FintekNews is pleased to publish the second in our new series – #FintechSavvy. The series has a two-fold purpose: 1) To feature ADVISORS who are successfully using financial technology in their practices and profiting from it, and 2) To feature FINTECHS who are helping advisors grow their practices with their unique product offerings.
This week, we’d like to introduce you to Lori Johnston, Managing Partner of Impact Capital Strategies, whose vision is to assist clients in building sound investment plans designed to help grow assets, preserve wealth, manage risk and eventually transfer wealth in an effective manner. The firm is also committed to helping clients develop investment and wealth management strategies that align with their social and political values and interests.
NAME: Lori Johnston
TITLE: Managing Partner
COMPANY: Impact Capital Strategies
WEB ADDRESS: www.impactcapitalstartegies.net
- What services does your wealth management firm offer?
We provide customized wealth management strategies for individuals and institutions wishing to utilize their investments to have a positive impact on the world.
As an independent practice, our investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo and Company. Impact Capital Strategies is a separate entity from WFAFN.
2) What was the personal motivation for you to join (or launch) your firm? Please share some details if you wish, such as the age of the firm, partner info, location/s, investing emphasis, etc.
My business partner, Jon Ellenbogen, President, and I launched Impact Capital Strategies in 2016 after more than 16 years of focusing on socially responsible investment strategies in our respective offices. Jon originally was my financial advisor decades ago when I was a Ben & Jerry’s franchisee. He encouraged me to join him as an advisor in 2001 and in many ways we have been planning the launch of our own independent investment firm since that time.
3) What is the average age/gender/financial demos/social composition/geographical location of your client base?
Our client base is diverse in many ways but the common factor that cements the relationship is that our clients are looking for something beyond traditional investment advice. We work with many non-profit organizations and foundations that wish to align their missions with their investments. We also work with high net worth families and individuals to provide traditional wealth management services such as retirement planning, life insurance (offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies), asset allocation and legacy planning. Most of our client base is located on the East Coast and we currently have offices in Washington, DC and Boston.
4) What financial technology tools/services do you currently use in your practice?
We utilize an investment analysis tool available to us through Wells Fargo Advisors Financial Network, LLC.as well as sophisticated stock/fund screening services. The back office at Wells Fargo Advisors Financial Network, LLC provides significant planning, reporting and research tools that we can use with our clients. The online services available for clients are also growing rapidly as things trend away from traditional client interface.
5) Do you feel the fintech tools/services you use give you any sort of competiive advantage over other advisors and/or do they help you retain clients or win new business more easily? If so, how?
As an independent investment practice, we dedicate a significant amount of time and resources to keeping up with the latest technological tools available to help us better serve our clients. We feel that the tools/services that we have at our disposal definetely do provide an advantage over firms that have not invested as much in financial technologies that are available today. Additionally,having the support of Wells Fargo Advisors Financial Network, LLC, which is part of one of the largest investment firms in the country as our back office allows us more time to fully concentrate on our clients and their needs.
6) How have your clients reacted to the fintech that your firm uses?
We have a growing client base that is excited about technology is eager to learn about what we provide that may be different from what other firms offer. Naturally we also have some clients that have no interest in technology and only want to maintain personal communication with us regarding their wealth management needs.
7) Have your clients requested that you add any other financial technology offerings that you are not presently providing? Do you anticipate adding any new fintech offerings in the next year?
We are actively looking for financial technology solutions that may help us take advantage of any new opportunities in socially responsible investing.
8) Finally, how do you think fintech will impact advisors in general, and your practice specifically, in the future?
We at Impact Capital Strategies believe that the financial service industry is changing at a rapid rate. There will be a need for advisors that can not only keep pace with all of the changes but also be able to articulate and educate their clients while finding opportunities for them to use financial technology as part of their overall investment experience.
Lori Johnston is a Managing Partner at Impact Capital Strategies with more than 16 years of experience in the financial services industry and a background in small business ownership. Lori provides comprehensive wealth planning services with an emphasis on Socially Responsible Investing, and she holds the Series 24, 7 and 66 securities registrations.