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Financial advisors adapting to new, 21st century role

Rapidly changing technology, combined with the flood of up-to-the-minute financial news, has changed what it means to be a wealth manager. “It used to be the role of the advisor just to provide information,” said Randy Carver, CEO of Carver Financial Services, Inc. “Now, the role is to sort through all of the noise to find what is relevant and important for the client.”

Carver Financial Services, Inc., was founded in 1990 and provides customized wealth management and financial planning services. The Ohio-based firm provides securities Raymond James Financial Services, Inc. Member FINRA/SIPC. and  Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Carver Financial Services, Inc. is independent of Raymond James Financial Services whch allows them to provide clients with independent and unbiased advice. The firm takes a fiduciary approach, meaning the clients’ interest comes before the firm’s.

Unlike many investment or financial planning firms, Carver Financial Services Inc. focuses on the client’s personal vision and goals rather than taking an investment centric approach. They call this Personal Vision Planning®.   Carver Financial Services eschews models in favor of frequent client conversations and customized solutions constructed to help investors meet their personal goals; Carver said that he does not believe the market can be predicted in the short-term, and cookie-cutter strategies often fail to deliver.

“Somebody who wants to just set it and forget it, that’s not a good client for us,” Carver said.   The firm has a stated minimum of $500,000 but will work with clients family regardless of portfolio size.

The personalized approach matters given how much information is “out there,” Carver said. Multiple news channels track the markets every bump and a the proliferation of do-it-yourself tools—like robo-advisors—inundate investors with information. Building a close relationship with clients allows Carver and his team to whittle down the information glut into something relevant.

Technology won’t replace human advisors, but will help clients sort through information and “drink from the fire hose,” Carver said. The human advisor, however, remains necessary because what clients don’t know can hurt them.

“There’s questions they may not even know they should be asking,” Carver said. “A lot of times people don’t know what they don’t know.”

Carver Financial Services, Inc., has received numerous awards, including being named to Crain’s “52 Fastest Growing Companies” list in 2016. Carver himself has been named among the top wealth advisors in the country by Forbes, Barron’s, and The Financial Times.  Carver also has served as a commentator for FOX News, CNN, CNNfn, and been featured in numerous local media outlets in the Cleveland area.

Carver credits the firm’s success to its personalized approach. Carver Financial Services, Inc., maintains a staff of 18, which is large compared to other wealth management firms in the same marketspace and mangers more than $1.1 billion for clients.

“I think the trend in the industry, is how do you automate? How do you become more efficient? How do you use models?” Carver said. “All of those types of things that move you away from more personal one on one attention, because that’s very labor-intensive.” But for Carver, labor-intensive is fine, so long as it helps clients achieve their goals.

“We build each client’s portfolio based on our conversations,” he said.

For more information see http://carverfinancialservices.com
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