3 min read February 2024 — In an interview with Invest:, Mark R. Parthemer, chief wealth strategist and Florida regional director at Glenmede Private Wealth, explained how its highly tailored, bespoke wealth planning for clients sets the firm apart. He also discussed the benefits of actively participating in organizations that shape and implement financial laws and regulations.
What sets Glenmede Private Wealth apart, giving the firm a market edge?
There are a couple of factors that truly set us apart from the other top-tier providers. Let me touch on two of them. Firstly, in the industry, there has been a prevalent trend toward consolidation. We’ve witnessed numerous roll-ups of investment advisory services and large banks are actively engaging in acquisitions and mergers, aiming to achieve efficiency through methods such as robotics and artificial intelligence (AI). They are inclined toward delivering mass-produced outcomes for clients; however, this approach is not innate to the population our clients belong to.
What our clients seek, and what truly distinguishes us, is the highly tailored, bespoke planning we provide. For instance, we initiate each engagement and conduct annual reviews with every client to create a goals-based wealth plan. This plan encompasses their complete financial picture, including assets, goals, visions, and worries. We employ sophisticated analyses like Monte Carlo simulations to assess the probability of success. Subsequently, we work individually with clients to structure their portfolios in a way that enhances their chances of success. This level of personalization is our hallmark, as we prioritize client outcomes over our internal metrics, such as assets under management (AUM) or profitability.
Secondly, another critical aspect that sets us apart is our status as a privately-owned firm. We remain independent, unshackled by the demands of quarterly reports or stock market fluctuations. Instead, our primary focus is on making the best long-term decisions that benefit our clients. We are not driven by the need to boost our stock value to appease shareholders and this, once again, emphasizes our commitment to client-centric solutions.
Have the ongoing market changes affected your business in light of the broader economic landscape, such as higher interest rates and inflation?
It certainly has a significant impact on our business because it directly affects our clients. Our clients are the lifeblood of our business. When we look at how our business performs, the true test emerges when we face headwinds. While it’s relatively easy for investment advisers to shine during favorable market trends, the real measure of a firm’s mettle is when challenges like rising interest rates, inflation, market volatility, global conflicts or political divisions in Washington, D.C., come into play. These are the scenarios where a client-focused firm can truly set itself apart from its peers.
Our approach is geared toward ensuring that we meet our clients at their unique points of need. This extends not only to constructing their investment portfolios but also to tax planning, estate planning and other family office services that we offer. We strive to provide our clients with clear and thoughtful guidance that is not reactive but rather responsive to their individual situations and geared to empower them confidently to pursue their purposes, passions, and legacy.
How will the influx of new residents and businesses impact the market long-term and do you see distinct needs emerging among these new clients?
Absolutely, our clients do have diverse needs. Many times, these families are spread across the country or even around the world. So, our ability to provide services where these family members are located is crucial. This is particularly important for the kind of clients we serve. For instance, if the parents move to South Florida but their children remain in New York City or Los Angeles, we need to be able to serve them effectively. This necessitates not only the use of technology but also having the right talent in, and support from, our company. We’re prepared to hop on an airplane and meet with these individuals when and where necessary.
Furthermore, we’re witnessing a growing trend in multigenerational dynastic planning, encompassing both investment and estate planning aspects. The key to success in this process is not just top-down education, where the senior generation imparts their financial values and wisdom to the younger generation. It’s also about educating the next generation to be better beneficiaries of trusts, better donors, and more responsible stewards of the family’s wealth. They need to understand that while they benefit from this wealth, it doesn’t automatically become solely theirs to use at will. Instead, it’s something they are entrusted with, for the benefit of their family and future generations, as well as for the worthy causes and charities they support.
How do you proactively adapt to industry changes in the financial landscape to best serve your clients?
In many ways, our approach is a bit like “divide and conquer.” For instance, let me share my journey. I spent some years in public accounting and then transitioned into private law practice for a period of 15 years. For the past 19 years, I’ve been on the wealth management side. To ensure we stay at the forefront of our industry, we must maintain a deep understanding of our subject matter expertise.
For example, I serve as the president of the Florida Bankers Association Trust and Wealth Management Division. I actively participate in the leadership of organizations like the American College of Trust and Estates Council and the American Bar Association, as well as the Florida Bar Association and Cambridge Forum. This active involvement allows us not only to read about future laws and regulations but to be a part of shaping and implementing them.
Our teams consist of subject matter experts, each contributing their expertise in their respective fields. This approach ensures that we’re not simply reading about new developments in the newspaper; instead, we actively participate in their development. This way, we can provide our clients with the best advice by understanding the context and opportunities within any new changes that are being implemented.
What is on the agenda in the upcoming two to three years for Glenmede that you’re excited about?
I’m incredibly enthusiastic about Florida and Glenmede shares this excitement as well. As the Florida regional director, I want to emphasize that investing further in Florida is our top-most priority for Glenmede’s growth and future. Florida holds a special place in our firm and we see it as a region of great significance for our expansion across the country.
We firmly believe that Florida continues to be a leading region where we can build our brand and cater to clients seeking services like ours. We understand that not all financial service firms are the same and clients have diverse needs. While we may not be the right fit for everyone, for those clients who align with our values and offerings, we are committed to delivering world-class service.
Our goal is to empower our clients to pursue their passions and legacies. The most rewarding part of our work is when clients express their satisfaction, knowing that we’ve provided them with peace of mind. Whether it’s in constructing their investment portfolio, educating their children, or shaping their estate plan, our motivation lies in delivering that sense of security and helping clients achieve their goals; our commitment to this remains unwavering.
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