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Loudoun Proves Right Choice for Madison Wealth Management
Loudoun Proves Right Choice for Madison Wealth Management
By Linda Roberts
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Jim McDermott is a firm believer in the team concept as he proudly speaks about Madison Wealth Management, the independent financial advisory firm that he founded in 2000.
The Madison Wealth Management, Leesburg office team, are (from left): Caitlin Serotkin, Kelly Blanks, Jim McDermott, President; Heather Molloy, Jeanne Sands and Laura Sullivan.
Photo by Linda Roberts
“We have a three-point strategy,” he said, speaking in his attractively furnished Leesburg office about Madison’s overall team approach. “It’s getting to know our clients, finding out what they hope to achieve financially, and helping them to reach that goal.”
This plan has served him well since entering the financial field after graduating from Georgetown University and then entering Sovran Bank’s management training program years ago. He soon found that being a good communicator and knowing how to connect with people was the key to success in the financial arena.
His career later led to a position with NationsBank in Leesburg and then on to Cincinnati to join a private banking institution. Jim then went out on his own, establishing a Madison presence there before circling back to Loudoun County to open offices in Leesburg and Bethesda. He and his wife, Rebecca, and their two daughters live south of Leesburg and love their life in Loudoun.
Citing the county’s dynamic economic activity as the firm’s ideal location, he finds that the average client profile for the Leesburg office is somewhat younger than his other two offices. He added that referrals are what bring new clients to Madison. Liquidity events such as an inheritance or the sale of a business are typical avenues that attract clients seeking Madison’s financial advisory strategies.
Following a three- to five-year time frame with his clients helps to build diversified portfolios that are “all-weather.” Madison focuses on the longterm outcome in working with their clients, looking to manage risks and avoiding unnecessary risks in the current market. Speaking of his team and its approach to the market,” he said with a smile, “We are cautiously optimistic people all the time.”
“We are 23 years in and growing,” Jim added, noting that Madison is overseeing more than $1.2 billion for its clients, who are “high and ultra-high, multi-generation families.” Madison’s typical client is financially successful with financial assets of $1 million and more.
Excitement about the Loudoun area and finding ways in which Madison can play a role in the community has led McDermott and members of his team to become actively involved in supporting nonprofit organizations. Giving back has become second nature for members of the firm.
He serves as vice president of the Inova Loudoun Hospital Foundation Board of Trustees and also serves as vice-president of Morven Park’s Westmoreland Davis Memorial Foundation Board of Trustees in Leesburg. Madison is actively involved with the nonprofit Loudoun Impact Fund, which always seeks new members. Last year the Impact Fund’s giving circle, of which Madison is a member, provided over $100,000 in support of local organizations that serve the greatest needs.
“Giving back to the community is something that our team members practice at all three of our locations,” he said.
Being involved with his family, following a challenging financial career, and putting his clients’ best interests first have all brought “joy and satisfaction” to Jim McDermott over the years. He likes to say that Madison Wealth Management is all about “clients, colleagues and community.”
