Mr. McGrath, Managing Partner of Evensky & Katz, said "This is such a great outcome for all clients and staff of both organizations."
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Coral Gables, FL (PRWEB) June 09, 2014
Evensky & Katz Wealth Management (http://www.evensky.com) is pleased to announce its merger with Foldes Financial Management (http://www.foldesfinancial.com). Called the "Father of Financial Planning," Harold Evensky founded Evensky & Katz in 1985 and with the addition of Foldes Financial will become the largest independent Registered Investment Advisory Firm in South Florida with a staff of 25, including 13 experienced CFP practitioners and responsibility for the fiduciary management of assets approaching $1.5 billion.
Matt McGrath, Managing Partner of Evensky & Katz, said "This is such a great outcome for all clients and staff of both organizations. The combined intellectual capital is a direct benefit to our respective clients and the collective resources of the two firms will allow us to provide even better service." Mr. McGrath went on to add, "Both firms take pride in our academic and institutional approach to wealth management as well as our fiduciary duty to our clients."
Foldes Financial Management manages approximately $600 million for approximately 400 clients and works with professionals, small business owners, corporate executives and inherited wealth. The firm is led by its founder and CEO, Steve Foldes, who is also a lawyer and a CFP®, and gained business notoriety in the early 1980’s in popularizing “jellies”, the all plastic injection model sandals which became a fashion sensation. As President he led his company, Fun Footwear Company, from $1 million in sales and 50 employees in 1978 to $20 million and 750 employees in 1984. In 1985 he sold the company and moved from Hazleton, PA to Miami. Remembering that time, Mr. Foldes says, “With my family’s security and future on the line I did my due diligence to find the very best advisory firm I could. That extensive search led me to Harold Evensky and until 1991 his firm managed my portfolio– quite well I must say!” In 1991 with a young family and traveling far too much for his liking in a footwear consulting business he had established, Foldes recounts, “Harold made me an offer that literally changed my life. He knew that I really loved investments and that as a young man with a JD and an extensive background in business why not make a career change and join his firm – recognizing that I needed to raise my personal educational bar by becoming a Certified Financial Planner. Well I did, of course, and after 5 years of learning from the master and being an entrepreneur I decided it was time to strike out on my own.” This began a period of phenomenal growth from $25 million under management in 1996 to nearly $600 million today.
Mr. Evensky echoed Mr. Foldes and said “We are immensely proud to once again have Steve back in the fold and we look forward to an exciting future for our clients and our firm.”
Mr. Evensky will continue to be the Chairman of the firm and Mr. Foldes will serve as Vice-Chairman. In addition Mr. Foldes will join the firm’s Investment and Management Committees. According to Mr. Foldes, “It really was a perfect fit. We both are fee-only and embrace the fiduciary standard of putting our clients’ interests first. We both custody our clients’ assets at Schwab and TD Ameritrade and use traditional as well as alternative asset classes. I will now be able to work in a team approach with talented Evensky & Katz CFP practitioners to be able to provide the best advice and service and insure continuity for clients for decades into the future. After 18 years the profession has grown immeasurably and the investment universe has become infinitely more complex and sophisticated, so to continue to serve my clients as I too would want to be served, scale and resources are critical. So, after months of intensive due diligence and being courted by a number of firms, I am returning to my roots and the people I know very well to create the very best financial planning and portfolio management firm I can imagine. Interestingly, not only is Harold still there, but so are the Chief Financial Officer and the Chief Investment Officer I worked so closely with 18 years ago.”
Evensky & Katz, an employee owned firm, is dedicated to providing customized, fee-only, Wealth Management advisory services to affluent individuals and families, non-profits and corporations throughout the United States.