2017 Top 40 Under 40 Honoree: Stephen Korving

At work: President of Korving & Company, a financial planning and investment management firm focused on helping families plan for a secure retirement.
“I love helping people create their financial plan, working with them to implement the steps and follow the plan, and then being there to see their excitement and sense of accomplishment when they achieve their goals.”
Home and family: “I live in Western Branch with my wife, Megan, and our three kids who make every day an adventure and an amazing learning experience: Madeline, Mason and Ty.”

Volunteer activities: “I’m fortunate to serve on the boards of local organizations whose missions I get excited about and that make a direct impact on the areas where I live, work and play:”
• Portsmouth Museums Foundation (vice president),
• Portsmouth Partnership (secretary),
• Southeast Virginia Community Foundation (development committee chair),
• LEAD Hampton Roads,
• Portsmouth Assembly.

Motivating factor: “I strongly believe in loyalty, respect, integrity and doing what I can to try to make my little part of the world better.”

Advice for young people: “Two simple things: treat others the way that you want to be treated, and if you say that you will do something, do it.”

Professional goal in five years: “To continue growing our practice without losing focus on what’s made us successful – getting to know our clients very well and providing fair, honest unbiased financial advice.”

One thing I’d change about Hampton Roads: “Instead of competing against one another, it would be nice for the cities of Hampton Roads to work together, sharing resources to compete against other regions in order to grow and attract new business.”
Region’s biggest asset: “It’s a tie: the people and the location. Having lived in other parts of the country, these two things are what set this area apart and what drew me back home.”

Downtime: “I spend most of my downtime with my family. I like to be outside, so when the weather is nice I like to work in the yard, head to the beach or go for a run.”

 

How well do couples communicate on money? – Part 7

Most happy couples think they communicate well. However, on the subject of finances, studies and experience has shown that they don’t communicate nearly as well as they think.

Many couples don’t know what their partner earns, how much they have invested, what it takes to retire and where their retirement income will come from.

Couples often disagree on the way their money should be invested and in too many cases one partner is in charge of investing and the other is kept in the dark.

Retirement is another issue in which there is a great deal of confusion. Many do not know what it takes to retire, have nebulous goals about retirement and even disagree about when to retire.

The lack of good communication leads to worries about financial disasters. Issues include health care costs, the effect of inflation on buying power, outliving their savings and the possibility that Social Security may not be there for them prey on their minds.

In the face of so much uncertainty, only one-in-five couples have a plan. One of the benefits of having a plan is that it makes it much more certain that they will achieve their goals. And that bring peace of mind.

Of course the earlier that people start to plan, the higher the probability that they will achieve their goals and have a healthy and frank discussion about financial issues. The best time to start is when you are young and it’s an excellent way for newlyweds to begin life together.

Thanks for your interest and we hope you will share this with your friends.

Korving & Company, the 2015 Suffolk Small Business of the Year is a family owned investment management and financial planning firm. We deliver a very personal level of service to guide, empower and assure our clients that their money is carefully managed to meet their long-term life goals.

How well do couples communicate on money? – Part 4

Most couples think they communicate well, but research indicates that communication about finances is often not good. In our previous essays we have discussed common financial disagreements.

In this essay we will discuss some of the financial worries couples have.

Nearly three-quarters (74%) of couples worry about unexpected health care costs. For more than half, it’s their top concern. With people living longer than ever before, advances in medical technology and the skyrocketing cost of health care, this concern comes as not real surprise.

After health care, the next biggest concern for couples (51%) was outliving their retirement savings.

The negative effects of inflation and concerns that Social Security may run out were the next biggest concerns.

Despite these worries, only 20% of couples actually have a plan in place to address these issues! And over one-third (36%) haven’t even thought about planning!

Our next essay will take a look at those couples who have taken the time to create a financial plan.

Korving & Company, the 2015 Suffolk Small Business of the Year is a family owned investment management and financial planning firm. We deliver a very personal level of service to guide, empower and assure our clients that their money is carefully managed to meet their long-term life goals.

Korving & Company – Suffolk Small Business of the Year

We are very proud that Korving & Company has been named Suffolk Small Business of the Year by the Hampton Roads Chamber of Commerce (HRCC).

We were honored at a luncheon on Norfolk sponsored by the HRCC on June 12th. Pictures of the event can be found on our Facebook page.

Here is what Inside Business had to say about us:

Father-and-son duo Arie and Stephen Korving have more than four decades of experience in financial advising between the two of them.

Arie Korving entered the business in 1986, working for a global wealth management firm, and Stephen joined him at the firm in 2004, after working in institutional money management. Branching out to start Korving & Co. in 2010 gave them the opportunity to provide individualized financial advice to clients. Their purpose is managing money but putting people first is at the core of what they do.

“We know our clients,” Stephen said. “We manage money for them to help them achieve what it is they want.”
Today, they have clients in every stage and circumstance of life, from the widow in an assisted living facility to the corporate executive. The common denominator among clients is that they remain with Korving & Co. for a long time, some for over 20 years.

Because of Arie’s establishment in the industry and his ability to maintain relationships, they are not just nationwide but across countries, Stephen said. Given the nature of how they invest, long distance relationships with clients have never been an impediment.

“We are a family business that works with families,” Stephen said. “We do for our clients what we would do for our family members if they were in the clients’ situation.”

“We decided to run this business to help people achieve their goals and we want to do it in a highly ethical, highly transparent way,” Arie added.

It is this type of personalized guidance that has kept the company increasing at 15 percent to 20 percent per year, a rate that they want to continue to see as long as it provides the opportunity to work with people in a meaningful and impactful way.

This principle was further established during the market crashes of 2000 and 2008, after which the company decided to become totally independent of large investment firms, allowing them to provide service based on their clients’ needs.

“It really resonates with people when you can say let’s find what you really want to do rather than what the market wants to do,” Arie said. “That type of risk control is an important service we offer.”

Located in Suffolk, they are truly a small business by choice with only one other employee beside themselves on payroll. By staying small, they are able to grow in relationships and be involved in the community, Stephen said.
Arie recently published a book, “Before I Go,” which shares his life experiences from an educational standpoint. They also have had articles in local publications and are currently rated No. 4 in financial blogging in Virginia and in the top 100 in the U.S….

Their bottom line is helping people. “We can continue to grow in the amount of money we manage, but we want to maintain the very personal relationships we have with people,” Arie said.
“People never want to think of themselves as a number.”

We welcome your inquiries.