Why did you form this firm to begin with?
I have always known that a true financial advisory starts with planning as its core and Prato Capital Management was formed with the singular purpose of being the premier planning based firm bar none.
With experience from over a quarter of a century in aviation I follow a simple core belief – “People don’t plan to fail, they simply fail to plan.” As a result of this, many live a life reacting to outside forces rather than enjoying the one life they have been given.
Beginning with my flying career in the military and then for a major US airline, each and every mission and flight started with a plan. More often than not our plans were disrupted by forces outside of our control; Bad weather, air traffic control disruptions or the occasional in-flight aircraft emergency. But not once did I ever place myself or my passengers in harm’s way and not once did I ever panic. There was always a plan on how to proceed.
I saw it as my duty to keep my crew members and passengers informed as to what was happening every step of the way. If things proceed normally or if things changed due to forces beyond my control, everybody was informed what the plan would be going forward.
Can’t the same be said about life? Shouldn’t we have the same duty guiding an individual through their financial lives?
Events happen. Life deals us disruptions. An individual’s life is fraught with “ups” and “downs” just like a passenger flight. We gain jobs…and we lose jobs. We get married (or not) and sometimes we get “un-married.” We raise little kids with little problems and we nurture big kids with bigger problems. It’s the cycle of life…it’s all part of the process …and it is all normal.
Life if not that different than investing. It has its ups and downs but in the end, if ones financial life is properly planned we dodge those unexpected “storms” and arrive at our “destination”, wherever that might be, in the safest and most secure fashion possible.
My mission, my namesake firm’s mission is to be there all along the way as your partner in the great journey called life.
Why did you decide to go independent?
The decision to go independent was based on a simple principal:
“To act with strict accordance of always doing the right thing for our client.”
The business models of the Wall Street firms are self-serving to themselves and do not allow an advisor to do the right thing for a client. As an independent advisor I am free of these business models.
Now as an independent advisor, my business model is to serve my clients and ensure that I always act in their best interest.
- Being independent allows me to choose tools that have real benefits to my clients. As an example, I can choose the premier financial planning platform without any limitations. The Wall Street firms design planning tools with limitations and more specifically to introduce their own products and services.
- Being independent allows me to partner with like-minded experts who do not need to share revenue just to be part of a Wall Street firms large sales force.
- Being independent allows me to advise our clients on parts of the planning process most advisors find boring at best or not revenue generating at worst.
- Being independent means I am not forced to offer “in-house” products or services, I now offer the best product for each individual client.
My philosophy is to always find solutions for the individual that is best for them, whether it generates revenue or not.
Wall Street is a marketing machine. There is no denying that I cannot compete with the hundreds of millions of dollars spent on advertising by most firms. But that is fine with me. The focus of my firm is to keep our fees low, pass these savings on and provide true value for our clients.
When our clients benefit, then we benefit.
"Tune out the noise."