As his thoughts turned increasingly toward retirement, the investor was having growing doubts about the way his financial advisor was managing his money. He was particularly concerned that the advisor wasn’t adapting to his changing priorities. He also was worried that, despite his considerable wealth, the advisor didn’t have an adequate plan in place to ensure he would have the income he desired once he left the workforce.
The investor ultimately sought a second opinion. At the recommendation of a friend, he made an appointment with financial advisor Steve Pendergast.
“The client’s needs and priorities had evolved, but his previous advisor’s investment strategy hadn’t evolved with him,” Pendergast recalls. “I helped restructure his portfolio to be in line with his current goals and objectives. Over the years we’ve tweaked the edges from time to time, to try to take advantage of various market disruptions — such as the recent downturn in municipal bonds — and of gyrations in the marketplace.”
Success stories like this are commonplace for Pendergast, now a First Vice President – Investment Officer with Wells Fargo Advisors in solo practice in Danbury, Conn. Like the investor described above, many of his clients initially seek him out because they are unhappy with their current advisor’s investment approach, and nearly all come via word-of-mouth referrals.
While each client has his or her own unique blend of needs, goals and risk tolerance, many have followed Pendergast’s steadfast belief in the importance of maintaining a constant level of liquidity in their portfolios to help cushion against market losses.
“This way, clients aren’t forced to make emotional decisions in bad markets,” he explains. “It makes for a much calmer approach to investing.”
According to Pendergast, a large percentage of his clients’ holdings are in diversified investments, tailored for their needs. Each client receives an in-depth portfolio review emphasizing after-tax, risk-adjusted real rates of return. In addition, many take advantage of Wells Fargo’s extensive lending capabilities offered through affiliates.
Pendergast enjoys close, longstanding relationships with many of his clients, and he encourages them to consult him if they have questions or concerns about any financial matter. “Whether they need business advice, have a question about their portfolio or even want a recommendation on where to go on vacation or send their son or daughter to college, I want my clients to feel comfortable calling me,” he says. “I want my number to be at the top of their speed dial.”
Steve Pendergast, First Vice President – Investment Officer Wells Fargo Advisors
93 Lake Avenue, Suite 202, Danbury, CT 06810-6384 203-744-6000 | 800-535-0888 Email: email@example.com | www.stevependergast.com
Investment and insurance products: NOT FDIC-Insured/NO Bank Guarantee/May Lose Value
Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.