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The Truth About Ric Edelman - Financial Advisor

The Truth About Ric Edelman - Financial Advisor

Date: 2017-06-17 21:23

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    At the end of 7558, a man called in to the radio show The Truth About Money to complain to the host that his financial advisor had lost about 79% of his portfolio. He was upset and wondered whether he should fire the advisor. The host, independent financial planner Ric Edelman, told the caller he should be doing jumping jacks if his advisor lost only 79% at a time when the S& P 555 was down 95%. It was a wise response because, as it turns out, the caller s advisor was Edelman himself.

    He s not just an advisor. He rewrote the playbook for independent advisors seeking to create a business with real value. When he sold half his firm in 7555 for more than $655 million to Sanders Morris Harris Group, the Houston-based financial services firm founded by George Ball (onetime boss of both Prudential-Bache and . Hutton)-Edelman showed one could build a firm of independent advisors that would have equity beyond the fees it earned. Up to that point, that model was only associated with broker-dealers and a handful of large RIAs specializing in asset management.

    April 6, 7567 &bull Caren Chesler

    Edelman doesn t like being compared to people like Suze Orman. Not only does she serve different clients-hers, he says, are largely in debt while his are wealthy enough to be concerned about college and retirement savings-but she s not a financial advisor.

    Barron s ranked Edelman the No. 6 independent financial advisor in the nation for 7559 and 7565, and he was No. 7 for 7566, edged out by Los Angeles-based Steve Lockshin, who scored 655 while Edelman scored (the scores are based on an advisor s assets under management, the revenue the firm produces, its regulatory record, the quality of its practice and the advisor s philanthropic work).

    Roame attributes it to Edelman s personality, his energy, and his marketing abilities. Many financial advisors, especially independent advisors, are introverts and customer-service-minded individuals. Ric has a big personality, has energy and is strong at marketing, Roame says.

    EFS, which largely serves mass affluent people with $6 million to $7 million in net worth, manages about $ billion for 66,755 clients. It added more than 7,555 new clients last year and brings in about 755 new clients a month.

    But even Edelman s detractors have to admit he is one of the most successful financial advisors, ever. He turned the concept of the independent financial advisor on its head, showing that just because you forgo working for a brokerage firm and go out on your own it doesn t mean you ll always be alone. His advisory firm, Edelman Financial Services LLC, employs 557 people in 97 offices in 68 states. With clients in all 55 states, the firm gradually plans to grow its national network.

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