One of the best parts of our community at My Annapolis Office is getting to know our members. We enjoy being able to learn more about what everyone does not just on a professional level, but on a personal one as well. We recently had the chance to learn more about Mark Beedenbender and his company and we hope you enjoy getting to learn more about Mark as well – Take a look!
Elite Financial Planning & Wealth Management, Inc. is a registered financial service firm in the state of Maryland. As an independent Register Investment Advisor (RIA), I act as a fiduciary for my clients, which means I am required to put their interests first and do what is best for them. This is a much higher standard than the financial industry’s “suitability” requirement that most financial advisors normally follow. As such, I personally work with my clients to understand their needs, map out cohesive strategies (i.e. develop a financial plan), and then provide ongoing guidance and advice to help my clients succeed.
My background is that I am a retired Naval Officer. My last tour of duty was as Associate Chairman of the Naval Academy’s Economics Department, where like the other PhDs and officers assigned to the department, I was required to teach Introductory Economics. On the elective side, I taught Financial Markets and Institutions, Financial Analysis, and a capstone course for seniors that incorporated all those courses. When I retired, I initially worked for Edward Jones as a financial advisor, then after a few years there, I switched to Charles Schwab where I was responsible for over 400 clients and $450 million in assets. In 2015, I made the decision to become an Independent financial advisor using USA Financial as my broker-dealer and then became an independent RIA using TD Ameritrade as the custodian for my client’s accounts. With the impending merger/acquisition with Charles Schwab, it looks like I will once again have a relationship with Schwab but in a totally different capacity. Being independent, there are no sales goals thrust upon me and I receive no compensation through commissions. This once again allows me to focus solely on my clients to do what is right for them.
As I will be turning 60 next year, I have made the decision to continue in this role for another 10 years and then permanently retire. However, I sense some of my clients who I have developed very personal relationships with, will want me to continue to help them through their later years, so I am still determining how that will work. Therefore, as opposed to other financial advisors, I am not actively trying to grow my practice – the only new clients I have taken on have come from referrals from my present clients.
I utilize My Annapolis Office as a professional place to meet with clients when they desire to meet in an office. My time with Edward Jones got me comfortable meeting with clients in their home and many still prefer this method vice going to a formal office space. However, the flexibility My Annapolis Office allows me to choose either a day office or a larger conference room makes it the one-stop solution for my business needs with regards to choosing a professional office space for use with my clients.
In addition to my business, I do enjoy teaching, so I am also employed as an adjunct professor at Anne Arundel Community College teaching personal finance courses either in the evening or on Saturday mornings depending on how I am scheduled by the Lifelong Learning Center director. Some of the courses I teach there are “Finding Balance in One’s Budget,” “Basics of Investing,” “Introduction to Financial Planning,” and “401k and IRA Distribution Options.”
Outside of work, my wife works as the Director of Parent Programs for the Naval Academy Alumni Association. As such, she is normally required to work events associated with Navy Football, so I actively participate to help her in her job which allows me to travel to various football stadiums throughout the country. My favorites are attending the Notre Dame vs. Navy and Army-Navy game each year. College football is awesome.
Between my jobs and my wife’s, we are kept fairly busy. When things get back to “normal” we will enjoy going back to the many great restaurants in Annapolis, specifically, the ones located in Eastport – Carrol’s Creek, Lewnes, O’Leary’s and the Chart House (their “salad bar” is fabulous).
While I have lived in many places throughout my life, I now have spent the majority of my years in Annapolis, so when people ask me where I am from, I say Annapolis. My wife was born and raised in Maryland, her father still lives in Edgewater and we have now lived in Annapolis for the last 20 years. We have four grown adult children, three still live in the area and one has moved to Los Angeles, California to pursue her career in screenwriting for television and film.
The financial industry is strictly regulated and as such has many rules and regulations with regards to social media. As such, I limit my use to just a LinkedIn page that is kept very basic (you will not be able to find me on Facebook, Twitter, Snapchat, TikTok, or whatever the latest hip flavor of social media is out there). However, with a last name like Beedenbender, many of my former Naval Academy students (now Naval Officers) have found me through that LinkedIn page and keep in contact occasionally asking for my help or asking questions about the present status of the Naval Academy.
