Awards for Excellence in Independent Financial Advising go to Dr. Lewis J.
Altfest of L.J. Altfest & Co., Inc.; Moneta Group Investment Advisors LLC;
Friedman & Associates; Abacus Planning Group, Inc.
LAS VEGAS, Oct. 30 /PRNewswire-FirstCall/ -- Schwab Institutional, a
leading provider of custodial, operational and trading support for
independent fee-based investment advisors, today announced the winners of
the second annual IMPACT Awards(R) -- an industry-wide awards program to
honor advisors and firms that have advanced the industry through their
visionary leadership, operational excellence, technology innovation, and
impressive growth.
The winners were recognized today during a ceremony at the
IMPACT(R)2007 conference in Las Vegas, where Schwab is celebrating its 20th
anniversary serving the independent advisor industry.
The 2007 IMPACT Awards winners were selected by a distinguished panel
of judges including Daniel O. Leemon, former executive vice president and
chief strategy officer for The Charles Schwab Corporation; Edythe "Dede"
McClatchy Pahl, executive director of the Investment Management Consultants
Association (IMCA); David G. Tittsworth, executive director and executive
vice president of the Investment Advisor Association (IAA); and Marvin W.
Tuttle, Jr., CAE, executive director and CEO of the Financial Planning
Association (FPA). IMPACT Awards entries were scored by the accounting and
consulting firm Moss Adams LLP. The winners were selected by the panel of
judges.
The Charles R. Schwab IMPACT Award(TM) was presented to Dr. Lewis J.
Altfest, president of L.J. Altfest & Co. by Schwab Founder, Chairman and
CEO Charles R. Schwab. Centered on his philosophy of bringing a new level
of objectivity to the financial services profession, Altfest has grown his
New York-based firm from a one-man shop in 1983 to a 21-person firm
managing $550 million in client assets, with annual growth of 20 to 25
percent.
Altfest has been recognized as a leading independent advisor by such
publications as Barron's, Financial Advisor, Medical Economics, Wealth
Manager, Mutual Funds Magazine, Worth and Money, and his textbook "Personal
Financial Planning" is considered a definitive guide to the profession. An
earlier book written for consumers, "Lew Altfest Answers Almost All Your
Questions About Money", was named one of the best financial planning books
by Money in 1992.
Altfest's research has led him to develop an exclusive, innovative
wealth management system, Total Portfolio Management (TPM(TM)). Based on
the philosophy that a planner must understand how individuals think in
order to develop a realistic financial plan, TPM(TM) incorporates all
assets and liabilities, including human assets and real estate, into the
planning process and takes into account behavioral elements such as
discretionary and nondiscretionary spending.
Altfest helped to develop the National Association of Personal
Financial Advisors (NAPFA), the nation's leading organization of fee-only
financial planning professionals, is a founding member and former board
member of the Consumer Financial Education Foundation, and former director
of the New York Chapter of the International Association for Financial
Planning.
The Best-in-Business Award winner, Moneta Group of St. Louis, Missouri,
was honored for its success in delivering a wide range of services to
clients, including money management services, in-house estate planning, tax
planning and preparation, retirement planning, charitable giving, business
succession planning and risk management. In the last five years, assets
under management at Moneta Group have grown from approximately $3 billion
to more than $6 billion, while the number of clients has remained the same.
This success with existing clients stems from the firm's focus on serving
as "Family CFO" for its clients, emphasizing relationships and maintaining
a fierce commitment to high levels of client service.
Between 1998 and 2004, the Best-in-Tech Award winner, Friedman &
Associates of Novato, California, doubled the number of clients it served,
tripled assets under management and added an array of services -- all
without hiring additional administrative employees. The firm has also
experienced approximately 40 percent growth per year in operating profits.
The firm attributes its success to increased productivity through
technology. Recognizing a common frustration among advisors, Greg Friedman,
MS, CFP and President of Friedman & Associates, helped create "Your Silver
Bullet", an organization that now has 21 members committed to enabling
different software applications to share data easily. The organization is
developing interfaces and data standards so that core functions advisors
perform using software -- including portfolio management, CRM and document
management -- will be more integrated, freeing advisors to spend more time
serving clients.
The Pacesetter Award winner, Abacus Planning Group, Inc. of Columbia,
South Carolina, has grown from serving a handful of clients with a
two-person staff to a 16-person firm overseeing more than $500 million in
assets for 145 clients. The firm places an emphasis on developing team
members and a team approach to client service. Abacus Planning Group
incorporates a number of practice management strategies to enhance the
culture and develop employees who can help the firm grow. For example, a
career path model encourages employees at each career stage to participate
in the management of the business. In addition to core professional and
administrative responsibilities, each team member serves on one of four
business teams: CFO, marketing, operations or human resources. Firm
employees take turns teaching at "Abacus University", a one-hour weekly
meeting covering key topics every employee needs to know.
"The independent investment advisory industry is a remarkable story of
entrepreneurialism, integrity and passion for helping people reach their
financial goals," said Charles Goldman, executive vice president of Schwab
Institutional. "The 2007 IMPACT Award winners exemplify the very best of
the industry."
Goldman presented each of the winners with an IMPACT Awards trophy at
the ceremony. Each winner also was granted a donation from Schwab
Institutional to their charity of choice. The Charles R. Schwab IMPACT
Award winner received a $25,000 donation from Schwab Institutional to Pace
University's Lubin School of Business for a scholarship fund to be
established in Dr. Lewis J. Altfest's name to benefit students in the CFP
program. The firms honored with the Best- in-Business, Best-in-Tech and
Pacesetter Awards received a $10,000 charitable donation to the CFP program
at the University of Missouri, St. Louis; the American Cancer Society; and
Bryn Mawr College, respectively.
Profiles and videos on the winners are available online at
impactawards.schwab.com/.
About the IMPACT Awards
Independent investment advisors have fundamentally changed the
financial services landscape by providing independent advice to affluent
investors. The IMPACT Awards, established by Schwab Institutional in 2006,
recognize these contributions by honoring advisors and firms that have
advanced the industry through their visionary leadership, operational
excellence and technology innovation. The IMPACT Awards are judged by a
panel of recognized experts and presented at IMPACT(R), one of the
industry's leading conferences. For more information, visit
impactawards.schwab.com/.
About Schwab Institutional
Schwab Institutional is a leading provider of custodial, operational
and trading support for independent investment advisors. Since 1987, Schwab
Institutional has supported independent investment advisors by offering
support and services to help grow their businesses and help their clients
reach their financial goals. As of September 30, 2007, client assets
custodied with Schwab Institutional stood at $581 billion. These assets,
managed by the approximately 5,500 independent advisor firms Schwab
Institutional currently serves, represent approximately one-third of total
client assets custodied with The Charles Schwab Corporation. Brokerage
products offered by Schwab Institutional are not FDIC insured, are not
guaranteed deposits, and are subject to investment risk, including the
possible loss of principle invested. Schwab Institutional is a division of
Charles Schwab & Co., Inc.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of
financial services, with more than 306 offices and 6.9 million client
brokerage accounts, 1.2 million corporate retirement plan participants,
212,000 banking accounts, and $1.4 trillion in client assets. Through its
operating subsidiaries, the company provides a full range of securities
brokerage, banking, money management and financial advisory services to
individual investors and independent investment advisors. Its broker-dealer
subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org),
and affiliates offer a complete range of investment services and products
including an extensive selection of mutual funds; financial planning and
investment advice; retirement plan and equity compensation plan services;
referrals to independent fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based investment
advisors through its Schwab Institutional division. The Charles Schwab
Bank, N.A. (member FDIC) provides banking and mortgage services and
products. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an
electronic trading technology and brokerage firm providing services to
highly active, online traders. More information is available at
http://www.schwab.com. (1007-1698)
SOURCE Charles Schwab
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CONTACT:
Michael Cianfrocca of Charles Schwab, mobile,
+1-415-307-1558, michael.cianfrocca@schwab.com; or Gauri Mundkur
of Makovsky + Company, +1-212-508-9606, gmundkur@makovsky.com,
for Charles Schwab
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