Image credit: Blue Ocean Global Technology
Jeremy with his wife Bernadette, and daughters Ava & Ruby, at Balboa Park in San Diego, CA.
As previously seen on Blue Ocean Global Wealth. Click here to view.
Jereemy Kovacevich, Director of Financial Planning at Hoylecohen was recently Interviewed by Marguerita Cheng and Sameer S. Somal of Blue Ocean Global Wealth. To see the interview, please read below.
The inherent beauty of the financial planning profession is its applicability to all people. Financial planningis global, and it transcends cultural, social, and wealth boundaries. Blue Ocean Global Wealth recognizes the expanding demand for qualified professional advice. We are committed to providing objective insight and helping all Americans make the most informed decisions. In September of 2015, we launched a specialinterview series to profile industry leaders we believe to represent the very best of the financial planning profession. Our Blue Ocean Strategy is Education
Marguerita Cheng:
How did you discover financial planning? What prompted you to pursue this career?
Jeremy P. Kovacevich:
After earning my undergraduate degree at UCSB, I began working for a very wealthy & generous family. They funded the non-profit organization where I started my career, completing the budgeting and financial projections for the 501c(3). As I became more involved with the family’s finances (FLP, LLCs, 10+ trusts, Foundation, etc.), it was clear to me that they had benefited tremendously from proactive financial planning, and it was something I’d like to provide for others. I find helping people achieve their objectives rewarding because we, as advisors, share in the successes of our clients. It’s a great business because I have the opportunity to help interesting people & families achieve what’s important to them.
Image credit: Blue Ocean Global Technology
Jeremy addresses financial planning leaders at the 2015 FPA San Diego Symposium.
Marguerita Cheng:
What role has mentorship played in your career?
Jeremy P. Kovacevich:
I’ve been fortunate to have experienced the benefit of several mentors throughout my short career, and continue to benefit from these precious friendships. The patriarch of the family mentioned above was very supportive in my pursuit of advanced education (including the CFP®), and he taught me how important it is to have values, as opposed to just valuables. I also have more recent mentor relationships that guide me in my professional career. Some of these mentors are both senior to me, as well as my contemporary colleagues (including Blue Ocean’s very own, Sameer Somal).
I’m very thankful to have learned from them and continue to build upon the strong foundation that they’ve established. It’s great, because each mentor brings a different perspective, and I can filter their views with my own experiences to increase my opportunity set. I believe that I can learn from almost anyone and that other people’s experiences are a great source of education. It’s like a new case study with each relationship! One of my goals is to have the experience of a 55 year-old, by the time I’m 35. I’ve also been fortunate enough to serve as a mentor to a few next generation planners & financial professionals. My experience with our local FPA NexGen chapter has been grounded in mentorship. Our local group started out as 3 people meeting for drinks once a quarter; and now we have a blossoming chapter that will surely prove to be the largest source of growth for our local industry. It’s been keenly rewarding to see the development and growth (personally & professionally) of my NexGen colleagues.
Image credit: Blue Ocean Global Technology
Jeremy Kovacevich shares smiles with FPA of San Diego NexGen members following Blue Ocean Global Wealth’s memorable Entrepreneurship & The Intangibles of Success education session.
Marguerita Cheng:
How did you discover the Financial Planning Association (FPA)?
Jeremy P. Kovacevich:
I became a member of the FPA of Ventura chapter in 2008, while enrolled in the Financial Planning Master’s Degree program at California Lutheran University. I found such a welcoming community of planners and learned firsthand the benefit of networking with like-minded professionals that share in each other’s experiences. When my wife and I moved back to San Diego from Santa Barbara, the local FPA was the first place I went to visit with, and identify, local planners with whom I could partner.
Marguerita Cheng:
What are some of the challenges facing the profession?
Jeremy P. Kovacevich: It’s no question that we’re facing a lack of young talent in the industry. While this has worked to my advantage so far in my career, it is surely a demographic issue that we need to resolve. The financial planning landscape offers phenomenal employment & entrepreneurial opportunities. As part of my involvement in the FPA, I am committed to helping illuminate financial planning as a career. As president of our local FPA chapter, one of my initiatives to is to further the alliance that we have with local financial planning students and help improve the curriculum of the programs that will prepare more students to be successful in our profession.
Another challenge that we’re seeing is the rapid & ongoing commoditization of traditional investment and financial planning services. This is causing us at HoyleCohen to be more reflective about the client experience and how we can enhance it through a more client-centric approach to comprehensive planning. We like our clients to “Shift Their Thinking” away from using investment performance as a success metric and focus more on accomplishment of life goals and overall happiness. We recognize that money is only a means to an end, so we’re urging clients to spend it in ways & on experiences that make them happier, whatever their definition of “happiness” may be. A good friend once made the comment that “some people are so poor…that all they have is money”. I always try to keep this in mind when offering perspective to our clients.
Image credit: Blue Ocean Global Technology
Sameer Somal, Dan Skiles, Krysta Cordill, Michael Kitces, and Jeremy Kovacevich discuss financial planning best practices at the FPA of San Diego education symposium.
Marguerita Cheng:
What advice do you have for young people entering the industry?
Jeremy P. Kovacevich:
I advise young planners to more fully understand the various business models prevalent in our industry. I suggest that they have a clear understanding of how a prospective firm earns their revenue and then use that information to determine whether to invest career years with that firm. We only have so much energy, and it’s important that the firm culture is aligned with the individual, otherwise their limited energy supply will be drained on non-productive issues. I also encourage young planners to think like an owner from the outset. Having an ownership mentality creates more accountability for actions, while also inspiring employees to look beyond their role and to continually search for opportunities to improve the business.
Marguerita Cheng:
What qualities are important to become a successful financial planner?
Jeremy P. Kovacevich:
I believe strongly that the ability to listen and to communicate with clients is the most important quality of a successful advisor. We like to use the 80/20 rule; listen 80% and talk 20% of the time. It means nothing to have amazing planning & investment capabilities if the planner cannot articulate the benefits succinctly to the client. Furthermore, aside from all the technical skills and understanding of sophisticated financial concepts, I believe empathy is an overlooked quality of successful financial planners. The desire to understand and empathize with a client’s situation can help establish the emotional relationship between advisor & client and provides better context of the “why” behind a client’s goals.
Marguerita Cheng:
What motivates and inspires you?
Jeremy P. Kovacevich:
Personally, I have two daughters, a 3 year old and a newborn, and they motivate me to be the best person I can be each and every day. I’m inspired by their desire for learning and the rate at which their minds develop. If only we could all continue to evolve and grow as fast as we did as children! I’m also motivated to see my family secure and afford them the flexibility to do the things they want. If my girls (wife & daughters) are happy – I’m happy! My wife is an inspiration because, in addition to working full time as an accountant, she provides such amazing care to our children – I can only hope to be an equally good father. I hope that my girls grow up to be just like her; smart, caring and funny.
Professionally, I’m motivated to contribute to the success of my clients and my firm. I feel that by focusing my energy on the success of our clients, my success will follow. I’m also inspired by the future of our industry and how far we’ve come over the last decade; 5 years ago NexGen was a small aspect of the FPA and now it represents our largest opportunity for industry & FPA membership growth. I’m also thrilled by the growth of the RIA model, the increasing focus on the fiduciary standard, and to know that more clients are seeking out fee-only advisors that truly have their best interest in mind.
Marguerita Cheng:
What accomplishments are you most proud of?
Jeremy P. Kovacevich:
I’m very proud of my family life and relationships that I’ve established over the last 3 decades, both personally and professionally (often both). Professionally, I’m proud to have completed my MBA & CFP® while working full-time. While it was an insanely busy few years, it was very rewarding and provided the foundation for my career. I’m also proud to have been one of the first/founding members of our local NexGen chapter and to be elected as the President of the San Diego Financial Planning Association (FPA) at the age of 32. It’s a great honor to carry the torch for our local professional organization and look forward to further integrating the efforts of our NexGen with our larger chapter goals.
Marguerita Cheng:
Other passions, hobbies, interests?
Jeremy P. Kovacevich:
I’m currently focused on the “disciplined pursuit of less”. I read about this concept and it resonates with the Buddhist teaching that all suffering is a result of desire. If we’re not constantly wanting more, we’re far more likely to be happy with what we have. Absent the focus on something greater, we can be more aware of our current status and more present in the now. Watching my daughters grow up is my new metric of how fast time flies, and made me realize how important it is to make the most of our time here. Furthermore, if we’re keenly focused on pursuing less, we should have an abundance of energy that can be redirected towards our core relationships and activities, allowing you to give more to those you really care about. As we know, in life, we get what we give, so I’m trying to give as much as I can while I’m able!
To learn more about the FPA of San Diego or HoyleCohen, please contact Jeremy P. Kovacevich:
Jeremy P. Kovacevich, CFP®, MBA
Director of Financial Planning & Wealth Advisor
HoyleCohen, LLC
9350 Waxie Way, Suite 500
San Diego, CA 92123
(858) 636-7193
Jeremy.Kovacevich@hoylecohen.com
