Introduction
In a recent conversation with Sam McCoy, founder of Tenacity Private Wealth, we delved into his journey from being a CPA to starting his own wealth management firm. Sam shares the driving forces behind his decision to leave a wirehouse, his approach to building a tech stack, and his vision for the future of his business. This blog post captures his story, providing insights into the challenges and triumphs of entrepreneurship in the financial advisory space.
Sam’s Professional Journey: From CPA to Wealth Advisor
Sam McCoy began his career as a CPA, following the path laid out by his father, a personal tax accountant. Although his passion for business and entrepreneurship had always been strong, Sam saw accounting as the best way to build a foundational skill set. “Becoming a CPA was the best way I could build skills and abilities while I learned the business world,” he recalls.
However, after years of working in public accounting, Sam found himself yearning to start his own business. But with no money or concrete ideas, he decided to transition into the world of financial advising. His ultimate goal was to build a business that he could eventually spin off into his entrepreneurial dream. “I wanted to build a business of size and eventually fulfill my goal of being an entrepreneur,” he explains.
Sam began his career as a financial advisor at UBS and then moved to Morgan Stanley, where he continued to grow his own practice. As his business grew, so did his desire to take the next step toward entrepreneurship. “At that point, my business was large enough to spin out but still small enough that I could control it,” says Sam.
Gaining Confidence from Experience and Mentors
Sam attributes much of his confidence to the experience he gained along the way. His time at UBS and Morgan Stanley provided him with invaluable skills and knowledge, but the desire to step out on his own never faded. “I never questioned my ability to do the job itself. It was just about whether I could take on the additional responsibilities of running the business,” Sam says.
He also credits his family, who are all entrepreneurs, for instilling in him the determination to overcome fear and uncertainty. “Nothing is without fear, but so far, everything has been great,” he reflects.
The Tenacity Private Wealth Approach
Sam named his firm “Tenacity Private Wealth” for two reasons. First, he believes that building wealth requires perseverance, resolve, and grit. “Wealth building is a tenacious endeavor,” he says. The second reason is more personal: it reflects his own journey of overcoming obstacles and staying determined. “I’ve been through a lot of ups and downs, and that tenacity has resonated with other business owners.”
Sam’s typical client base consists of individual entrepreneurs and small business owners. These clients, much like Sam himself, understand what it means to “wear many hats” and face the challenges of running a business. “They need support for their business and their family, and they know the value of delegation,” he explains. Sam’s role is to provide them with personal CFO-like services, helping them manage their finances while they focus on growing their businesses.
Common Challenges: Balancing Cash Flow and Wealth Building
One of the recurring themes in Sam’s conversations with his clients is the challenge of balancing personal wealth building with business cash flow. “A lot of business owners are torn between reinvesting in their business and building their personal wealth,” he explains. Sam helps his clients find ways to diversify and grow their wealth without tying up all their capital in their businesses.
Looking Ahead: Goals for the Next 12 Months
With Tenacity Private Wealth still in its early stages, Sam has ambitious plans for the next 12 months. A significant part of his growth strategy involves his new partner, Mike, a CPA with over eleven years of experience in tax. “I convinced Mike that transitioning into wealth management would be a great career move,” Sam says.
Together, Sam and Mike plan to leverage their extensive networks and provide their clients with a broad range of advice. “Hiring who I want and partnering with who I want was a big reason for going independent,” says Sam. With Mike on board, Sam is confident that they can offer even greater value to their clients and continue growing the business.
Building a Tech Stack from Scratch
One of the more daunting tasks for Sam as a breakaway advisor was building a tech stack. “Coming from a wirehouse, it was both fun and terrifying,” he admits. With so many options available, Sam turned to crowdsourcing to figure out what tools he truly needed.
For financial planning, Sam stayed with MoneyGuidePro, a tool he’s used for years and knows inside and out. However, when it came to CRM software, research, and portfolio management tools, everything was new territory. He ultimately chose Advyzon for portfolio research and management but plans to keep experimenting as new technologies emerge. “I know that the company’s tech stack won’t be perfect right away, but I’m committed to improving it every day,” Sam explains.
Scaling the Business with Strategic Hires
Sam’s vision for growth extends beyond technology—he also has big plans for expanding his team. He believes there are many talented young professionals in the accounting world who are personable, knowledgeable, and ready for a new challenge. “I think there are a lot of young people out there who don’t know about wealth management as a career path,” he says.
His plan is to continue hiring individuals like Mike, who bring valuable skills from public accounting but are eager to transition into wealth management. “My hope is that in two years, Mike will be thriving, and we can hire another Mike and repeat the process,” Sam explains. This approach will allow Tenacity Private Wealth to grow while maintaining a close, personal touch with its clients.
Conclusion
Sam McCoy’s journey from CPA to financial advisor and finally to entrepreneur is a story of perseverance, adaptability, and tenacity. With his new firm, Tenacity Private Wealth, he is focused on building a practice that reflects his values and helps his clients achieve long-term success. Whether it’s building a tech stack, hiring the right talent, or helping clients navigate financial challenges, Sam is committed to doing it all with grit and determination—qualities that are at the heart of his firm’s mission.
Sam’s entrepreneurial spirit and dedication to his clients make him an inspiring example of what it means to chase your dreams, no matter the obstacles.
