Successful Wealth Strategies for Families and Businesses
An advertising executive wants to turn his agency over to his employees. Minnesota-based Greater Midwest Financial Group (GMFG) helps create an employee stock ownership plan (ESOP), while managing the man’s retirement and estate planning.
A woman is concerned that her soon-to-be-ex-husband is hiding assets. Working with an attorney and a forensic accountant, GMFG ensures she has sufficient funds to maintain a desirable living standard.
A man wants to invest in a small company. GMFG conducts a business valuation to help him avoid paying
Whether it’s specific to running a business or planning for retirement or college, Greater Midwest Financial Group helps high-net-worth individuals and families find opportunities and avoid potential pitfalls. From retirement planning to wealth management, GMFG’s advisors take a team approach to help clients pursue their greatest economic potential.
“Our depth of knowledge, resources and experiences is what sets us apart,” says Founder and CEO Donald J. Phillips, CFP®. “Through the past three decades, we have seen many changes in regulations and tax laws. We stay on top of the changes to help people sort through the uncertainties.”
Knowledge Is Power
A former U.S. Army critical care nurse, Phillips is used to dealing with crisis situations. He now utilizes some of the skills he developed to help clients stay focused.
“Greed and fear are two of the most powerful emotions, and they tend to create distortions in the way people think,” Phillips says. “If we can keep clients from getting too greedy, we can prevent them from becoming too fearful, which leads to bad decisions. We help people identify realistic goals and keep them on track.”
Donald J. Phillips’ team includes Vice President Robert J. Phillips and longtime President and Senior Planner James W. Ronn, CFP®. Ronn is the key advisor to many top clients, while Robert J. Phillips, an economics major from Carleton College, leads the investment research team, among many other critical duties.
GMFG holds several special events for clients and associates each year on timely and important topics, featuring leading financial experts. In June of 2014, the company will host a guest speaker from BlackRock®, the world’s largest asset management firm, for a presentation on Social Security maximization.
In 2011 and 2012, Greater Midwest Financial Group was honored to receive the Premier Wealth Advisor award from the National Association of Board Certified Advisory Practices.* GMFG received the Five Star Wealth Manager Award** from 2009-2011 and 2013-2014, and Donald J. Phillips was named to Barron’s Winner’s Circle in 2007.*** For Donald J. Phillips, the most satisfying accomplishment is helping clients so they can harness the power of their money and are able to live comfortably for the rest of their lives.
“If you look carefully at why you do the things you do, and stay focused on your goals, life can be much more rewarding,” he says.
*Award based on an evaluation of 20 different practice categories such as experience, credentials, assets under management, fee structure and philosophy, among other factors.
**The 2013-2014 Five Star awards are based on 10 objective criteria associated with providing quality services to clients such as credentials, experience and assets under management, among other factors. Wealth managers do not pay a fee to be considered or placed on the final list. The 2009-2011 awards are based on client satisfaction. Respondents evaluate criteria such as customer service, expertise, value for fee charge and overall satisfaction. The overall score is based on an average of all respondents and may not be representative of any one client’s experience.
***Rankings are based on minimum of 7 years in financial services industry, acceptable compliance records, client retention reports and customer satisfaction reports.