Today we’d like to introduce you to Loren Hsiao.
Loren, please share your story with us. How did you get to where you are today?
After graduating from Texas A&M in 2000, I knew I wanted to pursue a career to exercise the goal of impacting others in a very practical and meaningful way. Financial matters can be the very catalyst in people’s lives that allow them to live out dreams, fund an education, create memories, and provide a secure home for all family members. However, financial issues can also be at the very center of relationship problems and heartaches.
Financial planning allowed for true relationships with my clients to be formed. I love how it is not a transactional business model. As the years pass by, clients’ personal and professional lives evolve and therefore, so do their financial goals. It is so enjoyable to be a part of our clients’ lives.
We’re always bombarded by how great it is to pursue your passion, etc – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
There have been many challenges. My youth and inexperience were some of the greatest hurdles. When I graduated from college, I was 22 but looked 12. Nearly 40 today, I finally look 22. Men with gray hair use “Just For Men” hair product to get rid of the gray. I could have benefited from “Just for Boys” to give me some gray, if that product existed.
In the early years, it was hard to “get a chance” to prove my worth. Imagine talking to clients who were old enough to be your dad. I once had a prospective client get up in the middle of our initial meeting and told me he couldn’t talk to me because I was younger than his son. This struggle caused me to focus on the intellectual pursuit of our industry. I wanted to learn more. If I couldn’t win clients over based off age and tenure, I would not lose my shot based off intellect, which was something I could control.
Additionally, I chose to pursue financial planning through a self-employment avenue as opposed to working as an employee of a company. Finding new clients as opposed to being given a client proved to be a significant obstacle.
My personality was not one to be the center of all attention. I didn’t know how to “work a room”. My natural market was a bunch of young professionals in their lower 20’s who didn’t have any money. I had to figure out a way to network with a better demographic.
So, as you know, we’re impressed with Northwestern Mutual – Allen – tell our readers more, for example what you’re most proud of as a company and what sets you apart from others.
I wear two “hats” in my office. I am both the managing director of Northwestern Mutual – Allen and a wealth management advisor for my clients.
As the managing director of a financial planning organization that is made up of nearly 35 financial advisors, staff, interns, and representatives, I take a lot of pride in our culture and being a part of a team that truly cares about our clients and work. Early in the start up years of our office, we came up with the acrostic, F.A.C.E.S. of Northwestern Mutual – Allen. Those letters spell out our 5 core values that define what we stand for: 1) Family, 2) Accountability, 3) Conviction, 4) Excellence, and 5) Support.
As a wealth management advisor, we take pride in the quality of work we provide for our clients and the relationships we have built. The work we do is bigger than a financial equation and way more important than just a set of numbers. Families’ goals, dreams, and passions are represented by every dollar that flows through our firm. We are honored to be a part of those discussions and strategic planning sessions.
We have two primary industries that we serve. Since 2001, my team and I have worked on over 350 financial plans within the medical/dental community. Additionally, we have worked on over 200 financial plans for attorneys.
There are some similarities in these two groups.
1) They are delayed in addressing their financial planning needs due to training and specialization. It’s not uncommon that a client is in their upper 30’s before really doing anything about their financial goals. However, average joes like me start at 22. Compound interest is a real friend to young savers. Conversely, it is a real enemy of those who are delayed to the game.
2) The debt load our clients are faced with can be crippling to their financial success. The goal of paying down debt and the need to save for the future seem to fight against each other. Our clients want a plan in determining how to juggle both needs at once.
3) Higher income equals higher taxes. Many of our clients are seeking our help in reducing the impact of taxes. As they accumulate wealth, they are looking for ways to help mitigate the burden of taxes.
There is a cancer that exists in the financial planning profession and that is the commercialization of our industry. It seems like the majority of what we read and hear about is geared towards making a sale. Products are being pushed and sold to clients. They are left to think that they have a plan when in reality all they have is a product.
I am proud that our team will not stoop to that level of client interaction. We believe a financial plan is built by understanding our clients’ goals. Through that knowledge, we are able to construct a plan built off math. Numerically, we can help identify a clients’ course of action. Then, we are able to help provide recommendations on appropriate strategies to consider. We take our clients through a well-balanced conversation of pros and cons of various options that can be implemented to achieve their plan. However, at no point will our clients be sold products absent a plan.
So, what’s next? Any big plans?
We are a growing firm located in a very strategic location. Our recruiter, Sharon Zalupski, has exciting goals of expanding our office. We are looking to hire more financial representatives and interns. There is a BIG difference between a job, career, and a calling. If you know you are not currently doing what you were made for, or feel like you aren’t reaching your fullest potential and know there’s more your professional life has to offer—even if you aren’t in the finance industry—please consider the impact you can make in others through serving our clients in creating their financial plan and building amazing relationships with them along the way. We look forward to meeting you! Please give us a call if you’d like to learn more.
Contact Info:
- Address: 700 Central Expy S. #450 Allen, Tx 75013
- Website: Lorenhsiao.com
- Phone: 972-912-3060
- Email: loren.hsiao@nm.com
Getting in touch: VoyageDallas is built on recommendations from the community; it’s how we uncover hidden gems, so if you know someone who deserves recognition please let us know here.
