The name Katherine Liola chose for her investment advisory firm captured her desire to determine what makes clients tick.Checking out the Everglades! #CFNSummit https://t.co/ZQ7L8xld5pTuesday, Apr 25, 2017 4:37PM @KatherineLiola
Founded in October 2012, McLean, Va.-based Concentric Private Wealth focuses on comprehensive financial planning and behavioral advice.
"That is what financial planning is all about — understanding the layers of the client," Ms. Liola said. "It's how a person thinks. It's how a person is influenced. At the center of that concentric circle is the client. It always comes back to the client."
She was amazed at the number of times clients had trouble answering the question "Why?" when talking about issues such as retirement age. Instead, they followed a cookie-cutter approach to financial goals.
The lack of deep reflection on internal motivation catalyzed her interest in the behavioral approach to money management.
"I believe strongly in helping shift how people think of money," Ms. Liola said. "It's tailoring and customizing the financial plan so that it's aligned with the client's values. We need to get people to think more personally about what's important to them."
She promotes holistic advice among her peers through Mastermind Study Group, a gathering of five advisers from broker-dealers who share best practices and client experiences.
"We all believe in going deep with our clients, but we all go deep in different ways," Ms Liola said.
Being an avid runner and triathlete helps give her the fortitude and discipline required to build her firm. Ms. Liola also recognizes her teammates.
"Without my staff and my family, there's no way I'd be where I am," she said.
— Mark Schoeff Jr.
Adviser and chief operating officer, Mosaic Financial Partners