Micheal Burch
Q&A With Micheal Burch: Transitioning to the Financial Advisory Space With the Help of Purpose.
Welch LLP’s Family Wealth Advisory Group is the go-to expert when it comes to managing your intergenerational wealth. Their team of wealth management specialists will work with you to create a personalized plan that protects and grows your family's wealth for generations to come. They combine financial planning expertise with a holistic wealth management approach, ensuring that every aspect of your financial well-being is taken care of. Welch LLP partnered with Advisor Solutions by Purpose in November 2019, allowing them to offer their clients a comprehensive and seamless wealth management experience. By integrating their existing tax and estate planning capabilities with Harness' investment management expertise, they can provide our clients with an all-encompassing approach to wealth management.
We recently had the chance to sit down with Welch LLP Senior Advisor, Micheal Burch, to speak about Welch LLP’s decision to partner with Advisor Solutions by Purpose
What prompted Welch LLP to go into the financial advisory space?
To provide more detail, let's start from the beginning. Many mid-sized CPA firms in the US are heavily involved in financial planning. I attended several meetings for CPA firms and was advised that financial planning should be a formalized aspect of our services. To meet this demand, we decided to formalize this aspect of our service and include investing the assets.
However, as a conservative accounting firm, we believed it was risky to venture into the world of investing without proper expertise. That’s why we decided to adopt a passive or exchange-traded fund (ETF) approach, which aligns with Purpose's investment philosophy. This is how we began our search for a partner to help us establish this service.
We interviewed four or five entities and Purpose emerged as the strongest candidate. They aligned with our values and their expertise was in line with our needs. Therefore, we chose to partner with Purpose to create a formalized financial planning service that includes investing assets.
What are some of the factors that helped you choose Advisor Solutions by Purpose?
There are a few factors that set Advisor Solutions by Purpose apart for us. In part, I believe that Advisor Solutions by Purpose had already begun developing a platform that, while it may not have been originally intended for public accounting firms, aligns well with our needs. Unlike other options we explored, who didn’t really have an idea of how they could help us, the Advisor Solutions by Purpose team had a clear plan for how the platform would be implemented and utilized.
We were thoroughly impressed with Purpose's team and the level of professionalism they brought to the table. Their collaborative approach and open communication style were instrumental in making this partnership a success. They took the time to understand our needs and worked with us to create a customized solution that met our specific requirements. We were particularly impressed with their investment philosophy, which aligned well with our conservative approach to accounting and finance.
How would you say Advisor Solutions by Purpose helped you establish this part of your business and grow it?
The key advantage of working with Purpose is their strong financial expertise, which is clear in our conversations and interactions with their team. They bring a high level of professionalism and knowledge to the table, which makes us feel confident in their ability to provide valuable financial advice to our clients. With a wealth of experience and institutional investment backing, we’re confident that they are well equipped to handle even our most complex financial challenges.
Purpose's team works well with us, and we appreciate their collaborative approach to problem-solving. While there have been some challenges along the way, we have been able to work through them effectively, thanks to Purpose's willingness to address any issues that arise. They genuinely care about our success and are committed to ensuring that our partnership is productive and beneficial for all parties involved.
