Tucson is one of the fastest-growing retirement metropolitan areas in the country, with good reason. A combination of ingredients address a lot of retireesβ needs β warmer in winter, abundant sunshine, beautiful Sonoran Desert landscape, active lifestyle, over 25 adult communities. Serving the needs of the retiree community is a vital part of Tucsonβs economy.
Let me introduce Andy Smith and Chris Cox, co-founders of Smith & Cox Retirement Planners, along with newly added adviser Nate Barnhart. Rebranded as Cornerstone Wealth Management, these guys understand the retiree community, and focus exclusively on them. When I sat with them, I wanted to understand how they built such a successful firm in such a narrowly focused, highly competitive market.
Chris said since their founding in 2007, they have focused on only two things with every client β building a trust-based relationship, and intimately understanding their needs. Only with that foundation in place can they hope to offer client solutions.
When they meet a potential client for the first time, it is not a sales experience. Rather, it is a conversation. They meet new clients three, four, five times to begin to build trust and to cement their understanding of the clientβs goals and objectives.
The Cornerstone team understands that retirees or soon-to-be retirees have a different perspective on money. They have spent their lives working, and are now entering the phase of their lives where they want to enjoy the fruits of their labors. Each client is looking to make their money last for the last third of their lives.
Accomplishing that is a huge responsibility, and the entire team at Cornerstone takes it very seriously. Combined, the partners have over 75 years of experience in finance and financial management. They describe themselves as a relationship-based advisory firm focusing on serving retirees.
They have built a team of specialists they call their Local Retirement Team, including certified public accountants, attorneys, and representatives from insurance and real estate. Cornerstone has resources for situations their clients might deal with, be it a long-term-care event, reverse mortgages or elder care.
In the 13 years since its founding in 2007, the company has built a base of 465 clients, with over 95% of them retirees. They have offices in Oro Valley and Green Valley, two of the higher retiree population areas in Southern Arizona.
Their client loss rate is a number service firms of every type wish they had β less than .025% per year. That is one client a year who leaves because the fit is not right.
When I asked how they achieved such a remarkable retention rate, the reply reflected their values. The three partners responded by talking about family. Family matters at Cornerstone.
Every client is like family. While that may sound like the βtaglineβ all services firms use in one form or another, at Cornerstone it is put into practice.
Consider the financial headlines in the midst of the coronavirus pandemic. We are definitely headed into a recession. Some pundits predict it will last through the end of the year. Others say it could turn into a depression rivaling the Great Depression of the 1930s.
Thinking of clients like family, Smith, Cox and Barnhart called each and every one of their clients. They discussed the situation, wanting to understand how each client was feeling. They talked about the strategies in place for that client, helping clients understand the stability of their money.
In some instances, they allay client fears because strategies are solid. In other instances, they review and rethink some of the clientβs investment strategies. In all instances, they treat clients like family. They do this with confidence because of the trust and depth of understanding they built at the beginning of the relationship.
As the pandemic continues, so does Cornerstone. It continues to engage with clients on a weekly basis through emails, video messaging and phone calls.
Cornerstone Wealth Management is a perfect example of a firm that makes the Tucson economy stronger through its focus on retirees, a significant growth sector. As more and more retirees consider Tucson, they can rest assured that the services infrastructure in Tucson is ready, willing and able to meet their needs.
