JACKSON — What started in 1985 with no clients and no money has become a 1,000-client operation, serving clients in 37 states from three locations, which represents
$230 million of assets under management.
Doug McDaniel, CPA/PFS, CFP, is president of Executive Financial Planning Inc. (EFP). He described his brokerage firm as a “hybrid between brokerage firm and
insurance agency.” Ninety percent of the firm’s business is investment and investment management.
“To really do an objective job for a client, you need to have expertise on all sides — investments, investment planning and estate planning,” McDaniel said. “And you need
to be independent.”
McDaniel said his clients enjoy the fact that they are not told that specific products will fit a specific client. Clients instead want to know that their firm represents products
and offers objective advice.
“Those of us who work at EFP, it is our desire to be an adviser to the client, not to be a salesperson of financial product” he said. “As such, a majority of our financial
advisers, of which today we have seven, maintain a certified financial planner designation, some are chartered financial consultants, some are CPAs, some are certified
“There are a number of disciplines where we have expertise and it is our hope our clients will benefit from all these disciplines.”
Another thing EFP believes is vitally important to clients is an ongoing review process, which includes going over tax returns, insurance policies, 401(k) plans, etc.
“It doesn’t do much good to say that your EFP portfolio is well-balanced when we don’t know the whole picture,” McDaniel explained. “To put it in a nutshell, we want
our clients to view us as their personal chief financial officer. And we’re constantly working toward that goal.”
EFP’s Jackson office was the first office established by the company. An office in Tupelo was the second to open in 1996.
Today, though, the big news for EFP, aside from the new construction in the Jackson office that will add a much needed 2,000-plus square feet (a 40% increase in their
current office space), is the office that opened recently in Colorado Springs, Colo.
Randy Morris, ChFC, CFP, is CEO of EFP and is spearheading and coordinating the expansion of the firm in Colorado. He moved to Colorado Springs last January.
“In his research, he could not find a fairly large independent financial planning firm in the city,” McDaniel said. “There were brokerage firms and one- and two-people
financial planning firms, but no large independent firms.”
The concept has been well received in the growing Colorado community. Already in the short period of time Morris has been in the state, Colorado Springs residents have
entrusted EFP with more than $10 million in assets.
“We feel the concept is being embraced there,” McDaniel said. “We’re appreciative for our clients and what they’ve done for us.”
McDaniel described EFP clients as those who like to delegate authority.
Clients can be pre-retirees, a retired couple that is living off income from the nest egg they’ve built up, doctors who are too busy to manage their assets and are looking for
someone else to delegate such decisions, widows who have not been trained in this area and feel very overwhelmed by what they have to deal with, or divorcees.
“A delegator can take the shape of a number of ages or races and can be either female or male,” McDaniel continued.
Another service EFP provides is retirement planning and, through a number of strategic alliances, the firm is involved in the 401(k) market — a growing market and one
that EFP is excited to be a part of.
“I’m here to tell you that financial planning in its truest independent form is a truly needed profession,” McDaniel said. “There is a need for the service we provide and our
goal is to be an excellent financial planning firm and represent the client and not compromise that.”
Currently the goal of EFP, without putting specific numbers on it, is to find more like-minded advisers.
“We think we can offer them a better place to serve their clients,” McDaniel said.
Aside from their seven financial advisers, EFP also has 24 employees.
Contact MBJ staff writer Elizabeth Kirkland at email@example.com or (601) 364-1042.