On Episode 8 of Decision Dialogues, Mark Willoughby speaks to Dr. Barry Kaplan, Principal and Wealth Manager at the Modera Atlanta office, about his unlikely career path. Barry began his professional life as a dentist, but he had always had a passion for business and as he describes it, was always “a much better businessman than dentist.” He talks about the opportunities that arose for him by always taking the opportunity to be kind, his commitment to making a difference for his clients through integrity and looking out for their best interests, his decision to study for and take the Certified Financial Planner exam “for fun,” and much more.
Thanks for joining us on Decision Dialogues. We’re thrilled to have you along. My name is Mark Willoughby, and I’m a Principal and Wealth Manager, and the Chief Operating Officer of Modera Wealth Management, LLC. Today, I’m joined by one of my partners at Modera, Dr. Barry Kaplan, who’s based in our Atlanta Office. I was fortunate enough to have first met Barry at a professional conference in the fall of 2003, so I’ve known our guest for almost two decades. Barry, thanks for your time today, and welcome to the show.
Well, thanks for having me.
So as I was getting ready for this Barry, I was thinking, “How do I approach this?” because we could speak for six hours here. But I’m going to break one of the rules of storytelling here and sort of get to the punch line first, so that we can set the table for our listeners. And knowing you as I know you, I feel like you’ve got three big pivot points in your life that I’d like to kind of flesh out today.
One was your decision to start off your own dental practice. The second one was switching your careers in the middle of your career to financial planning, from running a dental practice. And then the third was deciding to merge your small financial planning business into a larger financial planning business.
So I kind of wanted to ask you, can you get us started about your early career in dentistry and how you set up your practice and the sort of decisions that went into the start of your career?
I’m going to bring it back even more—and stop me if I’m going down too deep of a rabbit hole—but I’ll try to make it relatively quick. This is all retrospective that I figured this out: I got into dentistry because I was craving financial security. I had a very insecure financial upbringing where as a kid, we went from living in the nicest part of town, having two Cadillacs, to living on a dirt street and having a Rambler and a Corvair station wagon. And I just didn’t like the irregularity, and as a kid, I mowed lawns in my little town. You got to mow lawns for guys who had money, so I was mowing lawns for accountants, dentists, physicians and lawyers.
The lawyers would argue with you all the time. They’d chisel you on the price. The CPAs were busy as hell for part of the year and had nothing to do the rest of the year. The physicians seemed to all have very attractive wives that some of them were cheating on. And the dentists seemed to have nice families and nice lives. And I said, “Okay, that’s what I want to do.”
So I got in it because I was craving financial security. Got into it, I’m doing it for 20 years, and how did I organize my dental practice? I was pretty entrepreneurial. I was involved in a group of guys that had multiple practices. We wound up selling 51% to a publicly traded company. They got bought by another publicly traded company; we bought ourselves back. Then I bought my practice that I was working at out from my partners, and I was running it on my own.
And what I realized is, most dentists, at the time, weren’t businessmen, and I was trying to be a businessman. What most dentists would do back then, and a lot of them do right now is they manage their practice by what’s left at the end of the month—what’s in their checkbook. They don’t know what the trends are, they don’t know what’s going on. All they know is they’ve got money left in their checkbook.
And I really wanted not to do that and got into the numbers a little bit more and thankfully, my wife is a CPA and she did most of this for me while I was out doing dentistry. So it worked pretty well; I did that for almost 20 years and what happened to me is I blew out the discs in my neck.
Well, let me slow you down there, Barry. Because listeners, you’ve gotten the story of myself and Barry’s relationship—I ask a question and I get a fifteen minute answer!
So let me bring you right back to college. Because I want to just take a little bit of a deeper dive you finished your dentistry at Emory, I understand. You came out as a newly graduated dentist. Well, obviously not fully qualified at that point. But tell me about the planning and the decision making that went into—did you set up your own dental practice first?
No, I had no money. I had negative net worth.
I was living with my in-laws because I was in the hole. As I mentioned before, my parents at the time weren’t doing that well, financially. I had a lot of student debt, wasn’t making—you know, you come out of dental school, you’re not that fast. You’re not making that much money.
So I was living with my in-laws for about six months. And I would do anything I could, I’d work just about anywhere as a dentist to make a couple bucks, because my wife and I figured out that I had to be making $1,800 a month for us to move out of my in-laws’ (remember, I’m old and this was a while ago). And at $1,700—she couldn’t handle living with our folks anymore. I loved it. It was great. We wound up moving out and getting an apartment.
I may have missed this. But at what point did you decide to set up your own dental practice?
What happened was, I was working for a bunch of guys, and one of them said to me, “Hey, I mean, I look to open, I look to open I look open.” And then one of the guys said, “Listen, we’re doing this big entrepreneurial thing. We’re opening in malls and strip centers, and this is going to be you know, the new wave. You’ve worked for us, and you’ve always been great. You’ve been low maintenance. You’re doing everything right. We’d love to have you as a partner.” And I said, “But I got no money.” They said, “That’s okay.” And that’s how I opened—I was with three other guys were equal partners. Mine was sort of sweat equity.
Ah, so you were lucky enough that you got an arrangement which didn’t require capital.
Yeah, pretty much. I was just a lucky—I don’t know if you’re gonna bleep this out—but I was just a lucky bastard.
Okay. Going from there, how long then were you in partnership before you had to wrap up your dental career?
Well, what happened was, we wound up—I made the connection to somebody at a publicly traded company, serendipitously. We had been talking among ourselves, my partners, how we felt that Pearle Optical, because of the way that they ran things, might be somebody that would be sort of—someone that could really get into this and change things. And I happened to mention that to someone I knew who was an optician to work for Pearl. Next thing I know, he’s introducing me to a regional guy in charge of the entire East Coast, who introduces us to the guys doing their dental thing, which we didn’t even know they were doing. And we wound up being a big part of their dental thing. Then again, they were bought by a publicly traded British company. And within 18 months, they sold back to us.
So that was the first sort of capital event of your budding career effectively.
Yeah, they sold it back to us for next to nothing, frankly, and we wound up selling them all off—all the six centers we had, which was a couple bucks for me to accumulate. And then I wound up buying out my partners from my office. And I ran that for I don’t know, I’m guessing eight, ten years until I was disabled. And I was pretty entrepreneurial, again—big dental office, high volume. I hired specialists to come in, just all sorts of things—which is sort of the model that some of the big dental chains are doing now.
Okay. So if you look back to that time, what were the decisions that you can look back and say, “Those were the important decisions I made that allowed me to be successful.”
This wasn’t a decision—but not only treating each patient really well, but treating the practice as a business. I think at the time, most dentists didn’t realize that—that it was a business. A lot of dentists back then didn’t understand fixed costs and variable costs. They had no idea that if you opened slightly longer hours, you could drive more business and you could be more profitable. If you brought in specialists and had them subcontracted or working for you, you could be even more profitable. Today, I see a lot of dentists as clients, and you have to educate some of them because they just—there’s no real good business classes in dental school.
So you had a natural interest in the numbers and Business Management aspect of the business you happen to be in.
Yeah, I happen to think I was a better businessman, than dentist.
That’s where I was going, Barry—it almost feels like you were more of a businessman— I’m sure you were a great dentist—but it sounded like you’re more of a businessman than a dentist.
I was an adequate or average dentist, which is nothing wrong with—I wasn’t terrible, but I wasn’t, you know, top 5%. But I think I was a well above average businessman, as a dentist. You know, in college, I did very well, in the few—in the three classes I took in the business school at Emory, I was exempted from finals and stuff because my grade was high enough. And I’d never been exempted from a final in my life. They don’t do that on the science side.
So I sort of always knew—I mean, as a kid, I had a business mowing lawns. As a little kid, I had a business selling candy in third and fourth grade—you know, go to the supermarket with my mom, buy the little candies, put it in a metal band aid box, bring it in, sell it to your fellow students, and, you know, give one to the teacher for free. You know, if you had a male teacher, he would think that was really neat.
So Business Management seems to have been a passion.
So Barry, you know, you may not characterize what you just described as decisions, but for me, they absolutely were decisions whether you intended them or not. You were very intentional about how you ran your businesses, so I think that would be valuable to some of the folks who have a passion for their own profession. But you cannot ignore your business—you have to manage it as a business.
And one of the things I wanted to ask you is, looking back at how you ran your business back then, what decisions would you have made differently?
It took me a while to figure a couple things out. One was, while I was really good at the business, I was really not good at managing people. Because you’ll have to forgive me—and I don’t want this to sound arrogant—but I’m too nice a guy. By that I mean, I hate reprimanding people. I get sick over firing people. And what would happen would be, eventually somebody would get so bad, I’d have to fire them, and then the rest of the staff would all come to me and say, “What took you so long?” Eventually, I got to the point where I had two people in the office that were basically doing most of that stuff while I could just concentrate on doing the physical dentistry and doing a little bit more management, a little bit more of operations. But I just found that that was the stuff I was awful at.
So let me interject, then you are self aware enough to know that it wasn’t one of your strengths, and you took steps to have other people take care of it for you, right?
How would you guys come to decisions? You would obviously know who needed maybe to be let go, and would you folks would discuss it, and then the other people would actually take care of the unpleasant task?
Well, I would still take care of the unpleasant tasks, but they would come to me and I would listen because I trusted these people. I had two women that were phenomenal. They would just say, “Such and such has gotta go. That’s it.”
Gotcha. I know I’m asking you to go back a while. Can you remember what the best advice you ever received was, either before you started business, or in the middle of running the dental practice? That could have been something your dad told you, your mom told you, or some associate? Was there anything that stands out?
Yeah. My dad always said never lie. always tell the truth. That way you never have to remember your story.
Yeah. And you stick to that.
Yeah. And the other thing he always said was, “It doesn’t cost any extra to be nice to people.”
Yep. Anything else about your dental days that you’d want to share with any of the decisions around that period in your life?
I just think I was part of a movement that was sort of way ahead of the time, and I tried the corporate thing with a public company and decided that that’s not where I want to go—I don’t want anything to do with a publicly traded company. That’s number one. Number two, after getting that yoke off of me, I was the only owner of a large practice for a number of years.
Okay, so then life changed. You’d been doing dentistry for twenty years or so, and you had an issue with your back and you had to go out on disability. It seems to me knowing your story, that you had already begun the process of imagining the next step in your professional career almost.
Yeah, I did a good enough job of planning that I had enough disability that I really didn’t have to work. And once I was sure that the disability would pay me—at that point, I could do whatever the heck I wanted. Now, here I am, I’m 45 years old. I’ve been, excuse me, I hope nobody takes offense to this—but got a little tired of six months of doing carpool, you know, at my kids’ school. And I already had my CFP, because for fun, I’d decided to take the CFP course while still practicing dentistry.
Now let me stop you there for a second because you said it’s “for fun,” other people would say, that is drudgery, and punishment. Let’s not gloss over that. You decided out of your intellectual curiosity to study the CFP—why in the world did you do that?
Well, I call it enlightened self-interest. I had my own money, I had my own stuff, and I had been, during the time I was practicing as a dentist—I started sort of managing some of my own stuff. And if you’ll stop me if you feel this is a rabbit hole, but I was approached by stockbrokers that had the next stock that was going to make me a fortune. I was approached by life insurance guys that were going to cure everything with whole life or annuities.
And every time I would hear one of these things, I would go to my wife, who is very bright, an Emory Business School grad, valedictorian of her class, and a CPA. And I’d say “Honey, what do you know about this?” And she’d basically say variations of, “I don’t know anything about that. I’m a CPA, I could, I could audit the books of a company, I could do a profit and loss. I could do a tax return, all this stuff, but personal investments, personal financial planning, I had one course in it, I don’t know anything.”
So I became self educated, and I realized that this business had a lot of people in it that didn’t have my best interests at heart. Is that a diplomatic way of saying it?
That’s a very diplomatic way. That’s as diplomatic as we’re going to hear from you, Barry.
Yes, that’s it. That’s it. It’s downhill after here.
So I decided to become self-educated and start doing my own stuff.
So you did not start the CFP with the thought of a financial planning career next.
Well, it was a small part of it. What I figured is, the way I had it projected, I was going to need to work till about 60. And at 60, maybe I could go out and become a CFP. You know, maybe go out and practice wealth management, financial planning, whatever.
But in the meantime, I’m doing this for myself. That was the thought. You know, it was a couple thousand dollars to take the, you know, for the exam materials and all that the rest. It was just sitting down, and I just gave up watching baseball and football and basketball for 18 months and used that time to study.
Our listeners should understand that my partner is insatiably intellectually curious, so this doesn’t entirely shock me that he decided to pick up books in the middle of his 40s.
So okay, so you pass the CFP. Walk us through the decisions that saw you enter the financial planning area and getting back into gainful employment.
I’d been giving advice for free to friends of my wife—my wife is a CPA, her friends were CPAs—family, friends, relatives, whatever, that were mainly, you know, physicians, dentists, business owners for free for a number of years. And it stunned me that some of the CPAs that my wife worked with, thought I was pretty good at this. And I decided that the one thing I should do is, I had experience with business owners. Why don’t I go out and learn something different? If anybody who’s listening plays basketball—when you’re a kid, you want to learn to dribble with both hands, so some people actually tie their dominant hand down to their stomach or behind their back, so they could learn to dribble with the other hand. Well, what I did was, I went to work for an advisory firm, which eventually was bought by a much larger institution that specialized in serving corporate executives. And the reason I went there is, that was the one thing I felt I didn’t know. Well.
So this was very intentional on your part.
Yeah, yeah. Just like, you know, if you want to learn to play basketball, and you want to be really good at it, you got to develop your off hand. Or if you’re a soccer player, I’m sure you do the same thing with your off foot. I deliberately went to work for a place that I knew was strong at what I was weak at. That’s what I did for a few years. It was an experience, and it was while there, I figured out that they didn’t have their clients best interest at heart. They were making money multiple different ways that their clients really didn’t understand. And I wanted to leave,
Would it be fair to say that—I can’t remember what you said about your disability coverage—but did you need to work at this point?
So this was more like a passion for you than anything else.
I was doing it for fun. Listen, if I’m a 45-year-old, and I’m the only guy sitting at home all day, and all my friends are working, but I wanted to do something, and this is sort of what I wanted to do. Now. I could have gone to work for a large dental chain and managed it—
—without practicing dentistry, just a business management aspect.
Right. I could have worked at a dental hygiene school teaching dental hygiene. I could have gone to work for a dental insurance company reviewing claims, telling the dentist that, “No you can’t do a crown on that tooth. It’s not damaged enough.” I could have done anything like that, and I didn’t want to. I mean, that wouldn’t have been fun.
So the financial side of it was the fun part for you.
Okay. Talk to us about your relationship with Rob Hockett and your time at Cambridge Wealth Counsel.
While I was practicing dentistry, at the time, Wachovia Bank had a program they called “Professional Banking.” It was sort of like private banking-lite. And they would see degree professionals: CPAs, dentists, physicians, and they would give you a little bit more than the normal stuff, but maybe not full-fledged private banking. Well, Rob was my guy. Well, I started out with one guy, and then a second guy, then Rob was probably my third guy.
Rob was the first guy who wasn’t trying to push the bank’s mutual funds. And finally, you know, I pull him aside and you know, one day at lunch, “How come you’re not pushing the bank mutual funds? All the other guys did.” He said, “Because the bank mutual funds stink.” I said, “Well, I know that you know that. They probably knew that. But they still had to push ‘em.” He said, “Well, they gave me some leeway, because I’m doing enough business otherwise, and if they start giving me a hard time, I’m out of here anyway.”
So that’s sort of how I met Rob. Rob comes to me a year or two later, says, “Listen, I’m taking the CFP course, and I think you’d really like it,” and I start laughing. I said, “I got the application for it, sitting at my desk at home, half filled out, I’m ready to do it.” So you know, I was like one cycle behind him in taking this.
So I took it and I learned that I didn’t know a lot of things I thought I knew. So it was a great thing for me. I left to go work for Rob. So I took a massive pay cut, and I got cut again by another 50% going to work for Rob. So obviously, I’m either stupid, or I’m not in this for the money—or more than one of the above!
So yourself and Rob—completely different tracks. He came out of the banking world, you came out of the dentistry world, you sort of meet at the same time thinking about the same things. He’s already begun to manage some of these family’s finances?
He’s probably been doing this for three, four or five years by the time I joined him. I don’t know the exact, you know, I’d have to go and look back. And he wasn’t making enough to be able to afford to pay me. I was glad to do this. This was fun.
So let me let me drill in on that. So clearly, you’re not doing it for the money—joining Rob—because he’s cut you 50% from your previous job. What made the decision for you?
Well, integrity. I knew that he was an honest guy. I knew that he wasn’t looking to screw clients. I knew that he was a NAPFA member—National Association of Personal Financial Advisors. I knew all this stuff. I mean, I think I had the opportunity to go work for a larger firm in town, where at the time the minimum client was $2 million. Now remember—this is over 20 years ago. I don’t think that I knew that many people with that kind of money at that time. And I just didn’t think I could bring in business, and I didn’t like the way that they operated.
I felt like with Rob, I could make a difference. And I felt that I did, sort of, from day one, I think I helped him improve some of the things that he did—not that anything was wrong. I just helped, think I helped him improve some things.
Let me, just for the benefit of our listeners, the NAPFA reference you made was the professional fee-only financial planners’ association. What was it about that particular model of advice that attracted you?
Well, I’d seen the other side. I’d seen the brokerage side, I’d seen life insurance guys who weren’t always looking out for the best interests of their client. They may have thought that they were. I just wanted fee only because I knew—fee only was what I was looking for back when I first started practicing dentistry, and it essentially didn’t exist.
I started practicing dentistry in 1981. You’d have to go back to the origins of fee only planning, it was probably around the same time. So the only thing I saw back then, was brokers and insurance guys, and I just didn’t like that world.
So it’s essentially the fact that in the fee only work, you had to put the clients’ best interest first.
Right. And I was working at a place beforehand who was fee-based, but they were making money multiple ways from their clients, and they were legally disclosing it, but the clients were not reading and didn’t know where to look to see where it was disclosed, that they were making money, multiple other ways.
Understood, understood. So let’s now talk about the time that you and Rob spent building Cambridge Wealth Council together. Talk to me about some of the best decisions you folks made, and what led to your success in building a roster of client families that you serve to this day.
I was bad at it at first. I built the practice by osmosis, I felt no sense of urgency, because I had income. You know, I had income that was basically replacing what I used to make as a dentist. There was again, no sense of urgency, and I found that it took about five years of me being in this business for people to start sending me, “Hey, you know, here’s my brother, here’s my uncle, here, you know, will you take a look at what I’ve got? Would you consider this?”
So that was part of it. Part of it was back then, you know, the NAPFA referral system actually helped some too. You know, took five years to start going, and then at ten years, it became I think what the nuclear physicists call a “self-sustaining reaction,” where if you have enough, there’s just enough that keeps coming in without working at it. It was sort of weird. I sort of looked around after about fifteen years of this and realized, you know, Rob and I had an agreement that if something happened to him, I would take over his business and pay his heirs—his wife—and if something happened to me, he would do the same for me.
And Rob and I sort of got to a point where we looked at each other and said, “Holy you know what!” But anyway, we’re both so busy, that if something happened to the other, we couldn’t handle the other guy’s business. So we need to go out and start doing something else. We either need to build a big organization where we’ve got lots of other people, or we need to find some like-minded people to put our lot in life with.
So that’s a perfect segue. So you see, you both came to a moment of enlightenment that you’d built something really successfully, but you sort of hit a glass ceiling in terms of not having the platform to sustain it necessarily. Would that be fair to say?
Yeah. We thought that we could do it, but it would take just a lot of work. And why recreate the wheel when someone already has it?
Did you both come to that conclusion at about the same time, or did one come to it sooner?
I think I was pressing him a little bit more—you could speak to him and he might say differently. I got to a point where I said, “Rob, I’m approaching 60, and I know from dentistry, I’ve seen too many guys wait too long to sell their business or to bring in a successor, or to do stuff like this.” And Rob was always thinking in the back of his mind that his church was going to call him for a mission as an adult, and if that happens, he’d be in trouble, too, if he didn’t have other people to help sustain the business. So eventually, I think we were both on the same boat. I may have been 18 months ahead of him. I don’t know, he might argue.
So share with us, you know, what happened from there, because it sounds like you both came to the conclusion that you needed to get serious about the succession plan, which a lot of business owners have to come to that, at some point, that built this great business. But you know, “who takes it over for me?” At a high level, talk to us, share what sort of firms that you spoke with.
I think we spoke to about twenty firms. Some of them were phone calls, you would just speak to them on the phone, and you’d know it was wrong. We spoke to one Atlanta based firm, you know, they started using terms “book of business,” which in our end of business, we don’t use that much—it’s more a brokerage term. And it was like, they just wanted to know what our revenue was, and offered a multiple, like on a cocktail napkin just about, that you took a look at, and it was a telephone number.
But we knew it wasn’t going to work. Funny thing is we ran into somebody who had a business like ours that they bought, and we found out that it didn’t work. But these guys just had money, and were offering it. There was a lot of stuff like that
We knew we had to find somebody that was fee-only, that was non-traditional, non-active investing, and was very planning-centric, more than investment-centric. Now, don’t get me wrong: I was head of the Investment Committee at our old firm. But that’s not what you do this for. You do this for the planning. And we spoke to—we narrowed it down, I don’t know, to maybe four or five firms and then cut it quickly to two firms, of which Modera was one of them. And we just felt the most comfortable with them. Even though financially, it might have been better for us to go with the other of the finalists.
So in the end, it’s almost like a decision that you made similar to when you joined Rob, is you had to cut your pay to get the right cultural fit with somebody like Rob—it’s kind of similar. You had more attractive financial opportunities with other firms. But culturally, Modera was the more comfortable fit for the team at Cambridge.
Yeah. I mean, that was it. We were in it for the long term, and we knew that it would work better if we had a good cultural fit. We just thought it was a great cultural fit.
You know, most of the stuff that we had to change was a, you know, piece of software. So you get used to a different piece of software, a different method of doing things to get the same result. You know, at the end of the day, stuff like that doesn’t matter if you—there was very little daylight between the two firms. I mean, in other words, it was almost the same thing.
So I think the three words that are coming to mind for me as we wrap up this interview, Barry, when I think about you is, “integrity, passion, and trust.” Those three are key for you.
I’m flattered, but I’m not going to argue! Yeah, you know that everything runs off integrity, everything runs off—if I think you’re doing a good enough job, I’m ready, willing and able to trust you. Also, if I can add: the whole philosophy behind this firm seems to be, same as mine: It doesn’t cost any extra to be nice to people.
So two last quick questions. What still gets you out of bed every morning?
My dog? If I don’t, it’s gonna poop in the house!
Yeah, and that’s the first answer. What’s the other answer?
I love doing what I’m doing. I mean, this, this is neat. You get to help people. You get to add something. You get to contribute—both to the people I’m working with, and to the clients we’re serving. I love helping to teach some of the younger guys stuff that they may not have seen before. I love being able to speak in clear English to clients, so they understand what’s going on. No mumbo jumbo.
And just to clarify for our listeners—Barry’s from New Jersey so when he says “guys” he means guys and gals. So just to be clear.
Last question. What was the last non financial related decision you had to make today?
What to eat for lunch.
Well, thank you, Barry.
No, thank you. I’ve enjoyed this. Can we go for another hour or two?
And thanks to our listeners for tuning in! We hope you’ll join us next time on Decision Dialogues for more stories from successful business owners. So long for now.
Dr. Barry Kaplan, EA, CFP, is a Principal and Wealth Manager at Modera, operating out of the Atlanta office. As a Wealth Manager, he specializes in working with executives, health care professionals and retirees. He serves on the Investment Committee at Modera.
Prior to his career in wealth management, Barry practiced dentistry for twenty years until an injury ended his successful dental career. Fortunately, he had previously discovered a passion for financial planning and now holds the CFP® certification. He then joined The Ayco Company, L.P., a subsidiary of Goldman Sachs, as a financial planner and, subsequently, Cambridge Wealth Counsel. Barry and the Cambridge Wealth Counsel team joined Modera in 2017.
Barry graduated from Emory College with a Bachelor of Science degree in biology and with a Doctor of Dental Surgery degree. Barry is a member of the National Association of Personal Financial Advisors (NAPFA) and is committed to fee-only financial planning. He also is a member of the Financial Planning Association, the National Association of Tax Professionals and the National Association of Enrolled Agents (NAEA).
Barry has been quoted or profiled in publications such as the Wall Street Journal, New York Times, Business Week, Bloomberg.com, Smart Money, Kiplinger’s Retirement Report, Consumers Report Money Letter, Dow Jones Newswire, Wealth Manager, Investment News, Investment Advisor, Inside Dentistry, NAPFA Advisor Magazine and many others. Barry has had his article “What’s the Best Way for Retirees to Invest Their Nest Egg” published in the Wall Street Journal.
Modera Wealth Management, LLC (“Modera”) is an SEC registered investment adviser. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. For information pertaining to Modera’s registration status, its fees and services please contact Modera or refer to the Investment Adviser Public Disclosure Web site (www.adviserinfo.sec.gov) for a copy of our Disclosure Brochure which appears as Part 2A of Form ADV. Please read the Disclosure Brochure carefully before you invest or send money.
This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements and opinions expressed in this article are subject to change without notice based on changes in the law and other conditions.
Investing in the markets involves gains and losses and may not be suitable for all investors. Information herein is subject to change without notice and should not be considered a solicitation to buy or sell any security or to engage in a particular investment or financial planning strategy. Individual client asset allocations and investment strategies differ based on varying degrees of diversification and other factors. Diversification does not guarantee a profit or guarantee against a loss.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.