As managing director of Strategies for Wealth, New England, Joshua I. Gorra works closely with the entire management team at the Providence affiliate of the New York City-based wealth-management firm. Originally from Massachusetts, he’s been a Rhode Island resident for the past 19 years. He graduated from Johnson & Wales University with an associate degree in entrepreneurship and a bachelor’s degree in financial-service management.
Gorra is an eight-year member of the Million Dollar Round Table, a trade association founded in 1927 to help insurance brokers and financial advisers establish best business practices. Prior to joining Strategies for Wealth, he worked at Baystate Financial/MetLife, where he was both an adviser and managing sales director. He was responsible for personnel production and growing the office by acquiring new talent.
Aside from his role at Strategies for Wealth, Gorra serves as a registered representative of Park Avenue Securities and a financial representative of The Guardian Life Insurance Co., neither of which are affiliated with Strategies for Wealth.
In his spare time, Gorra is a New England sports fan and enjoys bicycling, having completed his first century ride (100 miles) in 2013. He did the ride for Best Buddies International, an organization dedicated to ending the social, physical, and economic isolation of those with intellectual and developmental disabilities.
PBN: When Strategies for Wealth talks about “protection first” for its clients, what does that mean?
GORRA: It means protect cash flow and assets before savings and growth. Simply put, we focus on making sure income is protected in the event of premature death or disability, then we make sure your long-term retirement plans are in line with that vision.
PBN: Which aspects of financial planning do you find that clients most often overlook?
GORRA: Clients overlook how long they are going to be in retirement, therefore don’t save enough. That’s why folks need to have comprehensive planning – the whole plan, not just investments or insurance. They need both. They also overlook having an entire team that specializes in several areas to be able to effectively explain and help implement their individual plan.
PBN: In terms of investment strategies, are you finding that clients are more interested in socially responsible/impact investing?
GORRA: It really depends on the client, but I’d say it’s 50-50. But everyone’s goals are unique to them.
PBN: Which areas of wealth management do you see as having the most potential for future growth?
GORRA: I believe, with the millennium market, we will see more pay-for-service models or subscription models. Our broker-dealer, Park Avenue Securities, is thinking ahead by providing creative solutions for all different markets that are interested in wealth planning.
PBN: What advantages can your firm offer clients in comparison to the giant banks and financial-services companies?
GORRA: We offer customized plans that help our clients understand what they need to do to stay on track to reach their financial goals. We provide an experience versus selling products, and we make sure it is one of our core values. We also are very involved in the communities by spending time with various nonprofits in Rhode Island. The House of Hope [Community Development Corp.] and Let Love [International] are two examples.
Scott Blake is PBN staff writer. Email him at Blake@PBN.com.