Investing in a bright future-John Lackey

 John Lackey makes a point to understand where his clients stand in respect to finances, their careers, interests, and estate planning.  “I like to believe that my first priority is to educate clients,” he said, because Uncle Sam and Social Security may change the rules on retirement funding for his younger clients.  Currently about half his clients are retired or semi-retired, while the rest are still making monthly contributions for investment and retirement.

Born and raised in his family’s Weslaco produce business, Lackey earned a degree in marketing from what is now Texas State University in San Marcos and worked in San Antonio 

briefly in the financial industry.  He returned to work with the family until they sold the business in 1998.

Lackey opened his financial management services business eight years ago.  “It was a natural thing to go back to,” he said.  Within the next 18 months, he expects to complete the last of the five courses for the certified financial planner degree presented by the Certified Financial Planners Board of Standards.

“It’s a highly prized certification and the most recognized one,” he said.  Each course requires 240 hours and covers topics in great depth.  Having the certified credentials raises his credibility and underscores his commitment to clients and their financial welfare. “To really do the job I want to do for my clients, I have to limit the number of clients.”

The new credentials won’t impact his fees.  Lackey Financial Management has clients all over Texas–Houston, San Antonio, Dallas, and beyond, including Winter Texans with residency.          Most of Lackey’s clients pay fees based on services, rather than on commissions for transactions.  Clients have the option to choose either form.  “The industry as a whole is moving towards fee based management, and  that’s the way I want to go,” Lackey said.  The fee arrangement takes away any concerns about conflicts of interests.

“People like to know their money is safe. They like to get better than three percent return, but at least not lose the principal,” he said.     As an independent financial advisor, Lackey has access to more alternative investments for his clients.  Among those mentioned are non-traded REIT, which are smaller real estate projects that are not more risky, direct participation in oil and  gas which brings certain tax advantages, and some note programs.  “Some of the newest things are structured products tied it to precious metals or whatever index you prefer.”   The principal is guaranteed on these products with lifespans between one and five years.

Of course, the earlier people start planning their financial future, the better their status will be on retirement.  “People say they want to get out debt first before they start saving.  But, you know, you will never get out of some debt.  And you should go into debt only for assets, not for items that will go down in value like a car or boat.”

Looking to the future, Lackey said he might take on a junior partner to handle the client load. The office is staffed by Audrey Villa and Elizabeth Villa, who are working on getting their security degrees and have extensive interaction with the firm’s clients.

Lackey’s offices are located in Sabinal Plaza, an investment property of Lackey and his sisters on land they owned. Tenants include a pediatric clinic, physical therapy office, and other health related businesses.