HCR Wealth Advisors’ Senior Managing Director, Steve Weinberger, Discusses His Keys to Success
HCR Wealth Advisors is a dedicated wealth management firm founded on the principles of providing up-to-date, sound financial and investment strategies to their clients by integrating their investments, retirement plans, and financial targets into a single strategy that evolves and grows as they do.
HCR Wealth Advisors appoints a dedicated team to work side-by-side with each client to help them traverse the world of financial planning. This personalized, client-comes-first take on wealth management has allowed HCR to become one of the premier wealth management firms for clients looking for that individualized touch.
Steve Weinberger, the Senior Managing Director of HCR, has helped grow the firm from a boutique enterprise to one that manages upwards of $1 Billion in assets. He, like the whole of HCR, specializes in creating custom investment portfolios and strategies for his clients. Still, he is particularly skilled at helping clients navigate life’s most significant transitions: retirement, selling a business, and losing a loved one, to name a few.
We were lucky enough to interview Steve and learn a little bit more about his career and the value he brings to his company.
How did you get started in this business? What inspired you to join this field?
As a kid, I always enjoyed following the stock market and learning about how money works. When I started working in this industry, I loved being able to help clients discover their personal definition of financial freedom, then help them achieve it.
When you were starting out, was there ever a time you doubted your career choice? If so, how did you handle that?
I never doubted my career choice. While in school, and trying to decide on careers, my top two choices were between becoming a therapist or a financial advisor. Little did I realize back then that I actually have the best of both worlds in this career. It’s not just about analyzing the portfolio, setting up the investment strategy, and creating a financial plan; I also get to guide my clients through some of their tougher life decisions and help them achieve their personal goals, be they financial or otherwise.
What is one marketing strategy that you’re using that works really well to generate new business?
We recently started reintroducing ourselves to our top 20% of clients during our in-person review meetings, making sure they are aware of all of our value-added services that may pertain to them, their family, or their friends. For example, we provide free financial education to our clients’ children/grandchildren to ensure their legacy will continue on through future generations.
What is your most valuable skill that makes you an asset to your team/company?
I think as it pertains to my team, my most useful skill is my strong analytical skills. It is especially useful in creating investment strategies. When it comes to my clients, they value my listening skills the most. Being able to truly understand a client’s needs and goals ensures that the financial plan I’m putting together is the right one.
What is the toughest decision you’ve had to make in the last few months?
Recently I had a married couple as clients and they were spending way too much. I spoke with them both separately about their individual expenses, and understood both points of view, however they confided in me that their partner didn’t understand their perspective, so I had to make a tough decision as to how to approach the conversation, make sure both sides were heard and steer things towards a productive outcome.
What do you think it is that makes you successful?
I’m a very dedicated person with a strong desire to succeed; however, I think being able to focus on the small details while not losing sight of the big picture has been the cornerstone of my success. It’s something that helps with clients but also with business management. It’s incredibly important to keep your eye on the big picture while you’re making your everyday decisions to ensure that all of them and pointing towards the same end goal.
What has been your most satisfying moment in business?
I have a client who has been with me for 20 years. Early on in the relationship, we worked together to define their personal definition of financial freedom and set up the appropriate financial plan to help them achieve it. Being able to watch that plan unfold over the years and seeing these hypothetical concepts now become actual results has been incredibly satisfying.
What does the future hold for your business? What are you most excited about?
The industry is evolving, and with the amazing advancements in fintech, I’m excited to be able to leverage technology in order to offer clients more comprehensive service and better results. We recently hired someone who specializes in information systems and technology to help us achieve a more streamlined client experience, and we’ve seen great results already. I’m looking forward to seeing how far we can take it!
What are the biggest challenges your industry faces? How do you see it overcoming these challenges?
Regulations and compliance requirements have definitely increased in recent years, and it’s difficult for smaller firms to handle all of the changes at the pace the industry now expects. Even though it’s tough, we all need to make a concerted effort to focus more time and resources to meet these changing demands. Another big challenge is the advent of robo advisors, which creates another option that didn’t use to exist just a short time ago. The dawn of this new service requires us to now explain how we’re different, and where our true value lies, beyond pure performance.
What business books have inspired you?
The Advisor Playbook – Duncan MacPherson & Chris Jeppsen
What is a recent purchase you have made that’s helped with your business?
We’ve recently invested heavily in upgrading our information systems, the two most valuable would have to be our CRM system (Junxure Cloud) and our financial planning system (eMoney). It is incredible the level of business intelligence we can glean and the detailed organization of the client relationship from our CRM, as well as the advanced planning and reporting we are able to produce from our financial planning system. It almost makes you wonder how you were able to function without them.
This article is provided for informational purposes only and should not be interpreted as investment advice. HCR Wealth Advisors is not affiliated with this website.