Ask most business coaches…The number one rule in the aspiring financial advisors’ playbook is: “Don’t charge too little.”
In 1984, a young Kenneth Demps decided to break that rule. “Treat your clients well and the business will take care of itself,” he believed.
His gamble paid off. Three and a half decades later, The Demps Group of Ameriprise Financial has been a strong and respected advisory practice in Michigan, specializing in fee-based financial planning and asset management strategies, all while keeping fees as low as possible.
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In 2019, Kenneth Demps again earned the Detroit Five Star Wealth Manager award, and has held the award continuously since 2012. Demps says he is proud of being a Five Star professional and acknowledges that he would not have earned this award without the support of his experienced team. He is also very proud of the premier service The Demps Group clients’ have come to expect from the team, allowing the group to achieve a consistently high retention rate. Some new accounts are now fourth generation clients of the practice.
Helping to make dreams come true
Our goal is for prospective clients to sense a difference immediately. We strive for their first meeting with The Demps Group to feel more like a candid conversation about anything other than investing.
“We won’t discuss investment strategy until we’ve taken time to understand you and thoroughly unpack your life priorities and personal values. This information is just as important to financial planning as the latest stock market news,” explains Demps.
Meetings are designed to be personal and comfortable: a “no jargon” zone. Individuals are discouraged from moving any assets until the third meeting, and only after they have answers to all their questions and a solid strategy in place customized to their needs and goals.
These meetings allow Demps and his team to identify barriers that may stand between clients and their dreams. “We consider ourselves problem solvers,” says Demps, who leads a team of advisors who share his philosophy. “Yes, we do have a long history of helping clients build wealth and meet financial goals. But, more importantly, we work with investors to help them use their assets to meet their needs.”
Demps says his problem-solving ability is greatly enhanced by his move to be an independent Ameriprise advisor in 2017. “We don’t work for a company or stockholders; we work for our clients. We don’t have to limit our recommendations to any proprietary product or meet sales goals. Instead, we have the freedom to craft unique solutions that are personalized to each client’s needs and goals.”
The Demps Group’s support style regularly extends far beyond the traditional advisor role. “Team members are a sounding board and confidante on a wide number of issues such as difficult transitions in life, learning to manage their own financial affairs, navigating the Medicare waters, major purchases and more.” Always innovative, Demps develops often-overlooked or complex solutions, such as coordination with a client’s legal and tax professionals for the use of irrevocable trusts.
“Relieved of unnecessary stress, our clients may have more time to spend doing what matters most to them—being a grandparent, pursuing interests, serving the community and traveling,” concludes Demps. “My team and I are dedicated to being there for them as their needs change in the decades ahead.”
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Kenneth Demps is a Financial Advisor and Managing Director with The Demps Group, a financial advisory practice of Ameriprise Financial Services, Inc. in Bloomfield Hills, MI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 35 years. His office is located at 39533 Woodward Ave, Ste 150, Bloomfield Hills, MI 48304-5101, or contact him by phone at 586.254.4240 or visit his website at ameripriseadvisors.com/kenneth.demps.
The Five Star Wealth Manager award, administered by Crescendo Business Services, LLC (dba Five Star Professional), is based on 10 objective criteria:1. Credentialed as a registered investment adviser or a registered investment adviser representative; 2. Actively employed as a credentialed professional in the financial services industry for a minimum of five years; 3. Favorable regulatory and complaint history review (please note unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through Five Star Professional’s consumer complaint process*); 4. Fulfilled their firm review based on internal firm standards; 5. Accepting new clients; 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations.
Wealth managers do not pay a fee to be considered or awarded. Once awarded, wealth managers may opt to purchase additional profile ad space or related award promotional products. The award methodology does not evaluate the quality of services provided. The award is not indicative of the award winner’s future performance.
*To qualify as having a favorable regulatory and complaint history for this award, the person cannot have (1) been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine, (2) had more than a total of three customer complaints filed against them (settled or pending) with any regulatory authority or Five Star Professional’s consumer complaint process, (3) individually contributed to a financial settlement of a customer complaint filed with a regulatory authority, (4) filed for bankruptcy, or (5) been convicted of a felony.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Ameriprise Financial Planning Service is optional, offered separately and priced according to the complexity of your case and your financial advisor’s practice fee schedule. Your fees and financial advisor may change over time.
Please review the Ameriprise Financial Planning Service Client Disclosure Brochure or, for a consolidated advisory relationship, the Ameriprise Managed Accounts and Financial Planning Service Combined Disclosure Brochure, for a full description of services offered, including fees and expenses.
Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.Ameriprise Financial Services, Inc., Member FINRA and SIPC.
© 2019 Ameriprise Financial, Inc. All rights reserved.
This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
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