Olympic Wealth Management LLC began operations in November 2010. It was founded by Eric Cumley, CFP® who had worked with a large national brokerage firm for the previous ten years. In leaving that firm, Eric was also able to leave behind the conflicts of interest which tend to be prevalent in large firm environments.
Olympic is known as an independent Registered Investment Advisory (RIA) firm, federally registered with the Securities and Exchange Commission. It is 100% privately-owned and is not an affiliate of any other company or entity.
The firm does not receive commissions as a source of revenue or compensation.
Most RIA firms use institutional custodians to hold and safeguard their client’s investment securities. These custodians also provide essential services such as effecting trades, preparing account statements/tax reports, and providing online account access. At Olympic, custody services are provided by Charles Schwab & Co, Inc.
A third strategic partnership exists between Olympic and Envestnet Asset Management (also known as Olympic’s ‘Platform Manager.’) Envestnet provides Olympic with access to top-tier investments and portfolio managers. Additionally, Envestnet performs Olympic’s quarterly billing functions, and also generates quarterly performance reporting, accessible by Olympic clients on the Envestnet Client Portal.
Following are the steps involved in becoming an Olympic client. It is a two-phase process, happening in this order:
Phone Consultation #1—This initial no-cost phone conference is intended for Eric and prospective clients to exchange information in determining whether or not Olympic Wealth Management could be a good fit. Provided a ‘next step’ is appropriate, specific financial information is requested from the client prior to the end of that call.
Phone Consultation #2—The second phone conference, also no cost, verifies the financial information provided by the client. The end goal of this call is to have the client authorize the dollar amount that will be reflected in the written investment proposal.
In-Person Meeting #1—In the interests of making the best use of people’s time, the first ‘face-to-face’ meeting is where Eric personally presents prospective clients with a written investment proposal, complete with pricing information. It is at this point prospective clients have everything they need to make an informed decision on becoming a client of the firm.
Phase One is complete when brokerage accounts are opened and funded at Schwab.
Upon finalizing and funding the investment plan, the second phase of Olympic’s process– retirement planning–can begin. It is important to note that, with rare exception, no retirement planning projections are prepared at Olympic until the client’s accounts are open and funded at Schwab. The reason for this is twofold:
Once Olympic’s two-phase process has been fully implemented, plans are then monitored and reviewed going forward on a periodic basis.
Olympic’s philosophy is best expressed through its Mission Statement:
This Statement is far more than just symbolic or a framed slogan on a wall. It genuinely represents the core business principles that year-after-year translate into lasting and productive relationships with our clients.