Happy May, Advisors, and welcome to our first Advisor Spotlight. These spotlights are monthly interviews with leading financial advisors to learn who they are and what has driven their success.

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Please note that published interviews are edited for brevity and clarity.

ADVISOR SPOTLIGHT

Phil Weiss of Apprise Wealth Management

What’s your firm’s AUM?

$60 million.

Can you provide a brief overview of your background and experience in financial advising? 

I am a CFA charterholder, a CPA, and a Registered Life Planner®. I have worked in financial services for my entire career. I worked for another advisor for three years (mostly managing investments) before launching Apprise around 2018. 

What inspired you to become a financial advisor, and what do you enjoy most about your profession? 

My favorite part about what I do is working with and getting to know my clients and what matters most to them. 

For women facing significant transitions, it's stressful trying to understand how to bridge the gap between where they are and where they want to go. I am committed to taking care of the financial aspects of these transitions so that my clients can focus on the lives they want without worrying about what’s next. 

My mission to empower women with financial education comes from the fact that I never want to see another woman go through the financial hardships my mother did. Growing up in New Jersey, my family’s finances were managed by my father. He wouldn’t let my mother help, and, what’s worse, he wasn’t good at it. Bills were often paid late. We occasionally had services shut off, we had no savings, we got calls from creditors looking to get paid. My father even went as far as forging my signature to get credit cards he could use. 

Like many women of her generation, my mother had little control over the family finances. She ultimately went back to school so she could make her own choices and survive on her own. 

Watching my mom struggle to get through this was very heart-wrenching. I give her so much credit for going back to school later in life and becoming an occupational therapist. 

While my mother passed away more than 30 years ago, the work I do now is meant to continue her legacy. I have committed to focusing my time, energy, and practice on creating an environment where women can learn about investing, have fun, and become more confident in making smart financial decisions with less stress and worry. 

At Apprise, I have the privilege of working with amazing, affluent women who are looking to gain clarity about their financial future. I ask questions to help clients better align their spending with what matters most in their lives. I also plan to start a small scholarship that grows over time to honor my mother’s memory. It will help women who— like my mom— return to school later in life. 

What are your views around being on your own or via wirehouse?  

I have no interest whatsoever in ever working for a wirehouse. 

What is your approach to financial planning and investment management? 

It starts with life planning, which I characterize as financial planning done right. I practice holistic financial planning with a focus on helping clients match their use of resources (time, energy, attention, and money) with their values. 

For investment management, my goal is to create diversified portfolios (most often using low-cost ETFs). I do not attempt to time the market. I use a tolerance band approach to rebalancing. I believe taxes and investing are joined at the hip, making tax planning an integral element of my process. 

How do you tailor your services to meet the specific needs and goals of your clients? 

I help clients create their own customized life plans using the Kinder EVOKE methodology. 

Can you share a success story or case study where you helped a client achieve their financial goals?  

My focus isn't only on the finances. My favorite story relates to a client who I helped realize she could change her life and stop working much earlier than she'd ever thought about before. This leaves her more time to be present for her family while also providing the opportunity to pursue her passions. 

How do you stay current with changes and developments in the financial industry? 

I read constantly. 

What are some common misconceptions people have about financial planning, and how do you address them? 

It's all about their investments. I focus on life planning and remind clients that when we invest, we make an implicit assumption that the market will go up over the long term. We won't try to time or beat the market. Trying to beat the market implies taking on more risk, and if we're wrong, then it can hamper your ability to live your desired lifestyle now and in the future. We want to determine an asset allocation that works for you and doesn't leave you in fear about the market's daily gyrations. 

What are your thoughts on the current economic climate and its implications for investors? 

I don't place a heavy focus on the current economic climate. Could the market be overvalued and provide lower returns? Yes, but my crystal ball is both cloudy and cracked. I can't confidently predict the future. I don’t know anyone who can consistently do so either. 

What advice would you give to someone who is just starting to plan for their financial future?  

I would say pay yourself first, start saving as early as you can, and time in the market matters much more than timing the market. 

How do you incorporate tax planning into your financial strategies?  

I am a CPA and an experienced tax professional. Tax planning is an integral part of what I do. I advise clients on Roth conversions and planning that can help them manage (and lower) their lifetime tax liability rather than what they pay in any particular year. 

Can you discuss any specialized areas of expertise or niche markets you focus on? 

I focus on working with women facing new beginnings. My goal is to help them flourish through life's big changes. I believe my work as a life planner integrates well with this niche. 

How do you prioritize ethical considerations and align investments with clients' values? 

In addition to whatever is required of an RIA, I also abide by the CFA Ethics policy. If clients want to invest in a way that aligns with their values, I will discuss it with them and am willing to customize their portfolio so that it aligns with their values. I endeavor to work in my client's best interests and provide them with a Fiduciary Oath in support of this. 

What sets you apart from other financial advisors, and why should someone choose to work with you? 

As a CFA charterholder, a CPA, and an RLP®, I bring real credentials to the table. I have also worked in the financial services industry for my entire career. Adding the RLP® helped me bring more of the soft, or human, side of money knowledge to the table. To serve as a true fiduciary, you must know your client. Otherwise, you can't know what's in their best interest.

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