Tom Ruggie, ChFC®, CFP® was recently the closing keynote interview at the 2023 Jolt! Conference, sponsored by the nation’s leading martech innovator Snappy Kraken. CEO Robert Sofia and Tom shared an inspiring conversation focused on how Tom’s passion for collectibles and his expertise in alternative investments have helped create a unique niche for Destiny Family Office, and are part of an overall commitment to excellence fueling the growth of Destiny Wealth Partners to a firm with nearly $1B in assets under management. Jolt! Has been named one of the top financial conferences in the country by Kitces.com.
Destiny Wealth Partners Welcomes Nichols Wealth Partners
We’re excited to announce the addition of Nichols Wealth Partners, a Boca Raton-based RIA led by Managing Partner and Senior Wealth Advisor Chris Nichols, to our Destiny Wealth Partners Family. Destiny Wealth Partners also does business under as Ruggie Wealth Management, Destiny Family Office, and KCG Investment Advisory Services, in Savannah, GA.
All four firms bring well-respected brands to the partnership and Nichols Wealth Partners will continue to operate as an independent firm. Chris will remain in charge of his business decisions and operations while adding resources, people, infrastructure, and technology to help the firm in its next phase of growth.
“Destiny Wealth Partners is excited to add such a high-caliber, well-respected team to our growing family,” said Tom Ruggie, ChFC®, CFP®, Founder and CEO of Destiny Wealth Partners. “Over the past two decades, Chris has earned a reputation as a caring, hardworking, passionate advisor who wants to see people win. Most of his clients are highly successful, and he works hard to help them preserve that success. He recognized the growth/balance/time constraint many advisors face as they build their businesses and found that joining Destiny Wealth Partners was a solution that allows him to do even more for his firm, his clients, and others.”
“After going through our planning process and mapping out our long-term growth, we knew we wanted to align with a like-minded group of leading innovators who shared a deep industry knowledge, vast network of specialized services, demonstrated investment strategies and abiding passion for serving clients,” said Chris. Greater efficiency will give me and my team more quality time to be present with our clients and to continue to build a sustainable, multi-generational firm with even greater access to investment options, improved high net-worth planning and succession strategies. That will be a positive for us and will translate to an even better experience for the clients we serve.”
“The marketplace is clamoring for high value, no matter the industry or profession,” said Chris. “Investors are demanding more and more from advisors. The Destiny Wealth Partners team recognized this shift taking place and has made some extraordinary leaps to prepare for the future growth of their firm. I know my clients will see the immediate effects of our partnership by having increased access to a broad sphere of investments including alternative investments for accredited investors and direct investments and co-investments for our qualified purchasers.”
“Tom has earned national recognition as an innovative and forward-looking advisor from some of the most respected names in the industry,” said Chris. “We are extremely excited for what our partnership together will bring to the table, both for our firm and our clients.” To schedule an appointment or second opinion with Nichols Wealth Partners, visit nicholswealth.com or call 561.939.8323. To reach Destiny Wealth Partners, visit RuggieWealth.com or call 352.343.2700.
Investment Advisory services offered through Destiny Wealth Partners, LLC an SEC Registered Investment Advisor. Recognitions are specific to Tom Ruggie, ChFC®, CFP®. Listing in any publication is not a guarantee of future investment success. These recognitions should not be construed as an endorsement of the advisor by any client. Barron’s rankings are based on factors including assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Forbes rankings are based on quality of practice, telephone and in-person interviews, client retention, industry experience, review of compliance records, firm nominations and quantitative criteria. *Additional disclosures and important information at ruggiewealth.com/disclosures.
Tom Ruggie, ChFC®, CFP® Speaks at Investment News RIA Summit
Tom was invited to join other national thought leaders and change-makers in a panel discussion of “Fee-Based Everything”. In this live event, held November 7-8, 2022 in Boston, they discussed why there are now more options than ever, including alternative investments, for RIAs looking to deliver best-in-class solutions for clients. Tom has written an article about the prominence of alternative investments, recently published on Forbes.com.
Financial Advisor Magazine Ranks Destiny Wealth Partners Among Top RIA Firms Nationwide
Central-Florida based Destiny Wealth Partners has again been recognized by Financial Advisor Magazine, the 12th time the firm has received this recognition.
“Recognition in such an important industry publication is extremely rewarding, as is the confidence our clients have demonstrated in our team, our processes, our fiercely independent focus, and our ability to grow through a decade marked by both market challenges and rewards,” said Tom Ruggie, ChFC®, CFP®, Destiny Wealth Partners Founder and CEO of Ruggie Wealth Management and Destiny Family Office, flagship firms of the RIA along with Nichols Wealth Partners, Boca Raton.
“We believe our growth reflects our commitment to embracing the fiduciary standards of objectivity, independence and putting clients’ interests first,” said Tom. “Doing so comes naturally, as these are things we believe deeply in and that reflect our core values as a firm.”
FA’s 2024 RIA Survey and Ranking report is an annual survey that ranks firms based on five criteria: 2023 year-end assets; percentage growth in assets from the previous calendar year, average assets per client, percentage growth in assets per client, and percentage change in number of clients, and is the premier industry ranking of independent RIA growth. Financial Advisor Magazine is a major publication targeted to financial professionals and aims to deliver essential market information and strategies to help advisors better serve their clients and grow their firms. There are no fees or other considerations required of RIAs who are considered for this ranking.
“I believe this recognition is another wonderful yardstick by which to measure our team’s success in making meaningful contributions in the financial lives of our clients,” he added.
Tom Ruggie Co-Hosts National Collectors’ Program
Tom Ruggie, ChFC®, CFP® was the guest host, recently, on the GR8 American Collectibles Show, presented by Professional Sports Authenticator (PSA) and the National Sports Collectors Convention. The program airs Wednesdays at 6 p.m. EST on www.PSAcard.com, and can be seen or heard nationally on Pandora, I Heart Radio, YouTube, from the PSA Facebook page, Boston-area radio stations and more. Tom was interviewed for about 40 minutes about his deep passion for sports and sports collectibles, about collecting as an investment, and about what collectors need to know to prepare and protect their families if they are making their collection a part of their estate plans. The interview followed a six-page article in the July 2022 issue of PSA Magazine, titled The Autograph Archivist, highlighting Tom’s collection and expertise in helping like-minded high-end collectors with their financial needs, and his article on Forbes.com, titled Deconstructing A Collection: Preparing Your Family To Handle Your Investment Down The Road.
For this episode radio personality, author, and entrepreneur Tom Zappala (who usually teams up with former Boston Red Sox star Rico Petrocelli), was joined by John Molori, co-author with Tom and Ellen Zappala, of The Cracker Jack Collection: Baseball’s Prized Players. The Zappalas are also co-authors of award-winning books such as The T206 Collection: The Players & Their Stories, the 2016 release, The 100 Greatest Baseball Autographs, and most recently The Diamondbacks Collection: 50 of the Greatest Cards in Sports Collecting History, which details the stories behind cards in the collection of Ken Kendrick, managing general partner of the Arizona Diamondbacks. Molori’s credits include Patriots Football Weekly, Boston Baseball Magazine, SiriusXM, and ESPNW.com.
The Autograph Archivist
Tom Ruggie has collected sports memorabilia since childhood. This recent interview touches on his expertise about collectibles as alternative investments.
The Increasing Prominence of Alternative Investments
Alternative investments that provide an “alternative” to the more traditional investment universe of stocks and bonds are becoming less “alternative” as greater numbers of ultrahigh net worth individuals and similarly qualified investors seek potentially greater returns in ways that don’t automatically necessitate greater risk. A recent EY report found that 81% of ultrahigh net worth investors surveyed hold alternative investments in their portfolios.
For the appropriate investor, alternatives offer a range of opportunities that can support specific investment strategies and objectives, including the tailoring of risk management profiles, balancing risk against return based on risk tolerances and meeting specific investment goals (such as the preservation of capital during periods of market volatility). While all investments come with some degree of risk, alternatives offer the potential for significant upside when compared with more traditional asset classes.
There is another vantage point from which to view alternative investments: the perspective of ultrahigh net worth individuals and families and their personal aspirations to impact the world around them. A recent report by KKR found that a significant and growing amount of high net worth families are “focused on social change, using their assets to promote education equity, environmental progress, disease cures, and medical research, alongside other public objectives.”
Let me use myself as an example to illustrate the intersection between alternative investments and the personal passions of an investor. For most of my life, I’ve collected sports memorabilia. I started my collection not as an investor, but as someone who loved baseball. The fact that it has grown into a valuable alternative investment has been, over time, a factor of both art and science.
A previous article I published on Forbes.com highlights what a collector/investor needs to consider to protect family members when they stand to inherit this kind of alternative investment, especially when they have no passion for it or understanding of its actual worth.
The KKR report speaks to the impact ultrahigh net worth individuals and families may want to have through their alternative investment strategies. Investment opportunities that speak to innovation and seek to solve unanswered needs can be compelling—both as investments and as ways to satisfy the personal visions of the investor.
A specific investment can take on multiple dimensions that must be closely evaluated for appropriateness across a range of criteria that includes considerations other than just risk and return. Investors may want to evaluate their relationship with trusted advisors in terms of vision, mission and values alongside more traditional performance metrics. Qualitative and quantitative data points can be important. The commitment and passion of the advisor, for example—may be an interesting, if not valuable, point of reference for individuals or families who are investing.
As with most things, alternatives are subject to a range of pros and cons and may not be appropriate investments for many reasons. Transparency into the investments and the liquidity of those investments over time are just two areas where investors should focus attention.
Ironically, while many investors engage with an advisor to take on the work and worry related to investment management, ultrahigh net worth investors often find themselves more involved than they would be with traditional investments. This is neither good nor bad from the perspective of the investor or advisor but can be another consideration in helping the investor determine the appropriateness of the opportunity, and of alternatives in general.
I don’t see much discussion around the pros and cons for advisors. And while some investors may question why they should care about such things, I believe how an advisor navigates the pros and cons related to alternatives can impact the investor. For example, how is the advisor gaining access to these alternative investments? What people, systems and processes do they have in place internally and externally through third-party partners and providers?
Considerations such as access can impact the availability and viability of opportunities. How is an opportunity evaluated? Research and vetting will be a significant factor here. How is an investment opportunity made? If with a co-investment, what will influence the degree to which there is transparency in reporting and liquidity? Regarding liquidity, the idea of “patient capital” comes to mind. Is there a clear understanding of how long dollars invested in alternatives will be unavailable to take out of those investments? This can vary widely.
Diversification is an important consideration for alternative opportunities, too. Some advisors, for example, create one bucket to meet their ultrahigh net worth investor’s near-term and ongoing liability and liquidity needs. Then a second bucket to position the client in more traditional asset classes, and a long-term bucket to give the investor access to investment opportunities that tend to have higher returns but possibly higher risk.
In this last bucket, the need for diversification across various alternative investments can work to manage risk further. Types of diversification include diversification by sector or industry, the number of opportunities an investor is invested in, the source of the investment (where it originated) and vintages (or the year the first significant investment was made).
For the appropriate qualified investor, at the appropriate time, alternatives can offer a range of opportunities that can support specific investment strategies and objectives. And while these alternative investments can yield significantly higher returns than traditional investments, there is always the presence of risk and potential loss of the capital invested.
Before investors commit to investing in alternatives, they should have a clear understanding of their overall financial situation, the amount of money available for investing, their need for liquidity and tolerance for risk.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms.
Deconstructing a Collection: Preparing Your Family to Handle Your Investment Down the Road
Tom Ruggie, ChFC®, CFP®, uses his own considerable sports memorabilia collection and situation as the basis for his recently published Forbes.com article. He notes, “With more than 200 million collectors of varying types worldwide, it’s not surprising many of my high-net-worth and ultra-high-net-worth clients are acquiring all kinds of collectibles such as artwork, fine wine and spirits, jewelry, coins, vintage and classic cars, and arms and armaments as investments.”
He goes on to discuss how his own penchant for collecting has informed the way he interacts with, and coaches, like-minded clients, and focuses on the importance of having a well-thought-out plan that can provide crucial guidance to your family or heirs if collecting intersects with your worst day ever. At Forbes.com.
Investment advisory services offered through Destiny Wealth Partners, LLC, an SEC Registered Investment Advisor.
Tom Ruggie Selected to Elite Forbes Finance Council
We’re pleased to announce our President Tom Ruggie, ChFC®, CFP® has been selected as a member of the Forbes Finance Council, and will have the opportunity to share financial insights on Forbes.com with tens of millions of monthly readers.
The Forbes Finance Council is an invitation-only community for executives in accounting, financial planning, wealth and asset management, and investment firms. Members are hand-selected by the Council’s community team, who look for executives whose success in a given industry has been recognized publicly by industry organizations, trade publications and other professional peers.
“I’m excited to share my views and expertise with Forbes readers,” said Tom. “This opportunity gives me a wider audience to talk about the unique programs and services we have developed for Ruggie Wealth clients. At the same time, it helps me keep an ear to the ground to learn what’s on the minds of others in the financial industry.
“I look forward to discussing pressing challenges and opportunities and to share insights with the rest of the world that could help to shape it for the future.”
Scott Gerber, founder of Forbes Councils, says, “We are honored to welcome Tom into the community. Our mission with Forbes Councils is to curate successful professionals from every industry, creating a vetted, social capital-driven network that helps every member make an even greater impact on the business world.”
“The Buck Starts Here” – Tom and Christopher Ruggie in Healthy Living magazine
Ruggie Wealth Management President Tom Ruggie and his son Christopher appear on the front cover of Healthy Living magazine published by Akers Media.
In an article titled “The Buck Starts Here,” written by James Combs (Photos by Fred Lopez), Tom shares insights on how he and his wife Kim have raised their children (Gina and Christopher) to make sound decisions and to be intentional with their financial fitness.
This easy to read article provides a refreshing perspective with many practical applications parents will find helpful and encouraging.