Dear Clients and Colleagues,
I am delighted to announce that after thirty years in the wealth management business, I am starting a new firm: Aligned Wealth. After two years of researching all alternatives, competitors, and paths, it’s clear that the best future is an independent one, where I can pick and choose the best that Wall Street has to offer.
My reasoning is straight forward: I feel it’s timely and important to shield my clients from what seems like ever increasing negative trends inside the big Wall Street firms — the flight of talent, technology challenges, the lack of culture, inflexible structures, a lack of added value, and excessive middle management. Instead, I want you to have a more open and more flexible wealth management structure that will align with your interests and values now, and for the next generation.
To that end, we chose Fidelity as the firm’s foundation, providing us with a powerful and truly open platform. The stability of Fidelity is unparalleled, with $4.3 trillion in assets under administration. Its state-of-the-art technology provides high quality solutions and much greater flexibility. In my opinion, it’s the top platform in the business.
After a comprehensive search, Spire Investment Partners was chosen to provide back office and reporting services. They have done this since 1997, directing over $3 billion. Their industry leading technology and capability will provide us with the freedom to focus on what we do best — guiding and managing your accounts.
Dimensional Fund Advisors will now be available, which, as many of you know, I have wanted to access for years. Dimensional is run by Eugene Fama — of my alma matter, the University of Chicago — who was just announced a winner of the Nobel Prize in Finance. His firm is unique to the industry. They run index strategies and have an impeccable long term record. Barron’s recently wrote an article about Dimensional’s $300 billion in index strategies, aptly titled Where The Smart Money Is Going.
To ensure a seamless transition and great ongoing service, I am delighted to announce the hiring of someone you’re all familiar with: Michelle Pestritto (now married name, Porter). Michelle knows you and your accounts extremely well, having worked with me for so many years. She is the most qualified and experienced person I know to manage your service needs.
I am also honored to have a board of advisors that includes some of the industry’s best: Mike Campbell, who ran all of Donaldson, Lufkin & Jenrette’s private client business and is currently the chairman of Dominick and Dominick; John Murphy — the founder of Murphy Capital Management, chairman of Morgan Stanley’s Consulting Group Mutual Funds (TRAK), and board member for funds at UBS, Legg Mason, and Citigroup.
In summary: We will continue as before, only with a new and improved container to better support and grow your assets. I have thoroughly reviewed all industry options and I am confident that this is the right path for us.