Brian Firring, private wealth financial advisor, managing director - investments, Wells Fargo ... [+]
Brian Firring is a private wealth financial advisor and managing director of investments at Wells Fargo Advisors
Firring followed in his father’s footsteps, joining the financial services industry through his father’s introduction shortly after graduating from college.
He has spent the last 14 years at Wells Fargo with a typical client size between $10 and $40 million per household and a minimum account size for new accounts of $10 million.
Communicating with clients during Covid-19:
With the Covid-19 pandemic causing more uncertainty for clients economically and in nearly every facet of their lives, Firring has focused on exhaustive communication.
“We've really focused on overly communicating with everybody, we have a team of three and we will specifically hit every client relationship at least once a month, but more likely once a week for our most active clients. That is via telephone primarily, but also on email and Zoom.”
Despite the challenges presented by the pandemic, portfolios are largely staying the same as they were put together with a long term focus.
“There's a lot of uncertainty but when we put plans and portfolios together we really focus on the long term, and making sure that there's enough cash flow to get through any short term market hiccups. So, for the most part, it's been conversations about what's happening globally, but in portfolios we haven't had to make many adjustments because the clients have enough cash flow and their long term allocations have been prudent.”
Client selection:
Firring says that there isn’t one criterion for what type of client he likes to work with and that while he is often asked about financial minimums, the most important minimum is that they work with “a nice person who appreciates what we do.”
“You can have all the money in the world and if you don't check that box, we won't want to work with somebody. Having good solid personal relationships with clients has led to successful long term relationships both personally and financially and that's why I do a lot of additional business. So, finding people you like and you relate to and that are nice and appreciative has really helped.”
His outlook for an economic recovery:
While Firring admits there is a lot of uncertainty, he is optimistic long-term calling himself an optimist by nature.
“In the short term we are dealing with a lot of issues that we've never seen before. I remain unsure about unemployment issues and the ultimate effects of Covid, but the United States is a very resilient place that is driven by entrepreneurs who are adjusting on the fly. I'm very optimistic in the long term that things will recover, as they have many times before. We've dealt with a lot of obstacles over the years and we've overcome.”
While his optimism abounds, he does expect some things to remain different even after this episode in American history is over. His hope and expectation is that things will change for the better.
For now, he has been pleasantly surprised by the changes brought on with work from home after some initial trepidation.
“I was very nervous at first because I enjoy seeing my colleagues daily. But as we've proceeded through this, we've become very efficient, incorporating more technological tools. We talk two to three times a week on Zoom and things are good, if not better than they have been despite being different. It's much easier to call somebody quickly or get on a quick Zoom than it is to walk down to their office and interrupt a meeting.”
