How Tim Grimes Turned Cold-Calling Doctors Into A $2 Billion Wealth Management Business

In the late 1970s, Cape Cod-native Tim Grimes was working for the Paul Revere insurance company, designing and selling products focused on sustaining income, primarily targeted at doctors. Grimes realized that preparing for the worst-case scenario was only a small piece of these physicians financial lives, so in 1985 he launched a wealth management business and got certified as a financial planner.

The business had humble roots. Grimes would set up shop at a trio of hospitals — Worcester’s Saint Vincent, Memorial Hospital and UMass Medical Center — settling into a payphone with a roll of dimes and the staff directory, then cold-calling doctors and inviting them to his “office,” the hospital lobby.

While many early clients remain on board, Grimes expanded past medical professionals on his way to building a Westborough, Mass.-based business that manages more than $2 billion today. Clients are typically self-made, with about $10 million they want to safeguard.

“We tell them, ‘you’re wealthy but that doesn’t mean you’re set for life,’” says Grimes.

To help clients preserve and grow their nest egg, Grimes & Company employs 11 advisors, four of whom are chartered financial analysts, among its 31 employees.

“There’s a point person on every account who knows the client, knows their kids, knows their dog’s name,” he continues. “It’s day-to-day, not just should I buy or lease a car.”

Source: Forbes

Posted by: The Trust Advisor

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