Integrity Wealth Management & Ins Services, LLC
6101 Ball Road,
Investment Advisor Representative
Miles Babcock, a 27 year veteran in the financial industry, began his career working on the safe and secure side of the business-as an insurance broker. A graduate of U.S.C. in 1985, Miles worked full-time while taking 16 units a semester in order to cover his high educational costs. After working in marketing for a few years and living on the East Coast, he returned to the West and transitioned to the financial services industry in 1992.
After working with a South Orange county insurance brokerage company for about 5 years Miles took the independent route and never looked back. Miles became an investment advisor representative shortly after the crash in 2008. In late 2007 and in 2008 while investing with a major brokerage firm in Northern California he and his wife began to experience huge losses to their portfolio. Although in weekly sometimes even daily contact with the firm, he kept asking “What is the broker’s plan or strategy to prevent any further losses going forward?” The response was always the same, “Hey, it’s just a paper loss” and “Don’t worry about it, it will bounce back”.
After their own personal tragedy, Miles studied and learned that there are two different standards within the Financial Services Industry; Suitability and Fiduciary. Miles had always thought that if someone was managing your savings its common sense that they would have to do what is right for the investor and not the broker or the firm. Clearly this was not and is not the case.
Well, in the span of just a few months losses exceeded 62% of their savings, a huge financial misfortune. Finally, Miles pulled the plug and directed the firm to move the money out of the market and into cash. The cruel real math of losses requires a gain of no less than 164% on the remaining balance just to get back to even. Needless to say, even with the strong bull market since 2013, he and his wife have yet to get back to their starting point.
With the understanding that there must be a better way to handle investment monies particularly for those near or in retirement, Miles became an Investment Advisor Representative. Held to Fiduciary status-putting the needs and interests of the client ahead of your own at all times (as required by law), he proudly serves those transitioning into their golden years specializing in retirement income planning, investments and tax forward planning. At Integrity Wealth Management & Insurance Services, LLC we are a relationship driven firm. All of our plans include a short term and long term growth plan, a margin of safety, and a worst case scenario that includes projected income, risk assessment and tax estimations. To simplify and create greater understanding, Integrity Wealth uses a 3-Step Money matters review to assist clients in helping them to view their decisions and their impact through the areas of Taxation, Income, and Risk versus Return.
Armed with a retirement spending plan and with the understanding that savings and investments will be moved to cash in the event of market corrections or downturns, investors at Integrity Wealth know their financial future and that of their heirs may be preserved through planning excellence and tactical (active) money management.
As an investment adviser representative, I am a “fiduciary” to my advisory clients’ investments. This means that I have an obligation to act in the best interests of my clients and to provide investment advice in my clients’ best interests. I should avoid engaging in any activity that could create a conflict of interest with any client however, if a conflict of interest does arise, I will make full disclosure of that conflict to my client. I must employ reasonable care to avoid misleading clients and I must provide full and fair disclosure of all material facts to my clients and prospective clients. My fiduciary duty extends solely to investment advisory advice and does not extend to advice relating to insurance product sales, including annuities, life insurance and long-term care insurance.