Investing your money is an emotional and personal decision. Whether you have just started your investment journey or have been deeply invested for thirty years, the emotion never dissipates as everyone's wealth management journey looks different. At Kimery Wealth Management, Kevin Kimery and his daughter, Rachel, understand the magnitude of educating yourself on wealth management and the benefits of putting that knowledge to use. This father-daughter team works hard to empower first-time investors and long-time clients with the tools and ability to grow their wealth.
Founder Kevin Kimery has worked in the wealth management field for decades. He has fine-tuned his approach to his practice over the years: "The wealth management field has evolved significantly since I started almost 30 years ago. I became frustrated with the corporate environment and the limits imposed on my practice to provide the services I knew the market wanted… I knew my team, and I could provide a higher quality customer service experience as a fiduciary-based independent Registered Investment Advisor RIA. It also allowed me to move away from the commission-based environment and solely focus on delivering advice."
Kevin landed his practice in Memphis after much experience at Goldman Sachs and Merrill Lynch. "I have always known this is where I would end up. As with many things in life, it was a matter of timing… Just wish I had done it 15 years sooner!"
As a father of four, Kevin often thinks about the importance of understanding investment power from a young age. The challenge is consistently reaching and connecting with this younger crowd to communicate the power they have as 20-somethings. When the opportunity arose for his daughter Rachel to work alongside him after college in 2022, it made a lot of sense.
At Ole Miss, she majored in Marketing and discovered a genuine interest in social media. She asked her father if he had ever considered hiring for a social media and marketing role at Kimery Wealth. Kevin says Rachel "is a natural when it comes to customer service. She has been that way from the time she was born. She was also hungry to learn the financial services industry and pushed herself to excel."
Together, the father-daughter team has explored new marketing channels on social media and beyond. Kimery Wealth Management's platforms reach a highly varied audience, ranging from 18 to 75 years old. They also have a monthly newsletter, a commercial on WMC Channel News 5, and a weekly educational segment on Fox 13 on Sunday mornings.
The 20-something client can be more elusive in the wealth management space. For the younger crowd, wealth management can feel like something you tackle once you're older, once you've accumulated significant wealth, and once you "know what you're doing." Kevin and Rachel encourage young people to consider retirement plans, investments and earning power as early as possible. While the barrier to entry into the investment space may seem high to a 22-year-old, Kevin and Rachel create a welcoming and encouraging environment to learn about wealth management. "We reassure them that it's easier than they think, and they most likely know a lot of it already,” Kevin explains.
Kevin asks college-aged investors, "What is your first memory of money?" He receives a wide range of responses, but the answers highlight how those first memories of money shaped their perception of investment and money management. Some remember receiving ten dollars when they lost a tooth or earning their first 20 dollars helping with yard work. Others recall hearing conversations between their parents about college tuition or paying the babysitter.
Whether we recognize it or not, our disposition towards investment at a young age is primarily impacted by the attitudes and approaches of those around us. To understand the young client's risk threshold, Kevin first builds his understanding of their parents' attitude towards investing. Kevin sees this connection and uses it to create a budget and investment plan that feels comfortable for the young client.
As a peer to this younger demographic, Rachel has seen many friends shy away from the money management world. Rachel has accumulated much advice and valuable tidbits from her dad over the years. She passes the direction along: "If there is anything I tell my friends, it is that now is the time for us to start planning and gaining an idea of what financial planning means." Kevin and Rachel always return to the benefit of starting young and building a financial knowledge foundation early.
Kevin advises many young adults as they leave college and prepare for the next chapter. Kevin asks his younger clients to picture the lifestyle they imagine for themselves and consider whether the career path they're heading toward supports that lifestyle. He encourages every young person to create a budget, not to be restricting, but rather freeing. To properly craft a budget, you must jointly understand your earning power and spending habits.
Once Kevin understands their risk threshold and financial goals, he offers a few foundational dos and don'ts for first-time investors:
● Focus on your credit card score sparingly. "I have maybe used my credit card score ten times in my life," Kevin says.
● “Do not get caught up accruing credit card points - the credit card companies want you to spend more money.”
● Set up your retirement fund immediately so it can start and continue to grow exponentially. "Go for a Roth 401 K if your company offers it."
Beyond these initial steps, it's up to the client to decide how to move forward as they enter the workforce, graduate school or get their first raise. Kevin does not often see the 20-somethings return for a while, if at all. Kevin says, "It's hard getting them back in to see us. They always feel like they're going to the principal's office."
Kevin identifies complacency as one of the most significant pitfalls for the young investor. Kevin strives to provide his four daughters and all young investors with the tools and information to remain consistent and goal-oriented in their wealth management journey. Rachel says, "My father has always wanted to ensure that his four daughters, as women, are confident and aware of what is happening in our financial world.” Kevin tries to encourage young people to be brave enough to return for their second appointment.
"I am thankful to have a father who cares so much about his daughters and their future… I don't think my father will ever stop giving advice, whether you ask for it or not, but I am very thankful because one day, I hope to have just as much to share," Rachel shares. Investing doesn't have to be intimidating, especially when you have a seasoned guide and you start early.
Pull quote 1: "We reassure them that it's easier than they think, and they most likely know a lot of it already."
Pull Quote 2: "I am thankful to have a father who cares so much about his daughters and their future… I don't think he will ever stop giving advice."