The Strength of Family Values
At Integrated, we love working with family-owned financial service firms. Working with those you can trust and rely on is a special trait of family businesses, and we enjoy seeing how these relationships work together to succeed. This month, we’re getting to know Sue Katz and Amanda Klug, who are not only co-founders of Candid Financial, but mother and daughter.
Sue’s Experience in Financial Advising is Rooted in Family
Sue’s experience working with large companies consisted of long hours, no flexibility and no time to spend with her family. After stepping back and reflecting on her priorities, Sue decided it was time for a change. Her father owned an independent financial advisor practice, where her brother, also a financial advisor, worked. She decided to join them. Sue quickly assumed most aspects of the day-to-day operations of the firm, from optimizing processes to budget management.
How Challenges Led Amanda to Find Success in Financial Advising
Amanda started working in the business at an early age. During her undergraduate career, she interned at her grandfather’s firm. However, her lifelong dream was to go into the biomedical engineering field. Her life took a turn when she faced health challenges. This led her to reexamine her priorities and what career path fit in this new stage of her life.
She took her financial exams right out of undergrad and began working towards earning her MBA in Finance from Arizona State University. She took a full-time position at her grandfather’s firm as a financial advisor and oversaw the investment research model.
Taking a New Direction
Over time, Sue and Amanda realized their goals were aligned and wanted to make a change. So, the mother-daughter duo started their own practice, Candid Financial, emphasizing that being female-run and lead was a driving force for them. Since its founding, the two recognize the supportive culture they have fostered within the business, realizing it was hard to replicate elsewhere.
Sue and Amanda strongly believe that relationships with clients have to be a two-way street. Decisions have to work for their clients and for them. They are grateful for the support their company has earned and that the referral business for Candid Financial is strong.
Advice to Financial Advisors Looking to Go Independent
Sue and Amanda have years of experience under their belt, which has given them valuable insights to share with others, such as:
- Start your business as a business, not just as a hobby or a fallback
- Create a mission and vision for your brand
- Make decisions about what is right for the business and your clients, not what works for you as a family business
- Know each other well if you have a partner that is a family member
- Ownership needs to be defined and in writing
- Communication is key
- Setting boundaries at work and home makes the work, work
Partnership is the Key to Success in a Family Company
We at Integrated are honored to partner with such dedicated business owners. Like Sue and Amanda, we keep their clients and their well-being top of mind.