From vision to purpose
After working for a multinational company, Seth Streeter and Brad Stark founded Mission Wealth with the purpose of serving clients with independence and objectivity. From inception, the two did things differently. To maintain partiality, they avoided selling proprietary products. And to create a culture of shared prosperity within their firm, they flattened the ownership structure, allowing more partners to participate in the growth of the company.
“We commit to truly caring for our clients, fellow team members, and the communities that we serve. This is something that is felt, and that truly sets our firm apart.” –Seth Streeter, Co-Founder and Chief Impact Officer at Mission Wealth.
With many years and multiple awards under its belt, Mission Wealth continues to stay ahead of the curve by caring for its clients. Akin to acting as a virtual family office, their core services encompass comprehensive wealth management. That includes full balance sheet advice, cash flow forecasting, retirement planning, and assistance with private business or real estate counsel.
Purpose-driven scaling
Despite over $8 billion in assets under management and many partners across the United States, the firm remains focused on becoming more than just a money manager. To empower its advisors to spread the mission, the company created Inspired Living and designed the 12 Dimensions of Life. Beyond optimising their clients’ finances, Mission Wealth is also committed to guiding and empowering high-net-worth families to enjoy true wealth and find fulfilment in their lives.
However, understanding that many of their advisors get very busy delivering the core services, the firm sought third-party expertise to fill in the gaps. To add more value without putting more on their advisors’ plates, Mission Wealth partnered with Total Family Management (TFM) to bring coaches and technology to scale their purpose-driven wealth management style.
What TFM brings to the table
“Leveraging TFM’s coaching services and expertise allows our clients to dive deeper into important non-financial issues in their lives and find clarity of direction,” says Streeter. On the flip side, Mission Wealth advisors, in turn, get to use their client’s news articulated vision and align it with their financial resources.
TFM, which specialises in family vision, supports Mission Wealth’s efforts in the following ways:
Dedicated coach: TFM provides a dedicated family coach to help families have guided conversations about their vision, values, and game plans for the most important aspects of their lives. With ongoing 90-minute virtual family coaching workshops, it offers modern and convenient support for discussing the things that matter most.
Private Conversations: TFM facilitates sessions that cover critical topics such as roles, values, the future, children, and communication. The ongoing agendas are driven by the families, with TFM coaches in the passenger seat and designed to help households define success for their own families.
Software: TFM’s proprietary software platform helps families stay on track, schedule, and keep their family office informed. The software allows families to keep a digital record of their entire journey stored in one place.
“Being able to offer deep conversations and coaching by a trained TFM coaching professional, as well as the TFM technology platform, ensures important conversations are happening in a legitimate manner.“-Seth Streeter, Co-Founder and Chief Impact Officer at Mission Wealth.
Final reflections
What began in Santa Barbara, California, with a vision to serve wealthy clients with independent partiality, now has office locations nationwide. Mission Wealth’s key clientele now includes Retirees and pre-retirees, Business Professionals, Executives, Nonprofits, Independent Women, and Family Offices.
“TFM is helping our team understand the growing trend toward Wealth 3.0 conversations and planning and the importance of this whole-person guidance with our (family office) clients,” says Streeter, who remains committed to championing the impact that he and Stark started over twenty-four years ago.