JDM Financial Group
Since 1999, financial planner and wealth manager Jeffrey Munjack has provided customized financial plans and guided clients through major life decisions. After several years at a global financial services firm, he founded JDM Financial Group in 2002. As a Certified Financial Planner™ with a master’s degree in financial planning (MSFS), Jeff’s expertise in personal finance includes investments, tax strategies, insurance and estate planning.
What distinguishes JDM Financial Group?
“JDM’s mission—and my mission—is to help clients make smarter financial decisions so limited financial resources, time and energy yield the greatest possible results in their lives. In our approach there are no sales agendas, no proprietary products and no investment commissions. Our focus is on our clients’ best interest and overall well-being. We take a holistic approach and work with multiple generations of a family to ensure that the efforts of one generation leave a lasting legacy for generations to come.”
Why would someone hire a financial planner?
“Few people have the time, desire and background to adequately address the complex financial questions households face. These questions intertwine multiple areas of personal finance including tax, investments and pensions. Making smart financial decisions requires expertise in all these areas. A good financial planner not only brings broad personal finance knowledge and planning expertise but also leads a collaboration among a household’s other professional advisors (e.g., CPA and estate planning attorney). In our many years of experience, we have found that adding financial planning expertise improves decision-making across the board.”
Does JDM Financial Group specialize in a particular market niche?
“Most firms, including ours, have expertise in working with Baby Boomers to help them prepare for and navigate retirement. However, many of our best clients are Gen Xers and forward-thinking Millennials—particularly those who are high-earning professionals or service-sector business owners who want to make smarter financial decisions and plan ahead for their future. Working with these younger professionals requires a broader expertise to address their more complicated financial needs. We’ve really enjoyed helping them get on the right path.”
How is advising Gen X or Millennial clients more complicated?
“There are two primary reasons. First, for younger clients, collaborating with them to create a plan for the future can be more difficult because it is harder for young adults to envision retirement and to determine their lifestyle preferences in the distant future. Secondly, for younger professionals, multiple financial goals compete for limited resources, and therefore the challenge of setting priorities adds complexity to the process.
However, an empty-nest Baby Boomer has goals that revolve around the narrower question of how to prepare for a comfortable and secure retirement. Thus planning for younger adults usually requires a more extensive understanding of personal finance as well as insight into a greater number of life cycle issues and stages.”
What is your advice to young adults who are looking for financial advice?
“The character of a professional is always the most important predictor of the quality and trustworthiness of professional advice. It is also important to investigate the compensation structure of an advisory firm and to inquire whether the firm works exclusively as a fiduciary.
If a firm is a fiduciary, an advisor’s recommendations must be guided solely by what is in the client’s best interest. If it does not operate as a fiduciary, an advisor may recommend products or strategies to a client that are merely ‘suitable.’
Some financial professionals set themselves up as both, meaning a client may not know whether a given recommendation is sales-motivated or made in their best interest. Consumers of financial advice should work only with advisors who are fiduciaries.”
Why should successful Gen Xers and Millennials choose your firm over others?
“JDM is a Millennial/Gen X firm. We harbor the same skepticism toward financial services as other young adults do. I know how they want to be treated and want to experience financial advice: client interests first, fees instead of investment commissions, and advice that creates a pathway to achieving real-life goals, while reducing stress and anxiety along the way. Unlike their parents, young professionals will have less of a social safety net, and they will need to make smarter financial decisions. Our mission is to help them do just that.”