FA: What changes will the team make as independents that they could not do as employees?
Berry: Now we’ll be able to hire the way we want; to build our culture the way we want; to use the technology we want; and to serve our clients the way we want.
Machnowski: We have not tried to grow aggressively the last 10 years, but we will be doing more to get the word out now that we are an independently owned and operated fee-only RIA. We will be adding one to two more staff members to enhance the client experience. In fact, we just received three new client referrals with a combined AUM of $2-3 million. They are as excited that we now have our own fiduciary firm as we are.
Berry: Everything has gone according to plan. Wells Fargo said they were looking for teams that could be successful under the new independent channel. We are the sixth team of 12 who initially committed to the year one plan to transition with the support of Wells Fargo Advisors, TradePMR and First Clearing. In fact, TradePMR and First Clearing have had teams here with us in Worcester to make the past two days go as smoothly as possible.
Machnowski: We’ll be using their award-winning Fusion Desktop platform and the Earnwise mobile solution. When TradePMR says “white glove service,” they really mean it.
FA: Who are the clients you serve? Will that change now that your practice has gone independent?
Machnowski: We serve the mass affluent, (and) we are proud to be generalists.
Berry: We have a well-diversified book of business. We work with professionals; large extended families, some with complex needs; foundations and non-profits; and retirement plan sponsors.