Thirst for knowledge fuels financial planning veteran

Richard Wagener, managing partner at Wagener Lee, has been a cornerstone of the financial planning industry since 1981 – having seen the highs and lows the industry has navigated. Wagener says that the key to his success lies in an insatiable hunger for self-development.

"I've always had a thirst for knowledge,” he says. “I think about solving problems comprehensively, much like my background in mechanical engineering and information technology. I think about the entire structure of the house, not just the foundation.”

And this approach extends to his own firm, with a strategy designed to adapt to the diverse needs of its clients, embracing a multi-disciplinary and multi-generational team.

"Our practice includes partners with a wide range of expertise," Wagener explains. "One of my partners is an attorney and a CFP® professional, another is a CPA and a CFA, and we have multiple CERTIFIED FINANCIAL PLANNER™ professionals. This diversity allows us to provide tailored advice to clients at different stages of their financial journey."

A recent conversation with a 60-year-old prospective client highlighted this approach.

"He owns a structural engineering firm and wants to retire in 10 to 15 years. Although he has other investment accounts and an accountant for his taxes, no one has helped him with long-term wealth planning. He has different objectives at this stage, including how to distribute funds in a tax-advantaged way.”

But for younger clients, the focus shifts to accumulation and avoiding common mistakes.

"Younger clients often don't know what they don't know," Wagener says. “It's not about telling them to save $100 a month. It's about ensuring their estate planning documents are in place, the ownership of their assets is correct, and beneficiaries are up to date.”

Wagener’s comprehensive planning isn't just about wealth accumulation; it’s also about ensuring clients’ goals and values are reflected in their financial strategies.

 "Our goal is to look at things comprehensively, whether it’s a young person or someone in their prime earning years,” he says. “We provide advice tailored to each client, whether they're starting their career, building their wealth, or planning their retirement.”

Drawing from his wealth of experience, Wagener knows the importance of understanding and addressing the emotional and personal dimensions of these processes – especially around the sensitive topic of succession planning.

“I've had to deal with succession planning on my own, and it's probably the most complex area for a business owner or someone accumulating substantial wealth," Wagener says. "I talk to clients about what's important to them and creating a legacy. It's not just about the name on a building but about continuing something meaningful that others haven't done.”

And Wagener’s recent interaction with a client only served to reinforce the benefits of this approach.

"I met a man whose wife had serious medical problems. No doctor could solve them until he researched holistic and Eastern medicine, ultimately helping her improve. This made me think about legacy—what you want to leave to your children, family members, or important charities. It's about creating something lasting.”

Because, as Wagener knows, succession planning is not just about the financials but also about emotional fulfilment.

"The amount of money accumulated is important, but more so is the legacy you want to leave for your family. When I interview someone, I focus on what they want to accomplish on a personal and emotional level. The money comes second. Sometimes one spouse's priorities differ completely from the other's, adding to the challenge.

"It could be a direct sale, a family limited partnership, an LLC partnership with your family, or a charitable remainder trust. The key is understanding how you think you should transition out of the business. A charitable remainder trust provides a tax deduction and ensures the money continues to do good after you and your spouse pass away. You can name your children as part of that legacy.”

Wagener has been recently working with a client for whom this was all too true. With substantial wealth, they’ve been discussing his legacy for years now and finally identified six charities that are close to the client’s heart.

“It took time, but now we’re ensuring that none are prioritized over the others, and we’re also considering his children's needs without disinheriting them.”

Wagener's approach is deeply rooted in understanding the personal stories and aspirations of his clients. He spends significant time helping them articulate their goals and navigate the emotional challenges of succession planning.

“It's not just about taxation and distribution, but about achieving something meaningful with what they've worked for,” he says.

Disclaimer:

Richard Wagener, Branch Manager RJFS, 5950 Symphony Woods Rd, Suite 412, Columbia, MD 21044.  Phone 443-276-9595

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Wagener-Lee, LLC, Financial First Advisors, Inc. and Raymond James Financial Services Advisors, Inc. Wagener-Lee, LLC and Financial First Advisors, Inc. are not registered broker/dealers and are independent of Raymond James Financial Services.

Any opinions are those of Richard Wagener and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.