Newsletter: Special Edition – Setting the Course for the Future

Welcome to our first newsletter as a Registered Investment Advisor (RIA). After a long due diligence period and a lot of hard work, we now enter the stage of completing the transition process with the ultimate goal of delivering a better client experience.

Without a doubt, this conversion is the largest project we at Nachman Norwood & Parrott Wealth Management Consultancy (NNP) have ever embarked upon. It has been, and will continue to be, a huge commitment on behalf of our team. At times, it causes us to step back and revisit the why. Business has been good, and we have plenty to do to keep us busy. We could have coasted; however, we have always believed that in an evolving world we need to continue to move forward to fulfill our mission of delivering top-tier service and advice, especially in a world of greater transparency and rapidly changing technology. So, what’s in it for NNP, and most importantly, for our clients?

1. We have separated ourselves from much of the confusion within the industry. As a result of this transition, we can now clearly state we are a fiduciary on our entire business.

2. We are utilizing a deeper suite of tools and technology that includes:

  • A more robust financial planning capability as we partner with industry leader, Money Guide Pro®.
  • Enhanced performance reporting via Black Diamond.
  • Account aggregation software that allows us and our clients to track their full net worth, including assets outside NNP.
  • A client portal that provides greater online abilities for our clients, including a vault to help us and our clients securely store and share important documents and reports.
  • A mobile app with notification capability.
  • More flexibility to communicate with clients
  • Greater remote capabilities.

3. We will now have an increased ability to adapt to change at a more rapid pace. If we find a better way, we can take advantage of the opportunity quickly rather than wait for a large institution to react.

4. We have partnered with the largest RIA custodian, Charles Schwab.*

 
Although this sounds like a lot of change, some things will remain the same. We will do our best to continue to evolve our business rather than accept the status quo. Technology is changing the business world, and while we will use these tools, we remain committed to personal service and attention. We recognize that the relationships we have built between our team and our clients have been the foundation of our success. We pledge to work even harder to grow these relationships for years to come. One of the true benefits of the last several months has been the opportunity to visit with most of our clients and their families. This process has helped remind us of the friendships we have made, how long we have worked with many of our clients and their loyalty to NNP. We cannot thank you enough for your confidence and patience.

This article was originally featured in NNP’s Special Edition newsletter. To read the other articles, download the entire newsletter.

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*https://events.wealthmanagement.com/charles-schwab/