We caught up with the brilliant and insightful Tyler Madill a few weeks ago and have shared our conversation below.

Tyler, appreciate you joining us today. We’d love to have you retell us the story behind how you came up with the idea for your business, I think our audience would really enjoy hearing the backstory.

Coming out of college, I knew I wanted to run my own Wealth Management firm someday. I didn’t know if that would be starting a new business, or taking over an existing one. Either way, I needed experience. I started at my first job in January of 2019, as an intern at an Investment Advisory firm. I passed my licensing exam in September of that year and was hired full-time. I quickly learned the ropes and started taking on more and more responsibility. A few years in, I was running the Investment Management side of the business, bringing all of my ideas to my boss only for final approval. At the same time, I was expected to be finding new business, and growing my book. Pretty typical for anybody in this industry. We were a small firm with fewer resources and a competitive advantage in consolidating financial services. I was expected to grow the business and was sent down a fruitless path to do so.

In April of 2021, my wife became pregnant. To say it was difficult for her would be an understatement. She gave birth six weeks early to our daughter Maris. Shortly after, she developed a health condition that made it difficult to do any sort of physical activity. Even things like walking downstairs became very difficult for her. At the same time, I had been growing more and more frustrated with my job, and it carried over into my life. I wasn’t happy at work, and I was spending almost my entire day at the workplace away from my family. I remember waking up before my new daughter, and leaving to go to work, only to get back an hour or so before her bedtime. I knew then, that something needed to change.

I began thinking about the idea early in 2022. It had already been a thought, just not a seriously explored one. I started to do research, trying to figure out what it would take, how much I would need to have saved, etc. As I did more research, I found more and more ways that I could optimize the business. Things that my current employer either wasn’t doing or was spending too much money on. I learned that I could start a business and have a very low overhead cost by using a virtual work model and utilizing the technology that was offered through the brokerage platform.

A few months later I was let go from my employer. I had been missing too much work to be at home with my family and was not meeting the sales quota expected of me. I was struggling to keep up with a new baby and a sick wife, and I wasn’t able to keep up with the job. This was the final thing I needed to push me to open my own business. I knew I could offer a great service, and keep costs down. I had learned everything I needed from my past job and could try to build something better. And to top it all off, I would have much more time at home and could be there for my family at the drop of a hat. I knew I wouldn’t miss the important things like first steps, or first words. I could be there to help my wife whenever she needed it. In my eyes, this was the only way forward. Thus, Maris Wealth Management was born.

Tyler, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

I got my start in the industry through family ties. My grandfather started his own IA firm and handed it down to his son, my uncle. My internship was through this firm and led to my first position in the financial advising industry, also with this firm. When I decided to open my own Wealth Management firm, I knew that I wanted my clients to have three things more than anything. Top-of-the-line investment management, a relationship with their advisor that they would expect from immediate family, and transparency about everything relating to their finances. I wanted them to have a clear picture of how my business operates, how investments are selected, and how I view the market and the economy. This allows me to clearly demonstrate the value that I bring to them and show them that I am truly looking out for their best interests.

The reason I got into this profession was to help people take control of their finances and assist them with building generational wealth. I believe that teaching my clients to be financially literate will lead them on a path toward building wealth that will last generations. Through my business, I offer investment management, financial planning, tax preparation and planning, and some business consulting. These are all areas that I want my clients to have control over while feeling like they have the knowledge necessary to use these services to build wealth.

I am most proud of the performance of my client’s portfolios. Market performance was something I felt I was very good at with my previous firm, and seeing good returns over the past year that I have been in business is very validating to me. It gives me the confidence needed to continue to build this business going forward.

We’d love to hear a story of resilience from your journey.

When I started my business, I knew capital would be needed. As a young professional in this industry, I knew it would be hard to get a loan to start the business. After all, I didn’t have much experience and hadn’t built up much credit yet. On top of that, I had just purchased my first home and welcomed a new baby into the world, and my wife was still in school.

After months of researching the costs associated with starting the business and the timeline it took to become operational, I decided to use my savings. I felt confident that I had the capital needed to cover startup costs and pay for a few months of expenses with no household income. I planned and budgeted for three months of expenses to be covered. It took five months to become operational, and because I charge fees quarterly, I had to wait another two months before the business would see its first dollar.

Over those seven months, I tore through almost every little bit of savings we had. How my wife was able to stay by my side through all that, I will never comprehend. Looking back, it was a very difficult time for my family and me, but we were able to get through it, and find sources of income to stay afloat. I knew that once the money started to come in, the business would be cashflow positive from year one. We kept our heads down and eyes on the horizon to get where we are today.

What’s been the best source of new clients for you?

The best source of new clients for me has been word of mouth. I haven’t done any marketing campaigns and very little cold calling. The best way for me to get new clients is to do such a good job for your existing clients that they constantly recommend you to people. I understand that this is not a long-term growth strategy. However, I believe this leads to the highest quality clients. Clients who will appreciate the value the business brings to them and enjoy or even look forward to working with you throughout their lives.

Contact Info:

• Website: www.mariswealthmanagement.com