The financial services industry has become increasingly complex over the ten years, not only for investors, but also for financial professionals. This complexity is both positive and negative. As the investor community has become more comfortable with the electronic information landscape, our jobs have become easier in some respects. Gone are the days when a client calls in just to ask for the latest quote. Everyone can get quotes on anything electronically. But there is a price for all of that information. Our clients’ senses are continuously assailed with opinions, offers, strategies, warnings, and promises, collectively regarded as ‘noise.’ It can be very confusing.
Today the questions we field from our clients are more complex, which require that we become better equipped and better informed. Just as the medical industry offers a multitude of specialties to better serve their client-patients, today’s financial services industry provides similar scenarios. We are largely a community of independents, as opposed to the days when wirehouses and insurance companies dominated the industry. Our common focus is still our clients. But rather than seeking to fulfill all of our clients’ needs ‘in-house’ we establish a network of specialists who collectively work together.
Foy Financial Services, Inc., is a specialist in investment management. We serve as a strategic partner for financial advisors who are affiliated with other firms via subadvisory and solicitor’s agreements. We provide investment advisory services for investors through the SELECTOR® Money Management Programs, which monitor, allocate, and report on variable investment portfolios composed of mutual funds, variable annuities, and variable life contracts.
We help advisors by relieving them of the work of constantly monitoring portfolio performance and asset allocation. We make adjustments in portfolio allocations automatically according to current market conditions in manners that are consistent with your clients’ risk tolerances. We communicate regularly with both you and your clients via Monthly Commentaries and Quarterly Reports. Both you and your clients have online access to accounts, with prices and positions updated daily, including access to a variety of position and performance reports.
In return for this sharing of the everyday responsibilities required of us, we also share in the advisory fees that your clients pay for these valuable services. Advisors are always maintained as advisors-of-record for their clients’ accounts and retain unlimited servicing capabilities. That is an important aspect of these shared responsibilities. They are first, foremost, and always, your clients. By delegating investment management responsibilities you clear more time to deal directly with your clients. This is positive leverage for you as well as for clients.