Richard Anzelone is one of two new managing directors at StrategicPoint, a Providence investment advisory firm. Anzelone and the other managing director, Betsey Purinton, take over after the departure of company founder David Brochu, who had a bitter dispute with the firm’s owner, Focus Financial Partners LLC.
Anzelone, who has been with StrategicPoint for 11 years, answered five questions about his new role.
PBN: What kinds of changes can clients expect, now that StrategicPoint is under new leadership?
ANZELONE: The new management team – comprised of myself and Betsey Purinton – has a much more personal approach to the business. We are specifically aiming to deliver a better experience for our clients through a number of new initiatives such as hosting informational events. Recently, we hosted an event for our clients at the Providence Renaissance Hotel with some great guest speakers to discuss the state of the financial markets, which was especially well-attended. We are also focusing on improving client interaction with enhanced portfolio reports, and we are going green by offering paperless statements.
PBN: Why two managing directors? Isn’t it typical that a firm such as StrategicPoint has one managing director?
ANZELONE: Actually, having multiple, co-equal partners or managing directors is quite common in the asset advisory business, and this does not represent a substantial shift from StrategicPoint’s previous management structure – although the previous management team did not share the same title. Additionally, while Betsey is our chief investment officer, I also serve as our chief compliance officer.
PBN: How has StrategicPoint weathered the topsy-turvy nature of the market in recent years? A lot of hand-holding?
ANZELONE: In my opinion, we have weathered this difficult environment by being disciplined and sticking to our overall investment philosophy. Our investment strategy is based on dynamic asset allocation, which is the approach we have taken since I came to StrategicPoint in 1999. During the recent downturn, we have continued to apply our strategy, which includes extensive research in order to keep up with the economy and markets. Our decision-making processes require an incredible amount of discipline and dedication.
I wouldn’t say that we do so much “hand holding” as we do educating to help our clients understand their own goals as well as their risk tolerance. In other words, we attempt to take the mystery out of the market and economy for our clients.
PBN: You talked in the announcement of your promotion about StrategicPoint’s “independence.” Can you expound on that, and why it’s important?
ANZELONE: When using the word “independence,” we are basically letting people know that we are not affiliated with an investment bank, insurance company or any other company that creates investment products. We are, in fact, an independent registered investment adviser. This is important to us because it means that we are able to give unbiased financial advice and guidance. In other words, when we make a decision in our client’s portfolios, we are not obligated to only offer a certain investment product at the direction of another party but rather we can select any investment that is in the best interest of the client.
PBN: StrategicPoint has been owned by a New York firm, Focus Financial Partners LLC, since 2006. What role does that firm play in StrategicPoint’s operations?
ANZELONE: Focus is a partnership of firms similar to ours. They don’t try to alter our vision or involve themselves in our day-to-day operations. What they do provide is resources, networking opportunities and operational expertise. For example, with respect to auditing or compliance, Focus makes available consultants and other experts to ensure that we have the best possible systems in place and solutions at our disposal. Also, Focus uses its relationships with various vendors to negotiate contracts that help to reduce our costs. We also enjoy learning from the other partners in the Focus network.
