MOB Special Report: Planning Ahead

J.P. Hamlett worked as a financial advisor for years before deciding to go out on his own more than 30 years ago. Retirement Services of California offers wealth management and financial services with a focus on pursuing the clients’ goals, both short-term and long-term ones.

The firm helps clients with everything from tax matters to risk management, retirement planning and estate and charitable planning, among others. The company works with many educators, employees of public agencies as well as small business owners. 

Tell us how you got your business started.

It was a natural progression from being an independent contractor for a large financial service company. After several years of being an exclusive agent and top-producing financial advisor, the decision to start my own business was a no-brainer and very organic.

Do you like being your own boss? 

Absolutely! I wouldn’t have it any other way. Since I started my business, over 30 years ago, I haven’t looked back once.

What’s the best aspect of running your own business?

Being totally responsible for the process and the results. Creating the vision and controlling the direction of the company.

And the worst?

Limited resources and finding good help. Additionally, knowing that if I don’t perform or produce the business will fail.

What advice would you give someone who’s about to start their own business?

Go for it! Be prepared, know your market and understand your numbers.

What’s the biggest challenge your business has faced? And how did you deal with it? 

Not being able to meet with clients and prospective clients during the pandemic. We made more phone calls and Zoom calls.

Has the pandemic affected your business?        

Yes! Our growth has been derailed and our revenue has been slashed.

Has being Black affected your business? 

Absolutely! It doesn’t matter what your nationality is, but your race impacts the way people perceive you and ultimately affects your bottom line.

Do you think you’ll ever start another business? 

I’m less interested in starting another business. However, I would consider purchasing an existing business or partnering with another principal or investor.

 — Charles Crumpley