Creating a cohesive, comprehensive financial and retirement plan is something that for most of us at the very least, takes a lot of time and hard work. In addition, if done correctly, it requires a professional financial knowledge that the average person does not possess on their own. No one knows this better than Myron Mitchell, (CFS, CRPC, AAMS), President and owner of Mitchell Wealth Management Group, LLC, located in Winston-Salem. He sees every day in his clients the impact of having confidence that your financial advisor is coordinating and managing financial affairs in a way that provides a strategic plan for the future. Like his clients, Myron understands well the value of working hard for what you achieve in life. He grew up living and working on a tobacco farm in Stokes County. His earliest memory is helping his family on the farm at the age of 6 years old. His contribution to the effort expanded as he grew older, working the farm each week in the summer until he went away to college. The days were long and the hot summers presented difficult conditions that helped him develop a strong character and work ethic. It was also on the farm where Myron learned the value of how making a concerted effort each day can ultimately lead to the achievement of a worthwhile reward.
Today, the hard work and lessons from his days on the farm have paid dividends, affording him the discipline, dedication, and drive to provide the very best for his clients.
Learning the value of hard work and seeing the opportunities life provides you
Like many people today, Myron didn’t start out in the business he would ultimately make his lifelong career. Instead, he came about his profession in one of the best ways ever, by discovering his true passion through fate. After high school, he left the farm for the campus of NC State University and the engineering program. He got a glimpse of his future while he was a student on campus when he had the idea to start an investment club with his fellow roommates. After pooling together the combined small amount that college students can muster, he quickly realized there weren’t many financial advisors out there willing to work with them. The experience had a profound impact on him.
After graduating with a B.S. degree in engineering from NC State he worked in structural building design and field engineering for four years, when a friend, who was already an advisor, convinced him to attend a financial seminar. It was at that meeting that he discovered what he wanted to do as a career. So he took a year sabbatical from engineering, borrowed $10,000 on a home equity loan, earned his securities license and formed the beginning of what would become the Mitchell Wealth Management Group. Myron has been serving clients in Winston-Salem and the surrounding area for more than 22 years.
Myron is married to his wife Angel, and they have three children. He hasn’t forgotten his roots on the farm and has a place in Stokes County where his family enjoys the simple pleasures of nature, including; hunting, fishing, clay shooting and taking long walks around the farm.
Building a future on trust
Both Myron and MWMG have come a long way since he first started at the age of 29. He remembers the challenges he faced, in the beginning, convincing clients to trust such a young man with their financial investments and life savings. He earned their trust. Myron and his clients have benefitted from the mutually satisfying relationships they have built.
It’s not hard to see why he’s created such a loyal client base. As a Fiduciary and an independent advisor with one of the largest independent broker-dealers in the country, MWMG truly has the client’s best interest at heart when it comes to financial planning. Clients work directly with Myron to identify a strategy that best suits their needs. Myron is a firm believer in a planning team which includes himself, working closely with the client’s tax professional, and the client’s estate planning attorney, all working together to manage the important aspects of their clients’ future including; an individualized investment portfolio, retirement income, legacy and long-term care planning. Mitchell Wealth Management Group refers to this approach as their “Circle of Care.”. This model insures that each member of the client’s team maintains objectivity throughout the process. Myron works hand-in-hand with his client’s team in a cooperative partnership to provide a thorough roadmap that’s in the client’s best interest. Myron says, “I get tremendous satisfaction knowing that my clients can sleep well at night, and spend time with their family doing what they enjoy.” He believes this approach eliminates the distraction of day-to-day market fluctuations and distressing news headlines. “That’s what we’re here for – to provide peace of mind.”
Myron is invigorated by the process of carefully listening and asking discerning questions to determine what the client needs. Conversely, he enjoys being asked questions by clients and educating them about various topics. He likes customizing his advice and recommendations. For example, a young professional’s goals and plan look totally different than a person entering into or after retirement. It bodes well with his education and extensive skills in mathematics, logical reasoning, and managing details, in harmony with his real-life experience, professional designations (CFS, CRPC, AAMS) and continued education. He’s there for his clients when they need him, whether it’s explaining the role Social Security plays in their retirement plan; how their 401K is affected by a job change; developing an overall comprehensive strategy for retirement; buying insurance or long-term care protection; determining when to withdraw from your retirement funds; and an equally comprehensive distribution strategy, once you have retired.
Myron advises that saving for retirement and receiving a distribution after retirement often entails completely different strategies. The investment strategies for accumulation for retirement can be vastly different than the strategies to protect your monthly income once you enter retirement. Everyone’s situation is different, which is why it’s so important to have someone working for you who knows about your distinct needs, goals, and fears, and works in conjunction with your tax and legal team to make the transition to retirement as seamless as possible. “Again,” Myron says, “it’s all about peace of mind.”
A system that truly puts the customer first
In addition to the “Circle of Care” MWMG forms with the client’s tax advisor and estate attorney, they go out of their way to provide personal service that maintains a delicate balance between keeping the client informed without overwhelming them with industry jargon. They’re motivated to provide the right amount of communication, such as quarterly, semi-annual or annual reviews, as well as any additional conversation deemed appropriate to handle the client’s needs. In addition, they provide information about events (educational and social), investment news, and “reminders” of topics the client may need to know. Myron notes that he’s even been known to help his clients when it comes to negotiating with a dealer for a new automobile, and even hiring a competent and trustworthy home improvement contractor. Although this is not directly related to what people think of in a financial planner, Myron feels if his client trusts and needs his advice, he’s more than happy to help them.
Mitchell Wealth Management Group’s core philosophy on investing is simple. “We strive to offer academically based investment solutions, which include low-cost, passively managed index funds and/or ETFs, and to incorporate our Circle of Care to provide an in-depth plan of action for the present and future well-being of our clients.” MWMG offers global investment options across multiple markets, including the U.S. and abroad, to mitigate market fluctuations. They offer securities through Securities America, Inc., a member of FINRA and SIPC. Myron offers his financial planning and advisory services through Securities America Advisors, Inc. Mitchell Wealth Management Group and Securities America are separate entities.
“We don’t try to actively pick the best stocks or the best countries or the best sectors (and thus constantly trade your portfolio, which can increase your transaction costs.) There’s a lot of research that shows that trying to time the markets is an expensive effort in futility. No one can guess the future. “News,” by definition, is what happened yesterday. Historically, capitalism generates approximately the same amount of return over long periods of time, regardless of where we go in the world. By extensive diversification here and abroad, your risk factor potentially goes down.” He adds, “Our goal is to help provide financial security for our clients, their families, and the generations that follow.”
Whether you are a young professional accumulating for retirement, being displaced by your employer, concerned about having enough retirement income, or are retired and would like a second set of eyes or sounding board, call Myron. To learn more about what his unique, comprehensive approach can do for you and your family’s future, visit mitchellwealthmanagement.com. You may also give them a call at 336-774-6535 to schedule an appointment to visit their office, located at 514 South Stratford Road, Suite 305 in Winston-Salem (Stratford Oaks Building).
Let the team at Mitchell Wealth Management Group help you pursue financial peace of mind!