David Kern, President of Wealthquest talks with Wealthquest CEO Wade Daniel about the origins and growth of Wealthquest. Wade graduated with a chemical engineering degree from University of Cincinnati. He became interested in finance and wanted to help other people with their finances. As he began working in the field, he discovered there was a disconnect when businesses had to outsource parts of the financial plans such as taxes or estate planning. He was a pioneer in implementing the all under one roof financial plan.
In 2006, James Lenhoff and Wade Daniel were co-founders of Wealthquest. They implemented the all under one roof financial planning concept and took it to the next level. David shares when he joined the team and wisdom shared by James Lenhoff before 2020. They stopped growing the company and grew and refined the team in order to offer the best possible client services. After exploring the Wealthquest origin story, David and Wade share what’s new at Wealthquest and talk about why business growth is so important.
Episode Highlights:
[02:07] Wade is one of the original founders of Wealthquest back in 2006.
[03:26] In 1990, Wade graduated from University of Cincinnati in chemical engineering. He landed his dream job working for Procter & Gamble.
[04:11] He learned to always be focused on the quality of the end product.
[04:29] Wade became interested in finance and wanted to help people with their personal finances and became a Certified Financial Planner. It's about taking all of the puzzle pieces of someone's Financial life and putting them together in a way that makes sense.
[05:34] When Wade became involved in financial planning he noticed that many firms were farming out certain aspects instead of working on the entire puzzle.
[05:49] As president, he hired James Oliger to do in-house tax preparation. Clients loved the convenience.
[06:12] This was the beginning of the all under one roof financial planning concept. They also added estate planning to their offerings.
[06:46] They decided to take the clients entire financial life and manage it under one roof.
[07:05] James Lenhoff and Wade co-founded Wealthquest back in 2006. The plan was to continue building on the idea of all under one roof.
[07:36] TD Ameritrade invited Wealthquest into the advisor direct program.
[08:47] Wealthquest had very rapid growth between 2006 and 2020. Assets, clients, and staff grew nearly tenfold.
[09:11] In 2019, Investment News named them the fastest growing investment advisors in Ohio and the nation.
[09:23] The Financial Times also named them one of the Top 300 Advisors in the entire country.
[09:46] David was a teacher before getting into the industry. In 2019, he became Director of Business Development.
[10:55] James had the wisdom to stop growing intentionally and instead take care of our clients.
[12:30] They continued to hire very talented people. They now have over 20 owners in the company who want to build something great.
[13:49] Client referrals is our favorite way to grow.
[14:59] Going into 2024, Wealthquest is ready to turn things on and grow in a thoughtful and intentional way.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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