable.”
RM: Tell us a little bit about the concept of the “family office”.
MD: The concept is a simple one, which is that understanding your financial health is not just about your investments, it’s not just about your financial plan, your taxes or insurance, it’s about all four. The purpose of the “family office” is to be a holistic trusted advisor for wealthy individuals and families.
RM: What makes the Doman Group special? How does it differ from other investment advisors?
MD: We’re unique because we started by focusing on wealth management for very successful Gen X’ers and millennials. They include notable names in the worlds investment banking, entrepreneurship, sports and entertainment. What makes us special is that we treat all of our clients, no matter their public profile, like ordinary people. Another big differentiator is that we are registered with the SEC as an investment advisor, which means we have a legal obligation to look out for our clients’ best interests for their investments.
RM: What are the advantages of working the Doman Group compared to a bank or large investment company?
MD: Our position is a simple one – which is for a client to house their assets at a big bank, but to obtain their investment advice independently from an advisor with a fiduciary duty to their clients. Then, that client has the security of a big bank holding their money, but they’re also getting truly independent investment advice from us, as we are subject to the SEC’s Fiduciary Duty rule, where we have to objectively do what’s in a client’s best interests. If I worked inside in one of the banks as an advisor, our investment advice would be measured by what is simply suitable, not what is objectively best for the client. I think it’s a big advantage to know that your advisor has to do what is best, not what is simply suitable for their clients..
RM: What is your process with people?
DG: My process always starts with understanding that person individually as well as their family dynamics. It’s about knowing your client very deeply. I believe what you have to do is build is a financial plan before you can build an investment plan, and knowing their family dynamics is a big part of that.
RM: How do you then keep your clients?
MD: We don’t have any marketing. We have no sales team. We have no business development team. We focus purely on servicing our clients. We hold onto our clients, we service them, we talk to them constantly and they’re very proud of what we do for them, so we are flattered when they tell their friends about us.
For more information visit www.domangroup.com , or markdoman1 on Twitter