Today we’d like to introduce you to Mark Sutton.
Hi Mark , can you start by introducing yourself? We’d love to learn more about how you got to where you are today?
It was 1991 and I am a senior at Wabash College. America was in a recession. I thought my school results and grades plus extracurricular activities at Wabash College would get me all kinds of interviews. Not so. I also saw myself being involved with “money.” I thought I would get into banking, investing, sales, or similar roles. I felt my speaking skills were strong and I had a lot of enthusiasm. I went to a jobs fair in Cincinnati. It was in December 1991, which happened to be in “finals week.” A high school friend of mine who also went to Wabash College decided to go with me to the job fair. We did and we put our resumes into a number of companies at the job fair. One was Procter & Gamble, which I felt would be great for me. A dental sales position. I put my resume in with a number of banks. I also put my resume in with IDS Financial Services.
It was IDS Financial Services that wanted me in for a second interview about 1 week later. My friend also put his resume in, but he was not asked for a 2nd interview. I thought, “Wow, how could he not get a 2nd interview? His grades were stronger than mine; his extracurriculars were not as good as mine.”
It turns out I did take that IDS job. I started July 1992, and I have been at this growing my financial planning and wealth management business for 33+ years. The name (IDS) changed about 15 years ago to Ameriprise. Today, I manage over $120 million in financial assets for about 150 client groups. I own the business and have one employee plus myself.
I’m sure it wasn’t obstacle-free, but would you say the journey has been fairly smooth so far?
In my first year, I struggled with this career. I had to build up my clients and had no real “base pay.” I received a first-year “draw”, which was not very high up there. If memory serves, we were talking ~ $30,000 of base pay. Of course when you are not producing, you are getting paid on this draw. So after about 7 months, I and still under water on the draw so when I made some nice sales, I thought the commissions were going to give me some breathing room. That is when you learn what a “draw” is. I was under water on the draw, so that when I made those big hits, I was just getting closer to the break-even level. I only got one commission above the draw in that first fiscal year.
In the 2nd year, it was still a struggle because now the draw is gone and you get paid what you get paid. As a business owner, you have ongoing expenses like rent, franchise association fees, marketing expenses and the like. There were a few times that 2nd year where I owed Ameriprise money given the embedded franchise and lease/rent costs.
But, I stick with it, the career, and the client base keeps growing. It was probably year 5 when I am now making what my peers were making. I was catching up if you will. Today, I am sure that I am doing every bit as good as my peers, perhaps a lot better.
Alright, so let’s switch gears a bit and talk business. What should we know?
My clients see me as their Ameriprise private wealth advisor. However, behind the scenes, I own MBS Management LLC. I provide money management wealth advice and for additional costs, I can tell my clients the probability of success for their financial goals. For most clients, retirement is the big goal. When to retire and how much will be the standard retirement expenses will drive a client’s plan. How long will the money last? This is the key for most of my clients. We want the money to last past age 94. About 3-4 years into my career, I did obtain the CFP certification. Certified Financial Planner designation. IN short, I can build pie-graphs of the clients’ portfolios among cash, bonds, stocks, and alternatives. My goal is to help my clients earn a competitive rate of return with the least amount of risk possible.
Any advice for finding a mentor or networking in general?
I was in groups like Business Network International and chambers of commerce groups to meet people I otherwise would not meet.
Pricing:
- Pricing is based upon complexity levels of client’s goals and situation.
Contact Info:
- Website: https://www.ameripriseadvisors.com/mark.b.sutton/
- Facebook: https://www.facebook.com/markbsuttonprivatewealthadvisor
- LinkedIn: https://www.linkedin.com/in/markbsutton/
