Kochis: We have 25 people, and of those ten are counseling professionals who have CFP or CFA certifications. They also typically have MBAs or JDs [Kochis himself is a CFP with a JD and MBA]. We double- or triple-team clients, giving them two or three people to work with. One is an operations specialist who works with clients and executes their trades. Five of our staff are operations specialists.
This allows us to give our clients multiple professional insight, but also enforces a very strong value we have-that the client belongs to the firm. One way to bring discipline to this idea is to make sure that no one person is the only one a client deals with. It also gives clients multiple contacts. There is never a time they call and someone doesn't know who they are.
FA Magazine: Is it easier or more difficult to get hired by a corporation these days?
Kochis: Maybe I'm jaded by all the years we've been doing this, but I think it's easier because there are fewer and fewer competitors. If companies are looking for an independent firm, we are up there (one of the larger corporate competitors, Ayco, was just acquired by Goldman Sachs). We're in the process of trying to exploit our experience and independence now by writing customized letters to decision makers at Fortune 500 companies in the San Francisco area. We're telling them that if a change in circumstances with their wealth management firm has made them uncomfortable, they should give us a look. We'll come in and talk to them. It's the first direct marketing we've done.
FA Magazine: What do all of these changes mean for the future of Kochis Fitz?
Kochis: I suspect we'll double our current size in three to four years. The systems we have in place with staff means we can do this without doubling staff.