Top Financial Advisors - PDF
Document Sample
we are keenly aware of the risks standing in the
way of our financial goals, and we look to our
wealth advisors to manage and control the often
unwieldy and volatile exposures we face. The best
advisors approach this arduous task by ascertaining
our needs, fears and preferences, then designing
strategies that balance risks and rewards in line with
our appetites and goals. The ability to solve this
often-complex equation separates truly great advi-
sors from the herd. ✲ To identify those who have
exceeded our expectations in this arena, the editors
of Worth surveyed hundreds of financial profession-
als with the knowledge, skill, access, experience and
MONTEGRAPPA AMERICA’S CUP PEN COURTESY HOUSE OF DAVID
credentials to effectively manage the affairs of
America’s wealthiest individuals and their families.
We also sought insight from those who know first-
hand what makes a top financial advisor: Worth’s
readers. ✲ In the following pages, we recognize
those financial advisors who have, through
their formidable expertise, risen to meet
this challenge. – Douglas McWhirter
PRESER ATION:
V
The
New
Growth
In an uncertain economic and
financial climate, financial advisors’ skills in
risk management have come to the fore.
By Melissa Phipps
“I’M AN ENTREPRENEUR—I LOVE RISK,” DECLARES LORAYNE
Logan, founder and CEO of Work- apprehension, especially as these are
place, a regional staffing and human risks against which we cannot, in any
resources firm in Rockford, Ill.“I don’t traditional sense, hedge. “My invest-
need to live life on the safe path, but I ment situation is highly volatile,” one
want to be the one taking the risks,” client says. “The situation in Iraq only
she explains. “I need a portfolio that adds a layer of risk.” Another offers:
protects the foundation.” “Since 9/11, I worry about how future
Our financial foundations in 2004 dramatic drops in the stock market will
may not be the unassailable bulwarks impact my portfolio.”
they were a decade ago, but neither These and other clients we spoke or
are they still under siege from down- corresponded with in the course of
ward-spiraling markets. Strong equity assembling Worth’s 100 Most Exclusive
performance in 2003 revivified many Financial Advisors list put a premium
of our battered portfolios, but the les- on sound advice about hedging and
sons taught us by the post-bubble defensive portfolio construction when
bear, combined with the ambivalent discussing their advisors’ strengths.
markets we face today, has made risk Like Logan, most affluent Americans
management one of the crucial com- do not fear risk-taking in and of itself.
petencies we now demand in our fin- Indeed, according to the World Wealth
ancial advisors. Report 2004, a study of global trends
“The past few years in the market and preferences in wealth manage-
have changed client focus from wealth ment published by Merrill Lynch and
expansion to protection of accumu- Capgemini, almost half of the world’s
lated wealth,” says Jeff Saccacio, direc- millionaires increased their appetite
tor,Trusts and Estates Division of Citi- for risk between 2002 and 2003. This
group Private Bank in Los Angeles. positioned them well for the rebound
In light of range-bound equity and in equity markets in October 2002.
commodity markets, rising interest Instead, we want to take risks, intel-
rates, indifferent economic expansion ligently, to ensure our investments
and nascent inflationary pressures, a compensate us for the risks we bear,
financial advisor’s motto might now and to understand the risks—including
be, “Preservation is the new growth.” liquidity, the ability to exit an invest-
War and terrorism have added to our ment at will—embedded in our invest-
PHOTOGRAPHY BY DAVID BRANDT
PRESER ATION: The New Growth
V
My investment situation is highly volatile.
The situation in Iraq only adds a layer of risk.
ments. It is not surprising that Merrill and The second touted its own proprietary
Capgemini report that, during that same portfolio, which was too volatile for her
per iod, nearly three-quar ters of the tastes and which charged generous com-
world’s millionaires increased their demand missions. The third promised a more inte-
for risk management. grated approach—“putting all of the pieces
The report’s authors found “a concerted together to secure your financial future,”
move by [affluent individuals] to grow their she recalls. Instead, it put her in inappropri-
families’ wealth through proactive portfolio ate growth stocks, the collapse of which
risk management—albeit within the struc- nearly demolished her portfolio. She likens
tures of balanced portfolios and hedged her fury to that of the frustrated anchor-
risks—and broad access to advisory special- man in the movie Network. “I was mad as
ists.” It credits collaboration with wealth hell and not going to take it anymore. I
advisors and an increasing acceptance of didn’t want to lose another penny.” On an
strategic asset allocation with impulse, she insisted that the
helping wealthy individuals firm quickly liquidate her
absorb market volatility on portfolio.
the downside, while reaping With all her wealth in
gains on the upside. cash, Logan began research-
“You are always looking ing advisors and came upon
to grow as much as possible, Brent Brodeski and the firm
and you never lose track of of Savant Capital Manage-
that,” says Bob McCarthy of ment, based in Rockford.
Lake Forest, Ill., who retired in his 40s After spending 10 hours getting to know
from Accenture, after the firm’s initial pub- Logan’s goals, fears and tolerance for risk,
lic offering. “But when you get to a point Brodeski helped her shape a portfolio that
where you have enough, you want to make would attempt to meet her financial goals
sure you don’t lose enough.” without making hair-raising bets.
Brodeski, like other skilled advisors,
OUNCE OF PREVENTION assisted her in areas where her investments,
The best advisors take the time to under- lifestyle and personal goals overlapped. He
stand our appetites for risk, and how these advised on ways to transfer wealth effec-
determine our investment preferences. tively to her heirs, and to broaden her
However, these individuals can be hard to charitable efforts. “They started me think-
find. Logan recalls how she endured a ing about legacies,” Logan says.
series of bad breakups with national finan- Logan has been working with Savant
cial firms until she finally found her perfect Capital Management for more than a year.
match. At a time when market, economic and
The first business gave her no guidance, political uncertainty have furrowed the
leaving her to choose her own investments. brows of most investors, she feels secure.
Robb Report Worth • October 2004
PRESER ATION: The New Growth
V
“Their planning concept hedges against today: They charge a fortune for mediocre
uncertainty to the fullest extent.They offer results.They fare no better in terms of liq-
a vigilant perspective,” she explains.“I don’t uidity; several advisors compared hedge
expect my portfolio will grow at the rate it funds to the often-disastrous real estate
has. But I know over the next 10 years, I partnerships of the 1980s. “Liquidity risk is
will be very pleased.” a huge issue,” warns Ross Levin, president
of Accredited Investors in Edina, Minn.
OMEGA TO ALPHA Hedge funds often require investors to
We need our advisors’ expertise perhaps commit their capital for a year or more,
nowhere more so than in our attempts to and some of the most exclusive have
decipher the burgeoning market for alter- extended their lock-up periods to as long
native investments such as hedge funds and as three years. “Most clients have not
private equity. The former, in particular, thought deeply about how they will react
now seems almost a compulsory compo- emotionally when they discover that a
nent of a portfolio. Industry estimates of hedge fund has suffered a major loss, and
aggregate investments in hedge funds that he or she can’t easily liquidate interest
topped $1 trillion earlier this year for the in the fund to prevent additional losses,”
first time. But the term itself is little more says advisor Alice Finn, with Ballentine,
than a porous boundary that encloses Finn & Co. in Lincoln, Mass.
investment vehicles that can differ mark- The growth of the hedge fund industry
edly in strategy, return and risk. itself has become a source of concern.
Most financial advisors define alterna- Robert Levitt’s firm in Boca Raton put
tives as those investments that have a low clients in hedge funds as early as 1998, and
correlation with equity or the firm manages a fund of
fixed-income holdings and “With our advi- its own. But as money has
that provide an absolute sor’s leadership, flooded in, Levitt says that it
return, or alpha, rather than we have carefully step- is increasingly difficult to
measuring a return relative to ped into the very confus- find funds that remain small
a performance index. When ing and risky world of and nimble enough to profit
stocks and bonds go one way, n o n s t a n d a r d i nve s t - from market inefficiencies.
alternatives tend to go anoth- ments: private equity, Indeed, many of the best
er—or at least follow the hedge funds and com- funds are not accepting capi-
trend less slavishly. Alterna- modities. This has been tal from individuals, or are
tives, advisors say, are best handled very smartly, seeking higher minimum
seen as tools to dampen the expanding the range of investment levels and fees.
volatility of our portfolios, diversification in our Because of this, many of
not necessar ily vehicles portfolio, without taking Worth’s Top 100 advisors have
meant to achieve record-set- undue amounts of ‘get- steered their clients to funds
ting returns. rich-quick’ risks.” of funds. Although these are
Many of Worth’s Top 100 usually more expensive, they
advisors are of two minds about hedge provide exposure to the asset class with
funds. While most agree that a well-man- smaller minimums, more flexibility and less
aged fund can add value and diversification risk. “A multistrategy, multimanager hedge
to a portfolio, they are wary of the fog in fund of funds offers equitylike returns with
which these funds operate. Indeed, some bondlike volatility,” says advisor Melissa
predict that, within a few years, investors Marek Babb, with JP Morgan Private Bank
will criticize hedge funds for the types of in Atlanta. In fact, funds of funds are often
shortfalls attributed to variable annuities less volatile than fixed-income investments.
February 2004 • Robb Report Worth
October 2004 • Robb Report Worth 6
PRESER ATION: The New Growth
V
Advisors report that the uncertain fate of the estate tax
has kept some clients from developing a plan.
SINGULAR SKUNKWORKS example. The core positions
Along with a strong grasp of attempt to meet long-term
risk management and the strategic portfolio objectives,
ability to navigate the world while the satellite assets can
of alternatives, the best advi- be bought or sold to execute
sors continue to distinguish tactical shifts. Satellite invest-
themselves with their care- ments are generally not cor-
ful strategic planning for investment port- related with the core positions, so they help
folios, tax exposures and estates. reduce the portfolio’s risk. Also, because the
Harold Evensky, of the Evensky Group majority of the assets simply track market
in Coral Gables, Fla., says recent market aggregates, the core management fees are
volatility and low return expectations have lower than those of actively managed
led many advisors to change their recom- equity portfolios, Evensky explains.
mendations about portfolio structures. He The focus on r isk management has
has begun recommending the “core and spilled over into estate planning as well,
satellite” model, used by many professional says Citigroup’s Saccacio.“The uncertainty
investors such as pension plans, which is of the financial markets, aggressive IRS
designed to protect and increase wealth in challenges of tax planning strategies and a
any market condition by reducing the constantly chang ing tax system have
management fees, taxes and risk in the caused clients to question whether they
bulk, or core, equity portfolio, while dedi- should transfer wealth.”
cating a small portion of the assets to chas- Advisors report that the uncertain fate
ing performance in the satel- of the estate tax has kept
lite investments. some clients from developing
“Our investment
Using exchange-traded a plan, while others are dis-
advisor has sug-
funds, mutual funds or indi- couraged by increased IRS
gested a range of vehi-
vidual stocks, the core tracks a scrutiny of partnership and
cles designed to do well
broad market index such as planning strategies. Still oth-
in nontraditional eco-
the Standard and Poor’s 500, ers wor r y about the Sar-
nomic times, when nei-
Russell 3000 or Wilshire 5000 ther stock nor bonds do
banes-Oxley-inspired state
Total Market Index. Advisors very well. Of course, as is reviews of pr ivate family
harvest the core positions’ always the case, time foundations. In the face of
gains and offsetting losses for will tell.” these challenges, Saccacio
tax efficiency on a regular recommends strategies that
basis. The satellite investments add extra have withstood government scrutiny and
return by employing actively managed and that have flexibility, so they can easily
alternative asset classes—an international adapt to a changing tax system.
microcap fund, a market-neutral hedge A mastery of these types of strategic
fund or a private equity investment, for plans and tools is sine qua non for Worth’s
Robb Report Worth • October 2004
PRESER ATION: The New Growth
V
Top 100 Most Exclusive Wealth Advisors Singer at Singer Xenos Asset Management
list. But the essential ingredient remains the in Coral Gables. “I have a sense of comfort
ability to win and maintain our confidence. because he has protected what I have and
“I trust him,” says Amos Stoll, a neurosur- has invested it in the best way he can.”
geon at Broward General Medical Center From the nation’s most exclusive wealth
in Fort Lauderdale, of his advisor Marc advisors, we would expect nothing less. W
The “We” in Wealth Management
THOSE IN THE TOP 100 MOST EXCLUSIVE WEALTH ADVISORS LIST WERE SELECTED BY WORTH
based on their knowledge and experience. But when to define goals and create macro-financial plans, then
recognizing these exceptional individuals, it is impor- played quarterback to the virtual team by helping to
tant to acknowledge the efforts of their colleagues. coordinate and implement individual strategies. As
The advisors on this list may be star players, but to tru- assets under management have increased, independ-
ly serve our multidimensional financial needs, it takes ent advisors have expanded in-house capabilities to
a team. “We are big believers in the ‘group genius’ con- provide family-office type services to multiple clients.
cept,” says advisor Alan Gott-hardt, of Polstra and Dar- One player may still represent the quarterback, but the
daman in Norcross, Ga. effort belongs to a group.
As wealth management broadens from a transac- Firms such as JP Morgan have extended the model as
tion-based process into one that is more relationship- a way to integrate expansive institutional capabilities
based and holistic, advisors have become more reliant with personal service. At JP Morgan Private Bank, clients
on a team approach to wealth management. Evidence have at least one private banker, investor, trust and
of this trend can be found in most large, national pri- estate attorney and lender. Team members work in
vate banks and investment firms, which have stepped physical proximity to one another, and the firm pays
up their services to create in-house teams to meet the them as a group to avoid internal conflicts of interest.
needs of an increasingly demanding client base. Inde- “Some clients may choose to use us for one domi-
pendent advisory firms, while still comparatively small, nant activity—they may spend 99 percent of their
are also beefing up their staffs with specialists such as time talking to the investing member of the team,”
financial analysts, accountants or insurance experts. says John Strauss, head of JP Morgan’s U.S. Private
With this approach, clients receive the benefit of Bank. “But the rest of the team is still there, trying to
access to the collective skills of several different advisors, understand the generational issues, philanthropic aspi-
each focused on his or her core competency.This collabo- rations, lending needs.”
rative effort tempers our risk by diversifying our wealth Goldman Sachs was an early adopter of the model,
management, just as we might diversify a portfolio.“We surrounding each client with three or four investment
like the checks and balances that outside advisors tend professionals. Collaborative judgment is a necessity
to bring,” says Ross Levin, with Accredited Investors of when serving clients whose level of wealth and com-
Edina, Minn.“It’s easy to drink your own Kool-Aid. Having plexities mirror those of small companies. “The notion
an outside perspective is hugely advantageous.” of the individual client is a misnomer,” says Tucker York,
Independent wealth management firms were managing director and head of Goldman Sachs U.S. Pri-
among the pioneers of the team approach. Those not vate Wealth Management division. “These are entities,
tied to any one product or service attempted to offer institutions with an average number of accounts that
clients best-in-class investments, tax advice and trust is well into the double digits. There is no way one per-
and estate planning by leveraging so-called “virtual son can be on top of stocks, bonds, commodities, cur-
networks” of third-party attorneys, accountants and rencies and money managers, and still be thoughtful
money managers. These advisors worked with clients about asset allocation and risk management.” —MP
February 2004 • Robb Report Worth
October 2004 • Robb Report Worth 8
100 Top Financial Advisors LARGEST MEDIAN MINIMUM
CLIENT CLIENT ASSETS FOR
FIRM, CITY PHONE FIRM ASSETS NET WORTH NET WORTH NEW CLIENTS
Alabama
Robert Studin, JD, CFP, PFS, CPA, ChFC Lincoln Financial Advisors/ 205.803.3333 $1.3 billion $115 million $8 million No minimum
First Financial Group, Birmingham
Arizona
Laurie Bagley, CFA Strategic Wealth Advisors, Scottsdale 480.998.1798 $60 million $50 million $5 million $1 million
Thomas J. Connelly, CFA, CFP Versant Capital Management, Phoenix 602.265.2663 $100 million $35 million $2 million $2 million
Arkansas
Cynthia Conger, CPA, PFS, CFP The Arkansas Financial Group, Little Rock 501.376.9051 $140 million $10 million $0.8 million No minimum
Larry A. Waschka Jr. Waschka Capital Investments, Little Rock 501.664.8036 $110 million $105 million $1 million $0.5 million
California
James Berliner, JD Westmount Asset Management, Los Angeles 310.556.2502 $480 million $60 million $3 million $1 million
John T. Blankinship, CFP Blankinship & Foster, Del Mar 858.755.5166 $267 million $22 million $5 million $1 million
Norman Boone, MBA, CFP Boone Financial Advisors, San Francisco 415.788.1952 $180 million $25 million $4 million $1 million
Diane Bourdo Henrietta Humphreys Group, San Francisco 415.928.0401 $104 million $18 million $11.4 million $1 million
Victoria F. Collins, PhD, CFP Keller Group Investment Management, Irvine 949.476.0300 $697 million $18 million $3.25 million $1 million
Charles Foster, CFP, CFA Blankinship & Foster, Del Mar 858.755.5166 $267 million $67 million $4.8 million $1 million
Joel H. Framson, CPA, PFS, CFP, MBT Allied Consulting Group, Los Angeles 310.474.9801 $176 million $15 million $2.75 million $2 million
Jim Freeman, CFP Financial Alternatives, La Jolla 858.459.8289 $45 million $12 million $4 million $1 million
Michael Glowacki, CPA, CFP, MBT The Glowacki Group, Los Angeles 310.473.0100 $86 million $35 million $5.2 million $1 million
Meloni Hallock, CPA, PFS, CIMA, MBA Ernst & Young, Los Angeles 213.977.3596 $5 billion $1 billion $65 million No minimum
Debbie Jorgensen, CFP Merrill Lynch, San Francisco 415.955.3782 $475 million $104 million $14 million $5 million
Timothy Kochis, JD, MBA, CFP Kochis Fitz , San Francisco 415.394.6670 $1.2 billion $285 million $10 million $5 million
Courtney M. Liddy, CFM Walton Liddy Group/Merrill Lynch, San Diego` 619.699.3706 $275 million $125 million $3.5 million $1 million
Richard P. Moran, CFP Financial Network Investment, Rolling Hills Estates 800.998.3642 $57 million $30 million $3 million $0.5 million
Charles Joseph Ramos, CFP, CPA Private Consulting Group, Larkspur 415.464.9700 $85 million $300 million $5 million $1 million
Jeff J. Saccacio, CPA, PFS, ChFC Citigroup Private Bank, Los Angeles 213.239.1474 $202 billion $6 billion $18 million $5 million
Richard A. Stone, CLU, CFP Salient Financial, San Rafael 415.444.1750 $200 million $18 million $2 million $0.5 million
Laura Tarbox, CFP Tarbox Equity, Newport Beach 800.482.7269 $280 million $150 million $3.2 million $5 million
Carolyn P. Taylor Wetherby Asset Management, Del Mar 858.259.4507 $90 million $43 million $7 million $0.5 million
Christopher C. Wheaton, CPA, CFP Litman/Gregory Asset Management, Larkspur 415.461.8999 $3.5 billion $792 million $4 million $3 million
Colorado
Joseph Janiczek, MSFS, ChFC Janiczek & Co., Greenwood Village 303.721.7000 $180 million $50 million+ $3.5 million $1 million
Myra Salzer, CFP Wealth Conservancy, Boulder 303.444.1919 $375 million $200 million $8 million No minimum
Peter F. Tedstrom, CFP Brown & Tedstrom, Denver 303.863.7231 $260 million $15 million $7 million $1 million
Thomas Zanecchia, CPA Wealth Management Consultants, Denver 303.292.9224 $300 million $750 million $35 million No minimum
Connecticut
John F. (Jeff) Erdmann III, CFM Merrill Lynch, Greenwich 203.861.5902 $1.85 billion $400 million $20 million $3 million
Alan P. Weiss, CFP, CPA Regent Retirement Planning, Woodbridge 800.443.3101 $162 million $31 million $6 million $1 million
Delaware
Judith Lau, CFP LauOlmstead, Wilmington 302.792.5955 $400 million $200 million $9.5 million $3 million
Benjamin J. Ledyard, JD Wilmington Trust, Wilmington 302.651.8901 $35 billion $450 million $25 million $5 million
Ralph C. Wileczek, CPA, CFP, CTFA Wilmington Trust, Wilmington 302.651.1985 $35 billion $50 million $7 million $3 million
District of Columbia
Don Irwin, MBA JP Morgan Private Bank, Washington 202.533.2111 $276 billion $400 million $30 million No minimum
Florida
Harold Evensky, CFP Evensky Brown & Katz, Coral Gables 305.448.8882 $400 million $30 million $7 million No minimum
Brent Fykes, CFA, CFP Asset Management Advisors, Palm Gardens 561.472.9454 $4 billion $550 million $35 million $15 million
Robert Levitt Levitt Capital Management, Boca Raton 561.893.9901 $200 million $70 million $5+ million $3 million
Linda S. Lubitz, CFP Lubitz Financial Group, Miami 305.670.4440 $98 million $28 million $4.25 million $1 million
Gregory A. Rosica, CPA, PFS, CFP Emst & Young, Tampa 813.225.4925 $5 billion $150 million $25 million $5 million
Suzette B. Rutherford, CFP, MBA, JD Rutherford Asset Planning, Naples 239.261.3344 $66 million $50 million $2.5 million $0.5 million
Marc Singer, MBA, CFP Singer Xenos Wealth Management, Coral Gables 305.443.0060 $475 million $100 million $3.6 million $4 million
Georgia
Melissa Marek Babb JP Morgan Private Bank, Atlanta 404.926.2525 $276 billion $4 billion $4.5 million No minimum
Franklin H. Butterfield, CPA, CFP, PFS, CFA Homrich & Berg, Atlanta 404.264.1400 $825 million $130 million $4 million $2 million
Perry L. Chesney, CFP, CIMA, CLU, ChFC Alexander Key Investments, Atlanta 404.926.5301 $450 million $100 million $6 million $5 million
Alan P. Gotthardt, CPA, CFP, CIMA, PFS Polstra & Dardaman, Norcross 770.368.1700 $318 million $18.6 million $3.2 million $2 million
Anthony J. Guinta, CPA, CFP, PFS Homrich & Berg, Atlanta 404.264.1400 $800 million $1.15 billion $5 million $2 million
Robert “Buzz” Law, CFP Creative Financial Group, Atlanta 770.913.9704 $670 million $95 million $3.5 million $5 million
Illinois
Brent R. Brodeski, MBA, CFP, CPA, CFA Savant Capital Management, Rockford 815.227.0300 $580 million $23 million $1.75 million $1 million
Steven B. Weinstein, CFA, CFP, JD, MBA Altair Advisers, Chicago 312.429.3013 $800 million $1 billion+ $10 mllion No minimum
Indiana
Paul Reasoner, CFP, CIMA Compass Wealth Advisors, Elkhart 574.522.3738 $66 million $22 million $0.75 million $0.5 million
Iowa
Phil M. Kruzan Sr., CFP Foster Group, Des Moines 515.226.9000 $450 million $50 million $2.75 million $1 million
CFA: Chartered Financial Analyst; CFM: Certified Financial Manager; CFP: Certified Financial Planner; ChFC: Chartered Finan-
cial Consultant; CIMA: Certified Investment Management Analyst; CLU: Chartered Life Underwriter; CPA: Certified Public
Accountant; JD: Doctor of Law; MBA: Master of Business Administration; PFS: Personal Financial Specialist; PhD: doctorate
Robb Report Worth • October 2004
100 Top Financial Advisors (cont.) LARGEST MEDIAN MINIMUM
CLIENT CLIENT ASSETS FOR
FIRM, CITY PHONE FIRM ASSETS NET WORTH NET WORTH NEW CLIENTS
Louisianna
Lawrence R. Spinosa, CPA, CFP, ChFC, CLU Harbor Financial Group, Mandeville 985.674.6722 $61 million $19 million $3.4 million $0.5 million
Maryland
Fred Cornelius, CFA, CFP Burt Associates, Rockville 301.770.9880 $202 million $60 million $2.5 million $0.5 million
James K. Eichelberger, CFP Strategic Wealth Management Group, Columbia 410.988.9494 $335 million $43 million $3.5 million $1 million
Howard M. Weiss, MBA Bank of America, Baltimore 410.547.4771 $100 billion+ $1 billion+ $125 million $25 million
Massachusetts
William Baldwin, JD, LLM Pillar Financial Advisors, Waltham 781.693.0111 $774 million $282 million $13 million $5 million
Alice N. Finn, CFP, JD Ballentine, Finn & Co., Lincoln 781.259.8126 $3 billion $100 million+ $50 million $10 million
Glenn Frank, CPA, PFS, CFP, MBA Tanager Financial Services, Waltham 781.893.8040 $2.3 billion $39 million $4.7 million $1 million
Robert J. Glovsky, JD, LLM, CFP, CLU, ChFC Mintz Levin Financial Associates, Boston 617.348.1802 $750 million $85 million $6 million $10 million
Andrew Kryiacou, JD, LLM, CIMA Emst & Young, Boston 617.859.6732 $5 billion $850 million $13 million $2 million
Pran N. Tiku, ChFC, CFP Peak Financial Management, Wellesley 781.239.0400 $140 million $150 million $2.6 million $0.5 million
Michigan
Marilyn Capelli Dimitroff, CFP Capelli Financial Services, Bloomfield Hills 248.594.9282 $175 million $65 million $3.3 million $1 million
Charles C. Zhang, CFP, ChFC, CLU Zhang & Associates, Portage 269.385.1488 $500 million+ $50 million $3 million $0.5 million
Minnesota
Ross Levin, CFP Accredited Investors, Edina 952.841.2222 $350 million $35 million $8 million $1 million
Sharon Olson, CFP Olson Weiss, Bloomington 952.835.1797 $120 million $80 million $3 million $0.5 million
Jerry Wade, CFP, CFS Wade Financial Group, Minneapolis 763.797.9577 $150 million $50 million $2.9 million $0.5 million
Missouri
James Blair IV, CFP Moneta Group, Clayton 314.726.2300 $4 billion $29 million $5 million $1.5 million
Joan D. Malloy, CPA, CFP, CFA St. Louis Trust, St. Louis 314.727.4600 $1.05 billion $250 million $60 million $10 million
New Hampshire
Roy Ballentine, CFP, ChFC, CLU Ballentine, Finn & Co., Wolfeboro 603.569.1717 $3 billion $1 billion $52 million $10 million
New Jersey
David Bugen, CFP, MBA RegentAtlantic Capital, Chatham 973.635.7070 $800 million $45 million $5.5 million $2 million
Christopher Cordaro, CFP, CFA, MBA RegentAtlantic Capital, Chatham 973.635.7070 $800 million $30 million $5 million $2 million
New York
Carol Price Glazer Morgan Stanley, New York 212.903.7772 $160 million $63 million $5 million $1 million
Thomas J. Hakala, JD, CPA, PFS Willmington Trust FSB, New York 212.415.0544 $33 billion $750 million $6.5 million $2 million
David Hallenbaugh, CPA, MBA, CFP, CIMA Merrill Lynch Private Banking & Invest., New York 212.236.1601 $2 billion $3.9 billion $50 million $5 million
Joanne Jensen Citigroup Private Bank, New York 212.559.5555 $202 billion $3 billion $150 million $10 million
Benjamin A. Pace III Deutsche Bank Private Wealth Mgmt., New York 212.454.7815 $201 billion $400 million $30 million $5 million
Ronald W. Roge, CFP R.W. Roge & Co., Bohemia 631.218.0077 $240 million $200 million $4.5 million $1.2 million
Evan Roth, CFA BBR Partners, New York 212.313.9870 $1.6 billion $200 million $40 million $10 million
Edward R. Spector, CPA, CIMA Merrill Lynch, New York 212.236.1660 $1.2 billion $1 billion $100 million $10 million
Milton Stern, CFA, CFP Bridgewater Advisors, New York 212.221.5300 $410 million $90 million $4 million $1 million
North Carolina
Larry W. Carrol, CFP, CMFC Carroll Financial Associates, Charlotte 704.553.8006 $350 million $48 million $2 million $5 million
Ohio
Michael J. Chasnoff, CFP Truepoint Capital, Cincinnati 513.792.6648 $328 million $75 million $5.5 million No minimum
Joseph Evelo Merrill Lynch Private Banking & Invest., Cincinnati 513.579.3888 $1.1 billion $200 million $7 million $5 million
William D. Heichel, JD, CFP Pinnacle Wealth Planning Services, Mansfield 800.987.4767 $210 million $250 million $15.5 million $1.5 million
Jeffrey R. Loehnis, CPA, CFP Hamilton Capital Management, Columbus 614.273.1000 $455 million $70 million $7.5 million $0.75 million
Neil Waxman, CFP Capital Advisors, Cleveland 877.621.0733 $323 million $64 million $14 million $3 million
Oklahoma
Joseph Bowie, CFP Retirement Investment Advisors, Oklahoma City 405.842.3443 $203 million $80 million $3 million $1 million
Pennsylvania
Edd H. Hyde, CFP, CIMA Radnor Financial Advisors, Wayne 610.975.0284 $454 million NA $5.5 million $3 million
David E. Lees, CFA, CPA Ernst & Young, Philadelphia 215.448.5825 $1.8 billion $1.6 billion $27 million $2 million
Grant Rawdin, JD, CFP Wescott Financial Advisory Group, Philadelphia 215.979.1600 $810 million $185 million $19.3 million $2 million
Louis Stanasolovich, CFP Legend Financial Advisors, Pittsburgh 888.236.5960 $202 million $22 million $1.5 million $1 million
Tennessee
John Ueleke, MBA, CLU, ChFC, CFP Legacy Wealth Management, Memphis 901.758.9006 $276 million $50 million $4.1 million $1 million
Texas
David Diesslin, MBA, CFP Diesslin & Associates, Fort Worth 817.332.6122 $362 million $33 million $4.5 million No minimum
Mary Durie, CFP Quest Capital Management, Dallas 214.691.6090 $387 million $23 million $3 million $1 million
Richard J. Szelc Neuberger Berman, Dallas 214.880.4720 $74 billion $1 billion $20 million $1 million
Utah
John Q. Bird, CFA, CFP, MBA Albion Financial Group, Salt Lake City 801.487.3700 $335 million $63 million $0.7 million $2 million
Virginia
Michael F. Bearer, CPA, PFS, CFP, CIMA Ernst & Young, McLean 703.747.1615 $5.5 billion $1.2 billion $35 million $5 million
Patricia P. Houlihan, CFP Houlihan Financial Resources Group, Reston 703.796.0800 $60 million $15 million $6 million $1 million
Margaret Miller Welch SBSB, McLean 410.822.8281 $1 billion+ $63 million $6 million $1 million
October 2004 • Robb Report Worth
PRESER ATION: The New Growth
V
The Methodology:A Vigilant Perspective
WHEN ASKED WHY HER PERSONAL WEALTH ADVISOR SHOULD BE INCLUDED
in Worth’s 100 Most Exclusive Wealth Advisors for (CPA), personal financial specialist (PFS) and
2004, one reader spoke of the “vigilant perspective” cer tified investment management analyst
he and his staff provide. In an investment climate (CIMA). All credentials and designations were
that is, to say the least, uncertain, it is just such a ver ified, and nominee backg rounds were
perspective that distinguishes truly exceptional checked using the LexisNexis legal database to
wealth advisors from those who are merely compe- search court and arbitration records with the
tent. With a steady hand and a true aim, vigilant National Association of Securities Dealers.
advisors consistently see the hard realities behind Professional experience also weighed heavily
exuberance, as well as the opportunities shrouded among this year’s selection criteria. If, for instance,
during downturns.They remain on guard, securing an individual had worked as a wealth advisor for
our base, managing risk and growing our assets. 25 years, he or she would have experienced both
In selecting the 100 Most Exclusive Wealth extreme market highs and frustrating lows. While
Advisors for 2004, Worth editors asked readers to the overall performance of some less-experienced
nominate those advisors who possess this superior advisors justified their inclusion on the list, most of
ability—along with a host of other desired quali- this year’s top advisors have worked in the profes-
ties. Editors extended this request to private banks, sion for at least a decade.
wealth management and investment firms and As would be expected, client portfolio perform-
other industry associations as well. ance over the past year and a keen insight into the
Nominated advisors completed an extensive sur- current investment climate weighed heavily in
vey in which they listed their educational creden- deciding who would or would not be included in
tials, compensation structure, client retention rate, this year’s list. Given widespread investor wariness
outlook on the investment climate and model over the current economic and political climates,
portfolio returns. They also answered questions editors were particularly interested in the kind of
about their professional histories and whether they returns wealth advisors achieved for their clients, in
have been involved in any legal or disciplinary the kind of investment strategies they were recom-
matters. In short, Worth editors asked these nomi- mending, and in their predictions for the future.
nees the questions that investors should pose to Finally, Worth editors asked several clients of
prospective advisors. each nominated wealth advisor to offer some
With responses in hand, Worth’s editorial staff set insight into the strengths and weaknesses of the
about the daunting task of selecting the 100 Most professionals who manage their money. Their
Exclusive Wealth Advisors from a pool of several responses were surprisingly detailed, evidencing
hundred excellent candidates. At the top of the list complex relationships that were often quite
of criteria that define superior wealth advisors are personal. These clients shared their thoughts on
professional designations, which often evidence a portfolio performance, on the unpredictability
higher level of knowledge and professional com- of the markets, and, perhaps most importantly,
mitment. The vast majority of advisors ultimately on the vigilance they require from those in
chosen for this year’s 100 carry the certified whom they place so much trust. It is this charac-
financial planner (CFP) designation, which teristic, they said—the unwavering commitment
requires both ethics training and ongoing educa- to guarding and growing hard-won wealth—
tion. Other professional designations that carry that defines the nation’s most exclusive wealth
similar authority are certified public accountant advisors. —Douglas McWhirter
This locked PDF is made available by Robb Report Worth,a CurtCo Publishing,LLC publication. This does not constitute an endorsement,implied or otherwise,by CurtCo Publishing,LLC. It may not be printed or sold by anyone other than CurtCo Publishing,LLC. Reproduction
or alterations in whole or in part without prior written permission is strictly prohibited. This locked PDF may not be transmitted via e-mail, fax, website or any other content transmission mechanism considered unlawful. Any photographs or illustrations appearing in this PDF are the
sole property of the Copyright holder. In no event shall CurtCo Publishing, LLC and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence
or other tortuous action, arising out of or in connection with the use or performance of this document. Robb Report Worth is the registered trademark of CurtCo Publishing, LLC. The Robb Report Worth logo, trademarks and service marks and other CurtCo Publishing, LLC
logos, product and service names are trademarks of CurtCo Publishing, LLC. Without CurtCo Publishing, LLC’s prior permission, you agree not to display or use in any manner, CurtCo Publishing, LLC’s Marks. Subscriptions and back issues (800) 947-7472. reprints@curtco.com
