Cory Driscoll, Certified Financial Planner, The Driscoll Group
In an interview with Invest:, Cory Driscoll, a Certified Financial Planner® professional at The Driscoll Group, shared why Jacksonville’s lack of state income tax and ecological diversity make it an attractive location, why the Driscoll Group has invested in financial technology, and how the downtown development projects in Jacksonville will transform the city.
What are the challenges of operating a family business?
As with any team endeavor, it’s about personalities and getting along with each other. Continuity is about more than just ownership; it is also about having employees in line to take over positions as others retire or phase into different roles. Staffing continuity was the biggest challenge for me given that several key employees were approaching retirement age simultaneously as I began purchasing the business from my father.
What makes Jacksonville and Northeast Florida a great place for businesses to operate and expand?
The absence of state income tax is a significant attraction for living in Florida. I might be biased because I am from here, but I think Northeast Florida is the best part of the state. We have the benefits of the beaches, and the landscape starts to show more ecological diversity, with hills and a mix of oak and palm trees. The climate is pleasant for most of the year and slightly cooler than the rest of Florida. Jacksonville offers a relatively low cost of living compared to Miami, Tampa, or Orlando. No state income tax and more bang for your buck when buying property make it an attractive place to set roots.
What impact will all of the development projects happening downtown have on the region?
For a large city like Jacksonville, urban density has been a significant challenge. What the Downtown Investment Authority is doing to fill in vacant land closer to downtown will make a big difference in the area’s viability and attractiveness. Around where I live, there have been numerous residential builds close to downtown. I believe this will change the face of downtown and what we think of Jacksonville moving forward.
How has The Driscoll Group managed the rise in interest rates and inflation in the past couple of years?
Diversification is crucial to managing interest rate risk.
Taking equity positions has been the most effective way to compete with inflation over the long term. The recent spike in inflation was not surprising, given the federal government’s extensive money printing. Looking forward we like owning assets that have a high likelihood of increasing their revenue over time.
How is the Driscoll Group leveraging financial technology to enhance client experience and services?
The biggest investment in technology that we have made recently is purchasing a tax planning software that enables us to create multiple hypothetical scenarios for side-by-side comparison. While we used to do this on a manual level the software enables us to better interface with clients comparing their estimated tax outlook before and after: a Roth conversion or funding a donor advised fund, starting or selling a business, etc.
How much do environmental, social, and governance principles factor into your clients’ investments and portfolios?
Whether it is environmental sustainability in governance or a religious predilection, or any specific investment desire, over the 12-plus years I have been in this business, the ability to carve out what you do not want to own has improved dramatically. In terms of controlling your own destiny and knowing what you own as an investor, you can be quite specific if you want to.
I see more people electing to exclude certain investments rather than relying on an ESG score to dictate their choices. Clients are less interested in someone else reviewing a company’s board to decide if they are moving in the right direction and trusting that entity’s judgment. Many prefer to make those decisions themselves.
What trends are emerging in the financial planning sector and how are you preparing to address them?
With the advent of artificial intelligence and the development of AI software to be utilized across various industries, there is certainly a lot of interest. The ability of AI to do financial planning work will vastly improve over the next few years. Like any new technology, interpreting the data developed by AI will be crucial. I look forward to seeing what kinds of tools are developed and being able to customize solutions for clients utilizing these new tools.
