Peter Miniati was recently hired as private client adviser for the Providence offices of F.L.Putnam Investment Management Co. He has three decades of experience in wealth management, most recently as managing director of wealth planning for Napatree Capital. He has a juris doctorate degree from Suffolk University Law School and is a certified financial planner.
PBN: How does your experience in prior wealth-management positions inform your role at F.L.Putnam?
MINIATI: The one thing that I have learned over the past 30 years working in this industry is that clients want you to do right by them. They want sound, objective advice from an adviser who holds themselves to the highest of fiduciary standards on matters that are important to them and their family. These are things that resonate with clients now more than ever.
PBN: How have wealth-management services changed, if at all, during COVID-19?
MINIATI: We are more reliant on digital communications tools like Zoom video conferencing, which many of our clients are familiar with, and Microsoft Teams for internal communications. However, the services we provide our clients have not changed. Clients continue to seek our advice on important financial and life issues.
We have historically done these meetings face-to-face but have adapted our practices to make “virtual” meetings appear as close to “real” as possible. We have been pleasantly surprised how smooth the transition has been for our team and clients.
Client engagement has also increased over the past few months. The one thing this pandemic has shown us is that clients value clear, accurate and consistent communications in good times and bad.
PBN: What advice would you give to customers about managing assets and investments during this pandemic?
MINIATI: We have navigated market turbulence and significant events over the past few decades from the dot-com bubble to the Sept. 11 attacks to the 2008 global financial crisis. Focus on your long-term portfolio goals, not near-term market volatility. You should also consistently review your cash needs and other financial objectives, including return assumptions, asset allocation and diversification. These are fundamental elements of a prudent investment plan.
PBN: How has the economic impact of COVID-19 affected F.L.Putnam’s plans to expand its regional presence?
MINIATI: We continue to execute on our local business goals and objectives. In fact, the time out of the office has helped accelerate several initiatives to expand our local footprint and service delivery model for our Rhode Island clients.
We have deepened our bench strength in financial planning and investment management over the past few years and will continue to invest in local talent to meet the needs of our growing client base.
PBN: What effect will COVID-19 have long-term on wealth-management services?
MINIATI: We believe better use of technology will have a positive long-term impact on the delivery of wealth-management services. For example, at F.L.Putnam we have created “living” wealth plans to track our clients’ unique and changing circumstances, including market, interest rate and tax-law changes. These integrated modeling technologies incorporate short-, mid- and long-term projections and objectives to answer the questions that are most important to our clients.
There is no perfect crystal ball. However, we believe these forward-looking technologies combined with clear-eyed assumptions will help us meet our clients’ needs today and in the future.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@pbn.com.
