“Creating Clear Paths to Purposeful Living”

Having thoughtfully made career changes themselves after a significant number of years spent pursuing different paths, Greg and Scott each recognized that they had valuable experiences and advice that they could share across generations.

Greg indicates that all their client conversations begin and end with purpose and that this makes Hammond Iles a little different. As he says, “we’re all earning, we’re investing – but what is it all for? That’s what we try to focus our clients’ minds upon. After all, once you have a purpose, it’s easier to make decisions on investments, purchases, etc. That said, no matter the amount of money you have, it can’t buy you a purpose, and it can’t buy you happiness.”

Scott expands upon the firm’s ideas about purpose specifically as it relates to those just getting started in their careers. “With younger people, a lot of times you have your life or job laid out for you and then you’re stuck, just dropped into a 401(k) and kind of left out there with no further guidance. That would have been me until I realized there was more for me than that. Changing required leaving a comfortable job I was doing well in because it didn’t fulfil me. That can be a challenge for a lot of people.”

Scott also points out that families don’t talk across generations about money that often, which can leave younger generations to figure things out for themselves and older generations unaware of opportunities to help those they love. And, in short, those conversations that don’t happen don’t help. Scott says, “The older generation doesn’t want to burden their kids, so they don’t tell them anything. The sandwich generation doesn’t want to talk to the older generation because they feel like the older generation will think they are after their money. Younger members may not want to talk about their student loan or credit card debt. Most of us come from a place of caring, but money is a hard conversation to have. We want to be able to stimulate those conversations, to be able to facilitate.”

“As part of this, one of our big endeavors for this year is the ‘family meeting’ – what would it look like if all family members are together in a small room and fighting for one another. Everybody thinks everybody else is fine because they don’t necessarily know the struggles of their family members. Grandparents would probably prefer to help you while they are alive and will get to see it. It’s facilitating these types of conversations while at the same time teaching kids that it’s ok to talk about money that we are excited about.”

Giving as purpose

At the firm’s core is the value of giving back, which naturally flows into the way they deliver financial advice. When Greg and Scott took over the firm, they continued the tradition of hosting an annual client appreciation dinner. It was during one of these dinners that they took a step back and thought about how they could utilize this well-attended event to truly be a catalyst for change. After much consideration, Scott and Greg adopted the Connecticut Children’s Medical Center as an organization they’d like to support. Since that day, their firm has matched client donations, dollar for dollar, to the non-profit, pediatric acute care hospital.

2020, of course, saw a huge increase in the number of individuals and organizations that would benefit tremendously from the charity of others. When COVID-19 hit, some of their clients who were fortunate enough to be unaffected financially by the pandemic asked for guidance on how they might use their stimulus checks. Scott and Greg’s advice was simple—think of those who were greatly affected by the pandemic. They encouraged their clients to donate to charities who were providing much needed aid during the crisis, or to support people or causes they were passionate about.

Further, they launched a campaign focused on food relief, primarily at the local level, matching contributions in this endeavor as well. In the end they helped raise around $25,000 which they matched for local food banks and similar organizations.

At the end of the day, their mission is clear: to help their clients identify their purpose and see how their finances fit into helping them meet it. As Greg says, “We consider ourselves financial coaches, not just financial advisors. Coaches not only guide you, they encourage you on to accomplish what you may not think is possible”. With their multigenerational focus on purpose, empowerment, and generosity, Greg and Scott accomplish at least some of what possessing a Time-Turner of their own would allow them to do: they are inspiring and empowering their clients to have further conversations with all the generations of their own families in order that they each might work most fruitfully toward both their individual and common purpose. Even if they as advisors are not a part of each of these conversations, the coaching they provide helps families approach financial discussions confidently and with care for one another.