About Paul Drescher

My History

In 1980, upon graduation from Brandeis University with a degree magna cum laude in English and American literature, I received a gift of common stock from my father. Prior to that point in my life, I thought the financial pages were only useful in lighting the barbeque. Upon becoming a stockholder, however, I thrilled to learn as much as possible about money and investing. For a time, I hosted a show on Capitola public access TV called All About Money. Unlike my third cousin Fran’s situation comedy series The Nanny, however, my little show never made it to syndication. I’m not sure any living, breathing person ever actually watched the show. So I was forced to get a real job. In 1982 I sought and obtained NASD licensing and a position as financial consultant at what is now Smith Barney. Now, I have always been something of an introvert. I knew the job required selling, but I thought, “making people money—why, that sells itself!” Unfortunately, neither people nor financial markets were so easy or simple as that. In time, I discovered two things: 1) the “best brains in the business”—Shearson’s (now Smith Barney’s) research department could not reliably deliver profitable investment advice; and 2) I did not have the personality of a successful sales person. When people lost money, I felt bad for days or weeks. I would cringe (and still do) at making “cold calls”. I can’t stand rejection. And it felt creepy sitting behind closed doors at the weekly sales meetings, getting pumped up in the competition to generate maximum commissions. I’m a smart guy, and I love researching and talking to people about the financial markets, but after two years at Shearson, I had had enough. Upon leaving the “big box brokerage”, I decided it was time to expand my knowledge. I completed my Certified Financial PlannerTM courses and exams and became one of the first 4,000 in the U.S. to obtain the CFP® credential. I took accounting and tax courses and became a licensed tax preparer, and soon thereafter, an enrolled agent, qualified to represent taxpayers before the IRS. I did not seek to obtain the CPA designation because I had no interest in a career in corporate accounting. I wanted to help individuals, and since 1985 I have prepared over 2,500 income tax returns with an outstanding audit percentage rate of less than 0.5%. More importantly, the tax expertise enables me to grasp the “big picture” when analyzing a client’s circumstances. All too often, other financial planners fail to consider the tax implications of their recommendations, leaving the client with an unnecessarily large tax bill, or squandered tax-saving opportunities.
Throughout the 1990’s I continued to study, research, and advise clients in the areas of taxes, investments and financial planning. For a time I operated a commodities futures brokerage. I learned of every possible way to make (and lose!) money in the financial markets. I also purchased and managed rental property in Santa Cruz while being a full partner in homemaking and raising my three boys. In 1999 I linked up with Foothill Securities, Inc., a regional broker-dealer based in Mountain View, California. Foothill Securities was started in 1962 by a man named Rex Gardner. Foothill Securities is exceptional in the securities business, requiring the highest standards of ethics, service and excellence, while giving its representative the freedom to conduct their own business, free of all sales pressure. When the Foothill founder approached retirement, instead of selling the company to a “big box” brokerage, he chose to sell the company instead to the people who made it successful. At the close of 2005, Foothill was owned entirely by its current and former employees and representatives, including me. It is great working independently, with a diligent back office team’s support, much better than working in competition, constantly under the microscope! The positive feedback I get from my clients affirms the quality and integrity of the advice and services delivered. Just as I thought when I started in the business, with excellent results there’s no need for a sales pitch.