Trading Jacks For Aces: Income Specialists Andrew Costa and Grant Conness Meet New Challenges With a New Wealth Management Structure

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Feb 27, 2013, 08:35 ET

FT. LAUDERDALE, Fla., Feb. 27, 2013 /PRNewswire/ -- Most financial planning firms and stock brokers try to be Jacks-of-all-Trades, attempting to do everything and be everything to everybody, often managing many accounts at once. But as Grant Conness and Andrew Costa, the Co-Managing Directors of Global Wealth Management in Fort Lauderdale, Florida, say, "You can't do that very well."

When the market slumps, the client with the most money receives all of the broker's attention. Costa and Conness built their business on a different model. They assembled a committee of investment experts made up of top analysts and investment managers who specialize in different aspects of money management, and who, together, ensure that every portfolio gets the benefit of their multiple expert perspectives. For clients, it's effectively trading their Jack for a handful of Aces.

The proof of their team's expertise lies in the success of clients' portfolios. In fact, Global Wealth Management's clients are among the few investors who have actually made money during what's been called the "lost decade." The team comes in especially useful when planning how to balance the benefits of investments with taxes for high net worth clients.

"Taxes and asset protection is a biggie," says Costa, who works with CPAs and attorneys to set up trusts, move risks to insurance companies, and ultimately, to make sure his clients are protected from taxes, liability, and major market fluctuations. There often isn't a perfect answer, but having access to a committee with backgrounds in multiple areas ensures the best possible financial strategy.

Few wealth management firms in the country bring such a diverse group of experts together, and Global Wealth Management has even managed to do so in a way that costs their clients less. While corporate trading companies tend to operate like luxury car lots, with financial advisors acting as salesmen for their firms' expensive, and frequently unreliable, vehicles, Costa and Conness take the opposite stance. No products are pushed, exposure to the market is based on what's best for the individual client, and customer service is as careful as it is personal.

"We want our clients to be aligned on their risk. We sit down with retirees, and soon-to-be retirees, who need to switch into a more conservative mode, and they often come to us with tons of exposure to the market," says Conness. Their goal is to keep their clients' money safe, and cash flowing steadily.

It's a bad year to take risks, no matter what your age or income level. Tax laws are scheduled to re-set, income taxes are expected to rise, and retirees are staring down the "fiscal cliff." In times like these, it literally pays to be conservative – and when it comes to giving more value for the dollar, Global Wealth management comes out ahead.

SOURCE Global Wealth Management