Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Ryan Cullen, CEO of Cullen Cioffi Capital Management, located in Cincinnati, OH, USA.
What's your business, and who are your customers?
Our business provides individualized financial advisory, financial planning, and portfolio management services to clients, big or small. As a firm, we take pride in having no account minimums, so whether you have $5 or $5 million dollars to invest, we will help you invest it.
Tell us about yourself
I started my career at Morgan Stanley, and they had incredibly high minimum asset requirements, north of $250,000. When you look at the racial wealth gap and see that the average white family owns 13 times the average net worth of a Black family and ten times that of a Hispanic family, the high minimum asset requirements at the big firms act as a barrier to entry for minorities.
Oftentimes, these minority groups are overlooked or, worse, preyed upon by "shady" financial advisors who charge high fees and earn large commissions on the products they sell and oftentimes act in their own best interests rather than their clients. I am proud that our firm is a fiduciary, meaning we are required to always act in our client's best interests, and I am proud of the fact that we are one of very few fiduciaries that have no minimum asset requirements, so we can help anyone.
What's your biggest accomplishment as a business owner?
My biggest accomplishment was being awarded the PILLAR Award for Community Service, which is a prestigious award that recognizes businesses that are committed to philanthropic work within their communities.
What's one of the hardest things that come with being a business owner?
The hardest thing about being a business owner is that you're always "on the clock." Unlike a regular 9-5, where you punch out at the end of the day, I find that my workday gets busier after 5 pm. However, when you love what you do and are passionate about your company's mission, it does not feel like "work," so those 12-16 hour workdays are still more fun than a 9-5 office job.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Make sure it is something you're passionate about - if you aren't passionate about what you're doing, then you will become burnt out, especially with the amount of work it takes to start, run and grow a business.
- Get some allies - everyone should have a few allies in their corner. People that will support your business but also the people that will refer you to others, write positive reviews, share your content on social media, etc. (hopefully, you are that person to someone).
- Be a good corporate citizen - this means sharing your time, talents, or treasure (money) with the community you serve. Not only does this type of activity create strong goodwill within your community, but it forms roots within the community you serve. As a business, we want to make money. However, our primary goal should actually be to make the world a better place, starting with the communities you directly serve.
Where can people find you and your business?
Website: https://www.cullencioffi.com/
Facebook: https://www.facebook.com/ryancullenfinance
Instagram: https://www.instagram.com/therealryancullen/
Twitter: https://twitter.com/RealRyanCullen
LinkedIn: https://www.linkedin.com/in/ryancullenfinance/
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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