Albert Fox, Managing Director & Financial Adviser, Fox, Penberthy & Dehn at Morgan Stanley
Albert Fox, managing director and financial advisor for Fox, Penberthy & Dehn at Morgan Stanley, sat down with Invest: to offer insight into the dedicated ways in which the advisory firm supports the varied, complex needs of its clients through shifting market evolutions to help ensure that the day-to-day noise does not impact its clients’ long-term goals. “A key priority is ensuring that we are a voice of reason for our clients during both the exciting times and the most painful and challenging moments,” he said.
In the past 12 months, what have been some of the notable achievements or milestones for your team?
We have continued to serve our clients by assisting them with achieving their financial goals and desires. Fox, Penberthy & Dehn at Morgan Stanley helps clients navigate complex situations in order to yield favorable outcomes for them and their families. A key priority is ensuring that we are a voice of reason for our clients during both the exciting times and the most painful and challenging moments. As Financial Advisors, we aim to pay close attention to the world, the landscape, the aspects that are constantly moving, and focus on the aspects we can control. It is imperative to remove the day-to-day emotion from not only the news cycle, but also the perception that consumers need to be incredibly active in their decision-making. We must remain focused on long-term goals and objectives, including financially, personally, and philanthropically, so that the day-to-day noise does not encroach upon long-term objectives.
What is your overview of the state of the wealth management sector in New Jersey?
Wealth management in general is going through a continued phase of change to help meet clients where they are, both geographically and emotionally, and support their focus on the day-to-day, week-to-week, and month-to-month facets of their lives. Understanding that the speed at which information is processed influences many decisions, and the perception that you must act on that information rapidly, is a tremendous pitfall for people. Everything is considered breaking news, but generally, breaking news does not need to change core strategies. We continually remind clients and the industry that there are no new eras – history repeats itself. There may be a different set of circumstances and principles, but fundamentals largely remain the same. This is simply a new cycle that is similar to others in the past. Periods of recession and high inflation have existed before, and new trends in technology and transformation will always exist. Wealth management needs to adapt without forgetting the fundamentals of our responsibilities to our clients. An integral tenet of our responsibility is to guard against the noise.
How does Fox, Penberthy & Dehn differentiate itself from other wealth management firms in the South Jersey market?
In general, everything we do is through the lens of detailed and deep financial planning. Everything we look to solve on behalf of a client starts with getting to know them and their priorities on an individual level; then, we create a custom game plan and implementable strategy that allows clients to rank priorities in terms of financial importance. This helps us to build a tailored strategy designed to achieve each of their goals, while simultaneously weaving those things together with a well-developed investment statement of objectives, measurable milestones toward someone’s progress, frequent progress reviews, and regular communication about the things we think may be coming down the pike.
There’s always something impacting the financial markets, but more than ever, it feels like there is a particular level of uncertainty. What is your take?
Any time there is a change in leadership at the national level, we are subject to a change in principles and policies. Much like the theme of our discussion, we are focusing on policy instead of hyperbole, and we are focused on outcomes instead of words about what may or may not happen. We can’t control the narrative, but we can control our investing discipline, our spending patterns, revisiting clients’ objectives while assessing their ability to accept risk, and our understanding that, while the business cycle and political cycle occur simultaneously, they are not directly related. Our job is to stay focused on someone’s goals and objectives, regardless of the economic or geopolitical cycle. We help clients adapt when needed while also understanding that markets are filled with uncertainty. This reality makes wealth management both an art and a science.
What initiatives has the firm implemented to promote financial literacy?
We participate in some financial literacy programs through the Greater Philadelphia YMCA, which services the South Jersey market. Our team also gives their time to some of the local colleges and Rutgers University to teach finance to students with practical application, along with financial literacy work with local high schools. Teens are a greatly underserved group of people, and we actively fight against that illiteracy when we have the opportunity to do so.
What are the top priorities and goals for Fox, Penberthy & Dehn in the next three to five years?
We intend to continue working hard on behalf of our clients, representing all of their financial interests to help ensure that, for those who are transitioning to different stages of their lives, they maintain stability. We want our clients’ lives to continue evolving personally and professionally, while we support them financially.
An additional objective includes continually developing the next generation of leaders within our team. It is imperative to invest in the future leaders of our team who will indefinitely carry on the great work we have done over the past 30 years. We want to provide the next generation of leaders with all the necessary skills to help continue meeting the high demands of our clients and strive to exceed their expectations.
