David Nash

CFP®, CFA
Retirement, Investing, Small Business
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“As the founder of Magister Wealth, David Nash helps families build stronger and healthier financial lives by aligning and improving their resources and goals.”
Firm:

Magister Wealth

Job Title:

Owner

Biography:

David is the founder of Magister Wealth and the visionary behind the firm’s unique approach to delivering holistic, integrated financial planning solutions. He is described by those who know him as a “fixer”, “life coach” and mentor who asks the hard questions many other advisors are afraid to ask. An avid student of the markets with a passion for economics, philosophy and psychology, David is a natural problem solver and accomplished teacher. He applies his keen analytical skills in an effort to deliver a truly comprehensive approach to solving his client’s most pressing financial challenges.

David’s financial advisory experience includes both client-facing and back office positions at award-winning independent advisory firms across the country. For Covenant Multifamily Offices, the leading San Antonio-based wealth management firm with $1.3 billion in client assets (as of May 2013), David served as an Advisory Strategist where he was responsible for developing and executing financial planning and investment research projects. Prior to joining Covenant, David was an Associate Portfolio Manager and Financial Planner for 1st Portfolio Wealth Advisors, a wealth management firm serving clients in the greater metropolitan Washington, DC area. At 1st Portfolio, David helped to monitor and trade over $100 million in client accounts, conducted investment research and developed comprehensive financial plans. He also managed and trained staff in the firm’s client service and data management best practices.

David graduated with a Bachelor of Science from George Mason University and completed his Certificate in Financial Planning from Boston University’s Institute of Finance. He is a CFA® charterholder and a CERTIFIED FINANCIAL PLANNER™ professional. David served as the 2017 Chairman and 2016 President of the Financial Planning Association (FPA) chapter of San Antonio and South Texas.

For over 20 years, David pursued his passion for music as an instrumentalist, conductor and educator. As a professional trombone player, he was a semi-finalist in major orchestra auditions. David’s students received scholarships to some of the best conservatories in the world including Juilliard and the New England Conservatories.

David enjoys bike riding and swimming. He resides in San Antonio with his wife Ellyn and daughters Sylvia and Emily.

Assets Under Management:

$2 million

Fee Structure:

Fee-Only
Hourly
Asset-Based

CRD Number:

5882986

All Answers
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    Banking, Career / Compensation, Small Business
Should I take a lower salary working for my family or pursue a higher paying job for a good company?
100% of people found this answer helpful

Reading between the lines, my recommendation leans towards your family business. That seems to be what you want. It would be helpful to know more information. You mention an expectation that you will work with the family. Going against this without an understanding and agreement may poison the well. Family dynamics can be difficult and delicate, but I urge you to explore the following ideas.

When negotiating a position’s salary and benefits what is your market rate? Hypothetically if the bank is offering $50,000 and your family $35,000, you earn $15,000 less per year. What are you getting? If the $15,000 is considered sweat equity for future ownership it can be a worthy trade. You may want to consider asking for some sort of accruing equity in writing. It may start very small.

What is your father’s business exit strategy? If he has one you can explore if there is room for you to earn a fair share. What is your brother’s deal? This may reveal a lot about family expectations and how your father thinks and feels about the business. Be very respectful, and don’t expect to get better terms than someone with more skills and experience, that simply isn’t realistic or even fair. Make sure you have as much or more skin in the game as anyone else. If this isn’t rewarded over time, then it isn’t the right opportunity for you.

What skills do you have versus what the business needs? If the work the business needs is far lower than your skills it doesn’t make sense long term. Do you have different skills than your brother? Having skills that he or your father doesn’t or developing skills that they are missing makes you more valuable. While I would never suggest ignoring the family dynamic, view and build yourself as an asset without any attachment. This will help you be more successful in a variety of scenarios. Build your worth, negotiate for your what you bring to the business.

Why is it your dream to work with your brother and own the business? Is this dream realistic? Would you better happier starting your own business on the side and independently? You may have already pondered these questions, but make sure to revisit them periodically. Even the right dream needs course corrections from time to time.

Show initiative, work effectively and efficiently. Small business owners often complain about how even their lead employees don’t do things as well as they do. Unless they are paid very well, given equity, or a share of the profits why would they? Learn ways, find things that your family hasn’t. You want the business to grow and be as successful as possible.

Working for the bank is a great back up plan. Don’t say no until you figure out the possibilities and sort your feelings about working with your family. The skills you build however things work out will be your equity to building a future regardless.

Try to find several mentors with varying skills and opinions. Things like the Chamber of Commerce, business associations, Financial Planners, Business Consultants, Accounting & Law Groups. These organizations often have presentations, meetings, luncheons etc. Network within these communities to find your place, their volunteers will often be enthusiastic about giving advice to someone who shows initiative and genuine interest. You may also find future clients and allied professionals.

Hopes this helps you on your journey!

 

David Nash, CFA, CFP®

MAGISTER WEALTH

July 2018
    Career / Compensation, 401(k), IRAs, Taxes, Retirement Plans, Starting Out
Should I contribute towards a traditional 401(k), Roth 401(k), or Roth IRA?
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July 2018
    College Tuition, Debt, 401(k)
Should I max out my 401(k) contributions or make principal payments on student loan debt?
100% of people found this answer helpful
July 2018
    Debt, Real Estate
Can my mother consolidate her two mortgages down to one, lower payment?
100% of people found this answer helpful
July 2018
    Career / Compensation, Retirement, Retirement Savings, 401(k), Women & Money
As a 58-year-old woman who needs to save for retirement, what is the best way to save?
100% of people found this answer helpful
July 2018