In 2008, we realized how little the private wealth management group we were using was doing for us. Despite being a client for 10+ years, we felt unvalued and – much more importantly – not well advised or served. Once we began questioning the value of the relationship, we realized there was very little that we actually liked about working with this well-known private wealth management group. That set us on a quest to find another private wealth management group with which we would like to work. What we found was more of the same.
Being seasoned financial professionals with decades of experience in financial analysis and management, we decided to retake control of our investment strategy, selection and management. As we did this, quite a few people asked us if we would manage their investments for them as well. At first we said no because we didn’t think of ourselves as financial planners or investment managers. However, as time progressed and we got more comfortable with these roles and as we reflected on how we could improve on what the large private wealth management firms were offering, we decided to explore the possibility of opening up to a select group of individuals and families.
We thought long and hard regarding what we did and didn’t like about the established wealth management firms and drafted an inventory of our dream service offering.
- An advisor who is consistently and proactively attentive and curious about our situation, goals and concerns.
- An advisor who put our interests ahead of their own or their firm’s.
- Absolute clarity, transparency, and fairness regarding how the advisor gets paid.
- An ability to see our entire financial picture in one single place, including assets not held with the advisor as well as non-investment cash flows (e.g., income and expenses).
- An investment strategy based on a sound financial plan and investment products not limited to the firm’s proprietary mutual funds.
- Reporting performance against relevant, blended benchmarks on a total return basis (e.g., including dividends).
- A willingness to modify the investment strategy based on the relative risk-reward profile of the markets. Far from market timing, this is more of a tilt towards more conservative or more aggressive based on how stretched or beaten down the market valuation is.
- A willingness to stretch beyond canned investment advice and provide suggestions regarding alternatives to today’s ultra-low yielding fixed income.
With a clear understanding of the type of company we wanted to be, we began exploring the most appropriate business model and technologies. We think we have put together an elegant, cost-effective, technology-enabled solution and we invite you to learn more about us by reading the rest of our website or by contacting us directly (Contact Us). We would love to hear from you.