May 2021 Issue: He Found his Place in the Fee-Only World-He Found his Place in the Fee-Only World by Bridget McCrea

He Found his Place in the Fee-Only World by Bridget McCrea

Pdf Summary

David Lafferty, a senior financial advisor at Wescott Financial Advisory Group in Philadelphia, found his career path in financial planning by taking an opportunity at a small local firm. He transitioned from sales and commission-based services to fee-only services as he realized he was better suited for it. Wescott Financial Advisory Group, founded in 1987, initially focused on financial planning but has since expanded to include custom investment recommendations. Their typical client is a business owner, executive, professional, or family with at least $2 million in investable assets and complex financial planning needs.<br /><br />Wescott uses a combination of ETFs and mutual funds to develop diversified portfolios for their clients. They also include alternative investments and have developed an environmental, social, and governance (ESG) investment solution for clients who want to align their investments with their values. Lafferty emphasizes the importance of diversification in client portfolios and believes in the effectiveness of Wescott's approach.<br /><br />Over the years, Wescott has become more involved with the National Association of Personal Financial Advisors (NAPFA), with Lydia Sheckels chairing NAPFA's board of directors and Susan Green serving as president of the Northeast/Mid-Atlantic Region's board. Lafferty appreciates the opportunity to network with fee-only professionals through NAPFA.<br /><br />To continue growing, Wescott focuses on organic growth and is also open to acquiring other firms. They have a dedicated sales and marketing department and use digital marketing strategies to attract new clients. The firm recently hired a female chief operating officer (COO) to manage day-to-day operations and compliance.<br /><br />Overall, Wescott Financial Advisory Group aims to provide comprehensive financial planning and investment management services to high-net-worth individuals and families while continuing to grow their business and stay actively involved in the fee-only profession.

Keywords

David Lafferty

financial planning

fee-only services

investment recommendations

diversified portfolios

NAPFA

organic growth

acquiring other firms

digital marketing strategies

comprehensive financial planning