Each recipient of a 2007 IMPACT Award has demonstrated tremendous vision, leadership and innovation in their quest to provide independent advice to individual investors.
We salute the four winners of this year's IMPACT Awards — and have acknowledged them in an ad in the Wall Street Journal on Wednesday, October 31.
- For Individual Leadership:
- Lewis J. Altfest
- Charles R. Schwab IMPACT AwardTM
Lewis J. Altfest is a pioneer in fee-only advising. He started his independent financial advisory firm in 1983 because he wanted a closer relationship with clients based on putting their interests first. "I was intent on bringing a new level of objectivity to the financial services profession," he says.
He quickly became a leader in the industry, championing fee-only advising not only through his own firm but through teaching, writing, and helping to develop the National Association of Personal Financial Advisers. And just as the field has grown, so has his New York-based firm, L.J. Altfest & Co., which today manages assets of $550 million. Altfest, who developed the investment management system called TPMTM (Total Portfolio Management), is often cited as one of the leading financial advisors in the United States.
Winner Profile (PDF)Watch Video
- For Outstanding Management:
- Moneta Group
Investment Advisors LLC - Best-in-Business Award
"As a Family CFO, we are first and foremost a client's advocate, and it's our responsibility to advise that client on how to best manage, grow and protect the family's assets," says Moneta Group Chairman Peter G. Schick.
The approach has been well received by the more than 2,000 households served by the firm's 27 principals and nearly 200-member support staff. In the last five years, Moneta Group has grown from approximately $3 billion in assets under management to more than $6 billion today–without increasing its number of clients.
Winner Profile (PDF)Watch Video
- For Technology Excellence:
- Friedman & Associates
- Best-in-Tech Award
In six years, Friedman & Associates doubled the number of clients it serves, tripled assets under management and added more services–all without hiring another administrative employee. "I literally was able to do twice the amount of business with the same number of support staff," President Greg Friedman says. "I attribute that hugely to our increased productivity with technology."
Friedman, who seeks a technology solution whenever his firm has a need, nevertheless takes a disciplined approach to technology acquisition. "Technology serves only two purposes," he says, "one, to provide a higher level of client service, and two, to increase efficiency and profitability."
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- For Accelerated Growth:
- Abacus Planning Group, Inc.
- Pacesetter Award
In less than ten years, Abacus Planning Group has grown from serving just a handful of clients to a 16-person firm managing more than $500 million in assets for 145 clients.
President Cheryl Holland credits the firm's rapid growth to its client-centered approach. "We always try to act as if the client is sitting in the room with us," says Holland.
Abacus has created a strategic plan to leverage its greatest strength–its people. The firm established a compensation philosophy, mapped out career paths, agreed upon cultural norms, created Abacus University, developed an annual incentive program and has set the pace for growth in more ways than one.
Winner Profile (PDF)Watch Video