Name
Title: Chief Operating Officer
Company: Financial Consulate
Web Address: https://financialconsulate.com/
Mike McCarthy is chief operating officer and chief compliance officer at the Financial Consulate, a fee-only RIA based in Maryland and Pennsylvania.
What services does your wealth management firm offer & what is your AUM (if you wish to share the latter)?
Financial Consulate provides wealth management, financial planning, tax preparation and planning, retirement and estate planning, insurance planning, education planning and small business accounting services, and has $550 million AUM.
What was the personal motivation for you to join (or launch) your firm? Please share some details if you wish, such as the age of the firm, partner info, location/s, investing emphasis, etc.
I started out with a career focus on tax accounting in the investments and high-net-worth family areas. Within a short period of time I realized that I had much more passion for delivering advice and planning to improve clients’ outcomes as opposed to simply reporting on what happened. My first opportunity to make this transition was with the Financial Consulate.
Founded in 1984, Financial Consulate, with offices in Hunt Valley, Md. and Gettysburg, Pa., has over 35 years of experience providing clients with trusted advice. Our team of independent financial planners offers clients comprehensive financial planning and tax planning services.
When I joined the firm in 2008, coming from the highly process-driven environment of an accounting firm, I quickly recognized the need to replace manual processes with an advanced technology solution.
As a firm already dedicated to technological improvement, but still saddled with outdated processes like using Microsoft Excel to trade, completing quarterly billing over nights and weekends, and operating with an off-the-shelf CRM system, we knew the model had to change.
I realized we needed technology that could service our diverse client base in a way that not only empowered our small administrative team, but also allowed for customized options to best serve the full spectrum of client needs and expand the ways in which we could serve them.