Today we’d like to introduce you to James Walters.
Hi James, please kick things off for us with an introduction to yourself and your story.
After graduating Point Loma Nazarene University on a Saturday in 2016, that immediate Monday, I was in a suit and tie as an intern for Lincoln Financial in Sacramento, CA. I began my career in financial planning, learning and observing from one of the number one female planners in the country. That was incredible and extremely demanding. Lincoln only hired around 60 interns company-wide and by the end of the process there were only about 6 left- By some miracle, I was one of those! Overall, that experience was eye-opening and a great learning experience. Lincoln, like every other Fortune 500 finance company, expects sales and worries about client fit later. That forced me to come to terms with a few questions about myself- what kind of person did I wanna be? Could I do this job and still feel I had a strong character?
After about 2 years of early mornings and late nights at the office, I decided to go back to my home state of Arizona to begin working for a smaller but more specialized firm in Scottsdale, Arizona. I learned more at this firm in 6 months than I would have in a decade at any other firm.
We were growing, and they trusted me to help that growth even though I probably wasn’t ready for it. I’m extremely thankful for that experience; however, it was more wolf of Wall Street than it was local small business. So once again, I found myself asking tough questions- can I do this and still be a Christian? Am I able to feel good about being a part of this growth even if it may be immoral? I eventually decided I had to take a risk on myself and start my own firm!
Thus, here we are! About 3 years ago (during Covid) I started a wealth management firm and had absolutely zero leads and zero plan, but I felt like God was leading me in the right direction and I took a huge risk on myself. 3 years later we are growing in Southern California and have a complete financial firm- we do new business development, tax planning for small/ large businesses, and wealth management for businesses or individuals.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall, and if not, what were the challenges you’ve had to overcome?
The struggles were constant. Here is a brief run-down of my first job in Sacramento and just some of the struggles- – I had mentioned wolf of Wall Street, but it really was similar. One of the biggest struggles I found was that although I was learning to become an advisor, I learned fairly quickly; even the advisors I worked for didn’t know what they were doing. There were so many hands in the pot that they could get away with just being a “salesman” under the guise of financial advisor.
-You’re a call slave.
Kind of harsh to refer to it as that, but that’s how it was back then. They asked you to create a project 100 which was a list of the 100 people you knew best. Then they’d ask you to call them and try and get a meeting with one of their advisors- of course, you’d get to sit in on the meeting. Ultimately, it felt like we were just trying to sell them something. A pretty gross business tactic that ruined friendships and relationships for some.
The most calls I made in a one-week period was roughly 1400.
– extremely competitive with low pay.
Everyone is essentially competing and not working together like a normal business. It’s a difficult work environment because you only get paid based upon what money you bring in. As an intern, you’re paid hourly and are expected to bring in clients for the established advisors. And maybe you’ll get brought on to their team. So, who makes the most calls who gets the most appointments wins.
-1 strike and you’re out
Need to pass your exams the first time within 6 months of employment or you’ll be fired.
– long nights and early mornings
As you know, we’re big fans of 77 Financial Group. For our readers who might not be as familiar, what can you tell them about the brand?
You should know that no matter what, no matter where you hold your money- cash, retirement funds, investment funds, insurance, health savings account, etc etc. SOMEONE is making money off of you, even the banks. It’s being invested, and someone’s making a fee off of it. So, you should work with someone you trust, someone who is a fiduciary, and someone who does the job in-house (a lot of firms outsource investment management and then pass that fee on to the client).
I run the investment side of 77 Financial Group. Which is a comprehensive wealth management firm. Meaning we do just about everything someone would need for their financial goals. Taxes, accounting, retirement planning, legacy giving, investment management. Just about all of it.
We are known for being fiduciaries first (an odd word that just means doing what’s in the best interest for the client) and advisors second.
We specialize in working with medical providers. Retirees and small business owners.
Besides our personal experience of leaving better-paying jobs on the corporate side of things, it’s our fiduciary obligation. Most firms get to pick and choose what hat they wear to make themselves the most money- if it makes sense to do what’s best for the client, then they will say, “I am working in a fiduciary capacity” (but they aren’t actually fiduciaries just acting as one- clever wording). If not, they wear the “suitable” hat and try and sell an investment product with a high commission like an annuity.
We do not do that. Our firm is an RIA (registered investment advisor) and are legally held to that fiduciary standard in every recommendation we make.
I’m most proud that everyone working here left significantly better-paying and secure jobs to join a firm based on morality and actual financial advice.
No one cares about your money more than you. Here at 77, we will earn the right to be second.
Also, even if you don’t use us, use someone who is a fiduciary and someone who cares about your future more than your dollars. Ultimately that’s only purpose of money- to fund the future you want.
Can you share something surprising about yourself?
I actually played college basketball at Point Loma Nazarene University before I tore my Achilles. Some of the best times of my life!
I’m a devote Christian and lean on my faith to be able to do this job every single day. It’s high stress and high demand. Without Jesus, I don’t think I would have left those higher-paying jobs at those bigger firms. But I trusted in His plan and will continue to do so!
I also run a financial podcast when I think there’s important news to share- it’s called 15 minutes of finance
Pricing:
- We get paid in different ways depending on what we do and the complexity, but for the wealth management side of things anything from 10k- 1,000,000 is 1.3%
- 1M-5M is 1.15
- 5M+ is .9%
- We also charge for accounting and bookkeeping services, but those depend on workload and complexity
Contact Info:
- Website: 77financialgroup.com
- Instagram: https://instagram.com/77financialgroup?igshid=MmIzYWVlNDQ5Yg==
- Other: https://open.spotify.com/show/5FTPnHH3tHrWQdyxJrqJzw?si=7IYnex7UQE6d1ViLEIhpYg
