Father/daughter Team Provide Unusual Perspective on Financial Services
What started out as a semi-retirement/second career turned into a full-time business
for former Clarkston resident Dave Patterson.
When he semi-retired from his executive position at Frontier Communications at age
51, he launched a financial-planning advisory business to keep busy and help others
achieve their financial goals.
Nine years later, in 2004, his daughter, Erin, joined him in the business. After Erin
worked for more than six years at two other Southeast Michigan financial planning and
investment management companies, the two decided their philosophies were so similar
that it made sense to join forces.
What was once a part-time endeavor has now evolved into a growing, full-service firm,
Patterson Advisors LLC.
Father and daughter are licensed certified financial planners and members of the
Financial Planning Association. They provide comprehensive planning services to
clients in eight states.
Two aspects of their business are unusual. First, Patterson Advisors uses new
financial planning techniques called “Financial Life Planning.” They utilize an in-depth
questionnaire to get at the heart of their clients’ values, goals and dreams. It ensures
that their financial advice is in tune with their clients’ objectives. For example, one of
the tougher questions asks clients to identify what their biggest regret would be if they
discovered they had only two days to live.
Dave Patterson says they have seen that this questionnaire adds significant value to
the financial planning process. The first client asked to fill out the questionnaire took it
very seriously and really enjoyed the exercise.
“One of her big fears was that she would die without having used her money for the
travel she loved,” Patterson said. “Yet she was extremely conservative and needed
someone to tell her it was OK to spend.”
As a result, the advisers were able to tailor advice to her needs.
The second unusual aspect of their business is how they charge for services. Most
financial advisers charge commission fees based on the value of the assets managed.
Patterson Advisors charges on an hourly basis or on a project-fee basis. As a result,
their advice is free of bias resulting from broker and fund-company affiliations.
Unlike many financial consultants, the Pattersons do not sell investment products.
They recommend low-cost, no-load mutual funds, index funds and exchange-traded
funds. Specific recommendations are made to help clients invest with a risk tolerance
that matches with their personality. They detail strategies for people who want to save
for retirement, manage cash flow, plan for college expenses and invest for long- and
short-term use. In addition they will do insurance reviews and tax and estate planning.
The father/daughter approach gives Patterson Advisors an unusual perspective
toward family financial issues. Clients find comfort in having their situation viewed from
two different age perspectives, and they know with Erin a part of the business, there
will be a continuity of services when Dave finally retires.
Published in The Oakland Press OurTown Online Clarkston, April 2007
( www.livingmichigan.com/clarkston)