Today we’d like to introduce you to David Hicok.
David, can you briefly walk us through your story – how you started and how you got to where you are today.
I started in financial services in 2000 with a Fortune 500 Company that was interested in entering the financial planning marketplace after a very long history of selling financial products. The timing was good both for me and the company as clients were beginning to demand objective financial advice rather than products.
I owned my own company in the automotive sector prior to moving to financial services so I had some idea about the challenges that business owners faced. It took me nearly 10 years to gain the expertise to focus on closely-held, family-owned businesses and their unique set of challenges.
I am committed to the idea that everyone deserves objective, unbiased financial advice. That they should have access to inexpensive and uncomplicated financial products and that collaboration with other top professions brings better results for our clients than when we work independently.
I am currently working on two books. The first focuses on mature businesses and the challenges they face. Lots is written about how to start a business and grow a business but little on what to do when your business is successful. Working title: Your business is Successful, Now Get to Work. The second deals with our beliefs about money and how they affect our financial lives more than any other factor working title: Why You Should Love Money. How to Accept Abundance.
Has it been a smooth road?
Not at a smooth ride at all. One of the challenges I faced early on was delivering the services I felt clients deserved within the framework of large institutional financial services companies navigating a highly regulated industry. Feeling like I kept bumping up against a ceiling of complexity, I sold the finance practice I had built in 2010 to two partners. I immediately regretted the impact this had on my clients who had become my friends. It might have been better to continue in a less than ideal environment with the clients I loved while designing an environment that worked for me. After about 6 months off I was recruited by a very large firm to work in Pasadena in their financial planning department. I knew it was a mistake within a few weeks and yet I carried on at the firm for nearly 18 months before starting my own firm from scratch in 2011. The good news is that I now feel as though I have built a firm that can deliver on my vision for the future and support what I believe my clients and for that matter everyone deserves.
So, as you know, we’re impressed with Hicok Financial Solutions – tell our readers more, for example what you’re most proud of as a company and what sets you apart from others.
We provide financial planning and investment management services to mostly closely-held and family-owned businesses. I consider real estate a business so if a client has a rental property they are in business. Clients often come to us with a financial challenge. We help then through that challenge and they become clients for life. My super-power is taking on very complex financial problems and finding solutions for them. Recent projects we took on for clients include a farmer in the inland empire that had converted a very significant gain on a property to 5 triple-net lease properties. The properties were of high quality, but he did not have sufficient liquid assets to satisfy traditional lenders to refinance. He had gone to many banks and was unable to refinance any of the properties or even his home to more favorable interest rates. We were able to assist him, through our network of professionals, in refinancing his home, the 5 properties and put money in the bank for the liquidity he needed. Another case last year involved a very successful business and property owner who had gotten ill, overlooked some important filing dates on his taxes and had most of his assets liended by the IRS. We were able to get him a portion of the cash needed while we went to work on selling a life insurance policy he and his wife owned for over 1 million dollars. He and his wife were able to then restructure their real estate portfolio, pay off the taxes owed and get back on a solid financial footing. Some of our clients’ stories may seem less dramatic but are no less important. Some clients want to buy a home or save for their children’s education or their own retirement. Most want to know they are making good financial decisions.
Let’s touch on your thoughts about our city – what do you like the most and least?
I live in Long Beach and work in Pasadena, but my clients are all over CA, so my number one complaint would be the traffic. But I feel like that is a small price to pay for living in one of the best areas in the United States and maybe the world. I love our beaches, our mountains, our museums and culture. I love food carts and fancy dining, wine at a nice restaurant or beer in a pub. We have some of the most diverse neighborhoods of anywhere I have ever been. We also have airports, (I love LGB) that can get us anywhere in the world. We also have great artists and great music venues to enjoy. I love to support local artists and have many originals in my home. I love our car culture, our food culture, our surf culture and our music and entertainment scene.
- Website: www.hicokfinancial.com
- Phone: 626-657-0260
- Email: firstname.lastname@example.org
- Facebook: https://www.facebook.com/hicokfinancialsolutions
- Twitter: https://twitter.com/HicokFinancial
- Other: https://www.youtube.com/channel/UC29lo4K85wvKlwjQC779jhA
Investment Advisory Services provided through ProCore Advisors, LLC.