Caprock Financial Group: Partners in Progress

Published on Thu, 07/07/2022 - 12:45pm

Caprock Financial Group: Partners in Progress.

 By Maura Keller.

 No matter what stage of life you’re in, the need for regular saving and investing spans the “ages.” Through the years, your personal and business financial goals and risk tolerance will change and your strategies will shift. Likewise, unknown catastrophes may occur such as unplanned weather events that affect your farm’s production or a debilitating injury that may force you on the sidelines for a while. Although these seem like financially draining events, solid financial preparedness can help you attain your personal and business goals.

Dereck Blair, president of Caprock Financial Group, started in the financial industry 12 years ago with a local company in Lubbock, Texas that specialized in life insurance and annuities.

“It was a great company to work for, I learned a lot about the business but in the back of my mind I always felt that there was more to financial planning than life insurance and annuities,” Blair says. It was four years ago that Blair went out on his own and started Caprock Financial Group, a financial firm whose specialty is building holistic financial plans and to provide the many financial services their clients, including many in the dairy industry, are looking for.

In the past, Caprock Financial Group has helped business owners and the dairy industries with retirement plans, life insurance, tax savings, and estate planning.

“Starting in the fall of 2021, when the Employee Retention Tax Credit (ERC) was rolled out by the IRS, I knew this was a great opportunity for my clients to receive funds for their businesses that were affected by COVID-19 and the mandates that were put in place,” Blair says. “After our first opportunity to help qualify a dairy owner who was a long-term client, he introduced us to his CPA in California and since then we have been working with dairies and businesses across the United States.”

When working with any client, Blair and his team’s first step with any client is truly getting to know them and their business interests. As Blair explains, financial planning is never a “one size fits all” situation.

“I always consider working with dairy owners, farmers, and ranchers a privilege. As a third-generation farmer, I grew up experiencing first-hand the pressure that comes with knowing that a bad crop or a bad turn of luck could bankrupt my family or worse – even if it seemed like we were doing everything else right,” Blair says. He uses this same philosophy in financial planning, to help and guide individuals, families, and businesses with whom he works – namely to plan for the good but be well prepared for the unfortunate situations that potentially may happen.

“I do this by using a very comprehensive and personal planning system,” Blair says. In addition to thoroughly understanding his clients and their financial situation and goals, Blair prides himself on his honesty, integrity, and doing what is right for his clients.

“When it comes to financial planning, we always utilize the ‘eight elements of financial control,’” Blair says. “This allows us to find the needs or gaps that may be currently missing in their financial plan, as well as to strive to design a plan that allows the individual to live the desired lifestyle they want to.”

While Caprock Financial Group’s goal is to always work with their clients on a long-term basis, when it comes to the ERC there is an immediate need for these companies to be aware of the pandemic funding they could receive.

“When it comes to financial planning my clients know they can always get ahold of me, and we are always going to guide them through any financial situation,” Blair says. “We consider our relationships with our clients to be life-long.”

Indeed, Blair’s effort to truly partner with his clients is evident in his company’s recent efforts to help two businesses qualify for the ERC, as well as helping another company establish a unique financial plan.

A West Texas dairy farmer that Blair knew was struggling due to the pandemic. They were having to dump milk, as well as not getting the supplies they needed, with equipment on back order, all while fighting an uphill battle with feed prices.

“I was able to walk them through the ERC process. We ran the analysis and this company qualified for approximately $2.7 million in relief funding,” Blair says. “This client recently received his check from the IRS and has peace of mind knowing that he can continue successfully run his dairy.”

In addition, Caprock Financial Group was contacted by a local oil service provider who reached out to Blair with questions about qualifying for the ERC. This company had recently taken out a $1.5 million loan to keep the doors open to their company.

“We helped this business file for their refund and they will receive $2.2 million. The exact words from the owner when he found out how much they qualified for was ‘Dereck, this is a godsend,’” Blair said.

Blair also recently met a couple from a referral that wanted his opinion on their current financial plan. They had a special needs child and wanted to make sure that their financial future was secure and that their son was going to be taken care of after they have passed.

“Using the ‘eight elements of financial control,’ we were able to establish a plan that is designed to provide them a tax-free retirement, income for life, and a trust that builds a legacy plan for their son,” Blair says.

These are clear examples the wholistic approach that Caprock Financial Group uses when working with their clients.  

“We have a great Registered Investment Advisor Firm to help our clients with the ups and downs of the market. We also utilize top tax attorneys at Capital Preservations Services that specialize in the ERC, in reducing taxes, and establishing estate plans,” Blair says. “And we work with the top insurance companies in the world for life insurance and annuities. When you are working with Caprock Financial Group you have an amazing team of professionals working for you.”