Investment Plans without Tax Strategies – a Losing Proposition

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Founding an independent financial advisory firm in 1994 was a natural next step for David Elmore, EA, CFP® CKA®. Having provided individuals and businesses in the Waynesboro, Virginia area with sophisticated accounting and bookkeeping solutions for seven years, he had seen first-hand how well-thought-out tax strategies were often undermined by ill-advised investment choices.

“Even highly experienced advisors unintentionally expose clients’ assets to risk,” says Elmore who is the firm’s managing partner. “By rule, most investment advisors can’t offer tax advice. Few have had sufficient training or certifications.”

Elmore formed Financial Management, Inc. (FMI) to fill the need for comprehensive and carefully orchestrated financial planning services. It is a hybrid independent financial services, tax advisory and investment management firm with tax preparation, accounting services, wealth management and retirement planning. Each area works in concert with the others to produce the best outcomes.

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Enrolled to practice before the Internal Revenue Service and having prepared tens of thousands of tax returns, Elmore’s understanding of tax is not theoretical—it is actual and practical. He applies this knowledge and expertise to each client’s situation to take full advantage of the tax code, often creating tax savings 1.5% higher than other advisors achieve.

Guiding Principles

Since Elmore began his career, he has been guided by a 100% commitment to the welfare of his clients. While others in his industry fought proposed DOL legislation that would require all retirement advisors to act solely in the best interests of clients, Elmore embraced it. “Rule or no rule, we will always put the client’s best interest ahead of our own and that of our firm,” he explains.

Over the decades, Elmore assembled a team of professionals who are servant leaders. His brain trust now includes an incredible group of more than 30 experienced professionals and support staff, including CFP’s, CPA’s, EA’s, and MBA’s. Unusual in the industry, they work collegially. As a result, clients benefit from a multidisciplinary approach to meeting their goals. Whenever a situation arises, chances are good that someone on staff has already experienced this and can help clients navigate through it.

They base their advice on time-tested teachings in the Bible—financial principles that work for believers and non-believers alike. The Scriptures also direct their personal conduct, calling them to a high standard of honesty and service.Elmore’s client-focused approach also led him to affiliate with LPL Financial, the largest independent broker-dealer in the country. “LPL is made for independent advisors who want to be able to offer all the best products and solutions in the marketplace. LPL provides access to cutting edge technology and platforms, doesn’t have sales quotas, and doesn’t incentivize advisors to sell a certain investment over another,” says Elmore who has ranked among LPL’s top 2% of advisors each year for the last 12 years.

Lasting Legacies

By following FMI’s investment philosophy of asset allocation, diversification, and active management, the goal is to minimize risk and potentially maximize returns over the long-term. By doing so, the focus is on creating a legacy to last multiple generations.

The FMI team considers the whole person throughout his or her life and for second and third generation family members. By forming long-term partnerships, they can add real value to families’ day-to-day lives. “We often deal with individuals experiencing a transition in their lives such as divorce, the loss or incapacity of a spouse, a career change, retirement or the transition of assets from one generation to the next,” concludes Elmore. “We take the trust they place in us very seriously.”

Bookkeeping & Management Systems, Inc, Financial Management Inc, and LPL Financial are all separate entities

Securities offered through LPL Financial Member FINRA/SIPC

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