By: Blake Vickers
LPL Financial Advisor and Estill County native Angela Drake cut the ribbon signifying the opening of her new office in Irvine just afternoon on July 21st. The building sits at 1561 Richmond Road beside Little Ceasars pizza restaurant.
Drake, daughter of Vaulty and Sherry Tyree of Irvine, has wanted to open up a business in Irvine since she was a child.
“When you’re growing up, of course you’re gonna want to have a business in your home town.
I had an office in Clay City, but we actually live in Estill County. At the time it was easier, but I just kind of wanted to be here. We live here, my husband works here, and I’ve always had clients here. It just made sense to open up an office here. I love it here, and I’m here to stay,” Drake said.
Drake graduated at UK with a Bachelor’s degree in Economics. She began her career in corporate accounting before shifting over to financial advising in 2014. As a financial advisor, Drake’s field is as wide as it is deep. There are quite a few services she offers.
“Basically everything to do with money,” Drake said. “Everything retirement, that could include retirement planning, 401k’s, Roth IRA’s, traditional IRA’s, rollovers. But I also do investment review, life insurance, annuities, bonds, stocks, brokered CD’s, college saving plans, and more. A lot of people aren’t happy with the rates in their savings, so they come to me, and I try to get them as much interest as I can off their money,” she said.
As there will usually be vastly different needs for every client she sees, Drake notes that the services she offers vary greatly on a person to person basis.
“No two people are the same, I can’t say ‘this is what I do most of the time.’ Every person has a different situation, whether that be different amounts of money or time frames, or anything else. I always treat someone’s account like it’s my account or my family’s account. I’m gonna do what’s appropriate for them, because what’s appropriate for a 20-year-old won’t be appropriate for a 60-year-old. Everything I do is tailored for each individual person,” she said.
Economically speaking, Covid-19 has left the country and the world at large in a very precarious position. Something that Drake says makes the services she offers even more useful at this time.
“We’ve been categorized as under a recession for a while now. This is a time when people need to be evaluating their finances. Think about a retiree or someone who is two or three years or even six months from retirement. They better be looking at what they’re invested in. Are they going to be able to retire if this market drops another 5,000 points? Those are questions they better be asking themselves… or getting a professional opinion on,” she said.
While people closing in on retirement need to take particular care with their finances at the moment, young people need to be paying attention as well, but for different reasons.
“There is no better time to do this than when you’re young and the market is down. Take advantage of it, open a Roth IRA and put what you can in it. You can’t get time back, I cannot stress that enough. You’ll thank yourself later,” she said.
Like everyone else, Drake had to adapt to Covid-19. Her business was one thing, but opening up a new office in the middle of a shutdown was quite the undertaking.
“My business hasn’t slowed at all. It’s on people’s mind, so I’ve been busier than ever. But the logistics of opening up an office in times like these are absolutely insane. At the time I was getting everything ready, everything was shut down. Everything we did took two weeks longer than it normally would have,” she said.
Seeing a financial advisor isn’t just something for rich people. According to Drake, there’s a stigma about who can or can’t be visiting someone in her field that discourages people from looking into it.
“I want people to know what I do. There’s this stigma that you have to have a huge amount of money to go to a financial advisor. That isn’t true. Everyone starts somewhere, you just have to have the desire to do it. It isn’t just a thing that rich people do… It’s something everyone should do,” she said.
Drake may be reached by calling 606-723-0055 or emailing her at email@example.com.