Wealth Management Services LLC
Photographed by Brett Mountain
Meet Bloomfield Hills resident David J. Petoskey, president of Wealth Management Services LLC. A graduate of Walsh College, Petoskey received dual degrees in finance and marketing and later earned a financial planning certificate at Oakland University. He founded Wealth Management Services LLC in 1995.
“We’re an investment firm that provides individuals and companies with thorough investment plans based on their needs and goals,” he says. “We work diligently with our clients to assist them with investment, financial, retirement, estate and college planning. Basically, we want our clients to make the most of their income and assets.”
In 2006, Petoskey was elected to the Walsh College Foundation Board of Directors and, in 2007, he was named a Distinguished Alumnus and elected to the board of trustees. He also sits on many advisory committees at Walsh College including planned giving and alumni relations. He’s also a member of the President’s Advisory Council.
Petoskey is also an active member of the community and enjoys spending time around town with his wife and two daughters. “I like to give back,” he says. “Recently, I was added to a three-person financial sustainability committee that helps guide the board of trustees for Bloomfield Township. We help with pensions and defined benefit plans for city workers, firefighters and police.”
Industry changes: Around 1990, I noticed a trend toward transparency and disclosure in our business. And that’s a good thing because investors now have a better understanding about how and why we’re working for them. There is no mystery about what we do and how much it costs. It has led to a sense of collaboration between our clients and us and that’s always a good thing.
Professionally speaking: I don’t know why, but I was always interested in finance and money. Even when I was a young child and getting an allowance and cutting lawns — I was concerned not only about what I earned, but what I was going to do with it as well. It was an awareness that developed at an early age, and I was lucky to be able to make a career out of what interested me the most.
Proud career accomplishment: Our firm has a reputation as a boutique shop, but through a lot of hard work, we’ve been recognized as a leader. LPL, an organization of independent financial advisers, has provided us the recognition of Chairman’s Council based on our size and annual production. It’s not just about me; it’s about integrity and trust and my team and our clients play a big role in that.
Career thoughts: In our business, things are constantly changing — not just with investments, but also with government and changes in the law. You have to learn to adapt and keep up with what’s going on around you to experience growth. If you’re not growing, you’re dying.
Passion for: I got a serious bug for golf. I’m not great at it, but I enjoy it. When I’m playing, my score doesn’t matter. It’s just a peaceful place for me to go. I golf with my wife, kids, friends and business partners. Our family also enjoys all of the Detroit sports teams, and we go to a lot of games throughout the year. We’re big supporters of our local teams and love being a part of the energy that they bring to the Detroit area.
Life in Bloomfield Hills: I grew up in Madison Heights but have lived in Bloomfield Hills for over 20 years. I like the fact that you’re far enough away that you feel disconnected, but close enough to Detroit and the surrounding areas to take advantage of everything they have to offer. It’s a comfortable and relaxed way of life with great school systems. The neighborhoods and families have the same core values that we have, and we couldn’t be happier here.
Favorite place to hang out: The Rusty Bucket in Bloomfield Hills is a good place to go with the kids. Also, it’s right next to our office so I can literally walk there for lunch or with clients. It’s a comfortable place with great food and a fun atmosphere.
My perfect day: Get to office early. Work until noon. Tee off at one. Dinner with my family afterwards. What could be better than that?
What people don’t know about me: People think I’m outgoing, and I am. I believe in being open and honest — basically what you see is what you get. NS
Securities and other advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Financial Planning offered through Wealth Management Services, a registered investment advisor and separate entity from LPL Financial.
— Interviewed by Matthew Totsky