CJM Wealth Management is expanding in a way that puts more focus on the needs of its business clients.
The Deer Park, N.Y.-based firm announced that it has launched its Business Advisory Solutions division—a branch of the wealth management firm that aims to help successful business owners significantly reduce their overhead expenses, taxes and exposure to risk, according to a company release.
A member of the Dynasty Financial Partners network of advisory firms, CJM manages nearly $500 million in assets.
Peter Anastasian, the firm’s managing director, said the goal of the new unit is to help clients and their certified public accountants be more proactive in their approach. “We recognize that both business owners and their tax planning specialists are so busy on a day-to-day basis that their planning can become reactive instead of proactive,” he said.
CJM’s process begins with a proprietary Client Information Questionnaire (CIQ), which uses algorithms to help identify and prioritize opportunities within a business, according to the release. It also includes a team-based approach with business owners' CPAs and other tax professionals to create a plan to improve cash flow and reduce risk.
The firm, which mainly serves affluent physicians, business owners and families impacted by autism, was founded in 2003 by CEO Charles Massimo, who spent nearly two decades at major financial firms. Massimo, who has two sons with autism, said he left Wall Street to build an advisory firm that puts clients before profits.
“Our ongoing mission is to look well beyond investments to provide a solution that adds value to every one of our business owner clients,” Massimo said, adding that the firm has aligned with some of the country’s top experts in various fields, including cost remediation, cost segregation, charitable planning and advanced tax planning to help facilitate that mission.