Comprehensive financial planning with a team approach may lead to a healthy retirement portfolio.
This mantra has been the heart of DL Wealth Management advisors’ strategy for over 25 years, it is and is a good reason why the team of five financial advisors registered with LPL Finanacial maintains a trusted clientele of a large number of households and businesses.
“The difference between our philosophy and that of many other advisors is our team approach to achieve comprehensive financial planning,” said Carroll “CJ” Domangue, a managing partner and co-founder of DL Wealth Management. “Not only do we handle the investment side of a client’s portfolio, but we also work to make sure other aspects are explored, for example: wills and trusts are revisited to ensure documents are up-to-date, life insurance is reviewed in a current needs analysis, and aggregate investments are compiled to evaluate risk tolerance.”
To achieve this strategy, DL Wealth Management, when applicable, collaborates with each client’s CPA and attorney.
The DL Wealth Management team located in Houma – CJ Domangue and John Dupont, co-managing partners; Christopher Domangue, MBA; and Dominick Domangue, an operations assistant who is graduating in finance from Nicholls State University in December — work through LPL Financial, the largest independent broker-dealer in the country, to deliver sound, objective financial advice based on current market trends.
“LPL has no proprietary products, which enables us to give objective, independent advice,” CJ said. “When we make a recommendation, it’s what we believe is best interest to our client, not what our company has told us to sell. Many other firms will try to push you into their own proprietary products. We can go out and find suitable, non-proprietary investments for our clients.”
Working through LPL also gives DL Wealth Management access to sophisticated research in the finance field. “LPL has an entire research team working full time to give us comprehensive guidance that we can pass on to our clients,” Christopher said.
The DL Wealth Management team advises a range of clients including business owners, and it also places a special emphasis in working with employees of state retirement systems.
“We are one of the few vendors in the Terrebonne Parish School District’s 403(B) plan, allowing us to work one-on-one with anyone who is an employee in the school system,” said Christopher, who manages the firm’s school board relationship. “This gives us expertise in working with people in state retirement programs and their rather unique financial planning matters, such as preparing for Social Security.”
For couples employed in different fields, the team uses financial planning technology to gather a full inventory of the couple’s assets and create an interactive roadmap leading to their retirement.
“Take an example of a retiring couple, with one spouse retiring from the oilfield and the other spouse retiring from the school system — we have the expertise to analyze their specific circumstances and deliver a strategic plan for their retirement,” CJ said.
Advancements in technology enable DL Wealth Management to provide their clients with a financial plan that is both accessible online and interactive to adjust for “what if” scenarios that could affect a customized retirement plan. The firm encourages clients to log in and play with the software to facilitate the conversation about what they can do to place themselves in the best position to retire.
“The whole point of going interactive is that the numbers change every day,” Christopher said, “When we have the full financial picture, we can really drill down and create a thorough financial picture — and ensure that retirement is still possible while considering many different scenarios.”
The introduction of advanced technology in the financial planning field also helps DL Wealth Management aim to become significantly more cost-efficient and in turn pass cost savings on to their clients. What their clients receive is quality advice from experienced advisors at a reasonable cost.
“It’s important to remember that many financial planners today weren’t in business the last time we had a significant bear market about 10 years ago,” CJ said. “We have guided clients through crises such as the China Meltdown, the Russian Ruble Crisis, Y2K, the whole Enron fiasco, the Great Recession, and the US Treasury downgrade… and we will be around for the next one.”
“Our team understands the significance of placing realistic expectations, and we try to be there to answer the phone every time a client calls with a concern. That’s what we believe sets DL Wealth Management apart, and that is what we intend to continue doing for generations to come.” •