Kevin Scanlon, Executive Vice President and Head of Private Wealth Management at Stephens, shares his perspective on how our Financial Consultants work with clients for long-term success.
1. How does PCG collaborate to support our Financial Consultants as they provide valuable wealth and investment management solutions to clients?
Relative to our industry, we have an extremely low ratio of Financial Consultants to support team members. Our Financial Consultants are encouraged to collaborate with our deep bench of knowledgeable support team members on each client’s unique situation. The scope of support readily available to our Financial Consultants ranges from specific investment solutions to consultation on complex wealth transfer strategies. The end result is the development of thoughtful investment solutions tailored to help achieve their specific goals and objectives.
2. What is unique about the PCG approach to fostering strong client relationships, and working with clients to achieve their financial goals?
One of our differentiators is that we are owned by a family of investors who are focused on establishing and maintaining long-term multi-generational relationships, which is the foundation of our culture. This approach allows our team the opportunity to understand our clients, their families and how we can help them achieve their financial goals and objectives.
3. What type of professional makes for a successful Financial Consultant at Stephens? Are there any character traits that stand out?
For long term success, a Financial Consultant should possess financial acumen, initiative and commitment. Clients share with us their hopes, dreams and concerns, which requires a Financial Consultant to be a good listener and passionate about helping people achieve their financial goals. You also have to be able to continue to nurture the relationship and adjust the investment solutions as their situations evolve over time.
4. PCG serves a diverse array of clients, from young professionals and inheritors to business owners and more. Do all these clients have anything in common?
Regardless of their stage in life, our clients share the common theme of being our top priority and the understanding that their needs are placed at the forefront of the investment solutions we discuss and implement on their behalf. Each client deserves to work with someone who listens to their unique situation, understands their time horizon, liquidity needs and risk tolerance to develop investment solutions that help meet their specific goals and outcomes. Many can also benefit from wealth planning, no matter their stage in life.
5. How has PCG adapted to the unprecedented macro environment of recent years, and addressed financial concerns of clients during this time?
We understand economic cycles ebb and flow, which is why we take a long-term approach when evaluating and offering investment solutions. Volatility during the pandemic reinforced the importance of communicating with our clients and discovering if there had been significant changes that required reassessing their immediate needs along with their long-term investment goals.
6. Can you shed light on any new developments that are in the works at PCG, which will help our Financial Consultants better serve clients?
The Wealth Planning & Strategy (WP&S) Group is our latest extension of the Private Wealth Management division that serves as an important resource for both our PCG Financial Consultants and clients. WP&S offers advanced solutions for meeting the needs of intergenerational families, business owners facing liquidity events and clients with complex estate planning needs. We are also working on further expanding our life insurance solutions.
In addition, PCG is growing the next generation of Financial Consultants through our two-year analyst training program. Upon completion, the graduates are partnered with more experienced Financial Consultants to be mentored and continue their professional development.
7. How do you see PCG evolving as a business over the next few years? Where do you see the greatest potential to enhance our positioning?
We evolve by planning for the massive intergenerational wealth transfer that will occur between baby boomers and the next generations. This means we need to continue establishing relationships with their heirs to educate them on their family legacy, while also understanding their stewardship role and how that is influenced by their personal financial goals and objectives. As we continue to evaluate potential breakthroughs and innovations, our focus always will be on what is best for clients.