However, before long, Merrill’s philosophy of maximizing commissions instead of maximizing returns began to make Jeremy feel uncomfortable. Furthermore, consistently being forced to sell clients what they want, rather than what they need did not sit well with him either. Eventually, these malevolent tactics drove him away.
Despite his disappointment with Merrill Lynch, Jeremy McGilvrey had an intense passion for the finance industry (which he still has), and he had developed a substantial client base. Jeremy wanted to remain a financial advisor; he just wasn’t certain where. He began interviewing with several prominent advisory firms and decided to take a position with Bank of America’s Private Client Group in Austin, Texas.
The arrangements for a seamless transfer to the bank were planned so that his move could be implemented without Jeremy losing any of his clients. Nonetheless, the night before he was to make the transition, he had a conversation with his father and the advice he was given gave him second thoughts.
Jeremy McGilvrey’s father told him as long as someone wrote his paycheck his growth would always be limited. That induced Jeremy to contact the bank the following day and tell them, “Thanks, but no thanks.” He recalls this being an extremely difficult decision because the position at the bank also included a $500,000 upfront bonus. But Jeremy knew his father was right. So he took a leap of faith, resigned from Merrill Lynch, and started his own firm, Hill Country Wealth.
This gave Jeremy the ability to unleash his full potential. Not long thereafter, he went on to achieve extraordinary success accomplishing things that were unprecedented in the finance industry. Jeremy McGilvrey was named The Financial Planning Expert by an NBC television affiliate and prominently displayed on all of their TV networks. Reuters Advice Point™ selected Jeremy McGilvrey as one of the Top 200 Financial Advisors in the United States. Other awards, such as the Top 40 Under 40 Business Owners, Chairman’s Club, and Top 10 Largest Financial Planning & Advisory Firms began to accumulate. It appeared Jeremy’s career in the finance industry was flourishing. The firm he founded was managing nearly half a billion dollars ($487,000,000) and employed more than a dozen Certified Financial Planners®.
Jeremy McGilvrey eventually relinquished his day-to-day operations and began solely focusing his attention on growing his firm by purchasing other advisory practices in addition to developing his mentorship program for financial advisors.
Then, catastrophe struck…