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Business at a Glance as of 12/31/23
- Location: San Ramon, California
- How many plan assets do you have under advisement? $24M
- What is your median plan size (in assets)? $1.5M
- How many plans do you have under administration? 22
- How many participants in total do you serve? 345
- Parent firm: N/A
PLANADVISER: Tell us about your practice and how you got into advising retirement plans.
Suey: The Diamond Group Wealth Advisors provides financial planning, portfolio management, retirement planning and estate and legacy planning.
When we meet with our clients and complete an assessment of their financial Hhouse, whether they are business owners, healthcare professionals or women in transition, we see that retirement planning is only a piece that contributes to their bigger picture. I believe that taking small steps today will lead to bigger and bolder results for their future.
“Your Financial House Plan” is what guides us when we collaborate with our clients.
This passion naturally evolved to offer retirement plans as several of my financial planning clients happen to be business owners/employers as well.
On top of that, my personal journey early on in my corporate career seeded that idea and eventually fueled that passion to share my knowledge and advocate for “your future self in retirement”. I know that each little tweak, shift in mindset and the habit to act fast work as I am enjoying the results of my retirement planning. Starting my own business, The Diamond Group, is my second act.
PLANADVISER: How is your team unique/competitive in the marketplace?
Suey: When I sit down with clients or potential clients, my first questions are not about numbers and investment performance. My questions initially revolve around the desires of the heart, but ascertain the alignment of the heart, mind and soul. Understanding them deeply, their passions and their visions for the best versions of themselves.
Then I review the numbers or portfolios to understand where I could be of service and support. I make sure that I have the resources such as a network of professionals that I can reach out to for special cases, systems and technology to make things a little easier and The Diamond Group team that brings out the best in each one.
My passion for educating, elevating and empowering those we touch continues as we provide webinars and in-person events, not only to allow people to learn from each other but also to gain access to a network of experienced professionals;all with our compliments.
PLANADVISER: How do you grow your business? What changes to your practice or service model are you planning for 2024?
Suey: We continue to do what has been working, which includes combined efforts in doing complimentary events, client referrals and tapping local advertising through social media and other networks. We also recognize and understand the need to offer service to women.
In the next decade, women will inherit and/or control more wealth than any group in recent history. It’s estimated that women may manage over $30 trillion by 2030. We are proud to say that we have been ready and have continued to encourage and educate women through our Savvy Women Community. This community was built in 2015 as a safe space for women to learn, share and be empowered to take action.
In the Fall of 2024, we will launch the updated Savvy Women Community website that empowers women to “Take Control of Your Work, Your Wealth and Your Worth.” We hope to reach as many women (and girls!) as possible to empower them! They will learn that there is no shame when it comes to talking about money and advocating for themselves in the workforce and their careers. This website is where they may share their opinions, especially on topics that impact them and their community.
We believe that women who have money not only think about their own families and well-being. Women who have money have an innate passion to impact communities and the causes they care about deeply.
With all those efforts, we want to make sure that they have The Diamond Group Wealth Advisors on their list to provide support and service.
PLANADVISER: How do you go about moving from words and ideas to action when it comes to addressing the lack of diversity in the financial advisory industry?
Suey: Please allow me to share a bit of background. When I joined corporate America in the 1970s, climbing the corporate ladder was rather challenging. There was a constant need to go against the current considering being female, Asian and the industry I was in: technology. My mind was set to not give up throughout my career. I succeeded with several stints as a C-level executive, including CEO.
When I retired from the technology industry, I was ready to take on another male-dominated industry, financial advisory and wealth management. I have observed that we have a long way to go to truly have diversity in this industry. Although there are several women like me making strides as wealth managers, we are a growing minority.
Here lies my passion for spreading as much knowledge as I can. To hopefully inspire young women and girls that you need not relent to others when it comes to your future financial needs. Understanding your numbers may fuel you and encourage you to seek more knowledge to give you clarity. You know when you have control over your finances, you will feel accomplished.
I believe that when one understands their numbers, the passion will follow and hopefully, the desire to become a financial adviser or wealth manager will develop.
This is the idea that fueled me to write books, such as “Quick Tips for Savvy Women-Taking Control of Your Work,Your Wealth, Your Worth,” write blogs and eventually launch the Savvy Women Community. The goal is to remove the shame, to freely talk and make decisions about their money.
PLANADVISER: What are some of the benefits that an equitable and inclusive culture can bring to a retirement advisory and its employees?
Suey: The demographics of our country are changing, and our industry must change as well. With a multicultural employee base, we can mirror the changing demographics in our region (West Coast). With that shift, there is a capacity to serve a broader set of clients and understand their preferences and priorities that culture may dictate; not to mention the ability to speak various languages when needed. Through this work, there can only be greater connection and increased client retention.