Name: Dean Harman
Title: Certified Financial Planner
Company: Harman Wealth Management, Inc. LLC
Favorite hobby: Personal fitness
Words of wisdom: Maximize each day. Don’t waste time; it’s a finite commodity.
After nearly two decades in the financial services industry, Dean Harman has seen a great deal, and his experience has solidified his belief that the best financial advisors work to protect their clients from risks of all types. Below, the industry veteran talks about the importance of engagement with regulators and representatives, and the future of the independent financial advisor.
Finding his calling: My uncle was an independent financial advisor back in the 1970s and 1980s, and seeing him help people was a great source of inspiration. Today, I run an asset management and financial planning firm, which does economic research and portfolio design and management.
On industry regulation: The general regulatory environment has made it challenging to work with clients in a way that is easy for them; the way in which a many disclosures are written, for example, can seem overly convoluted to investors. That’s one of the many reasons it is so important to be involved in the legislative process and rulemaking in the industry; it affects our businesses and clients on so many levels. If I could tell Congress one this, it would be to try to stop working from the edges and extremes and try to be moderate. Both parties need this.
Fulfilling processional moments: The most memorable experiences have been buying other firms and seeing those advisors successfully transition their practices. One advisor I worked with has since passed away, and to be able to see our arrangement give financial security to his wife after that happened was very gratifying.
What he wishes more people knew: I wish more people understood the sophistication of risk management and how important that is. There is also a need for properly deciphering the information that is constantly thrown at people; sorting out what is relevant versus what is noise can be really tough. There is a lot of noise.
Where he sees the independent business model going: I see major consolidation as the advisor population ages and retires.