Tuesday, June 18, 2024 Jun 18, 2024
81° F Dallas, TX



Like any profession, the financial planning field is loaded with would-bes who hang certificates on the wall in lieu of know-how {and sometimes, ethics), “planners” who mainly plan to get your money and don’t give a flip about your financial welfare. Fortunately, a growing number of financial advisers are unmasking those bad guys by distancing themselves in the form of ethical and moral codes and public education. These financial planners are some of Dallas’s good guys:

Balanced Financial Securities Corp. has been in operation since 1973 and has a staff of twenty-five, including among others MBAs, CPAs, and CFPs (Certified Financial Planners). The firm’s president, Martin Cohen, says Balanced Financial Securities’ average client makes $60,000-plus. Balanced Financial charges a planning fee of $75 an hour and then a standard brokerage commission fee if the client chooses to invest through the firm. Cohen’s investment choice: premier public-trading real estate trusts with low debt.

Financial Network Investment Corp. is headed by Joan Peurifoy, who manages a staff of eleven. The firm’s clients range in age between thirty-five and sixty-five and normally gross $75,000-plus. The company works on a fee basis and Peurifoy says the fee differs from service to service. Peurifoy didn’t want to list her current investment choices.

Personomics Inc.-co-owned by Republic Venture Group, RepublicBank, and Pas-Co, a financial group in Denver, Colorado-is named after the software that was designed exclusively by Pas-Co to compile and organize clients’ data. Personomics is headed by Von Smith, who has a Dallas staff of three and is backed up by an alphabetic team of twelve CPAs, CFPs, CLUs (Certified Licensed Underwriters), CMCs (Certified Management Consultants), and an attorney in Colorado. Its clients typically gross $75.000-plus or have a minimum of $500,000 to invest. Personomics charges a fee only and distinguishes between planning, for $1,250 to $7,500, and implementation, S150 an hour. Among his investment choices: commercial real estate, banks, and steel companies when they reach true value status. “They’re not all the way down yet,” Smith says.

Carter Financial Management was established by Bill Carter in 1976. Its average client earns $100.000-plus annually. Carter Financial has a planning staff of eight and bills on a fee and commission basis. Hourly rates are $100 plus standard brokerage commission fees. Carter recommends buying stocks that are “out of favor,” but says it isn’t easy since “the emotion at the time is against you.” His current out-of-favorites: energy mutual funds and gold stocks.

Concorde Financial Corp.’s founder and president Gary Wood prefers the term “financial adviser” instead of “financial planner” because the latter is used “by people who are doing something else,” meaning product sales. “We don’t sell things,” Wood says emphatically. He began Concorde in 1981 and established a fee-based structure. $50 to $150 an hour. His clients are in their forties and early fifties and typically have a net worth between $1 million and $15 million. Wood’s current fiscal fascination: venture capital.