Today, New York-based Focus Financial Partners owns a majority stake in the firm. But the management and day-to-day operations of Bartlett remain in the hands of Downing and her leadership team. The firm sought a partnership that would allow it to retain autonomy, but also get enough financial support to ensure its continuity—by building an internal succession plan and potentially growing through acquisitions.
“Focus is also obviously focused on the growth of all their partners, so they have the capital to help us with acquisitions as appropriate,” says Downing. “That’s a great opportunity for that next generation in terms of how they grow the firm and the vision that they have.”
According to Lori Poole, principal and wealth advisor, it’s been only in the last 10 to 15 years that Bartlett has moved toward a financial planning-centric approach and away from a model that leads with investment management and offers financial planning only on the side. But the firm has offered some sort of financial planning almost as long as it has been an RIA.
In the past, that planning was often focused on clients’ early retirement, the exercise of stock options and figuring out how to work with clients’ low-cost basis holdings and legacy positions, Poole says. Today, Bartlett offers more granular services like cash-flow planning, health-care analysis and Social Security strategies.
“It’s a testament to how forward-looking this firm is,” Poole continues. “Engaging in financial planning allowed us to get more in-depth knowledge to spread around the firm.”
A commitment to the Cincinnati community is one element of Bartlett’s culture rooted in its past. Today, the firm and all of its employees are active in charitable and community organizations.
“I think all of us sit on a board or do some kind of volunteer work,” Downing says. “It’s a very strong part of our culture.”
Bartlett sponsors several events within the region, supporting arts, educational, civic and social causes, which helps infuse its identity into the greater Cincinnati community.
Downing herself is a founder of the St. Vincent de Paul Charitable Pharmacy, board vice-chair of the Cincinnati Shakespeare Company and a founder and member of the Cincinnati Women’s Executive Forum steering committee.
Hagerty is involved with educational organizations, and Poole works with arts organizations, the Junior League of Cincinnati and a financial literacy program organized by the University of Cincinnati Economics Center. Brian Antenucci, principal and wealth advisor, sits on the board of the Center for Respite Care, which helps chronically homeless people recovering from medical procedures.