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Community Highlights: Meet Dominik Yates

Today we’d like to introduce you to Dominik Yates.

Hi Dominik, can you start by introducing yourself? We’d love to learn more about how you got to where you are today?
I always grew up with an interest in money. As a kid, we didn’t grow up poor, but my parents were never well off. Still, we had enough to get by. It wasn’t until the economy collapsed in 07/08 when things got worse. I watched my parents (and many others in my community) navigate the best they could through the worst recession.

A lot of us were never able to fully recover from the losses and that piqued my interest to learn everything there is to know about how money works, not only to grow and protect myself but for those in my community as well. My interest quickly turned into passion, which lead me to pursue a degree in Finance. I also decided to work at a bank to gain some experience relevant to my degree. After dedicating five years and climbing the corporate ladder, I was still feeling a need for more.

On one hand, I wanted to put more energy into building something of my own rather than climb the corporate ladder. On the other hand, there’s been a call for more financial literacy and planning in my community and I wanted to be able to make real change in people’s lives. I left the bank and put my faith in my ability to help people learn about money, grow/protect wealth, and leave a legacy behind to build more generational wealth. I’ve always felt that my success will come from helping others achieve success, and now, as a Financial Advisor, I’m in a position to do just that.

We all face challenges, but looking back would you describe it as a relatively smooth road?
It definitely hasn’t been a smooth ride. Firstly, when I initially had the idea to leave the bank and pursue a career as a Financial Advisor, my best friend (and line brother) was extremely encouraging and wanted to be one of my first clients. When I was in between a series of interviews, I received the news that he lost his life in a car accident. We had to collect donations and thankfully received enough to be able to give him a proper funeral. Having to navigate the loss of a loved one is tough enough; families shouldn’t have to simultaneously bury a loved one while figuring out how to cover the cost of the funeral as well as live without one less source of income. After witnessing the emotional and financial struggles after losing a loved one, I vowed to never let a client or their family navigate through life without a plan in place. It’s all too common for most of us to not have a plan, but that only does harm to our families in the long run.

As a financial advisor, I know I am in a great position to seriously help families plan for their future generations. Starting a career as a financial advisor opened my eyes to the financial realities many families face navigating through difficult times. Aside from this, as a young 27-year-old, I really have to display a wealth of knowledge to overcome age bias. Although age is an initial barrier to some, I see it as an opportunity to get further ahead earlier on in my career. My quest for understanding money allows me to pick up degrees, licenses, and certifications along the way that help cement my competency. I have the unique advantage of being in a career that will only grow with my clients. I have plenty of years to be able to help families and businesses grow over the long term when a lot of the older generation will be on their way to retirement not too long from now.

We’d love to hear more about your work and what you are currently focused on. What else should we know?
My work is completed at the highest standard of care within our industry with the intent of becoming a reliable resource for my clients. I pride myself on being multifaceted with various licenses that allow me to walk my clients through a variety of financial concepts. My focus is around education and using applied mathematics/research to help my clients protect, save, and grow their wealth. Traditional financial thinking often targets a narrow area of focus, leaving other critical areas completely unaddressed. Many people also feel overwhelmed by multiple competing financial concerns, opinions, and products which lead to stress, uncertainty—and poor decisions with money. These can lead people to take inappropriate levels of risk and leave them financially vulnerable and unprepared for their future. Instead, it’s important to first organize financial priorities and understand the proper order for addressing each specific situation. Take care of today, establish a good foundation to respond to life events, and then build on that solid framework to prepare for the time ahead. I provide my clients with resources to learn about and maintain organization over their financial lives.

We’d love to hear about how you think about risk taking?
I am a calculated risk-taker. Depending on what the situation is, I assess risk differently. Take my career for example; I left a firm I was comfortable at, that paid me well and paid for my weekly travel, to venture out and build my own financial planning practice from the ground up. This was a huge risk because I left something guaranteed for something that’s the complete opposite. Looking back on my journey, I know it was the right risk to take. When assessing risk within a financial plan, I am much more prudent. I don’t believe in taking unnecessary risks and build plans that manage both risk and tax while growing over the long term. Understanding and managing risk can also allow us to take on more risk in search of more compensation.

 

Contact Info:

  • Address: 15760 Ventura Blvd, Encino, CA 91436 suite 2000 | 20th Floor
  • Email: dominik.yates@westpacwealth.com

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