Trusting someone with personal finances is stressful for anyone, but we are lucky to have the office of David Tam Edward Jones right in the heart of Kensington. Named one of the Forbes Best-in-State Wealth Advisors – 2022*, David is an expert in long-term investments and regularly takes his time to volunteer information to our community. In 2022, David is also a Premier Sponsor of our organization. Today, we want to share a little more about his team.
1 | Thank you for chatting with us, David. Could you please tell us a little bit about yourself, your office, and why you decided to join KTBA?
Thanks for the opportunity today, Jana!
Our office here in Kensington was established in 2000! I joined the firm in 2003 after working seven years at one of the largest banks in the US. I was looking for a company that was focused on the community and the clients they served instead of nickel and diming folks to get the quarterly earnings up to please shareholders. I chose Edward Jones because they are a private employee-owned partnership, and our only focus is on the serious long-term investor. Coming from a public firm that was bought out, it was important to me to find a company that wouldn’t be vulnerable to that.
Our specialty is transition planning, emphasizing folks getting ready to retire within a year or two. The most common thing I’ve seen lately is clients selling their properties here in Kensington to lock in profits and moving to lower tax areas so that they can buy more home for their dollar. I’ve been able to help clients invest those proceeds in tax-advantaged strategies so that they can live off the interest for the rest of their lives.
We are grateful to be part of such a thriving and growing community! I remember when the Kensington commons was just a gas station and an empty field!
2 | With IRS deadlines looming and our investments at top of mind, what is the number one question you are getting from clients and prospects today?
Tax season is our busiest time because everyone wants to maximize their deductions. The best way to minimize taxes would be to set up a retirement plan for your business. We have a multitude of plans available, including 401k’s, 403b’s, SEP IRAs, SIMPLE IRAs, Roth/ Traditional IRAs! For a majority of IRAs, you can contribute up until your tax filing deadline, which is April 15 for most people. Give us a call or consult with your tax preparer to see if you’re eligible!
Also, with the recent market volatility, it’s a good time to get a second opinion on your portfolio!
3 | If you could give everyone a piece of advice for their finances in 2022, what would it be?
Current events have sent the markets into a state of unpredictability, it’s times like these that we see investors make emotional decisions that are often not in their best interest.
Avoid fads and stick with quality investments! Staying patient, disciplined and focused on your long-term goals is key!
The good news is that we have been here before and are ready to help! Our clients that have diversified portfolios aren’t seeing the same level of volatility as those who are entirely in stocks. While diversification can’t guarantee profits or protect against all losses, it can help reduce the impact of volatility.
Work with an advisor to navigate the turbulence of the markets! We are here for you if you need us.
4 | Some of our community members are looking to sell or have already sold their homes with the recent increase in property value. In your opinion, where is the best place for them to put their money?
Quite a few of my clients have taken advantage of the high real estate prices by selling! With interest rates higher than they have been in years and the stock market bouncing off recent lows , now is the time to sit down with a financial advisor who can custom tailor a strategy to meet your long-term goals!
5 | Any recent news that you’d like to share?
I’m truly honored to share that I recently was named among the 2022 Forbes Best-in-State Wealth Advisors, announced in April 2022.
At Edward Jones, we build partnerships that empower us to make a positive impact in the lives of our clients and our communities. I am grateful to my clients and my branch team for the high-quality partnerships we’ve built together. Being named to the Forbes Best-in-State Wealth Advisors list verifies that these relationships are making a meaningful difference.
This is truly an honor to be shared by my clients and our Kensington team. I very much appreciate the relationship we’ve built together over the last 20 years!
If you would like to learn more about local San Diego small businesses and to get involved in the Kensington Talmadge community, find out more on our website.