What is this RIA’s approach to college financial planning?
This article features an interview with Ryan Payne, President of Payne Capital Management (PCM). Based in New York City, PCM is a RIA that was founded in 2008 to provide fee-based investment and financial planning advisory. The firm specializes in income generation, tax optimization, estate planning and asset protection, and leverages a client-centered approach with a tagline of “Your Personalized Path to Financial Freedom.” In addition to word-of-mouth marketing, the firm uses a social media strategy that includes YouTube, Facebook, LinkedIn, Twitter, Instagram and a blog. In addition to his private sector initiatives, Ryan also works to educate the public about goal-based financial planning. Prior to PCM, Ryan worked at Merrill Lynch for 7 years and earned his undergraduate degree from Villanova University. You can learn more about Ryan and Payne Capital Management at the website of http://paynecm.com/. Last but not least, thank you Ryan for your time, insight and support in working with me on the article. Please read the question and answers to learn about his perspective on college financial planning and working with Millennials, and hope that the article provides you with an opportunity to learn more from your peers.
Question 1 (Paul Curley, Editor of the 529 Dash): What has driven your wealth management firm’s success to date?
Answer 1 (Ryan Payne, President of Payne Capital Management): Our willingness to spend a significant portion of our revenues on marketing.
Question 2: Which channels do you use?
Answer 2: We have a radio show, a podcast focused on Women’s financial needs, and we have a weekly YouTube show as well.
Question 3: Which channels have been most successful to you in engaging current and target clients?
Answer 3: The radio has been very successful at targeting potential baby boomer clients. Our YouTube channel has been a good way to target the potential clients we are already engaged with.
Question 4: What types of hurdles do Millennials generally experience in terms of college financial planning and investing?
Answer 4: The oldest Millennials are around the age of 35, although they have started later, are now starting to face the same challenges their parents did. Everything from buying homes, starting families to building a savings plan to preparing for retirement.
Question 5: What is the solution, and how do you help?
Answer 5: Old school financial planning, but delivering it with modern technology. We license a software called E-Money that gives clients their own personal portfolio to view all of their assets, irrespective of where their assets are held. Through E-Money we are able to model out saving for retirement, college savings, etc.
Question 6: Do you see more interest by Millennials in financial planning in the current market environment?
Answer 6: Yes, they have come to the crossroads of having to really think about their future, and planning financially is a huge part of that.
Question 7: Has the social media and access to information facilitated this process?
Question 7: I think the sheer volume of financial information out there currently has made the process more overwhelming. This is where having an advisor that can cut though all the noise is very appealing.
Question 8: Where are the opportunities and challenges going forward in financial planning?
Answer 8: Making sure your firm is tech ready. Millennials want the convenience and ease of technology to view/monitor their accounts, to access (market) reporting and to sign paperwork.
Question 9: How can product partners and state agencies better support you in college financial planning?
Answer 9: More online solutions to easily set up college funding accounts like 529 plans would be great. Also, any additional tax benefits the state can provide for funding college education would be huge benefit to young families saving for college.
Editor’s Final Note: Thank you Ryan Payne for your time and insight in the article, and much appreciated. Also, I would like to provide a special thank you to the readers of the article for learning from your peers, for your support and your engagement. Have the college financial planning discussion with your clients today.