January 2022 Issue: Taking the Direct Route into Fee-Only Financial Planning-Taking the Direct Route into Fee-Only Financial Planning by Bridget McCrea

Taking the Direct Route into Fee-Only Financial Planning by Bridget McCrea

Pdf Summary

Ian Harvey, an advisor at Bridgewater Advisors Inc. in New York, always knew that fee-only financial planning would be his ideal career. He graduated from Virginia Tech with the intention of working for a fee-only firm, as he wanted to minimize conflicts of interest. While in school, Harvey had the opportunity to co-lead Virginia Tech's Financial Planning Association Student Chapter, which allowed him to meet advisors with different perspectives on the profession. Harvey joined Bridgewater Advisors in 2019, a fee-only firm founded in 1991 with $1.8 billion in assets under management and approximately 500 clients.<br /><br />One of the most challenging aspects of Harvey's career has been transitioning from an associate to an advisor role, which requires business development skills. He has learned the importance of networking and marketing a business in a non-salesy manner. Bridgewater Advisors primarily acquires new clients through referrals, but they are expanding their marketing strategy to include networking groups, presentations, and content creation. Harvey recognizes the need to adapt marketing strategies to a changing industry.<br /><br />Bridgewater Advisors focuses on comprehensive financial planning and offers tailored portfolios to meet clients' specific needs. Most of their clients have complex financial circumstances and require clarity and decision-making support. The firm utilizes separately managed accounts for ESG investing and tax-loss harvesting through direct indexing. They also recommend private or alternative investments that align with client portfolios.<br /><br />Harvey is a member of NAPFA and values the ability to network and share experiences with like-minded professionals. He has benefited from mentorship throughout his career and is now a mentor to younger planners. Bridgewater Advisors aims to centralize and systematize its trading processes and is focused on the growth and development of its associates, advisors, and leaders.<br /><br />Looking ahead, Bridgewater Advisors plans to further scale and maintain a culture where individuals can be themselves and advance in their careers. They aim to continue growing at a pace they are proud of and work with clients they are happy to serve.

Keywords

Ian Harvey

Bridgewater Advisors Inc.

fee-only financial planning

Virginia Tech

business development skills

networking

comprehensive financial planning

ESG investing

private investments

career advancement