HBKS Wealth Advisors
Holistic view of wealth management
By Kit Bradshaw
For Progress & Innovation
STUART— HBKS Wealth Advisors takes a holistic view of working with each individual client. This distinguishes the firm, which has offices in Stuart and other Florida locations as well as in Ohio and Pennsylvania, from many stock brokerage firms, according to Stephen C. Schramm, principal and senior financial advisor.
“A lot of our clients come from working with an average stockbroker, but they aren’t getting something beyond portfolio management, and so there is a void in their lives. We are exceptional at managing portfolios, but there are so many other aspects to someone’s life and we need to manage this as well,” Schramm said.
The wealth management and investment advisory firm spends a great deal of time in the initial stages of the company-client relationship, starting with an in-depth examination of the person’s finances, customizing the plan for the client, then implementing, evaluating and adjusting the plan on a consistent basis.
The process often begins with helping the client set goals, Schramm said.
“It is one of the initial exercises. They may have an idea of their goals, but they don’tmake them concrete in their minds. It requires several discussions. I wouldn’t say we help them create goals, but we help to articulate and define the client’s goals,” he added.
“We need to understand everything going on in the client’s life. The advantage is once we are done with this evaluation, people feel better about their financial issues; there is an overall plan to pull all these issues together,” Schramm said. “The disadvantage is that it is a team effort and the client must spend more time thinking and talking about their goals and lives, but it is worth the effort.”
Schramm said the firm’s clients come from various walks of life and are different ages. A client may be a new doctor who is looking to pay of f student loans and establish a strong financial foundation, while others maybe 10 years away from retirement.
“Oftentimes, we get involved with clients who have a closely held mediumsized business,” Schramm said. “For years, they had their nose to the grindstone and built this business, making incremental progress and eventually, as the years go by, they see they’ve made tremendous progress. We have them evaluate how they think about money. We encourage them to think about quality of life, rather than making money, and we make suggestions to them in this regard,” he said.
Stephen C. Schramm, CFP, CPA/PFS, senior financial advisor, center, works with Ryan Furtwangler, CFP, senior financial advisor; Genevieve E. George, CPA, manager; and Steven T. Swindler, senior financial advisor in their Stuart office.