1
00:00:00,000 --> 00:00:06,160
Welcome to Milestone Moments, the show where we explore the journeys that lead to success.

2
00:00:07,040 --> 00:00:14,000
I'm Sheila Slick, your host and founder of Five Milestones. In every episode, we will bring you

3
00:00:14,000 --> 00:00:21,520
insights from the minds of entrepreneurs, leaders, and experts who will share not just their expertise

4
00:00:21,520 --> 00:00:27,440
but the milestone moments that have reshaped their journeys and led to significant achievements.

5
00:00:27,440 --> 00:00:33,120
So if you're looking for motivation, you're in the right place. Subscribe now and discover the

6
00:00:33,120 --> 00:00:36,160
milestones that mark the path to success.

7
00:00:40,400 --> 00:00:46,720
Welcome to another episode of Milestone Moments in Business and Leadership. Today, my special

8
00:00:46,720 --> 00:00:55,520
guest is Steve DiGregorio. He is founder and CEO of Compass Asset Management Group, a boutique wealth

9
00:00:55,520 --> 00:01:02,880
management firm that serves affluent professionals, executives, and business owners. He is a seasoned

10
00:01:02,880 --> 00:01:10,640
financial analyst with over 35 years of consulting experience in the financial industry. As a

11
00:01:10,640 --> 00:01:18,880
fiduciary and investment manager, Steven helps his clients grow, protect, and transfer their wealth

12
00:01:18,880 --> 00:01:25,840
tax efficiently while achieving their financial goals and aspirations. Welcome to the show, Steven.

13
00:01:26,640 --> 00:01:27,920
Thank you. Happy to be here.

14
00:01:29,280 --> 00:01:38,240
So can you tell us that specific moment or that pivot that led you down this career path?

15
00:01:40,880 --> 00:01:46,800
Yeah, sure. I mean, I was probably a couple of years already in the industry and already in a

16
00:01:46,800 --> 00:01:53,040
managerial role. And I kind of had a bit of an epiphany, if you would. And that is when I was

17
00:01:53,040 --> 00:02:00,160
really able to see where the advice and guidance that we delivered to clients had a life-changing

18
00:02:00,160 --> 00:02:06,160
moment for one of my clients. And in that moment, I realized that there was nothing so fulfilling as

19
00:02:06,160 --> 00:02:12,400
being able to help someone in their situation of need at the greatest and really make a difference

20
00:02:12,400 --> 00:02:18,640
in their lives. So can you expand a little bit how you can make that difference in people's lives?

21
00:02:20,000 --> 00:02:26,000
Most certainly. In most cases, people have goals and dreams that they'd like to achieve in their

22
00:02:26,000 --> 00:02:33,200
life. And the problem is they lack the roadmap on how to get there. And the guidance, they're not

23
00:02:33,200 --> 00:02:38,480
sure what professionals necessarily to turn to or can they really even trust these professionals.

24
00:02:38,480 --> 00:02:44,800
So what we do is we help the client to achieve those goals by engaging and listening to them

25
00:02:44,800 --> 00:02:50,720
intently, understanding what their perspectives are and helping them to outline or map out the

26
00:02:50,720 --> 00:02:54,800
future strategy of where they need to be in order to get there and then develop the confidence in

27
00:02:54,800 --> 00:03:01,680
them to achieve that goal. At what stage in life would it be best to start this planning?

28
00:03:01,680 --> 00:03:08,240
Oh, sooner is better, for sure. A long journey and we're talking retirement planning or business

29
00:03:08,240 --> 00:03:14,560
succession and what have you, many different goals, they take place over years. So the most

30
00:03:14,560 --> 00:03:21,040
powerful aspect of a retirement plan comes in the later years when the value of compounding is the

31
00:03:21,040 --> 00:03:27,280
absolute greatest. So the sooner you start, the greater you hit, the sooner you reach that point

32
00:03:27,280 --> 00:03:33,520
where the compounding becomes influential. So let's talk about accountability. Your website

33
00:03:33,520 --> 00:03:40,960
mentions that you help hold individuals and teams accountable. How does accountability play a crucial

34
00:03:40,960 --> 00:03:49,040
role in that client journey towards achieving their goals? Well, we've heard the adage, the best laid

35
00:03:49,040 --> 00:03:54,880
plans, right, don't necessarily come to fruition unless you have that aspect of accountability.

36
00:03:54,880 --> 00:04:01,920
So for example, many times we've run into a client that has had some kind of estate planning work or

37
00:04:01,920 --> 00:04:07,440
wealth planning work done before, but they haven't carried out all the steps necessary. For example,

38
00:04:07,920 --> 00:04:12,000
maybe they've hired an attorney to draft a trust document for themselves and their family,

39
00:04:12,000 --> 00:04:19,360
fully good intentions in doing so and mapping out their estate plan, but yet they've never taken the

40
00:04:19,360 --> 00:04:25,520
crucial step to re-register their accounts accordingly in order to fund the trust. Trust

41
00:04:25,520 --> 00:04:30,480
attorneys and trust and estate attorneys will tell you that that is probably the biggest problem

42
00:04:30,480 --> 00:04:35,360
that they see with their clients is that the execution of the trust and the re-registration

43
00:04:35,360 --> 00:04:41,680
of assets never happens. We step in, in that process, we work together with the client

44
00:04:41,680 --> 00:04:46,240
and the attorney to ensure that the client's objectives are being met in the development

45
00:04:46,240 --> 00:04:51,200
of the trust. And then the trust is funded through the re-registration of beneficiary status,

46
00:04:51,200 --> 00:04:56,720
account registrations, and so on, in order to ensure immediately that the client's objectives

47
00:04:56,720 --> 00:05:02,960
are met. And then as that circumstance changed for that client over years, that their trust

48
00:05:02,960 --> 00:05:08,320
or their financial plan is adjusted accordingly. So you help them also like state to date, make

49
00:05:08,320 --> 00:05:14,320
sure everything is current. Correct. So many individuals, you know, they're not going to

50
00:05:14,320 --> 00:05:21,520
be able to do that. So many individuals struggle with financial planning. Can you share how

51
00:05:21,520 --> 00:05:27,440
implementing financial planning strategies can lead to significant positive impact in our lives?

52
00:05:28,400 --> 00:05:33,440
Yeah, absolutely. Most people struggle with planning because, well, let's face it, we weren't

53
00:05:33,440 --> 00:05:37,760
taught these kinds of things in school, were we? We weren't taught about how to run, how to have a

54
00:05:37,760 --> 00:05:42,640
budget, how to run a business, how to plan for your future, or even what investments are all about.

55
00:05:42,640 --> 00:05:49,280
We lack the understanding of these things by and large. Where we come in is we help the client to

56
00:05:49,280 --> 00:05:55,600
gain the understanding. On a fundamental basis, we take complicated topics about investment planning,

57
00:05:55,600 --> 00:06:02,880
tax planning, estate planning, and we make them digestible for the client. So the client really

58
00:06:02,880 --> 00:06:07,440
understands what it is and what they have to accomplish and what the benefit is going to be

59
00:06:07,440 --> 00:06:13,360
to them. And in this way, the more educated consumer can make a better decision. And so that

60
00:06:13,360 --> 00:06:19,680
way we guide the client to eventually hit their goals and dreams. So you've been in business for

61
00:06:19,680 --> 00:06:28,880
over 35 years. You've had a successful career. What is your next milestone? You know, a number

62
00:06:28,880 --> 00:06:35,920
of years ago, we opened up Compass Asset Management Group 15 years ago now. And when I built this firm,

63
00:06:35,920 --> 00:06:42,080
it was with the idea of doing something, building something unique that is really authentic to the

64
00:06:42,080 --> 00:06:49,360
client's needs. And in doing so, we built a multidisciplinary practice that does things in

65
00:06:49,360 --> 00:06:54,720
a way that is specifically for the benefit of the client and the client alone. We don't have any

66
00:06:54,720 --> 00:07:00,160
outside influences. Now that we've built Compass Asset Management Group and we've had such success,

67
00:07:00,160 --> 00:07:05,680
it's build it and then build it again. So what we're doing is we are now becoming a multi-state

68
00:07:06,800 --> 00:07:15,040
investment advisory firm. And our goal is next step is multi-state, multi-location, continue to

69
00:07:15,040 --> 00:07:20,240
grow and continue to deliver exceptional, white glove level of service to clients who need it the

70
00:07:20,240 --> 00:07:27,920
most. So currently, who do you serve in what states and what occupations? I see C-suite executives,

71
00:07:27,920 --> 00:07:35,280
business owners, professionals in the medical, science and technology fields. I'll let you continue.

72
00:07:37,280 --> 00:07:42,880
Yeah, that's definitely the top of the tier of who we really serve. So what do all these individuals

73
00:07:42,880 --> 00:07:49,200
have in common? They are busy professionals that are decision makers, that are focused on the things

74
00:07:49,200 --> 00:07:54,080
that they do in their life and don't have time training or experience into doing the things that

75
00:07:54,080 --> 00:07:58,800
will benefit them personally for themselves, their families and their future generations.

76
00:07:58,800 --> 00:08:04,080
So we step in as the professionals to assist them in that area, taking that responsibility off their

77
00:08:04,080 --> 00:08:10,240
plate and they can focus on doing what they do best while we handle all the rest. Our clients

78
00:08:10,240 --> 00:08:15,360
are special to us. We've never lost a client because a client hasn't been happy. We exceed

79
00:08:15,360 --> 00:08:22,000
expectations and we continue to do that because we are always invested in the client's best interest.

80
00:08:22,000 --> 00:08:28,000
We can actually consider ourselves part of the family, if you would, of the client. And as part

81
00:08:28,000 --> 00:08:33,520
of the family, we want to make sure that what is being advised to them is always going to work.

82
00:08:33,520 --> 00:08:42,400
They're our closest partners. And what states or what areas do you serve? Well, we are able to

83
00:08:42,400 --> 00:08:50,480
work in all 50 states. We are headquartered in New York. We have another office that we opened

84
00:08:50,480 --> 00:08:58,000
recently in the Florida state. And now we have designs on having multiple locations in the state

85
00:08:58,000 --> 00:09:02,640
of Florida to serve the needs of our clients down here and then expanding that throughout the

86
00:09:02,640 --> 00:09:10,000
Atlantic region before we move somewhat west. Well, that's wonderful. So my last question before

87
00:09:10,000 --> 00:09:16,320
we wrap this up, we have many listeners that might be at different stages in their financial

88
00:09:16,320 --> 00:09:23,040
journeys. Can you offer one actionable advice that we can implement right away to start taking

89
00:09:23,040 --> 00:09:33,120
control of our finances and move towards achieving our financial goals? Absolutely. Pick up the phone

90
00:09:33,120 --> 00:09:38,560
and call your investment profession, whether it's an investment advisor, financial planner, or

91
00:09:38,560 --> 00:09:44,640
financial advisor, whatever it is, the goal of that meeting that you establish should be

92
00:09:44,640 --> 00:09:49,920
to get the strategy in place for where you want to be in the end. You should never not know what

93
00:09:49,920 --> 00:09:54,720
it's going to take to get there. It should be intimately familiar. You would know on a regular

94
00:09:54,720 --> 00:09:58,880
basis after the design and development of a financial plan or a forecast that'll help you

95
00:09:58,880 --> 00:10:03,520
to see your retirement goals and what it takes to get there, you'll know intimately where you are

96
00:10:03,520 --> 00:10:08,960
every step along the way. And you should have that plan reevaluated, at least on an annualized basis.

97
00:10:08,960 --> 00:10:14,080
At Compass, we make it a practice to talk to our clients on a monthly basis. So we're having,

98
00:10:14,080 --> 00:10:20,160
whether it be a 15, 30 minute discussion or an hour discussion with our clients, they know about

99
00:10:20,160 --> 00:10:25,760
where they stand, what's happening in the markets, the impact on their portfolio, what the impact is

100
00:10:25,760 --> 00:10:32,320
on the plan that they have in place, retirement planning strategies. And maybe we're addressing

101
00:10:32,320 --> 00:10:37,120
some other questions or issues that have come up in the interim, like do I buy real estate

102
00:10:37,120 --> 00:10:43,200
in the interim, like do I buy refinance, an automobile, a second home, vacation,

103
00:10:44,240 --> 00:10:48,560
all these financial questions that they have, we're at the crossroads for them because we're

104
00:10:48,560 --> 00:10:53,600
speaking to them so frequently, setting ourselves apart as being their advocate.

105
00:10:55,200 --> 00:10:57,840
So can you share with our audience where they can find you?

106
00:10:59,600 --> 00:11:06,640
You can find us on our website at CompassAMG.com. You can also find us on LinkedIn and Facebook,

107
00:11:06,640 --> 00:11:11,840
same thing, Compass Asset Management Group. And if you're living in the states of New York or

108
00:11:11,840 --> 00:11:17,120
Florida, we're close to you. We will meet with you on an in-person basis, but we can always

109
00:11:17,120 --> 00:11:20,240
have a Zoom meeting to be most efficient and considerate of your time.

110
00:11:21,360 --> 00:11:23,440
Well, thank you so much for your time today.

111
00:11:24,240 --> 00:11:26,080
The pleasure is mine. Thank you, Sheila.

112
00:11:26,080 --> 00:11:36,800
And thank you all for tuning in to another episode of Milestone Moments in Business and Leadership.