When Steve and Janet Zorko stepped up to help their elderly mothers manage their finances in 2002, they never dreamed it would be the inspiration for a second successful career for them both. Steve, an aerospace industry executive and engineer, and Janet, with a background in marketing and personnel management, always had a strong interest in investing. “Over time, we picked up a lot of knowledge about financial planning,” Steve says.
Simultaneous to caring for their moms, Steve and Janet were looking to buy a small business or franchise, but nothing they considered clicked until they realized they already had a viable business idea.
“After both our moms passed, there was such a sense of gratification that we had been able to put their minds at ease,” Steve remembers. That’s when they realized they had found their next calling—and Integrity Wealth Management was born.
In 2003, IWM became a Registered Investment Advisor under the State of Ohio, both got their licenses as Investment Advisor Representatives, and IWM began to accept clients. “We never marketed our business,” Steve says. “Our initial clients were family, friends or word-of-mouth.” Steve then became a Certified Financial Planner, and the business continued to grow.
Last year, they also added a new employee—33-year-old daughter, Laura, who brings more than 10 years of experience as a Certified Public Accountant and Certified Fraud Examiner for PricewaterhouseCoopers, Munich Re and Fifth Third Bank.
Today, Integrity Wealth Management manages $95 million in assets for 90 households. “Our client base includes physicians, business and medical professionals, business owners and retirees,” Steve reflects. “From people just getting out of college to those in or nearing retirement.”
That also means their financial goals cover every phase of life, whether paying off student loans or leaving a financial legacy. “We’ve lived it all,” the now 63-year-old Steve says, including the best and worst of financial and economic cycles.
But Steve believes there are additional factors that give IWM a positive edge. “We take a lot of time to get to know our clients and the goals they want to accomplish. A big part of it is understanding their attitude toward life, money and investments.”
All of the assets that IWM manages are custodied with Fidelity Investments. “There’s a lot of expertise within that company. Once we understand a client’s goals, we can build a portfolio using the wide range of investments available to us from a variety of financial institutions.”
Steve, Janet and Laura also don’t have typical office hours—frequently meeting with clients or communicating with them in the evening or on weekends. Another plus: Integrity Wealth Management’s operating expenses are low, a benefit passed on directly to their clients.
Laura realized early on that she wanted to join her parents in the business after getting some real-world experience elsewhere. IWM’s goal? In another 10 years, Laura will succeed Steve and Janet when they retire.
“Out of loyalty to our clients and family, I didn’t want to eventually sell it and turn everyone over to strangers,” Steve says.
“The more time I can spend working with my mom and dad, the more prepared I will be to succeed them,” says Laura, whose financial education began at age 12 when she started investing half of her babysitting money. Suffice it to say, she’s been hooked ever since.
And when it comes to tips from these experts, Steve and the IWM family offer some valuable advice:
1. Start teaching kids early (even while they’re still in their single-digit years) by having them save a portion of an allowance or money earned. It’s never too early to develop financial discipline.
2. When you start working full-time, establish a budget for multiple priorities: Paying off student debt, covering expenses of a first home and car, and setting aside money for retirement.
3. Speaking of retiring, start investing early—retirement is not an exam you can cram for, and time is your friend in this scenario.
4. A diversified portfolio, quality investments and best practices like dividend reinvesting will enhance returns and reduce risk.
5. Work with an investment advisor or Certified Financial Planner to help you come up with a plan to meet all your goals.
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