From the Founder: The Story of Financial Plan
By James B. Twining, CFP®
On a June morning in 1980, I walked into the Encinitas, California branch of Southwest Bank, hair cut short and wearing a suit and tie. Anyone who witnessed my quick transformation that morning from a long-haired surf bum in swim trunks to a “banker” in a three-piece suit would have laughed at me. And I would have laughed at anyone who told me that job would launch a career in financial services that would span 45 years. But here we are.
I spent two years shuffling dollar bills at the bank before moving my growing family to the Pacific Northwest in an effort to escape the urban sprawl of southern California. We found a wooded, six-acre property near Bellingham with a barn, meadow, creek, and pond and never looked back.
I found employment with Mount Baker Bank; a good place to gain experience as it was small, and I was required to wear many hats. In addition to my banking duties, I was charged with launching a discount stock brokerage. The research involved in the project piqued my interest in the securities business and by 1984, after studying for and obtaining various licenses, I was appointed as a Representative at IDS (Investors Diversified Services). IDS has since been acquired by American Express and eventually renamed Ameriprise Financial.
James and Jeanne Twining
Over the next 12 years I sold securities on a commission basis. That was (and still is) the standard in the investment business. Regardless of the title a broker uses (many refer to themselves as “Financial Planners”) they are paid to sell investment products and are told which products to sell by the company they represent. As the shortcomings of that business model became more and more evident, I found it harder to live with the conflicts of interest and high price point it created for my clients. In 1996, I resigned from American Express and founded Financial Plan, an independent Registered Investment Advisory (RIA).
My wife, Jeanne, and I moved our base of operations to a small office in downtown Bellingham. As an independent advisor I was able to deliver objective advice without interference from a firm that sells proprietary products. My vision for a firm that places clients and their advisors squarely on the same team was coming to fruition.
Over time, as my client base expanded through word of mouth, Jeanne and I realized it was time to bring on another advisor. In March of 2000, David Dick joined the firm, ultimately becoming a partner and shareholder in 2004. We gradually hired more operations staff, and by 2010, the next generation of advisors started their financial careers: Devin in 2010, Nathan in 2011, and Gabriel in 2013. Each advisor brought with them a unique knowledge base and specialty, providing fresh insight and expertise in tax strategies, estate planning, and securities research. By focusing squarely on what is best for our clients, we made huge strides in operational and technological processes as well as customer service, and these advisors now serve as the Principal Team leading the firm.
Despite consistent growth, we strive to remain committed to our core culture and values. We get to know our clients as people, not portfolios, and remain heavily and personally invested in their success. Financial Plan became completely independent in 2012, becoming a “Fee-only RIA”, regulated by the SEC and subject to the fiduciary standard, the highest in the industry.
While our team and capabilities continue to evolve and expand, our commitment to acting in our clients’ best interest remains at the heart of every decision we make. The future looks bright- we hope you’ll join us in planning for it.
James B. Twining, CFP®
Founder and CEO, Financial Plan
Meet the team
You are known by the company you keep. We are proud to be a thriving team of professionals dedicated to serving clients with integrity.
