Andriola: Yes. Val mentioned that he also works with Doug Lennick and think2perform. We work with a number of firms to help our advisors and staff maximize their talent and handle stress in their personal lives so they can empathize with clients and help them make better financial decisions.
For example, we work with a consultant who has passion and experience around client insurance programs. We also work with Ameriprise to support the experience and passion that advisors like Val, and an advisor who joined us from another firm, have brought to our team. Experienced advisors can point us to the people they work with to lead the way in some part of the financial planning process. Building our team has been about starting with a strong foundation and adding on to that. I believe that working with the concepts of emotional intelligence allows you to have the best perspective about everything else you create.
Ellis: Val and Phil, your offices are in different locations, in Dutchess County and on Long Island. How does that part of a team practice work?
Scaramuzzo: The offices are about 60 miles apart. We use technology for general operations and financial advisory support. It is not the same as just walking down the hall and having an interaction that way, but we are able to make it work and there is even more we can do with video conferencing and things of that sort.
Andriola: Like Val said, when technology works it’s wonderful. We have an associate advisor whose office is in Wyoming. The advisor running that office was working in New York, but he is from Wyoming and wanted to move back home. He understands the value of his client relationships and the way technology has advanced, so Michael does the same thing from Sheridan, Wyo. that Val does from Wappinger Falls, N.Y.
I think shared experience and business processes are becoming a necessity in this industry. From a business standpoint, margins are compressing, yet advisors are expected to provide more and more value to their clients.
Scaramuzzo: It is absolutely the way the industry is going from an economic perspective, but nothing will ever replace face to face contact with clients to understand their sensitivities and preferences. That’s why I use values-based protocols to establish and reinforce priorities right up front in the client relationship.
Offering sustainable and impact investment strategies has also been a good learning experience for me to understand the importance of personal values in the construction of an investment portfolio. More clients today are clear about wanting investment choices, as well as other aspects within financial planning, to reflect these values.
Paul Ellis founded Paul Ellis Consulting to work with financial advisors who want to integrate sustainable and impact investment strategies for their clients. Valentino Scaramuzzo, CFP, ChFC, CLU, CRPC, CRPS is a financial advisor with Ameriprise Financial Services Inc. and Philip P. Andriola, J.D., is a private wealth advisor and the chief executive officer of Andriola, Goldberg & Associates, a private wealth advisory practice of Ameriprise Financial Services Inc.