“The metaphor I like to use with this – if you had a bucket of water and shook it up, and then set it down, you’d spend some time waiting for it to find equilibrium again. We’re approaching equilibrium now, and that will bode well for us through the end of the year, especially as we move past the Presidential election. Regardless of the outcome, we’ll have that behind us, so we can move forward and serve our clients in the best way possible.”
In the 2024 Q3 edition of the From the President’s Chair quarterly update, John G. Ullman & Associates President & COO, Jason Nickerson, CFP®, EA, discusses year-end planning, upcoming opportunities, and team growth and recognitions. This interview has been edited for length and clarity.
Q: As we head into Q4, 2024 seems to have flown by. How would you assess the firm’s standing as we approach the final quarter of the year, and what do you see as the biggest opportunities for the firm in Q4 and beyond?
A: Three quarters of the way through the year, what we’ve seen as a firm is a continuation of getting back to normal after the pandemic. I think people can be shortsighted sometimes, focusing on only recent history that floats to the top of their mind. What we’re seeing in terms of developing relationships with our clients is that we are not only fully back in person, but we’re getting people out and traveling again, which is great to see. This is an industry that is very much relationship-based, especially in-person relationships.
While technology advanced through the pandemic and added another tool to our toolkit, it’s been great to see us being fully back in person. I believe clients really appreciate this. It extends into our involvement in the community as well. Getting out and spreading the word to potential new clients includes doing much more in person.
We’ve seen a lot of this throughout 2024. What we’ve also observed is the ability of our advisors, in what has been a pretty volatile year from an economic and political standpoint, to be well-equipped and informed to handle a tough environment, putting clients’ fears at ease and making appropriate plans. Our team has strengthened throughout this year by adding new faces, and I look forward to the continuation of these trends and spreading the word of the firm. We’ve made it through a volatile period and found a sense of normalcy again with client relationships and our team gatherings.
The metaphor I like to use with this – if you had a bucket of water and shook it up, and then set it down, you’d spend some time waiting for it to find equilibrium again. We’re approaching equilibrium now, and that will bode well for us through the end of the year, especially as we move past the Presidential election. Regardless of the outcome, we’ll have that behind us so we can move forward and serve our clients in the best way possible.
Q: Our team has seen exciting growth in Q3, including the addition of two relationship developers and a new tax department member. Could you share your thoughts on how this expansion is strengthening the firm and the excitement surrounding these new roles?
A: We’ve talked a lot about growth, and for us, growth is twofold. Obviously, it’s about spreading the word about what we do and why people would want a relationship with our advisors and the firm. Then there’s growth in adding to and strengthening our team, which will benefit the other side—attracting more people to a firm like ours. It’s exciting to add people to these teams, which are tasked with getting in front of more people and reaching a wider geographic area than we have in the past. Our Relationship Development Team is key to the firm’s future and reaching new clients. As I said earlier, this is a relationship business, and this is the first relationship a client may build with our company.
Their responsibility is to introduce the prospective client to their forever advisor. It’s exciting that we’ve attracted talented people skilled in building relationships from zero, identifying our firm and advisors as those who will advise families for generations. It’s also exciting that people want to join a growth-oriented firm and see the value they can bring in these roles.
In the tax department, which is one of the key service areas that differentiates us from other RIAs, having a fully integrated tax department that works closely with overall client planning is impactful. Strong people joining that group enhances our client relationships. We focus on adding talent in these key areas—tax, advisors, and relationship development—so that when someone is vetting firms to entrust their life savings, they see the value in what we offer. Growth comes in many forms, not just in our client base but in our team and their skillsets. This reinforces that what we’re doing is different from the norm.
Q: Jakob Brost, a member of our Charlotte team, recently earned a promotion to Advisor and Charlotte Branch Manager. How has Jakob developed as both an advisor and a leader within the firm?
A: Jakob has been impressive early in his career. Having worked with his father for so many years, we knew the caliber of person we were getting—not just in terms of skills, but in terms of his character as a human being. When Jakob wanted to join the firm, we couldn’t get him in here fast enough. He has proven himself through his character, hard work in academics and credentials, and motivation to build and develop the firm by opening an office in a region where we’re somewhat unknown. North Carolina has a strong representation of our clients, which proves Jakob’s leadership.
He’s willing to take calculated risks and has shown he will work hard for the company’s success, not just his own. It’s always an easy decision to elevate someone with proven results who is willing to work hard to achieve the next level of results we’re looking for.
Q: What key areas should clients focus on to position themselves for success in the New Year? What aspects of year-end planning do you find most rewarding for both clients and the firm?
A: When it comes to individual areas where clients benefit the most, I would put tax planning at the top. It encompasses so much more than it sounds. We’re talking about year-end gifting, harvesting losses against gains, and other tactical strategies under tax planning. But what makes us different is that we integrate tax planning so closely with the overall financial plan for clients, which is rare among other firms.
As we approach year-end, there are tactical areas to focus on, but we also need to focus on the potential major tidal wave of law changes coming in 2025. We may not get immediate clarity based on the election, but for those who haven’t been preparing for these changes, there’s no better time to start than now.
Clients need to make the most of this tax year and plan ahead because there may only be one more tax year to make critical decisions before some strategies become unavailable or less advantageous. We can begin implementing strategies now to stay flexible and avoid irreversible decisions. With two tax years left to take advantage of these opportunities, now is the time to act, with more clarity expected as we move into 2025.
About John G. Ullman & Associates, Inc.
John G. Ullman & Associates, Inc., was founded in Corning, N.Y. in 1978. The firm is a Registered Investment Advisor (RIA) registered federally with the Securities & Exchange Commission*. As an independent, fee-based investment management firm JGUA provides comprehensive wealth management strategies and services to their clients. The firm manages over $1 billion in client assets, with a staff of more than 75 employees over four locations, including Horseheads, N.Y., Rhinebeck, N.Y., Charlotte, N.C. and Corning.
If you are interested in learning more about how JGUA could help you, visit our website HERE, or call 1 (800) 936-3785. You can follow us on, LinkedIn, Twitter, Facebook, Instagram, YouTube and The JGUA Blog.
*Registration does not imply a certain level of skill or training
