At LBMC Wealth Advisors*, tax accountants, investment advisors, and estate planners work together to provide a multitude of services at an innovative one-stop shop.
Everyone has heard the saying, “If it ain’t broke, don’t fix it.”
But the advisors at LBMC wondered, what if we could make “it” better? A lot better?
So that’s exactly what they did. Nearly 20 years ago, LBMC—to that point, mainly an accounting firm— brought in Greg Herman, CFP®, now the Managing Partner of LBMC Investment Advisors, LLC, to start offering clients investment advice. Turns out, people like when something is made better, simpler, and with fewer hoops to jump through.
“It’s somewhat unique in our markets,” says Jeff Drummonds, LBMC Chief Executive Officer, of the one-stop shop that LBMC has created by offering clients tax, investment, estate planning, and family office services. “It’s efficient that all of those things are available at one place.”
LBMC clients are privy to coordinated, fee-based services. If a client changes an investment option, the tax advisors within the accounting firm will be aware of possible implications and will be able to help the client understand those implications. With other investment firms, the client needs to consult different people in different locations to get access to the services LBMC provides.
“Other investment advisors give disclosures that say they don’t provide tax advice and you might want to talk to an accountant,” Herman says. “At LBMC, we are usually our clients’ accountants. It helps ensure all the bases are covered.
“LBMC didn’t create any new ingredients,” he continues. “The investment people, tax people, and estate people were already here. We just changed the recipe.”
LBMC Investment Advisors has been ranked a top-25 fee-only wealth management firm and has more than $1 billion in assets under management. The overall LBMC group of companies boasts more than 10,000 clients backed by more than 600 employees, and while most clients are based in middle-Tennessee, LBMC has a national presence, serving clients in all 50 states.
LBMC Wealth Advisors clients are likely to be individuals working through a liquidity event, selling businesses, receiving an inheritance, or going through a divorce, and a few are even lottery winners. They’re people who have come into significant money and want their new nest egg to work for them.
At LBMC, it’s personal, and the team likes it that way. “We’re focused on establishing trust,” Herman says. “We want clients to be able to tell us personal things that aren’t always about the money. When they open up about what’s going on in their lives, we can really advise them.”
With all of their financial experts on the same bench, clients reduce the amount of time they spend on their finances and focus on what is really important to them. There is always someone on the team who is well-versed in whatever situation a client might find themselves in.
“It really allows clients to leverage their time with us and make it productive,” Herman says. “We’re a one-stop shop; we’re true wealth management.”
* LBMC Wealth Advisors refers collectively to LBMC PC, an accounting firm, and LBMC Investment Advisors, LLC, a Registered Investment Advisory Firm. Certified Financial Planner Board of Standards Inc. owns the certification mark CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.