Strategic Wealth Partners Celebrates Ten Years of Service


Strategic Wealth Partners Celebrates Ten Years of Service Ten years ago, an economic tsunami was brewing. An overheated real estate market was cooling off and subprime mortgage defaults were piling up. Before the end of September ’08, the Dow Jones Industrial Average would plummet more than 777 points, the most in any single day in history. A Monday morning quarterback might say 2008 was not the best year to launch a wealth management firm. But for David Copeland and Neal Price, there was no turning back. The two partners had put everything on the line to start their own investment advisory and financial planning firm. On May 16, 2008, Strategic Wealth Partners of Deerfield, Illinois opened its doors. Ten years later, Copeland and Price sit in a conference room at Strategic Wealth Partners offices near downtown Deerfield, sharing stories about the early days. The bond forged between the two in the trenches of financial battle is evident. Through the closed door, the hum of a busy office can be heard. A decade earlier, the firm had started with five people, 175 clients and around $450 million assets under management. Today, 30 professionals provide investment advisory services and support to approximately 600 clients across the country. There is now a second office in Milwaukee. At more than $2.6 billion in assets under advisement, assets have more than quintupled. Clients of the firm typically have investable assets between $2 million and $100 million. Did the pair have misgivings during those tumultuous months of 2008 and 2009? “Do you mean hourly or daily,” laughs Copeland. “We created business plans and financial models and then Dave would cut my financial models drastically,” says Price. “I would say, ‘that’s so draconian. That could never happen.’ But even Dave’s worst-case scenario wasn’t as bad as what happened.” “No one could see the bottom,” adds Copeland. THE RIGHT BUSINESS MODEL

Just how the firm survived, and then thrived, in ensuing years is a fascinating study. The two North Shore area residents are quick to admit that the 2008 trial by fire was the ultimate test of their business model. They were determined to build a model in which the firm would not accept commissions. Firms that operate on commission-based fee structures can affect a manager’s objectivity and influence the advice provided to clients. They wanted Strategic Wealth Partners to offer independent, fee-based advisory services and to truly embrace the concept of being a fiduciary to their clients.

“We knew that we had the opportunity to develop something we both felt very strongly about and felt there was demand for what we wanted to build,” says Copeland. “I knew if I were a client, I would want to work with an independent advisory firm that didn’t have ties to investment banking, corporate finance, a trading desk, or to any other parts of financial services where conflicts are evident.” Price adds, “I give credit for our success to our clients. We firmly believed we were doing the right thing for our clients, and our clients validated that.”

As part of their vision to do what’s best for the client, they created a business model based on collaboration, not competition. “Unlike many large investment houses, we don’t compete against each other,” says Copeland. “Here, everyone works together. That’s a major reason for our success.”

Copeland points out that collaboration allows his team to benefit from shared perspectives on the same topic. “Because clients work with multiple team members, they receive a more customized solution,” he notes.

PEOPLE AND COMMUNITY Ask what makes them most proud and the conversation turns towards the firm’s staff. “I’m most gratified to be part of a firm that provides good jobs for 28 people,” says Price. “I give credit for our success to our staff. There are very few firms that deliver the kind of service we do. Our highly customized approach is somewhat inefficient; it’s a lot of hard work and involves a lot of heavy lifting. Our team bends over backwards for clients every day.” Those same staff members are also very active in their community. Strategic Wealth Partners staff volunteer for a range of civic and charitable organizations including Jewish United Fund (JUF), Jewish Council for Youth Services (JCYS), Open Heart Magic, and Froedtert Community Memorial Hospital. “We strongly encourage our team to be engaged in the community,” says Price. “That really is a core part of our success. You don’t join a board or organization because you think it’s good for business. You do it because it’s the right thing to do for the community.” THE NEXT TEN YEARS

Ten successful years have given the partners the opportunity to think about the next ten years. “We don’t expect – or want – to be a household name with a big billboard out there,” says Copeland. “We want to continue to build a solid reputation for integrity, objectivity, hands-on service and reliability. We believe this will increase our credibility in the region and attract clients to our firm.”

Today, much of Strategic Wealth Partners’ attention is focused on succession-planning and developing the firm’s next generation of leaders to serve the next generation of clients. “From day one, we set out to create something that was going to be around a lot longer than the two of us,” says Price. “It was one of the reasons we didn’t put our name on the door. We wanted to build a firm with the ability to create success for our clients and hopefully, for their kids and grandkids - long beyond the time that we’re going to be here.”

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