Why I left Morgan Stanley for independence — and then took my practice virtual

I was 18 the first time I saw someone's retirement dreams come crashing down. The retirees were my parents. They had made a fairly significant sum when they sold my father's private medical practice but then received some bad financial advice, leading to a substantial financial loss.

My parents allocated far more than they should have to private equity investments in that season of their lives. When those investments didn't pan out as planned, they were left with far less than they anticipated for their retirement. My parents' final years were marked by (and marred by) financial stress as a result of that bad financial advice.

Seeing my parents' saga play out inspired me to take a serious interest in finances. I enrolled at the University of Maryland, College Park as an economics major, eventually advancing to a career as a financial planner.

My initial motivation for studying finance was to gain knowledge that would prevent me from having the problems my parents endured. However, as I started my financial planning career and began meeting with clients, my outlook quickly changed. I realized the great need for sound investment advice in our society, which motivated me to want to help as many people as possible.

Hard-won growth at Morgan Stanley

Joining Morgan Stanley was a sink-or-swim experience. They basically said, "Here's your computer and your phone, now go and find some clients." 

It was a challenging way to begin my career, but it provided a good lesson. From the start, I knew no one would go out of their way to help me. My success was going to be hard won. My time at Morgan Stanley also revealed to me the variety of ways that larger firms can be inept. At the end of the day, those firms are beholden to their shareholders more than they are to their clients. This inspires several practices, including advisor pay structures designed to steer investing to certain asset types, which reduces the quality of service investment clients receive.

READ MORE: Amid probes, Morgan Stanley vows not to change its wealth strategy

I also learned that large firms have a limited focus when it comes to investment options. They typically only have familiarity with stocks, bonds and mutual funds but know little about options like annuities, which can be very beneficial to retirees. Overall, I saw that advising for a large firm didn't give me the flexibility to provide the best retirement planning for my clients.

And it didn't take me long to realize that at big firms, crucial decisions about where client money would be invested were made at the top. The advisors who were required to implement those decisions had very little input. 

I wasn't a fan of this approach, so I began looking for opportunities where I could advise clients in a way that wasn't influenced by the company's biases.

Going the independent route

Joining an independent firm felt like a breath of fresh air. Advisors were permitted to make decisions focused on what was most appropriate for their clients, drawing from a fully open architecture platform of products. I quickly learned much more about the various investment options available and where they best fit client situations.

READ MORE: Advisors raised rates without worrying much about losing clients last year

Being part of an independent firm also taught me the ins and outs of operating a business. I saw what went into marketing, technology, office space and the other components that kept the business running. 

Those learnings became invaluable as I eventually sought to establish my own firm.

Launching a virtual RIA

The vision for the firm I founded was formed by COVID-19. During the pandemic, social distancing forced us to shift our client meetings to Zoom calls. When the pandemic passed, I expected to get back to business as usual — but my clients had other ideas. 

People liked the comfort and convenience of virtual meetings and wanted to keep things that way. Even clients who lived only a few minutes away from our class-A office space preferred the ease and comfort of Zoom to a face-to-face meeting. They also liked avoiding the hassles of traffic and parking.

READ MORE: Ask an advisor: Do wealth managers still need real offices?

That was when a light bulb went off for me. Launching a completely virtual firm would provide our clients with the convenience they wanted, while also providing massive cost savings for us. 

MDRN Capital emerged from my understanding that I could meet all my clients' needs virtually and pass the savings I was achieving on to them. By leveraging the remote tools that matured during COVID, we provide every client with exceptional service and efficiency.

My journey in financial services has covered a lot of ground, but the goal has always been to provide the best possible service for my clients. When my first client told me how at ease she felt knowing her retirement was going to be okay, I was hooked. Alleviating people's anxiety as they transition to retirement is an amazing feeling that I look forward to experiencing for the rest of my career.