Why trust is at the core of financial planning

Joseph Spada considers himself a perpetual student of the financial advisory industry. When asked what has been one of the most gratifying aspects of being a senior private wealth advisor at Parsippany, New Jersey-based Summit Financial, he replies it’s the trust that’s earned from working with clients.

“In a world where it's very difficult to find people you can trust, my clients give me the benefit of doubt,” he says. “When we think about what important areas are to clients, it’s their family, it's their health, it's their spirituality, and finances. We’re blessed to work in one of those very important areas for clients. They give us the benefit of doubt, and we have to earn their trust over time.”

Spada highlights he never plans on retiring because he loves to help people – in fact, it’s what he says he’s best at doing. Many others agree, hence being named an InvestmentNews Awards 2024 Excellence Awardee, with the winners announced on June 20 at 583 Park Avenue, New York City in a glitzy, red carpet ceremony. Click here to register to attend.

Despite financial insecurity being prevalent in his formative years, he says he never considered becoming a financial advisor until after college. “To think that I ended up in a profession where I help people avoid being in that circumstance really wasn't the plan, but it was interesting how that worked out,” he says.

Spada noted his passion is creating enhanced wealth outcomes for his clients and educating them on how skillfully blending alternatives into their allocations can increase diversification, reduce volatility, and enhance returns.

“Advisors don't recommend alts because they haven't taken the time to study and educate themselves on how they work,” he said. “Holistic planning is how we do business. If you don't do it holistically, you're just not going to get the best results.”

For more details about the InvestmentNews Awards, including a list of all finalists and details of how to attend, follow this link.