Each week on “Around Town,” our host talks to members of the First Coast community who are making an impact in their part of town. Today our host, Sarah Olson, spoke with Nicholas McTurk.
Nicholas McTurk
Director at Signature Wealth Partners
Website Address: www.yoursignaturewealth.com
Short company description:
We provide institutional grade wealth management services to retail clients. Our operation takes the tools of the HNW families/banks and applies them to their lives, without commission or conflict of interest.
Transcript:
Sarah Olson:
Welcome back to another episode of Around Town. I’m your host, Sarah Olson, and today joining me is Nick McTurk with your Signature Wealth Partners. Welcome to the show.
Nick McTurk:
Thank you very much for having me.
Sarah Olson:
All the way down from Fernandina. What’s that, 45 minutes?
Nick McTurk:
Yeah, it’s not too bad. It’s really not that bad.
Sarah Olson:
I love Fernandina. It is a beautiful little island.
Nick McTurk:
Yeah.
Sarah Olson:
So tell us about your business. What? What is Signature Wealth Partners? What do you do? What do you specialize in?
Nick McTurk:
We are partnered with Raymond James.
Sarah Olson:
Okay.
Nick McTurk:
As you may know, it is also a Florida company.
Sarah Olson:
Yeah.
Nick McTurk:
2 trillion in assets. So they’re a very successful company. And what we look to provide, rather than your standard wealth management firm, is an institutional financial partnership.
So okay, basically it’s very tough to outgrow the services that we provide. And in effect, we look to provide our clients with a family office type level of service, okay. Without the need to have $100 million.
Sarah Olson:
That’s fantastic. So are people who are just starting out on their financial journey.
Nick McTurk:
We work mostly with business owners who I’d say are probably mid-career, good and up. But oftentimes it is the entire family, whether that be somebody still in school, just getting started or at the tail end of their career or even in retirement.
Sarah Olson:
Okay. So any specific niche within your services that you just love. Is it one product versus another or.
Nick McTurk:
I love investment management. I come from the hedge fund world. The investment piece is sort of my forte. I’m constantly amazed at the things that we can do regarding tax planning and with taxes. A penny saved is more than a penny earned. So that that I find fascinating. But for me, really, it’s the investment piece and how we’re able to leverage our partnership with Raymond James and, you know, provide our clients opportunities to invest in things they’ve never, never seen before.
Sarah Olson:
What would be an example?
Nick McTurk:
Structured notes.
Sarah Olson:
Structured notes. What is a structured note?
Nick McTurk:
I will try to go through it quickly, I promise.
Sarah Olson:
We got time.
Nick McTurk:
A structured note is basically a bond or a CD on steroids. Okay. They are issued by banks like CDs. And whereas you might be familiar with the low but secure rates of interest free bank CDs. Yeah, these offer considerably higher because there is a element of them being market linked. So they might be tied to the S&P 500, the Dow 30. As such they’ll pay above 10%.
Oh wow. The principal is still protected in many cases, okay. Where appropriate. It’s a very nice addition that can be game changing for life.
Sarah Olson:
Interesting I love that and I love when you say tax strategies because it really is. I’m an entrepreneur as well. It’s very hard to find somebody who understands strategy when it comes to taxes. It’s the most overlooked part of the business.
Nick McTurk:
Yeah, for sure. And I think it’s where you can really help everyone because like it or not, everybody pays taxes. They do. Not everybody has $10 million to invest in a private placement IPO offering.
Sarah Olson:
Unfortunately, around this time of year, everybody is very familiar with taxes. Yes. Oh, I know they’re coming up. Yes, I got my tax bill, but yeah.
So what else could you share with us. Any tips for somebody who’s, just, you know, starting to really ramp up their portfolio or strategies to, like, give you a call and what’s the process like?
Nick McTurk:
But I would say general advice is keep investing, okay. Of the last few weeks, you know, not to get into geopolitical news, but there’s been a lot of uncertainty in the markets. And we’ve come off of the gains that we’ve seen over the last couple of years. So I’m sure that it has a lot of investors rattled.
My advice is keep investing, especially if you’re young. Just don’t worry about it. You’re going to go through a lot of market cycles through your investing life. This is just a bump in the road. Keep going.
Sarah Olson:
Yeah, it really is. Longevity and it is a place isn’t it? I mean that’s what that’s what wins for the most part.
Nick McTurk:
Warren Buffett the best time to invest was yesterday. The second best time is today.
Sarah Olson:
I know well, I feel like that’s that’s promising because I feel when the first part of that is like, oh no, I’m too late. And then the next part of it is, no, I’m not, I’m right. That’s the perfect time. Never too late, never too late.
On a personal note, you’ve got a little one at home.
Nick McTurk:
I do, little Eleanor, or as I call it.
Sarah Olson:
Oh, Eleanor.
Nick McTurk:
Yeah, I call you Lenny for short.
Sarah Olson:
Oh, I love the name Eleanor. I had a great aunt Eleanor. She’s the apple of my eye.
Nick McTurk:
Oh.
Sarah Olson:
That’s sweet. And you’re living in Fernandina Beach?
Nick McTurk:
Yep.
Sarah Olson:
What is the best place to do or fun thing to do? What do you love doing in Fernando?
Nick McTurk:
You know, the beach and golf.
Sarah Olson:
Okay, I was going to say. Do you golf?
Nick McTurk:
Yes. It’s a part and parcel of being in the financial services industry.
Sarah Olson:
I, but we do have beautiful beaches, much like the rest of Northeast Florida.
Nick McTurk:
Yeah. Fort Clinch is a great piece of history that we have local to us and the beach. The state does a great job of maintaining that beach in the park. So, that’s always a pleasure to go visit.
And then of course, downtown Fernandina itself is just, you know, a lovely area of shops.
And I sit on the Board of Economic Development for Street America.
Sarah Olson:
Okay.
Nick McTurk:
And it is a pleasure to try to balance the economic growth that we’ve seen with historical preservation.
Sarah Olson:
A good friend of mine, Sarah Campbell, you might know her name.
Nick McTurk:
I do.
Sarah Olson:
Sarah, this is a shout out for you.
Nick McTurk:
Yeah.
Sarah Olson:
So, Shrimp Fest is coming up too.
Nick McTurk:
It is.
Sarah Olson:
Okay. And did you go to the concourse?
Nick McTurk:
I did, I haven’t been yes, I actually participated in this year’s contest. Did you cars are a love of fun?
Sarah Olson:
Oh. Mine too. What’s your favorite?
Nick McTurk:
My favorite car or all the cars? Whatever.
Sarah Olson:
Oh, gosh, that’s an impossible question to answer. Now you’ve got me on camera.
Nick McTurk:
So, yeah, mine’s a Bentley, so we’ll just go there. Bentley convertible. Not in my budget.
I love historic race cars. I would say a Porsche 917 or the Ford GT40.
In fact, I think I saw your LinkedIn profile where you’ve got us. What car is on your LinkedIn profile?
Sarah Olson:
It’s a Porsche 951.
Nick McTurk:
Nice, nice. Yeah. I do have a thing for fast cars.
Sarah Olson:
Yes.
Anything else you want to share with our guests here before we say our goodbyes?
Nick McTurk:
I just wanted to say it’s been an absolute pleasure to receive your invitation to come down and,
Yeah, that’s about it.
Sarah Olson:
I love these conversations first because it always starts with business, but then it’s more fun talking about the personal stuff.
Nick McTurk:
Absolutely.
Sarah Olson:
Congrats on your new baby girl.
Nick McTurk:
Thank you.
Sarah Olson:
And thank you all for watching. And for more information on how to reach Nick McTurk at Signature Wealth Partners, go to HGTV. Jax.com. Thanks for watching.
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