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Director of Relationship Management

Nicholas T. Bowman, MSPFP

Nick has been in the financial services industry since 2010. As an intern for Morgan Stanley, in their global wealth management division, he developed client-facing seminars for one of the top brokers in Northern NJ. In 2012, he pivoted away from the big-bank approach to financial services and started with the independent advisory firm, Summit Financial Resources, Inc. Here, Nick was able to specialize in working with high- to ultrahigh-net-worth individuals on Wall Street and with business owners, focusing on long-term wealth building and innovative asset transfer strategies. This helped smooth his transition over to the Director of Planning at Northeast Private Client Group, where his no-nonsense approach to complex financial matters built credibility with advisors and clients.

He graduated from William Paterson University of New Jersey, with a bachelor’s of science in Professional Sales and Philosophy. Here, he placed second in the 2011 National Financial Planning Challenge and third in the 2012 National Society of Financial Service Professionals Challenge. He was invited as a discussant and participant for a lunch meeting with Warren Buffett. He was also a keynote speaker in “Lunch Brunch,” a nationwide teleconference for the Society of Financial Services Professionals.

He is now a Masters in Personal Financial Planning and CFP® candidate at Texas Tech University in Lubbock, TX, also earning his certificate in Advanced Charitable planning. At TTU he is a Graduate Assistant and instructor for the Director of the Master’s Program, John Gilliam, and helps teach and administer the Risk Management and Insurance courses. In addition to this, he is working on his Master’s Thesis as well as various other publishable projects with Dick Weber, an Insurance Fiduciary.

Nick’s core competencies are advanced life insurance planning strategies, captive insurance, estate planning, disability insurance plan design and retirement planning. Specializing in working with business owners, physicians, expatriates and those who enjoy a sober and straightforward approach to complex financial strategizing; Nick is able to deliver simple, timely and focused presentations for his clients. Nick grew up just over the Hudson River from New York City. He currently lives in Lubbock, TX where he spends his free time practicing Brazilian Jiu Jitsu, cooking, traveling and skeet shooting. He also volunteers with the non-profit organization Kula for Karma, which associates with doctors and hospitals to offer programs, at no cost, to populations that face physical and mental health challenges, working in tandem with traditional forms of medicine.

 

 

Why did you join the Vérité team?

Throughout my career in the Financial Services industry, I have always been interested in advanced markets strategy planning and implementation.  Having worked in both front and back office roles for HNW and UHNW focused advisors, I wanted to work with a company where I could mix both of these positions and support clients directly.  In October 2016 I had the opportunity of joining the Vérité Team to provide high-end life insurance and premium financing solutions for the clients and advisors we work with.

 

What are you most passionate about in your work?

I have two passions: making the complicated as simple as possible and helping people meet their individual and legacy goals.

 

What does Expanding What’s Possible mean to you?

Working with our clients we discovered that most individuals have a specific budget to work with when purchasing life insurance, which may or may not allow them to purchase the amount of the coverage they actually need.  Through premium financing and other advanced planning strategies, we show clients how they can afford the coverage they truly need.

 

Why is Truth and Transparency so important when working with a Premium Finance Professional?

Truth and transparency is important for all financial professionals to practice, but doubly so for premium finance vendors.  There are risks that are inherent to any financial transaction, and there are risks that are unique to premium financing.  It is important for a client or advisor to work with someone that can articulate “The 5 Risks” of the transaction before any premium financing takes place.

 

What is your most rewarding client experience?

At Vérité our client portfolio consists of some of the most successful people in their respective industries, all of them have worked with or are working with other insurance agents and time is their most valuable resource.   My most memorable experience came from working directly with one of the titans of the Manhattan real estate industry who had very little liquidity.  They were highly sophisticated, well educated in various insurance planning strategies and they understood that their current situation would require an unwarranted sale of proerty.  After three months of meetings and due diligence, they decided to move forward with $50MM of coverage on the wife, allowing a solution to efficiently provide liquidity for family planning needs.

 

When outside the office, where might I find you?

Having relocated to Miami in March of 2017, I have been spending most of my time exploring the food and cultural scenes that Miami has to offer.  I also enjoy going to local target and skeet shooting ranges.

 

Education and Accreditations.

Bachelors of Science in Professional Sales and Philosophy – William Paterson University of NJ

Masters of Science in Personal Financial Planning – Texas Tech University

Masters Certificate in Charitable Planning – Texas Tech University

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