The team at Master’s celebrated our official 30th anniversary several weeks ago. When Lyle & I, along with the other founding partners, started Master’s three decades ago, we decided to build this firm on four foundational cornerstones. We sometimes referred to them as the “pillars.” They still stand firmly in place today.

1. Independence – We would not be owned by, or beholden to, a parent company.
2. Team Practice – Clients would get the benefit of the team’s advice, not just one person’s ideas. We would leverage our combined life experiences, education, and varied skill sets.
3. Committed to the Client’s Best Interest – We would create systems & processes to make sure the client’s interests came first. Our current salary-only compensation for all team members is an example of adhering to this ideal.
4. Be a God-honoring business – We would commit to adhering to, and applying, timeless Biblical truths and principles. We would treat clients with a Golden Rule mindset.

In the interest of this current blog series, today’s blog post will focus on one of those original cornerstones: Independence. The firm that we had worked for before forming Master’s was a proprietary practice. There we experienced the disadvantages of the restrictions & demands of a parent company. Unfortunately, the client’s best interest did not come first in that environment. We knew being independent was “a must have” for us. Today, we will take a little trip down memory lane regarding Master’s pursuit of true independence.

• May 1994 – Master’s was formed as a new financial planning practice and we chose FSC Securities as our independent Broker-Dealer. We chose them to clear & process our business, however, they had no ownership of our firm. After years of affiliation with FSC, they became part of a “roll-up” of several other Broker-Dealers, becoming a much larger firm. The management team we knew and interacted with changed significantly.
• November 2002 – We decided to change our Broker-Dealer relationship (due to the dynamics mentioned above). We chose Securities America, a mid-west-based firm that would provide the services we needed, while appreciating & respecting our business model. As mentioned before, they had no ownership interest in Master’s. We enjoyed a good business relationship with them during our 21+ years of affiliation.
• 2023 – The partners of Master’s began having serious discussions about the merits of becoming a Fee-Only RIA (Registered Investment Advisor) practice. This business structure had become the “Gold Standard” of the Financial Planning industry. Thankfully, the size & scale of Master’s had grown to the point where this option had become a reality.
• April 1, 2024 – Master’s officially re-branded as Master’s Wealth Management, now a Fee-Only RIA, financial planning-driven practice. While a massive undertaking, we knew our clients, and our business practice, would be well-served by making this monumental change. This change becomes the ultimate step in achieving complete independence & business autonomy. With this structure we choose (hire) the account Custodians, technology providers, compliance support, and back-office systems providers to serve both Master’s, and you. (The Broker-Dealer had previously dictated these relationships.)
  • Because we are now selecting our providers, we can find the “best fit” and negotiate pricing on their services. This has resulted in our new highly competitive fee structures, which should only get more advantageous as time goes on. With this change, we are also choosing to walk away from any financial products or solutions that pay commissions. We have made a 100% commitment to being Fee-only, widely considered as the highest standard in our industry.

Thank you for your patience over the past two months, as we made this massive transition. Your cooperation has been extraordinary. We have made this change for you, our valued clients & friends. It is the culmination of our pursuit of true independence, one of our original cornerstones. It is difficult to express our heart-felt appreciation for the level of confidence & trust you have placed in us. We do not take it lightly, and never will. Thank you! We are grateful!