trusted advisors
Navigoe Wealth Management Scott Leonard, CFP® 417 Beryl St. Redondo Beach 310-697-0400 navigoe.com
“We believe that our primary role is to help our client navigate the financial waters of their lives through both storms and smooth sailing.”
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ERTIFIED FINANCIAL PLANNER™ professional Scott Leonard started Navigoe Wealth Management in 1996 and has worked in this industry for more than 25 years. In 2012 he was named one of the Top 5 most influential financial advisors by RIABiz. Navigoe is a South Bay fee-only financial advisor providing wealth management to local business owners, executives and their families. Services include tax planning, asset protection strategies, estate planning and charitable giving in addition to 401(k) and retirement plan services. Why the lifeguard tower photo? “We feel the idea of a ‘lifeguard’ is a good metaphor for how we approach our clients’ financial lives: first and foremost, to protect and guard the safety of our clients’ hardearned money while helping allow for the greatest amount of enjoyment at the same time. (And who doesn’t like a chance to break from the standard boardroom photo!) Not only do we take seriously the trust our clients place with us to safeguard their finances, but as fiduciaries we are legally responsible too.” Is that unique, to be a fiduciary? “Yes, it is in financial services. One of the reasons I founded Navigoe over 20 years ago is that I could not work for an organization that was more concerned with shareholder profits than doing what is best for their clients. The banks and brokerage firms have a legal responsibility to maximize their own profits—not to take care of their clients. I just could not work in that environment. To put it bluntly, I find it incredibly maddening that the legal responsibility of most financial firms is actually in direct conflict with their client, the investor.”
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brokerage firms and banks. Yet very few people have been prosecuted or held personally liable. If these firms were fiduciaries, the Great Recession would have never happened. One should never trust their finances to an institution that is not willing to be completely transparent about fees and conflicts of interest, and who does not fully embrace a fiduciary standard.” Are all financial advisors also fiduciaries? “While the Department of Labor (DOL) did pass a fiduciary rule, it only applied to qualified retirement plans, like your 401k plan. However, due to the strong lobbying by the banks and brokerage firms, they have been able to delay implementation and force the DOL to reevaluate the rule—meaning that even this watered-down version may never become reality.” Why do you call yourselves “financial navigators”? “We believe that our primary role is to help our client navigate the financial waters of their lives through both storms and smooth sailing. We are members of our client’s crew, yet we never forget that they are the captain and it is their ship. We are along for the journey, leveraging our expertise to help make the experience as low risk and enjoyable as possible.” You actually know something about navigating oceans. “Yes. Back in 2011 my family and I took a 2½-year adventure sailing through the Caribbean and South Pacific. It was a lifelong dream of mine that I wanted to share with my family before my boys left for college. Being a financial planner was a great asset in allowing me to fulfill this big, audacious goal.”
What does it mean to be a fiduciary? “It is a legal standard that requires that we put the needs of our clients ahead of our own. And if we don’t, we as a company—and I personally—are financially liable. In effect, it helps ensure that our clients always receive our best advice, solely in your best interest. The standard also requires us to have full transparency around our fees and any possible conflicts of interest.”
How many financial navigators are there in Navigoe? “There are four. We work together as a team, servicing and guiding all of our clients. This approach has served us very well in being able to continuously maintain our high level of service. A large team of highly qualified professionals working together helps ensure that someone is always available to help clients when questions or urgent matters arise.”
Why is it critical that one’s financial advisor is a fiduciary? “The financial services industry almost completely collapsed the global economy in the 2000s. The Great Recession was a direct result of the misleading tactics used by the
Does Navigoe provide any other core services? “Our core service is our portfolio design and implementation. We have two other main services: financial planning and wealth management, in addition to our 401(k) services for small to mid-sized businesses.”
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