Simple Wealth LLC is more than just a name at the family-run wealth management company in Liberty Lake.  

It also describes the firm’s approach of simplifying complex financial matters for its clients.

“We see our practice as really a teaching practice,” says Chuck Potter, who co-founded Simple Wealth in 2010 with his son, Josh Potter.

The duo advises clients to abide by simple fundamentals, including paying themselves first, living within their means, and seeking advice when making important financial decisions.

“Some people are really worried about the wrong things,” Josh says. “It’s really the fundamental things that they’ve got to get back to.”

The firm’s approach of removing complexities for clients stems largely from Chuck’s experiences as a former journalist.

While working at the Spokesman-Review, as a journalist in the Army, and at a couple other publications, Chuck learned how to take complex subjects or interviews and make them more digestible for readers.

He uses that same skillset in his role at Simple Wealth.

Chuck’s daughter, Kathryn Potter, and his niece, MaryAnne John, make up the rest of the firm’s Liberty Lake staff. Simple Wealth also has an adviser located in Whitefish, Montana.

The family business, which offers a full range of wealth management services, currently has just shy of $100 million in assets under management.

Despite that figure continuing to grow, the father-son duo doesn’t have any significant expansion plans, in terms of adding offices or more employees.

“The practice is growing by 8% or 10% a year organically,” Chuck says. “We have plenty more capacity, but we want to pay attention to the money that we have on the books.”

Maintaining a healthy work-life balance is important, says Josh, who is a father, assistant football coach at Coeur d’Alene High School, and an avid hunter and fisher.

Keeping the firm relatively small also benefits the clients, Josh explains. He says that their clients can always reach them, and that they won’t be passed off to someone else, which can happen at larger firms.

“For some people, that’s really important,” Josh says.

Simple Wealth offers a more personal experience for its clients, Josh says. So much so, that they still provide customizable portfolios, rather than utilizing models.

“Everyone has gone to models,” Josh says.

While Josh admits creating customizable portfolios is less efficient on the firm’s end, it contributes to the more personal relationships that he and his colleagues strive for.

Simple Wealth currently serves about 175 households, Chuck and Josh estimate.

Aside from some sponsorships, the firm doesn’t do much in the way of marketing and advertising, so it relies primarily on word-of-mouth to gain new business.

“We live and die off referrals,” Chuck says.

Many of the clients that Simple Wealth serves work blue-collar jobs, or at least live blue-collar lifestyles, Josh says.

“They still have money,” Josh says. “They just lead a different life than the people you would think of that have money.”

 Simple Wealth moved to 2310 N. Molter Road, in Liberty Lake, about two years ago.

They formerly operated out of the building Chuck previously owned at 1310 N. Maple, but when Josh moved to Coeur d’Alene, they decided to make the move east.

“It just made sense for us to be somewhere where we had a smaller commute,” says Chuck, who lives in Liberty Lake.

Chuck spends about half of the year in Palm Springs, California, but comes back to Liberty Lake often to meet with clients. He also does much of his work virtually—something he had been doing long before the pandemic made it more common.

“I adopted technology very early,” Chuck says. “I started doing video conferencing with clients well before it became popularized with Zoom.”

The centralized location between Spokane and Coeur d’Alene is also more convenient for the Idaho clients Simple Wealth serves, Chuck adds.

Chuck has worked in the financial industry since 1979. Josh joined him in the late 1990s, and the two worked in the financial industry for years before opening Simple Wealth.