The assets-under-management mentality of the advice business is a barrier to the solutions most people really need.
Cerulli Associates' Survey
Gigi Turbow Marx, MBA, RICP
When I first went to New York as a child, family lore says I looked up at the Citibank building on Park Ave. and announced "I'm going to work there when I grow up." True or not, I did eventually go to work for Citibank. As well as Bank of America, PaineWebber, Dean Witter, and a few other, now merged-into-oblivion, companies.
Armed with my Economics degree from the University of Michigan and an MBA from Columbia, I worked as a corporate currency advisor and an investment banker in public finance; I sold asset allocation research to institutional investors and directed the investor relations programs for a couple of publicly traded companies.
Twenty five years of real time education in how global capital markets connect, work... and sometimes fail. It was also an education in adverse incentives and conflicts of interest, leading to an epiphany: My knowledge could protect a lot of real people doing real jobs. And there were many whose needs weren't well met by traditional financial advisors. Old Field Advisors was born.
Non-traditional from the start, the firm promotes as-needed, planning-centric client relationships, available for hourly consulting fees. Exactly what young professionals or anyone who has significant assets tied up in employer accounts or equity comp need. People who just want to responsibly get their financial life organized so they can get on with the rest of their lives. Not stock picks, and maybe or maybe not a full time money nanny.
Increasingly attracting pharma & biotech clients and pre-retirees with significant equity comp, we've become planning specialists for
- Concentrated holdings, resulting from equity compensation or low basis (legacy) stock;
- Retirement income planning and distribution portfolios;
- Conscious capital portfolios, for clients who expect their capital to have a mission driven impact, in addition to common financial returns.