Perspectives

GW&K’s Director of Private Wealth Management, Dan Fasciano, is an industry expert who has advised individuals, families, and institutions on how to meet their financial goals for over 30 years. Here he shares his thoughts about the state of the wealth management business today and offers valuable advice for those seeking to secure their financial future.

Q: How has private wealth management evolved over the last 20 years?

Dan Fasciano: Twenty years ago, most clients looked to their advisors for advice on asset allocation and security selection as a standalone service. Today, we have the ability to offer clients so much more. We often hear the term “holistic wealth management,” which means advising each client on their complete financial picture, including lifestyle planning, wealth-transfer techniques, tax efficiency, asset titling, charitable gifting, and social security benefits.

As the industry has evolved, so has GW&K. While active investment management remains at the core of who we are and what our clients expect from us, we also offer solutions and advice to help tailor, implement, and monitor a larger plan on behalf of each client.

Q: What does holistic wealth management planning look like in practice?

Dan: It means a commitment to deliver a personalized investment and wealth management experience that exceeds our clients’ expectations.

A Customized Investment Approach

First, the pursuit of strong investment results is always a priority. We employ a rigorous investment process that combines independent and in-depth research and market analysis, risk-management strategies, and a deep understanding of each client’s risk tolerance and investment objectives. By carefully selecting and managing a diversified portfolio of investments, we aim to generate consistent returns while mitigating risk, ensuring that our clients’ financial goals remain within reach.

It’s More Than Just Performance

Second, effective wealth management extends beyond investment performance. It encompasses a thorough understanding of our clients’ specific financial circumstances, aspirations, and concerns. Through open communication and comprehensive financial planning, we identify each client’s needs, considering factors such as retirement and estate planning, tax implications, and intergenerational wealth transfer. We focus on the details, too — like asset titling and location, as well as ensuring legal documents are up to date and in place.

An Emphasis on Relationships

And finally, clients expect these services to be delivered in a customized way. Our integrated technology helps us share information securely and instantly on a variety of devices. Many clients still value person-to-person connections, and we enjoy developing relationships with them. Understanding and tailoring how we connect with each client matters more today than ever. Our goal is to empower our clients to make informed financial decisions and achieve their long-term financial goals, securing a brighter financial future for them and their families.

Q: Who is your typical client?

Dan: We understand clearly that each client is unique. Our Private Wealth Team manages relationships ranging in size from $1 million to more than $50 million of net worth, and we are fortunate to have many long-standing clients who now span generations.

Over the past several years, we have seen increased interest from individuals focused on achieving their financial retirement goals and understand there are many factors requiring consideration along the way.

Q: What are the key concerns you hear from clients?

Dan: Clients are often curious about the timing of retirement and if their lifestyle needs will be met once they retire. We partner with them to ensure that their financial assets are positioned to serve those needs throughout their lifetimes. During these conversations we cover everything from travel aspirations to owning a second home to helping with family member expenses. Once we understand our clients’ goals, we employ sophisticated financial modeling tools to project cash flow and expenses throughout their retirement years. This exercise considers factors such as anticipated Social Security benefits, pension income, investment returns, and potential health care expenses. This financial forecast helps clients make informed decisions about the timing of their retirement, and we tailor our investment solutions to meet their needs.

Q: GW&K is an active investment manager, and you also employ passive investing techniques for your clients — is that correct?

Dan: Yes, it’s a custom approach, and one that sets us apart from others in the industry. Our clients can access more markets today than at any other time in history, and the choices can be overwhelming. For those areas where active management provides the opportunity for outperformance, we leverage our investment teams to implement allocations. However, in some asset classes such as US large cap stocks, the landscape has evolved meaningfully: Clients now have access to direct indexing strategies in a way that wasn’t possible five years ago. Particularly for tax-sensitive investors, understanding how best to access markets through individual securities, exchange-traded funds, or mutual funds — as well as when to invest actively or passively — is a critical component of the work we do.

Q: How has technology changed the private wealth management landscape?

Dan: Technology has enhanced the wealth management landscape — both from an analytics and client experience perspective. We now have the tools to run sophisticated projections for investment returns, tax and spending rates, and gifting and wealth-transfer opportunities. These projections guide our conversations with clients and help them make thoughtful financial decisions at key points in their lives.

Additionally, clients now have robust access to their financial information digitally, which can be presented in bespoke ways. Whether widening our lens to view a holistic financial picture that includes all assets and debts or narrowing in on a specific investment strategy, technology has empowered clients, and their advisors, to see their complete financial picture in a much simpler and clearer way. This is presented to clients how, when, and where they want to see it, often using their phones or tablets. These digital advances offer valuable real-time updates to clients, as it’s easier than ever to monitor their financial health, which can motivate them to stay on track in planning for the future.

Q: What differentiates GW&K from its peers in the industry?

Dan: After 50 years of advising individuals, families, and institutions, our firm continues to evolve alongside our clients, and our team is passionate about giving each client the best possible experience. I would say our role as a fiduciary sets us apart from many in the private wealth industry: We put our clients’ interests first. Always.

Beyond that, we often hear from clients that our continued commitment to active investment management and the accountability associated with that has become a rare and desirable quality. Additionally, we have made significant investments in wealth planning expertise, exceptional client service, and industry-leading technology. We believe that the combination of all of these things is what sets us apart from others in the industry.

Q: What is the best advice you can give younger clients who may be wondering how best to plan for their future?

Dan: The most important advice I can offer is that it’s never too early to start. Becoming financially literate and taking early steps toward building wealth are wise investments every young professional can make. Determining how required expenses align with one’s income and then developing an intentional plan around long-term savings and discretionary spending are good practices for everyone. And identifying one’s own financial strengths and weaknesses — a “Financial IQ,” if you will — early on will help set them on a successful path.

We love helping our clients realize their goals, whether they are young professionals, future retirees, or anyone looking to build or preserve wealth.