Alan Moore doesn't care if he has the largest financial planning practice or if he ever becomes a millionaire, because he has a good sense of what he needs. And he definitely knows what he wants.
"We start businesses to support the lifestyle we want to live and not the other way around," said Mr. Moore, 27, founder of Serenity Financial Consulting Group and co-founder of XY Planning Network.
"As financial planners, we can get caught up in the same things we try to help clients with," he said. "It's about how much money you need to live the life of your dreams, and when you reach that point you can stop trying to make more money."
Mr. Moore applies that attitude to his business even as he uproots his 3.5-year-old Milwaukee practice to live and work in Bozeman, Montana, where he can "ski on Wednesdays."
"If you build a virtual practice, those who want you will find you," he said. "My thing is, if you can work from anywhere, why not do it?"
Mr. Moore obviously doesn't discriminate, but his oldest client is just 40. He charges a monthly retainer that starts at $100 and says he grosses about $100,000 a year, which is fine with him.
"Asset-based pricing won't work for Gen X clients, because they don't have any money yet," he said. "And if you need to make a million dollars a year I don't think the monthly retainer model for younger clients is a good fit."
ó Jeff Benjamin
Chief investment strategist, Capital Investment Advisors