Ray Ferrara thinks he works too hard and, as a result, he sometimes pushes those working with him to also work too hard. But he's determined to try and set a better example of a healthy work-life balance at
ProVise Management Group.
We sat down with the chairman and CEO of the $1.3 billion hybrid advisory firm to learn about his management style, his passions, and how long he plans to work as he closes in on his 71st birthday in June. The following is an edited version of that interview.
Jeff Benjamin: What kind of culture are your striving to foster at ProVise?
Ray Ferrara: It's a culture that honors the individual and makes sure that they realize how much we, the partners, care about them, their families, their personal lives, as well as what they do in the office.
JB: What is the role of a leader in an organization?
RF: As chairman and CEO, the major role that I have is setting the strategy for the firm going forward, then giving the team the freedom to execute that strategy. Sometimes that means following rather than leading. Because sometimes leading is more about allowing people to lead you.
JB: Where do you fall short as a leader?
RF: I'm a workaholic, and often I'm the first one in in morning and last to leave at night. I could set a better example of leading by having a more balanced life.
JB: What kind of feedback have you received over the years about the way you manage?
RF: The biggest one is letting things go at their own pace as opposed to trying to hurry them up.
JB: Do you have a
succession plan?
RF: Absolutely. I bought into
Mark Tibergien's ideas many, many years ago which involved setting up a business that involved a succession plan.
I've merged a couple of times, which brought in some younger people. I will be 71 in a few weeks, and my next youngest partner is going to be 57. Then there's another in her early 60s and another who is in his 40s. And we have a couple others we're grooming, including a 26-year-old who I hope will spend the bulk of his career with us.
JB: How much longer do you plan on working?
RF: Fortunately, I'm blessed with good health. I enjoy what I'm doing, and I'm having fun on a daily basis.
So, I'm ready to enjoy the fruits of my labor by slowing down but not really retiring. If everything works out well, I'd say another four years.
JB: What qualities do you look for in potential hires?
RF: First is competence, and at the adviser level that means they have to be a CFP practitioner.
At the non-adviser level, I'm still looking for competence. I'm looking for people who want to grow. And people who find themselves wanting to have fun, because we have fun.
JB: Is there anything you don't tolerate from the people who report to you?
RF: Most obvious would be dishonesty. The other would be not doing what you said you would do when you said you were going to do it. We've got a philosophy that if it's on your desk you own it. Get it done and don't disappoint.
JB: How do you encourage employees to deal with conflict?
RF: Our office is very transparent. And it's simply if there's something going on that doesn't feel right, or doesn't sit right, just face it head on. Our culture is such that with the respect we have for each other, everybody understands we're all trying to do the right things at the right time. Just deal with it.
JB: Tell me about a time you faced adversity in your career.
RF: Prior to founding ProVise, I worked for a large financial services company and the chairman and I did not see eye to eye, so he fired me. Over the course of that, I came to realize that it was OK. Even facing some tough criticism, I was going to be who I was going to be.
JB: Tell me something that might surprise me about Ray Ferrara.
RF: I have a bachelor of science degree from the University of Maryland in zoology. I immediately put it to work selling computers for a little company called IBM, in 1970, and 18 months later I got a job in the financial business and haven't looked back.
