There aren’t a lot of concierge boutique-type services available for people with investable assets of less than a half million.
Working with those who have assets worth $100,000 just isn’t profitable for most wealth advisors who take the fiduciary approach and work on a fee-only basis. Yet, people who fit into the second category still need financial advice, and do indeed have assets that are worth protecting and growing.
Fortunately, wealth advisors such as Leo Daprile ChFC, CLU., of Gem-Young Wealth Advisors, LLC, based in Youngstown, Ohio, not only recognize this need, but have also found a solution that creates a profitable avenue by which they can provide services for the everyday investor, but more importantly, also provide an entry point for those new to financial planning to begin investing with some level of professional guidance.
Daprile and his team call their secondary distribution channel “gWealth Select,” and it offers online advice to investors with $10,000 or more.
“We are very excited about this new opportunity,” Daprile told The Suit Magazine. “We call it our ‘light version’ of what we do for our clients in the gWealth Premiere program. There are many investors in the market today who do not need that level of full comprehensive planning, but still do require financial advice.”
Daprile describes it as a hybrid between digital advice and a robo advisor.
He is constantly on the look-out for opportunities to differentiate his firm and its services from the competition. In retrospect, that is how Gem-Young Wealth Advisors came into existence.
Daprile recalls having lunch with a friend and two other wealth advisors when he suddenly had an “a-ha” moment. He realized that they each pretty much looked the same: they talked the same, they wore the same type of suit – they even walked the same.
He thought to himself, “How does a potential client know which one of us to choose, as we all do the same thing and appear the same?” Daprile’s question was the genesis of the boutique firm he runs today.
“That is how we morphed into the company we are today,” Daprile explained. “We wanted to provide comprehensive risk management to our clients for their wealth and their assets. Our clients want professional advice at a fair value. That is what we have become.”
Today, his work is characterized by client education, including teaching how the concept of “buy low, sell high” actually works, and identifying emotional money triggers that often lead clients to make financial mistakes. Daprile helps clients identify investments that best meet their individual plan goals, rather than the ones that beat the S&P 500 or the Dow Jones Industrial. He also makes liberal life expectancy estimates to give his clients a complete look at how aging will impact their finances. Daprile is poised to make necessary changes immediately on his clients’ behalf.
“I no longer stay married to an idea forever just because it worked a couple of years ago,” Daprile emphasized. “We have to be able to adapt to our changing world.”
Learn more about Leo Daprile ChFC, CLU., and Gem-Young Wealth Advisors, LLC, online at www.gemyoungwealth.com
Originally published in The Suit Magazine, January 2017