CEO REPORT: Second Quarter
July 15th, 2016
By Jeff Petersen, CEO
that Petersen Hastings is strategically focused on the most important factors, with our clients at the center of this focus.
The formula that FT uses to grade advisors is based upon 6 broad factors, including assets under management, asset growth, the company’s age, industry certifications of key employees, Securities and Exchange Committee compliance record, and online accessibility. FT went on to disclose why each of these factors is significant.
1. Assets under management signals experience managing money and client trust.
2. Assets under management growth can be a proxy for performance, as well for asset retention and the ability to generate new business.
3. Companies’ years in existence indicates reliability and experience of managing assets through different market environments.
4. Compliance record provides evidence of past client disputes; a string of complaints can signal potential problems.
5. Industry certifications show that the company’s staff has technical and industry knowledge, and signals a professional commitment to investment skills.
6. Online accessibility demonstrates a desire to provide easy access and transparent contact information.
While we do not have the number of other family-owned businesses included in the FT300, we would not be surprised if there was a significant representation. Why? Let’s look at a number of factors that have significant crossover between family business strengths and the factors in the FT process. In the article “Family-Owned Businesses”, Inc., discusses some of the advantages of family-owned businesses over other business entities. “Family businesses may have some advantages over other business entities in their focus on the long term, their commitment to quality (which is often associated with the family name), and their care and concern for employees.” Petersen Hastings will celebrate its 55th anniversary next year, an unusual accomplishment of tenure compared to publicly traded companies. According to Harvard Business Review, a study of 25,000 publicly traded companies from 1950 to 2009 found that, on average, they lasted around 15 years, or not even through one generation. Petersen Hastings currently employs both 2nd and 3rd generation family members. And yes, it is very important to the Petersen family to protect the family name.
We are also fully committed to the care and concern for our employees. While it is unusual for a firm of our size to employ a human capital manager, we feel that it is important to have a qualified professional looking out for the needs of our team on a daily basis. We also believe that providing our clients with a high level of service can only be successful if we provide the same to our team.
Petersen Hastings promotes a learning environment, and therefore, we value continuing education as it promotes “raising the bar” of commitment to our financial planning, investment, and customer service skills. We are proud to have a highly credentialed advisory team, with each advisor maintaining the Accredited Investment Fiduciary (AIF®) designation in addition to other designations that may include Certified Public Accountant, Certified Financial Planner (CFP®), Certified Retirement Plan Counselor (CRPC®), Certified Trust and Financial Advisor, or Certified Board Advisor.
Petersen Hastings is proud to be a family-owned business, and we feel that both our clients and employees have and will continue to realize the benefits of this business model. We are also proud to have the high caliber talent and experience of non-family ownership. Having both a family and non-family path to leadership at Petersen Hastings serves our clients and employees well.
As Petersen Hastings approaches its 55th birthday, we look forward to embracing the values that are core to serving the needs of our clients and employees for the next 50 plus years. While we expect that there will be many changes over the next 50 years, one thing will remain the same – our commitment to excellence.
Thank you for your continued confidence in Petersen Hastings. We take this responsibility seriously!
We are proud to have been recently selected by Financial Times (FT) as one of the 2016 FT300 Top Registered Investment Advisors in the United States. Only eight firms were selected from Washington State, and Petersen Hastings was the only firm recognized in Eastern Washington. Our selection was reinforcement