Angela Dorsey was recently featured in Southbay Magazine's Women in Business edition.
Dorsey Wealth Management is a fee-only financial planning firm providing wealth management and retirement planning for women and couples.
Owner Angela Dorsey has been investing for family and friends for more than 25 years. After two decades of working as a senior compensation consultant, she followed her dream to start a financial planning and wealth management firm in 2011.
WHAT DOES YOUR COMPANY STAND FOR?
“Dorsey Wealth Management stands for trust, integrity and transparency. These qualities are critical to having successful client relationships. Financial planning is very personal, and clients need to feel understood and safe to have a successful relationship with their financial planner.”
WHAT DOES IT MEAN TO BE A FEE-ONLY FINANCIAL PLANNER?
“Fee-only means that I receive no commissions from the investments I recommend to my clients. I do not sell financial products. I am paid exclusively by my clients, like an attorney or CPA. I am a fiduciary, which means I take an oath each year to put my clients’ needs first.”
WHAT IS THE SILVER LINING OF THE RECENT PANDEMIC FOR YOUR BUSINESS?
“The silver lining is that it brought me closer to my clients. During the pandemic I would frequently call clients just to see how they were doing. I would spend a few minutes talking about their investments and assuring them that they will be OK. But most of the conversation was spent talking about what mattered most to my clients: their family’s well-being and their health. That difficult time gave me an opportunity to dive more deeply into what matters most in my client’s lives. Now I’m even more attuned to what’s most important to my clients and that their financial plans reflect what matters most to them.”
WHAT INSPIRED YOU TO SPECIALIZE IN THE FINANCIAL PLANNING NEEDS OF WOMEN?
“Women have unique financial challenges that, in general, men don’t have to manage. Women are more likely to live longer than men, which means they need to save enough money to last them for more years. Women are more likely to need long-term care and may have to face these needs alone after their spouse dies. Women are more likely to live on their own—whether by choice, divorce or death of a spouse. Some may find themselves managing their finances for the first time due to the death of their spouse. Women in general tend to be more conservative investors. This means that their savings might not be on track to meet their financial goals. The Dorsey Wealth Management team empowers women to achieve a secure financial future.”
WHAT SERVICE DO YOU PROVIDE YOUR CLIENTS? “
The Empowered Wealth Management service partners with clients on an ongoing, personalized basis—providing comprehensive financial planning and investment management. I provide each client with a tailored financial plan based on their values, goals and financial situation. I also provide ongoing education for my clients. I want them to understand their finances and how my recommendations will help them. Each client receives a portal that pulls together their financial picture and is updated nightly. This helps clients get organized and stay engaged with their finances.”
WHERE DO YOU FIND YOUR INSPIRATION?
“I find inspiration from my clients. When a client tells me that she feels peace of mind from working with me or that she now understands how her investments are working for her, it makes me feel wonderful.”
WHAT IS YOUR ADVICE FOR A WOMAN JUST STARTING IN YOUR LINE OF WORK?
“For women who have a passion for financial planning and are interested in becoming a financial planner, I’d say, ‘Just do it!’ In 2020 the number of female Certified Financial Planners was only 23%. This surprises me because financial planning can be such a rewarding career for women! You get to help people understand their financial picture, assist them in reaching important life goals, and you can have work-life flexibility. There are so many different paths to becoming a financial planner. You can join a large firm or start your own firm, as I did. The first step is to talk to female financial planners and ask them about their journey to get clues toward the best path for you.”
WHAT IS ON YOUR BUCKET LIST, PROFESSIONALLY OR PERSONALLY?
“My husband and I are now empty nesters, so I would like to travel more. At the top of my bucket list is Tahiti. I want to spend a night in one of those huts over the water with a glass bottom where I can see the fish swimming below!”
HAS MOTHERHOOD MADE YOU A BETTER ENTREPRENEUR?
“I have two wonderful children: a son and a daughter. Both are amazing and the center of my world. As I watched them grow up to be wonderful young adults, I was reminded how being a mother requires love, patience, dedication and faith. I can compare this to being an entrepreneur, which requires a similar level of commitment and passion to thrive and be successful. Sometimes I think of my business as my third child!”