The Fidato Group Exceeds Industry Benchmarks for Growth and Client Retention
Tony D'Amico, Company CEO, Attributes Success to Service Commitment, Client Retention and Expansion of Relationships
STRONGSVILLE, Ohio, Oct. 18, 2016 /PRNewswire/ -- The Fidato Group LLC, an independent financial advisory firm in northeast Ohio, has exceeded industry benchmarks in both growth in Assets Under Management and client retention. According to The 2016 RIA Benchmarking Study from Charles Schwab, firms who have $100 Million to $250 Million in Assets Under Management have a median compound annual growth rate of 10.2%.[1] As demonstrated below, Tony D'Amico, CFP®, CEO and Lead Advisor of The Fidato Group, says that the firm is exceeding industry benchmark standards, in regards to growth in new Assets Under Management from both new and existing clients, as well as client retention.
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"Our focus has always been to help clients achieve their financial goals in a proactive manner," said D'Amico. "Since our beginnings, we've prided ourselves on building client relationships by providing a comprehensive planning experience as the foundation to help our clients reach their financial goals," added D'Amico.
HUMBLE BEGINNINGS AS SOLO PRACTITIONER
D'Amico started in personal finance in 1999 as a life, long-term care and disability insurance specialist. His interest in helping clients plan for their futures grew gradually from there with an eye on starting his own firm. Early in 2010, D'Amico obtained his FINRA Series 65 license. Subsequently, he started his own Registered Investment Advisory firm so he could provide his clients a more comprehensive wealth management experience.
"As we attracted new clients and expanded relationships with current clients, there was a need to add more team members to ensure the client experience continued to be successful. Our staff ratio and mix today allows for more and deeper client services to be provided," said D'Amico.
GROWING THE RIGHT WAY
The Fidato Group recently crossed over the threshold of $100 million assets under management (AUM). "We're proud and humbled by the fact that in 2015 our Assets Under Management grew by 25.7%," said D'Amico.
A nationally known consultant for independent financial advisory firms, John Furey of Advisor Growth LLC, has known and worked with D'Amico for the past five years. In his experience, Furey says that most top advisors anticipate annual growth of 5-8%, "but Tony has clearly exceeded that goal."
"Tony created a team and created role clarity for each of the team members, which allowed him to focus on relationship and business management," said Furey. "With organizational function, that translated into growth," he added. "Success doesn't happen overnight. It takes two to three years for a process to set in before you finally start realizing the fruit of your investments," said Furey.
"It's great to see growth, but what I'm most impressed with about my team is the quality of relationships we've established with our clients and how we've continued to grow those relationships," said D'Amico. "I want to make a difference in people's lives. That motivation is sincere, and you can't hide that. It rises to the surface."
"We're proud that we're not only keeping a client relationship, but more importantly, expanding existing client relationships, providing more services, and handling more aspects of their financial plan, such as going deeper into estate and tax planning, strategic Roth conversions, or perhaps other types of financial planning. We're extremely humbled that we're meeting those benchmarks," said D'Amico.
According to PriceMetrix, an industry practice management company, advisers average between 70% and 95% client retention over time. [2] "We are honored that we currently have over 95% client retention," said D'Amico
ATTRACTING LOCAL TALENT IN A SMALL MARKET
Being located in a suburb of Cleveland – versus a major metropolitan area – created its own challenges for the firm when the founders needed to expand the team. "The growth of the firm and the team is impressive, given the smaller market that The Fidato Group is in," noted Furey. "To build a team like Tony has in a suburb of Cleveland is a challenge. It's not like in a larger market where you can find prospective team members and convince them to come over to work for you."
D'Amico said the key to finding the right team members is to first find the right cultural alignment. "My focus has been people's character, cultural fit, maturity and direction. If you have the right person, you can train them on certain aspects of financial planning or investment management. But you can't train cultural fit," remarked D'Amico.
"We have a strong corporate cultural identity and clear mission of exceeding client expectations, being a fiduciary, providing comprehensive financial planning and helping clients achieve their financial life goals in a proactive manner," said D'Amico.
"We're not afraid to do the work that's needed to make that happen and form great relationships along the way. We've looked for people with the same internal drive and motivation, who want to make the positive difference in someone's life," added D'Amico.
SEC AND CFP® PROFESSIONAL MILESTONES
Due to the growth in client assets under management, The Fidato Group is now an SEC Registered Investment Advisory firm. Firms with less than $100M are typically registered with the corresponding state regulatory body. In addition, D'Amico has earned the CERTIFIED FINANCIAL PLANNER™ marks of distinction. "Achieving both of those milestones has been an accomplishment," said D'Amico. "Whatever job you're doing in your life – be it as a financial planner, doctor, carpenter, etc. – it's important to always be learning and growing. New laws come out, things change in your industry and it's important to keep up with ongoing learning and development so that you can apply that knowledge for the benefit of your clients," remarked D'Amico.
The CFP® marks identify those individuals who have met the rigorous experience and ethical requirements of the CFP Board, have successfully completed financial planning coursework and have passed the CFP® Certification Examination covering the following areas: professional conduct and regulation, general financial planning principles, education planning, risk management and insurance planning, investment planning, tax planning, retirement savings and income planning, and estate planning. CFP® professionals also agree to meet ongoing continuing education requirements and to uphold CFP Board's Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.
ABOUT THE FIDATO GROUP
The Fidato Group is a fiduciary-based Wealth Management and Retirement Planning firm, based in Strongsville, OH. Tony D'Amico, CFP®, CEO and Lead Advisor, is a well-respected educator and speaker who conducts Retirement Planning sessions at several colleges and other organizations. For more information, please visit www.thefidatogroup.com.
[1] The 2016 RIA Benchmarking Study from Charles Schwab: https://aboutschwab.com/images/uploads/inline/RIA_Benchmarking_Study2016_Results_0716-2657.pdf
[2] The 2013 PriceMetrix Insights Client Retention Study: http://www.pricemetrix.com/cms/wp-content/uploads/PriceMetrix-Insights_Stay-or-Stray_English.pdf?t=1393101724
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SOURCE The Fidato Group
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