47 min
Episode 204: Breaking Away and Strategic Growth with Phil Fiore DealQuest Podcast with Corey Kupfer
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- Business News
Having more than 25 years of experience, Procyon Partners’ Co-Founder, Phil Fiore, has extensive experience and expertise in the investment advisory space. In addition to being a co-founder of Procyon in 2017, Phil formerly held the positions of Senior Vice President of Wealth Management at UBS, Senior Institutional Consultant, Senior Retirement Plan Consultant, and member of the Institutional Consulting Group and its Advisory Council. 401KWire twice named Phil one of the Nation’s 300 Most Influential Advisors in the Defined Contributions Arena, The Financial Times recognized him as one of their Top 400 Advisors in 2014, and Barron’s named him one of their Top 1,200 Financial Advisors in 2015.
Given all these accomplishments and experiences, Phil is equipped to speak with authority in the wealth management space, but, when Phil was younger, the term “wealth management” wasn’t even in his lexicon. Coming from a first generation immigrant Italian family, Phil spent most of his early life believing that soccer would be what his future held. His father, a traditional Italian man, created the PAL Soccer League in his hometown in Connecticut. While his father instilled within him a go-and-get-it-yourself attitude as opposed to handing him money (a rudimentary business skill), soccer was indeed what his heart was set on.
Nevertheless, professional soccer only existed in Europe at the time Phil graduated college, so he had to figure out a new path. At first, his intended path was law school, but sometimes life chooses for you what you’re meant to do. In his late 20s, he was presented with an opportunity to join a business he couldn’t refuse which led tohim became the highly regarded leader and dealmaker he is today.
THE NEW WAVE OF BREAKAWAY
Procyon Partners is a prime example of a new wave of breakaway RIA firms. Traditionally, RIA breakaways were wealth management practices run by advisors establishing their own businesses for their own reasons - mainly escaping big firm bureaucracy and limitations or the desire to be self-employed. On the other hand, a new wave of breakaways was ushered in, with Procyon being one of those to breakaway with new additional motivation: Authentic, strategic growth from the start. This is growth with intention, not growth for the sake of growth, but growth with the purpose to build a stronger organization that can service clients more fully and comprehensively.
Though Phil and his fellow founding partners started out in wirehouse firms (a full-service broker-dealer), they realized that their specialty expertise in retirement consulting and other key service offerings excelled well beyond the wirehouse’s “full-service” paradigm. As a result, they made the decision to leave the wirehouses.
“An exciting journey, for sure,” says Phil, but certainly not without its challenges. One of the biggest hurdles faced by Phil and his new company was actually the freedom they had to operate as they pleased. They had to take a step back and evaluate their circumstances, and not act on impulse, but rather conduct their business in a manner that was best for their clients and for their business.
Another decision made in 2017 by the Procyon founding partners, was to collaborate with Dynasty Financial Partners. Due to Dynasty’s well-established standing, they were able to offer analytics, experienced transition, and operational support to Procyon in ways that would otherwise be inaccessible to them at their founding. This decision gives Procyon the ability to focus on transitioning their clients and providing personalized service at a high level for high-net-worth individuals, families, and business owners. In 2022, this partnership is still in place, and Procyon’s founders continue to benefit from and deeply appreciate the exceptionality, support and partnership that Dynasty offers.
A STRATEGIC GROWTH-DRIVEN MINDSET
Procyon Partners’ authentic,
Having more than 25 years of experience, Procyon Partners’ Co-Founder, Phil Fiore, has extensive experience and expertise in the investment advisory space. In addition to being a co-founder of Procyon in 2017, Phil formerly held the positions of Senior Vice President of Wealth Management at UBS, Senior Institutional Consultant, Senior Retirement Plan Consultant, and member of the Institutional Consulting Group and its Advisory Council. 401KWire twice named Phil one of the Nation’s 300 Most Influential Advisors in the Defined Contributions Arena, The Financial Times recognized him as one of their Top 400 Advisors in 2014, and Barron’s named him one of their Top 1,200 Financial Advisors in 2015.
Given all these accomplishments and experiences, Phil is equipped to speak with authority in the wealth management space, but, when Phil was younger, the term “wealth management” wasn’t even in his lexicon. Coming from a first generation immigrant Italian family, Phil spent most of his early life believing that soccer would be what his future held. His father, a traditional Italian man, created the PAL Soccer League in his hometown in Connecticut. While his father instilled within him a go-and-get-it-yourself attitude as opposed to handing him money (a rudimentary business skill), soccer was indeed what his heart was set on.
Nevertheless, professional soccer only existed in Europe at the time Phil graduated college, so he had to figure out a new path. At first, his intended path was law school, but sometimes life chooses for you what you’re meant to do. In his late 20s, he was presented with an opportunity to join a business he couldn’t refuse which led tohim became the highly regarded leader and dealmaker he is today.
THE NEW WAVE OF BREAKAWAY
Procyon Partners is a prime example of a new wave of breakaway RIA firms. Traditionally, RIA breakaways were wealth management practices run by advisors establishing their own businesses for their own reasons - mainly escaping big firm bureaucracy and limitations or the desire to be self-employed. On the other hand, a new wave of breakaways was ushered in, with Procyon being one of those to breakaway with new additional motivation: Authentic, strategic growth from the start. This is growth with intention, not growth for the sake of growth, but growth with the purpose to build a stronger organization that can service clients more fully and comprehensively.
Though Phil and his fellow founding partners started out in wirehouse firms (a full-service broker-dealer), they realized that their specialty expertise in retirement consulting and other key service offerings excelled well beyond the wirehouse’s “full-service” paradigm. As a result, they made the decision to leave the wirehouses.
“An exciting journey, for sure,” says Phil, but certainly not without its challenges. One of the biggest hurdles faced by Phil and his new company was actually the freedom they had to operate as they pleased. They had to take a step back and evaluate their circumstances, and not act on impulse, but rather conduct their business in a manner that was best for their clients and for their business.
Another decision made in 2017 by the Procyon founding partners, was to collaborate with Dynasty Financial Partners. Due to Dynasty’s well-established standing, they were able to offer analytics, experienced transition, and operational support to Procyon in ways that would otherwise be inaccessible to them at their founding. This decision gives Procyon the ability to focus on transitioning their clients and providing personalized service at a high level for high-net-worth individuals, families, and business owners. In 2022, this partnership is still in place, and Procyon’s founders continue to benefit from and deeply appreciate the exceptionality, support and partnership that Dynasty offers.
A STRATEGIC GROWTH-DRIVEN MINDSET
Procyon Partners’ authentic,
47 min