MORRO BAY — Would working in the financial industry be something one would think of as humanitarian? For Nelson Pamplona of Morro Bay, it is.
Pamplona took a roundabout route to his destination as a Financial Advisor at Edward Jones by studying kinesiology with the intent of going into a physical therapy career. The desire to help people may have come to him via his Portuguese ancestry. He is a first generation Portuguese American, raised in Crescent City.
Growing up among the Redwoods and enduring about 60 inches of rain a year he decided after graduating from high school to leave and attended Cuesta College where he met his wife. He finished his degree at San Diego State. He began investing his own money at this early age with the goal of learning as much as he could about investment strategies while focusing on paying off his student loan as quickly as he could.
Pamplona’s career first started as a surgical device consultant working directly with surgeons representing orthopedic, biologic and trauma management implants during surgeries. He would spend hours on call waiting in the surgeon’s lounge with others and talk often turned to investments because doctors tend to be investors. “Somehow it always came back to that,” he said.
Pamplona did have friends in the investment world and one of them suggested he investigate that field. That’s when he went back to a strict study regimen to obtain his licensing requirements. “I really wanted to work one on one with people,” he said, “and give back and help. That was really important to me. I chose Edward Jones because this is a company that values relationships and really helps investors accomplish their goals.” Edward Jones is a privately held company, therefore putting their focus on clients and employees, not just shareholders.
“My goal in this career is to integrate with the community,” he said, “not only helping with people’s investments but being able to assist in other ways. If someone is looking to sell a house, I want to be able to help them connect with the right people or maybe they need an accountant or are looking for a shop vacant to rent. I want to be able to pass that information along, tying individuals with one another.”
Pamplona has joined the Rotary Club of Morro Bay as one of his efforts to learn about the community and make those connections.
As to investment advice, he stresses that young people who are living paycheck to paycheck be willing to give up a movie or two or a not go out to eat as much and use what they don’t spend on those things to build a nest egg. He feels everyone should start building an emergency fund.
“I look first at a person’s expenses, what their debt is like and what they are budgeting for,” he explained, “and try implementing the best investment strategy while bringing down their debt.
Putting some money into a Money Market account is the simplest way to get started. It works like a high yield savings account leaving your money liquid, so you have access to it. Everyone can benefit from a Money Market account.”
Working with those things in mind Pamplona guides his clients. He details the advantages of starting a college savings plan or retirement account such as a Traditional IRA or a Roth IRA. Often, these steps can lower one’s tax bracket, or avoid paying taxes on gains on your investments. “The earlier you can start a retirement or college fund, the better,” he advises.
For other investors, Pamplona feels mutual funds or exchange-traded funds are an easy way to get started. They offer the needed diversification that works best when one company is down, and others are gaining. We look at your long-term goals and try not to play into headlines in the news. This doesn’t always affect our strategy and keeps from having a knee jerk reaction. Sometimes we rebalance if there’s opportunity and other times, we stay the course.”
Diversification is an important factor when investing, and depending on one’s comfort with risk, the allocation between stocks and bonds will vary.
“Working with people on their investments, I become their accountability partner in achieving their life goals,” he said. “This is what is important to me.”
You can reach Nelson Pamplona at Edward Jones, 501 Harbor St., Morro Bay, or call 805-225-7922.