RIAs are becoming ‘common knowledge’

Women’s History Month may be coming to an end, but female advisors will continue to reflect on their time in the industry and the legacy they will leave. Naoko McKelvey is no exception.

In her 22 years in the industry, McKelvey, senior financial advisor at Blue Chip Partners, an independent firm headquartered in Farmington Hills, Michigan, has found her calling: working with small businesses and families.

“I'm really like that coordinator that just makes sure they're being taken care of, everything's in good order, and they don't have to worry,” she says.

One trend McKelvey’s noticed recently is that registered investment advisory firms are becoming “common knowledge” among advisors and clients. There’s also a better understanding of what it means to be an independent advisor.

“For new clients and prospects who are coming onboard, they are already knowledgeable about that, or they've already had an experience with another RIA firm,” she says. “Whereas maybe 10 or 15 years ago, you would have to really explain what it meant to be an RIA and how we were different, that we were fiduciaries, and I think that that is becoming more common knowledge, at least in the experiences that I've had working with people.”

McKelvey admits that there are a few challenges she faces in working with her clients, especially small business owners who are retiring.

“That's their livelihood,” she says. “Their business is their baby, and they spend all of their time doing that. When they transition away from the business, it's making sure that they have hobbies and interests and making sure that they have something else to fill that void because it is a long time.

While there are challenges, there’s also fun to be had in serving them. The fun part of the gig, McKelvey says, is helping business owners “redefine what they're going to do and who they're going to be in retirement and making sure that they're enjoying that.

“There’s just not enough hours in the day to have all of this fun,” she added.

McKelvey noted that she’s kept most of her clients since she started working as an advisor in 2004, and she compares her relationships with them to having one big happy family.

“You grow with them, and you go through all their life changes together,” she says. “It's very personal and it's very rewarding. They have some good times, they have some bad times, but most of it is celebrating all the milestones and goals that they've reached, and that you've helped them [achieve] across the way, so that has been very rewarding in my career.

“I don’t feel like it's a job, I'm taking care of my extended family,” she added.

McKelvey’s firm, Blue Chip Partners, is an RIA founded in 2004 that provides comprehensive financial planning and investment management to 750 households. As she explains it, advisors at Blue Chip deal with everything from insurance planning to tax planning, estate planning and making sure they have “the right players within the team.”

McKelvey also noted the firm's focus on the educational background of advisors who join the team.

“We're all CFPs here, and we have some advisors who are in the midst of getting their CFP,” she said. "[That] gives us the foundation and the tools to be better advisors. We highly promote education here, and continued education, whether you get another designation that would be of benefit or experience that would help your client in the future, our firm promotes that. We like that knowledge base because everybody can share in their knowledge base.”

McKelvey has been with two other firms in her career, Raymond James and Lumin Financial. She ended up at Blue Chip because of RIA's strengths and values, which aligned with her own.

“When I interviewed with them, there was so much where I felt like, ‘OK, they're doing exactly the same things that I would want to be doing, if I owned my own firm. I saw a lot of connections,” she said.

“They’re very forward-looking, they’re always looking for good people, and they’re always looking to improve processes and ways to appreciate and thank their clients, it’s been a very supportive environment. As you get more support, you can become more successful and I feel like it's been a good fit and a partnership,” she says.

Looking ahead to what’s next, McKelvey said she’s focused on helping as many people and clients as possible. “I have such good support here. We've got good people and we've got ways that I can free up my time so that I can spend more time meeting with people and existing clients to help them get what they need. That's where I hope to continue to shine.

“I've been here at the firm for the last five years, and I have not lost any of the clients that I’ve had, nobody's ever left. I just feel like it's a good plan,” McKelvey said. “I enjoy what I do. I'll probably do this for a really long time, because it's fun, and it's not stressful for me.”

Name: Naoko McKelvey
Position: Senior financial advisor
Company: Blue Chip Partners
Founded: 2004
Firm AUM: Approximately $1.2 billion