Friday, 24 May 2013 00:00
According to Paul Murphy, when people ask him what he does he tells them “I help people protect their lifestyle from financial disruptions, by developing strategies to protect income and manage risk. Simply put, I help people sleep better at night.” Murphy says he works with The Principal Financial Group in Melville and assists individuals and small businesses in navigating an increasingly complex financial environment.
Murphy started on Wall Street 26 years ago and held several analytical and supervisory roles at brokerages and hedge funds. He holds a BBA in finance and later earned a CFA designation in 2001. “The stock market mayhem of 2008 prompted me to do what I’ve been thinking about for a few years, transition into personal financial planning. I wanted to be able to help people in areas such as saving for retirement or college, protecting oneself with insurance, passing on wealth by using trusts, income tax and investment strategies and so on,” he says. So Murphy says he acquired life and health insurance licenses, series 7 & 63, and he is a CFP candidate.
While Murphy says he has been trained in the following: investments, insurance, retirement plan regulations, taxes, and estate planning laws, he adds his education continues and he keeps up with new and changing laws, ideas, trends, and products that can affect personal finances. “I feel my broad range of knowledge in these areas is an asset to the people I advise. I also often tap into my team of experts at the Principal Financial Group to ensure I’m doing the best thing for my clients,” he states. “Ethics are a major priority of mine, as well,” he adds.
Murphy lives in Manhasset with his wife Marilyn, a Podiatrist (Dr. Marilyn Butler) and they have a son in elementary school there. Murphy and his son are active in Boy Scout Troop 71 in Plandome and Murphy is a Munsey Park representative to the Port Washington-Manhasset Office of Emergency Management.
“I’m glad I made the change,” he said, adding: “I feel this area is so complex that some people don’t even want to think about it, and that is to their detriment.”