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How This Mother-Daughter Financial Planning Duo Found Success

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In honor of Mother’s Day, LPL Financial shared a story of a successful mother-daughter duo.

Sally Ng, a longtime LPL Financial advisor based in Walnut Creek, Calif., works with her daughter, Jeanette Ng, as independent financial planners affiliated with The Wealth Consulting Group, supported by LPL Financial. They focus on developing individualized financial plans, with the majority of their clients preparing for retirement.

“My family is everything,” Sally Ng said. “It’s so rewarding and fun to work with my daughter.”

According to Jeanette Ng, her mother “planted the seed about joining her business” as early as high school.

And, as they say, mother knows best. Jeanette Ng officially joined her mother’s practice in 2013 and was made partner last year. Because they work so closely together, Jeanette Ng said she absorbed a tremendous amount of experience and knowledge in both financial planning and business management.

Sally Ng also learned her work ethic from her mother, who was a Chinese immigrant. She says she developed her entrepreneurial spirit while working for her family-owned grocery store.

“My mother didn’t speak English, but she ran the family store and worked hard to give us a better life,” Sally Ng said.

She added that her parents couldn’t afford employees, so she and her siblings stocked the shelves during the day and went to paying jobs at night.

After college, Sally Ng worked in the banking industry for 10 years before shifting to financial services in 1990, coming in through the insurance arm. Wanting more independence and to gain control of her career, she joined LPL Financial in 2002.

Her daughter eventually followed in her footsteps. Jeanette Ng was a financial analyst for five years before joining her mother in financial planning.

Both Ngs love the flexibility of their job and believe a career in financial services is suited for women. In particular, they appreciate how the independent model provides a quality work/life balance.

The two also acknowledged that their practice uniquely positions them to work with female clients, especially widows or divorcees, who may be more comfortable sharing financial information with women advisors.

“We’re relatable, and we have empathy for other women,” Sally Ng said.

In addition to having a unique position to target female clients, they also have a unique position to target millennial clients.

Jeanette Ng creates plans and training for many millennial children of her mother’s clients.

“There’s typically a knowledge gap there, so I work with them on making good financial decisions early and teach methods to save and how to take advantage of work benefits such as 401Ks, long term disability, flex pay, etc..,” Jeanette Ng said.

Although Sally Ng has no immediate plans to retire, she’ll eventually transition her business to her daughter. A succession plan has been in the works for seven years, with mother and daughter both on salary with shared profits. As Jeanette Ng gains more experience, she’ll earn more ownership of the business.

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