It’s one thing to understand the designation of baby boomer, Generation X and Generation Y — it’s all a matter of when someone was born. Typically, baby boomers were born between 1946 and 1964; Gen X, between 1965 and 1980; and Gen Y Millennials, between 1980 and 1994.
But it’s an entirely different matter to understand what each of these individuals will need for their future retirement. After all, while some people are ready to retire, others are still in career mode, just starting families or taking care of their own aging parents. Still others are just trying to pay down huge student loans.
But when it comes to finances, Jamie Lima does understand — and is looking forward to offering assistance to members of each of the various generations from his new business in Ramona.
“With Woodson Wealth Management, I had an opportunity to do something a little different,” he explains, speaking of the company he founded. “First and foremost, we provide fiduciary advice — and I give you the same advice I would give my sister or best friend.”
Since opening in mid-June 2020, the business may be relatively new, but Lima’s experience is not. As a Certified Financial Planner with an MBA, he has spent more than a decade in financial planning and investment management, working at large organizations such as Morgan Stanley investment banking company and Fidelity Investments financial services company.
“In those 15 years, I was responsible for the management and oversight of roughly $1.8 billion in assets and I have served more than 850 families,” he said.
“We plan to add experienced advisers to the team in the fourth quarter of this year,” he adds. “My goal is to limit our advisers to 50 to 75 relationships each, so they can spend ample time with their clients and get to know them and their needs on a much deeper level and provide a superior level of service.”
He continues, “We want to get a really good understanding of what individuals, families and businesses are looking for, and from there, I can leverage the experiences that I’ve had to help them achieve their goals.”
A smaller number of clients per adviser is just one of several new strategies Woodson Wealth Management is using to help their clients.
Another strategy is fee-based financial planning.
“We don’t deal with commissions or unnecessary added layers of fees,” he explains. “We structure our fees based on the client’s preference and complexity. There is no one-size-fits-all financial plan, why should there be a one-size-fits-all fee structure?”
Today’s clients are also used to subscriptions, and Lima is incorporating subscriptions into the services offered.
“For just a couple hundred dollars per month, we are able to provide full-service financial planning to young earners — and, frankly, to anyone that needs it,” he said.
Virtual meetings are another specialty.
“Although we have two offices — one in Ramona and the other in Del Mar — we also are operating in a 100 percent virtual environment and are technology driven. We can meet our clients anywhere they feel comfortable — in person or via Zoom — and get them time back in their day,” he said.
When not working at the offices or at home, Lima is taking time to enjoy the family’s rural Ramona setting.
“My wife, Dawn, and I both had offices in Del Mar, and we would visit Ramona nearly every weekend, just to get out of the big city. About a year and a half ago, we found a house here and we’ve been here ever since,” he said.
“We love how friendly everyone is and we absolutely love it here,” he added. Between the two, their five children are ages 17, 16, 15, 13 and 8 years.
“They help a lot around the farm — we have pet rabbits and chickens and lots of chores to do — and the work has been a good experience for them,” Lima said.
“All the kids are involved in sports, whether baseball, softball or water sports, and traditionally we would be either at games or tournaments,” he said. “Since COVID has shut everything down, you can often find us in the antique shops on Main Street, enjoying dinner at the local restaurants, or out with the kids at Sutherland Dam, which is their new favorite spot.”
For more information on Woodson Wealth Management, contact Jamie Lima, CFP, MBA, at 858-923-4500.
