• Episode 165: Behind the Numbers: The Transition from Accounting to Financial Planning

  • Jul 31 2024
  • Length: 14 mins
  • Podcast

Episode 165: Behind the Numbers: The Transition from Accounting to Financial Planning

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  • Summary

  • Jim Hendricks has dedicated his entire career to the realm of finance. He embarked on this path after earning a bachelor’s degree in accounting from Northern Illinois University in 1994. Although he initially trained as a Certified Public Accountant (CPA) and worked in various financial roles including as a controller for a division of a large corporation, Jim realized early on that a traditional accounting career was not his ultimate calling. In pursuit of a more fulfilling career, Jim ventured into the financial advisory sector in 2002, joining a prominent "Wall Street" firm. Disenchanted by the high-pressure environment focused on generating commissions and the formal corporate culture, Jim decided to strike out on his own. In 2004, he founded what is today known as Hendricks Wealth and Estate Management. His decision to start his own firm marked the most pivotal move of his professional life, establishing a business intended to endure for decades. Outside of his professional life, Jim is a father to three children, with one currently in college and the other two in high school. While they are each forging their unique paths to success, Jim holds a hopeful outlook that they might one day join the family business. However, he respects their journeys, acknowledging that they may not follow his recommended trajectory. Jim's philosophy extends beyond his professional endeavors; he is committed to living an engaging life and insists on infusing fun into every day. Whether it's through creative pursuits, swimming, golf, playing drums, or inventing games, Jim finds joy in active and creative engagements. Since childhood, he has enjoyed transforming everyday activities into games, a strategy that has served him well in setting and achieving goals. This approach not only enriches his personal life but also informs his professional interactions, offering his clients a dynamic pathway toward financial stability. A self-described highly motivated individual, Jim has a compelling story about what drove his intense self-motivation—a narrative he shares enthusiastically when given the opportunity. Listen to this insightful RIA episode with Jim Hendricks about the transition from accounting to financial planning. Here is what to expect on this week’s show: - How Hendricks Wealth and Estate Management differentiates itself through focusing on detailed, planning-oriented financial advice. - Why Hendricks Wealth and Estate Management focuses on calculating a precise spending number instead of using generic percentage-based estimates. - How retirement planning should have tailored strategies to meet everyone’s needs. - Why the strategic allocation of assets among beneficiaries helps minimize tax liabilities and optimize estate value. - How Hendricks Wealth and Estate Management operates similarly to a multifamily office, providing comprehensive services under one roof. Connect with Jim: Links Mentioned: jghfs.com Facebook facebook.com/hendrickswealth LinkedIn linkedin.com/company/hendrickswealth Learn more about your ad choices. Visit megaphone.fm/adchoices
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