It's Moneywatch Advisors' 40th Birthday!Submitted by Moneywatch Advisors on September 14th, 2020
Born in Lexington, Kentucky in 1980, Moneywatch was one of the very first independent, fee-only financial advising firms in the country. Now, at age 40, we manage about $180 Million in assets owned by our 343 clients. Here is our story:
Bob Bova moved to Lexington to manage the office of Thomson McKinnon Securities, Inc., a stock brokerage, and rose to the position of Vice President. Back then, the financial services industry was dominated by stock brokers and insurance salespeople, mostly men, that were paid by commission. In other words, they were paid when they sold you a stock or an annuity – regardless of whether that product would actually help you achieve your financial goals. Bob decided there was a better way to serve people so he left his comfortable job to earn his MBA from the University of Kentucky and prepare himself to start a different kind of firm.
Bob started Moneywatch with an objective to align the firm’s interests with those of the client and provide clients advice that is in their best interest, not the advisor’s best interest – what a concept! Today, although Bob is still active serving clients, his daughter Ramsey owns the firm, making Moneywatch one of the very few female-owned financial planning and investment management firms in the country.
A recent study by Northwestern Mutual found that “financial stability” plays an outsized role in one’s overall life satisfaction with 92% stating that nothing makes them happier or more confident in life than having their financial house in order. Furthermore, the study shows that those who work with a financial advisor are more likely to report greater financial stability. In fact, 85% who work with an advisor stated they felt their personal life was heading in the right direction.
That’s exactly what Bob’s vision of providing financial advice was in 1980 – provide clients with peace of mind. We’re proud to continue that legacy today.
Steve Byars, CFP®