Mr. Bates goes to Washington?

A financial adviser for 13 years, Don Bates Jr. seems determined to find a place for himself in Congress
AUG 03, 2011
A financial adviser for 13 years, Don Bates Jr. seems determined to find a place for himself in Congress. The resident of Richmond, Ind., is vying with at least three other contenders for the Republican nomination in Indiana's 6th District, to be decided in a primary next May. The House seat is currently held by Mike Pence, a Republican who is vacating the position to run for governor. In 2010, Mr. Bates sought the Senate seat vacated by Democrat Evan Bayh, but finished a distant fourth in the Republican primary (with less than 5% of the vote) behind the seat's eventual winner, Dan Coats, who earlier served a decade in the Senate. “I don't aspire to be a career politician,” said Mr. Bates, who is registered with Wells Fargo Advisors Financial Network LLC. “But a couple years ago, I grew weary of being an armchair quarterback watching the nation I love go down the drain.” A self-described Reagan Republican, he is a strong advocate for making the Bush tax cuts permanent and abolishing the federal estate tax. “For a person to have to face the tax at the end of life when those assets should be transferring to the next generation is not only wrong, it's immoral in my opinion,” said Mr. Bates, who is married with two sons. “I've never forgotten that it's not my money that I'm advising, as opposed to many in Washington who have forgotten whose money they're spending,” he said in a phone interview. Providing financial advice is about relationships and listening to clients, two of his skills that will benefit the people of Indiana if he is elected, Mr. Bates said.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline