Kevin Ervin founded Market Street Wealth Management in 2001 with a specific goal in mind. He wanted to create a wealth management firm that his wife would feel comfortable working with, should something happen to him.
“We are big on that family approach of getting to know our clients and building those relationships,” says Katie Fischer, partner, senior financial planner and chief compliance officer at Market Street.
In recent years Ervin and his partners have been intentional about succession planning by adding five younger partners to the team.
“We will continue building relationships with our clients and providing the same high-quality service to future generations,” Fischer says.
Market Street is unique within the financial planning community in that they are intentional about keeping the ratio of clients to advisors low, to provide a customized, personalized service. Doing so enables them to develop deeper, long-term relationships with clients. In addition, Market Street takes a team-based approach with everything they do. This means that rather than a client having a sole advisor who talks them through every decision, they have a team behind them, all working as a unit since some advisors have a strength or specialty in certain areas.
“That sets us apart from a lot of advisors because we consult with one another and share knowledge,” Fischer says.
The financial planners at Market Street ask their clients what’s important to them, because that’s what drives financial decisions.
“When you’re talking about money, we don’t want to go down these paths of different investments or tax strategies, only to find out that’s not a priority for a client and that they have a different goal in mind,” Fischer says. For example, she works with someone whose top priority is to see the world while she’s still physically and financially able to do so. Therefore, every year she plans a big trip. Fischer also works with a couple who opted to invest in property in a warm climate. Rather than traveling to different places, they retreat to their second home every winter.
A number of clients want to know what retirement might look like for them down the road.
“We really get to know what’s going on in our clients’ lives,” Fischer says. “We ask about their income, taxes, estate plans and the type of insurance they have.”
They also discuss future goals. For instance, are they 55 and hoping to retire by 60? Are they young and just launching their career? Once they have a clear picture of where the client is today, as well as a peek into their future aspirations, the partners begin building an individualized financial plan.
“We aren’t accountants or attorneys, so we don’t do the tax prep, insurance or estate plans,” Fischer says. “But clients appreciate us being a second set of eyes, especially for things like when they create estate planning documents.”
Reviewing goals for financial planning is done annually at a minimum to make sure they are on track, although they talk to most of their clients more frequently than that, having one-off meetings to discuss topics like the current year’s taxes. They also meet if a client experiences a major life shift such as a job change or a death in the family.
“Nothing is set in stone because we know things are going to change,” Fischer says. “That’s why we meet with our clients to show them alternative scenarios of what life may look like if, say, one spouse passes away or they want to retire early.”
Financial planning can feel overwhelming since there are so many pieces to it. Plus, there are certain measures that only need to be taken once in life, like filing for Social Security benefits. The Market Street team can help make sure you’re doing it correctly.
Market Street’s partners and advisors include Kevin Ervin, founding partner/senior financial planner; Jessica Bokhart, managing partner/senior financial planner; Kyle Thompson, partner/senior financial planner/chief investment officer; Katie Fischer, partner/senior financial planner/chief compliance officer; Patrick Robert, partner/chief operations officer; Aaron Williams, partner/senior financial planner/chief people officer; and Austin Angel, senior financial planner. They have four paraplanners on the team as well, who interact with most of their clients.
“The paraplanners usually have a relationship built with the client and likely have some background on whatever the issue may be, so it’s fairly easy for an advisor to step in and answer questions as needed,” says Fischer, who notes that most clients come in with a specific question in mind. Most commonly it’s somebody who is approaching retirement age and they want to know if they have enough money to be able to retire. They also ask about what it looks like when they have to start withdrawing from their portfolio rather than saving.
“Probably the number-one question we get from new clients is, ‘Can I retire when I plan to?’” Fischer says.
Some clients are business owners who don’t have a retirement plan through their employer. They want to know how they can save for retirement, or they wonder if they should start a retirement plan for their business. Younger clients seek a financial planner due to job changes.
“Maybe they have started their own business or they’ve gotten to the point where they have maxed out their employer-sponsored retirement-plan savings,” Fischer says. “They have more money to invest and want to know how to do that.”
Then there are those who consult with the Market Street team because they have come into a large sum of money, perhaps through an inheritance or some other means, and want advice about what to do with it.
If you’re looking to create a simple, more confident financial future, set up a free consultation with Market Street Wealth Management today at mswma.com.
Market Street Wealth Management is located at 3105 East 98th Street, Suite 170 in Indianapolis. Call them at 317-552-0505.
