Financial Life Stages - Paceline Wealth Management

Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Jeremy Bohne, Founder of Paceline Wealth Management, LLC., located in Boston, MA, USA.

What's your business, and who are your customers?

Paceline Wealth Management takes pride in helping tech, and biotech professionals, physicians, and those seeking financial planning services overcome their most complicated financial decisions. We accomplish this with a combination of concierge-level service, professional-grade resources, and investment skills. We work with clients located in the Boston area in-person and across the country on a remote basis.

In many cases, clients seek financial advice because they have recently experienced a change in their financial situation (i.e., windfall or significant salary increase) or in their personal life (i.e., having children or getting prepared for retirement). At some point, households reach a position where they no longer have the time or requisite knowledge to continue to closely and effectively manage their changing financial situation. With increased financial resources, people eventually find that they have outgrown what they have successfully done on their own in the past.
That’s a good time to ask us for help.

All clients – regardless of their specific financial situation – can benefit from our expertise in financial planning and retirement income planning, as well as our direct experience managing large investment portfolios for institutions. In particular, clients who work in tech and biotech can benefit from our expertise in managing employer stock, including incentive stock options (ISO), nonqualified stock options (NSO), restricted stock and RSU, and employer stock purchase plans (ESPP).

Tell us about yourself

For as long as I can remember, I wanted to start a business that would have a meaningful impact on others. After considering a number of financial-related opportunities, it became clear to me that starting a financial planning business was what I was most interested in doing.

I thoroughly enjoy working with my clients, and an important part of my success comes from being a good listener. Many of the people I work with are facing important financial decisions for the first time, or a change in their situation is prompting them to take a different approach than what may have worked for them in the past.

What I really love about this role is being able to help people identify appropriate solutions to their problems that they cannot implement on their own or that they may not have time to do themselves. In almost all situations, it is important to get major financial decisions right the first time because many of these early decisions can have a long-lasting impact on our financial lives going forward.

What's your biggest accomplishment as a business owner?

Over the years, I have worked in a variety of roles in the financial services sector. I have extensive experience in insurance, investment management, management consulting, and now financial planning. Having worked through multiple financial crises (including the Great Recession in 2009 and the Covid pandemic in 2020), I have gained a valuable perspective on how I can help people manage their finances through the most challenging circumstances.

Primarily, I help my clients by providing financial advice that empowers them to make big financial decisions and life choices for the right reasons. People frequently spend their entire career learning and developing their skills, but there is no formal training that provides them with the skills they need to make the best use of their hard-earned financial resources.

What I value most about my role is being able to help people make decisions that make their day-to-day lives better in a real, tangible way. This is just as much about doing the right things as it is safely avoiding what some people have to learn the hard way. Financial decisions can have a long-lasting impact on people’s lives, including some that people may (or should) encounter only once, such as retirement.

Financial expertise is a scalable resource in that what is learned by one person can be deployed to positively impact the lives of many others. Watching individuals and families develop and grow over time, both personally and financially, is extremely satisfying.

What's one of the hardest things that come with being a business owner?

As a business owner, I enjoy being able to service all the needs of my clients, and that requires a broad skill set. Business owners tend to wear many hats, often at the same time. Eventually, you reach a point where you can do "any" of it but not "all" of it at the same time, so it is important to know how – and when – to delegate.

It is, however, critical to be able to delegate in a way that maintains the value you deliver to clients. I do this by focusing my time and expertise on core, client-facing activities while getting the help I need with other activities – which are required to operate my business – but are not directly client related.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

1. As simple as it sounds, I feel it is essential to have a clear vision of the core purpose of your business, including what you are doing, how you do it, and who you help. Running a business has highs and lows, so managing yourself is just as important as managing your business.
2. All business owners will feel tested in their core mission at some point, so it is important to write these things down and come back to them when necessary.
3. Business owners need to periodically remember why they are doing what they do and what originally motivated them to take on such a great challenge.
4. When business owners encounter obstacles and challenges, they must be able to refer back to their core mission and values. Only then can they deliver the greatest value possible to clients.

Where can people find you and your business?

Website: https://www.pacelinewealth.com/
Facebook: https://www.facebook.com/pacelinewealth
Instagram: https://www.instagram.com/pacelinewealth/
Twitter: https://twitter.com/PacelineWealth
LinkedIn: https://www.linkedin.com/in/jeremybohne/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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