Robert Jazwinski, Founder & Co-CEO, JFS Wealth Advisors
Whether the client’s needs are generational wealth transfer, retirement, tax or financial planning or to plan a successful exit from their business, working with an advisor helps people get where they want to go. In an interview with Invest:, Robert Jazwinski, founder and co-CEO of JFS Wealth Advisors, discussed his firm’s processes, and ensuring strong client relationships. “It begins with our people. Our people are truly our most important asset,” he said.
What have been some key highlights for JFS Wealth Advisors?
We reached $4 billion in assets under management last year. It’s a sign that we’re continuing to grow. Fifteen years ago, we had about a billion dollars in assets under management, which is substantial growth and a testament to our team’s hard work and the services we offer in the region.
We’ve developed a niche Business Growth & Transitions service to assist private business owners in the region. Many private business owners have a lot of their wealth tied up in their businesses. They need to develop plans to realize their wealth and need assistance with ownership succession planning and transition, so we have a team dedicated to this service and they are experiencing a lot of success throughout western Pennsylvania and eastern Ohio.
How do you ensure strong client relationships as the firm continues to grow?
It begins with our people. Our people are truly our most important asset, and it is pervasive across the organization. We want our team – our advisors, and all supporting team members – to care about clients. It’s become part of the firm’s culture. Additionally, we are intent on working with our team members to develop their professional skills. We pay for, reward, and incent them to obtain professional credentials, graduate degrees, and continuing education requirements. We think the most important part of our firm is to make sure we have committed, caring, and credentialed people.
We have investment strategies that have proven to be effective over time. They are based on robust academic research that has stood the test of time. We track performance and compare it with other advisors and relevant benchmarks; we know that the strategies are performing well. We also manage the tax efficiency of the investment return. We aim to be 95% or better from a tax efficiency point of view.
What services are seeing the most demand?
One component we emphasize is financial planning. This is the real value advisors provide. There have been several industry studies that describe the value good advisors can provide through financial planning. It can be as much as 2% to 3% per year in additional investment returns over time. This is very significant as value compounds over time. A part of this is managing emotional responses to the ups and downs of the market and educating clients about the importance of diversification. We want to educate clients about the volatility of the markets while also making sure they have the right structure for their investment portfolios. There are also other ways we add value through financial planning. We consider clients’ objectives and work together to help them accomplish those objectives and goals. We’re also seeing a lot of activity in the charitable giving space. There has been a lot of wealth created in the economy in the last 15 years. People across different levels of wealth are very interested in tax efficiency for the benefit of charities, so we have developed good expertise in charitable giving strategies. We’re also advising multiple generations of our clients’ families. As a result, our family wealth service is one of our biggest service areas. This is helping families manage comprehensive financial needs, including financial planning, tax, estate planning, bill paying, trust administration and other defined needs. Many of our wealthiest clients want to make sure their families are well taken care of down the road.
What new initiatives are in the works?
We have several professional firms that we collaborate with. These are primarily CPA firms and law firms we have developed close relationships with. Our primary source of new clients comes from referrals from existing clients. We continually coach our team that our top business development strategy is taking care of our clients. This is not only our obligation as a fiduciary advisor, to make sure that clients’ needs are met and that their interests are ahead of ours, but satisfied clients talk to their friends and families and refer us to them. This is the main source of new client growth.
More recently, we’ve been ramping up our digital marketing efforts. Through webinars and other events, we aim to provide a high level of education and information for people who are interested.
What are the main challenges facing clients today?
It is a macro issue with the heightened level of uncertainty we are experiencing in the global economy. There are military conflicts and global trade issues, for example. You must stay optimistic, but there are periods of time when we grapple with very difficult issues. Hopefully, the factors that are generating uncertainty get resolved and we see positive conclusions. However, the financial markets are generally resilient, particularly when you have a broadly diversified portfolio. Corporate earnings are a result of positive human behaviors over time. When you think about what we do as humans on a regular basis, we are constantly solving problems and capitalizing on opportunities. We are constantly trying to improve ourselves. We are constantly trying to meet and beat budget. The ingenuity involved in dealing with issues propels us forward over time. This will likely continue to be the case because that is the history of humanity over time.
In the region, we have some demographic issues. as there is not enough population growth. We are not having much workforce growth, which can be a limiting factor in growth for economic activity. But with this said, Pittsburgh still has about 2.5 million people in the metro area, which is a significant population size that translates to a significant group of people needing the types of services we offer. With all the positives for the region – the great schools and higher education system, quality health care, the outdoors, the diverse economy, for example – Pittsburgh remains a great place to raise a family. Regional leaders are committed to further improvements.
What are the top goals and priorities for the firm in the coming years?
We will continue to improve everything that we do. That is our first objective. We see some benefits in using AI to improve our productivity. Also, our team is as enthusiastic and engaged as ever. We will continue to work with them to develop their skills and help them on their own path of personal success. We will continue to monitor what clients need, which is a continuous process. We’ll continue to monitor what is happening, assess it from the standpoint of clients, and remain current with our services. Our partnership with our clients is to help them realize their financial goals and objectives.
