by Shannon Colson
Founded by David Damm and Derek Pszenny, Carolina Wealth Management is a family operated business that consists of a well-educated staff that is able to assist clients with their financial management needs. Based in Greenville with an office in Pinehurst, Carolina Wealth Management is one of the largest independent RIA firms east of Raleigh. Born and raised in Greensboro, Damm is proud to say that he has been in the business of advising families and business owners for over 20 years. He and his family reside in Greenville and are active within the community.
As investment advisors, the first objective for Carolina Wealth Management is to help clients better manage their investment accounts. They do this by utilizing a prudent investment process for their clients’ portfolios. Their second objective is to help their clients make better decisions with all of their financial planning, including tax, estate, education and charitable planning.
“We specialize in your investment portfolio,” explains Damm. “We take the responsibility to help you better manage that portfolio for your future. So that’s our first job. Then, the second job is to review your whole financial outlook and help you do better planning and make better decisions. For example, we assist clients to lower their tax liability. This creates instant savings for the clients. We also give advice on what may be the best way to save for your children and your estate” he continues.
Although Damm says that Carolina Wealth Management wants to educate younger people about managing their income, most of their clients are at or near retirement age. The main goal that he hopes to achieve with his clients is ensuring that they are able to live off of their earnings past retirement and through the rest of their lives. Then they can allot to their other concerns, such as their children or charity.
Carolina Wealth Management works with both clients who are experienced in handling their finances, and clients who are a bit unsure of where to start. Married couples working toward common financial goals are frequent clients. Partners often have different levels of understanding about their assets and financial standings, and a financial advisor can assist with making sure the couple is not undermining their own goals due to lack of knowledge or unexplored options.
Damm says that some come to him with misinformation about their investments and the stock market as a result of previous advisors, causing them to make poor or misguided decisions. He aims to avoid this by forming a relationship with all of his clients and educating both spouses to ensure that if something were to happen to one of them, the other would be in good financial standing and understanding. He is more than happy to inform his clients and has no problem guiding them in the right direction.
“I enjoy working with people that want to understand their investments. I can then educate them about what we’re doing, show what we’re trying to accomplish, how we’re doing it, be transparent. I think they appreciate the fact that they’re getting all of this information and we’re showing them and helping them along the way, so that they can be successful.”
With his knowledge of the stock market, Damm guides investors to prevent them from losing money due to their own fear of the market. He warns that this is how people’s investments can become unsuccessful,
“The market historically goes down 12% on average, every year. It’s a tough thing to swallow. And the harder part is that most returns in a year of investing are very few and far between, meaning that some miss out on the good days because they’re fearful, and the good days is really what makes the market.”
Investing is not age dependent, Damm explains, it is time dependent. Especially if someone is looking to invest in their children’s futures, a client’s investment is not only lifelong, it exceeds their life. He suggests that anyone looking to invest would benefit in the stock market, in general, and their investment long-term.
“How you invest is the most important decision to your future,” Damm says. “So, if you want to have a million dollars, well, it’s determined by how you invest, not necessarily what you invest.”
Carolina Wealth Management is located at 1706-A East Arlington Boulevard
in Greenville. To learn more about investing and making financial decisions,
call 252.439.1344 or visit www.mycarolinawealth.com.