TomMcDermott is a CERTIFIED FINANCIAL PLANNER Professional who works with pre-retirees and retirees from all walks of life. Two decades of experience have exposed him to every aspect of personal finance. From wealth accumulation, tax-efficient income distribution, and asset preservation strategies to financial protection planning through insurance and other tools available in the marketplace – his practice takes a holistic approach. Clients seek his help because they would like to enjoy a comfortable retirement or simply improve their overall quality of life and not worry so much about financial matters.
Over the years, Tom has observed how common biases, misconceptions, and generic advice about personal finance can lead to counter-productive decision-making for many people. “Most of us are hard-wired when it comes to money habits and behavior, and it’s difficult to see how small decisions, especially when driven by emotion over logic, can lead to big challenges down the road,” he says. He notes that getting a different, and many times a new perspective on how to efficiently manage one’s finances can make a significant impact to overall wealth in the long run. It starts with identifying one’s values and what’s most important, setting short and long-term goals, and then making financial decisions to achieve those goals while staying in alignment with those values along the way.
It is this observation that prompted Tom to pursue the Behavioral Finance Advisor(BFA) designation. The additional training in this area has helped him deepen his work with clients by employing an understanding of the psychology behind financial decision-making. “My job is to help people get clear about their values and to prioritize their goals, so they can get closer to outcomes they desire,” he says.
Tom appreciates the satisfaction and sense of accomplishment he derives from this work. In fact, what originally drew him to behavioral finance was his personal relationship with money. Being completely self-made, he admits to the personal growth that came out of recognizing how his money values were influenced by his family history, and how liberating it was to break those patterns so he could live the life he envisioned for himself.
These days, when he’s not coaching clients, Tom enjoys living in Manhattan, discovering great restaurants, live music, standup comedy, and traveling with his wife.
Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. Supervisory Office: 420Lexington Ave. 25th Floor, Suite 2510, New York, NY 10170. (212) 578-0300.