DOUG SIMMANG

I started in financial services in 1998 in San Diego with the largest diversified financial services company in the nation. The company had a 104 year history, its own line of proprietary investment & insurance products, & promoted financial planning. As an investment advisor representative & life/disability insurance agent, I enjoyed helping clients plan for the future. 

I prepared over 500 comprehensive financial plans for clients providing advice to business owners, retirees, C level executives, physicians, teachers, attorneys, designers, airline pilots, city employees, police & military officers, professional athletes, divorcees, & widows.

I loved collaborating with & advising clients, doing research, & analyzing casework. But I was extremely uncomfortable & disillusioned with the inherent conflicts of interest that commissioned compensation, proprietary products, & transactional relationships presented. Management held regular sales meetings/pep rallies focused squarely on "production" goal numbers. Add the awful pressure & incentives to sell the product of the week & I felt more like a conflicted product peddler than an objective, professional financial advisor. Unfortunately, getting a sale (any sale!) had a much higher company priority than providing excellent, unbiased advice. Being a company "producer" wasn't me.

When corporate policy did not serve the best interests of clients, it was often justified as being consistent with industry standards or was in the interest of the company shareholders. The industry wide mutual fund scandal in 2003 - 2004 with multi-million dollar fines against every major U.S. investment bank & ten of the largest mutual fund companies for aiding & abetting efforts to defraud investors, publicly confirmed what I had already observed: Wall Street self-interest, lack of conscience, & pursuit of profit had a higher priority than client financial success & well-being, despite business principles & advertising claiming a "client-first" philosophy.

"Client-first" means a client's interests come before all other considerations. It's what you should expect from any true professional. You certainly have a right to expect that level of trusted advice & care from your financial advisor. Your advisor's only loyalty should be to you - a trusted partner who keeps you on track and protects your interests.

In 2006, I carefully reexamined my experiences in the industry, reevaluated what exactly I wanted to accomplish advising clients, & more importantly, the WAY I wanted to go about it. Turtle Creek WealthCare is the result. 

We offer personalized financial advice & wealth management that's focused on making the most of our clients' lives, without the conflicts of interest of commission or transaction-based compensation & product sales agendas. Structuring an advisory practice this way puts your interests first, where it belongs.

If this approach is appealing & you have a need for advice, contact me to set up a no-obligation introductory consultation.

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Education:  B.A., Texas A&M University, College Station, TX 

Experience: 
    •  Founder, Turtle Creek WealthCare, Inc., 2007-present
    •  Financial planning analyst, REF & Associates, Inc. 2003-2005
    •  Personal financial advisor & planning analyst, American Express Financial Advisors, Inc. / IDS 1998-2003
    •  Infantry officer, U.S. Marine Corps, 1978-1998  

Professional Designations: 
    •  Certified Fund Specialist (CFS®), Institute of Business & Finance, La Jolla, CA

Memberships: 
    •  Financial Planning Association
    •  The Exit Planning Institute®

Awards: American Express Financial Advisors, Inc. President's Award for excellence in financial planning quality of advice (2002 & 2003)

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Doug Simmang on TWITTER