2 min read February 2022 — With 10,000 people turning 65 every day in the United States, Joseph Bert, founder and CEO of Certified Financial Group, Inc. sees growth for his business related to retirement advisory. In an interview with Invest:, he also spoke about shifts in demand, talent retention and his outlook for the industry. “If you’ve been around for a while, and if you have a good reputation and are available to the public, I think you’ve got a great opportunity.”
How has Certified Financial Group performed over the past year, given the challenges?
We grew in the Orlando market. Our assets under management increased to beyond the $2 billion mark, which is not bad for a small, independent firm. We expanded by doing a little more advertising, so that was helpful. Our business was considered an essential business, so we didn’t have to shut down. We implemented the regular sanitizing protocols and our office never closed.
How did you see the demand for your services shift over the last year?
The demand for our services increased because a lot of people were rethinking their careers and what they wanted to do. There were some people who lost their jobs, and they had to make decisions as to what to do with their 401k plans and their investments. Some people just had more time on their hands. We were able to help and move them in the right direction. As Certified Financial Planner professionals, that’s what we do.
What sets your firm apart from others in the Orlando area?
What sets us apart is the fact that all our planners have earned the Certified Financial Planner designation in addition to being Accredited Investment Fiduciaries. We have 14 of those folks under one roof. In addition, our firm is one of fewer than 1% of the firms in the country that are certified by CEFEX (Centre for Fiduciary Excellence). It’s a designation given to advisory firms that pass stringent testing and auditing. We are proud to have that designation.
What are the areas that are of most concern to your clients?
It is mostly about what to do with their 401k and questions around taxes, real estate and long-term healthcare. These are the kinds of questions related to personal finance. We have a lot of social security questions. We have regular workshops here in the office to answer some of those queries. We can accommodate 30-35 people and instruct them on things that we see.
How is the Orlando region changing?
I think the Orlando area is emerging from being purely tourism-driven. We are in the land of the Mouse but I think that is changing gradually. We are building a tech sector here and the medical industry is growing, so we’re beginning to increase the overall wage base in Central Florida, which is good.
How is your firm leveraging technology in the provision of services?
More of our meetings are now done virtually. We are also offering a client portal so clients can drop in 24/7 and look at their financial situation. They can also use it to store their personal documents or wills and trusts, driver’s licenses, passports — it’s a secure portal.
How is the low interest rate environment affecting your clients now?
People are coming to the realization that they can’t keep their money in the bank and expect to have a satisfactory retirement. Unless you’ve got huge amounts of capital, you’re going to be drawing on the principal. So, you need to get your money to grow. The days of being a passive saver or a passive investor who just puts money aside are gone, at least for the time being. People are stepping out and maybe getting into an area that they’ve never had to deal with before, and so they’re seeking professional advice. And that’s what we provide for our clients.
What advice would you give new businesses or new investors looking to come to the Orlando area?
It depends on the kind of business. You need to understand the various pockets that we have here, the various neighborhoods. But it depends on what you do. If you are in manufacturing, it’s no secret that everybody around the country is having trouble hiring. Our situation is probably no different. However, because the base of our economy was built on the tourism industry, somebody coming in here with a manufacturing situation and willing to pay reasonable manufacturing wages shouldn’t have too much difficulty hiring people as opposed to trying to compete in Chicago, Boston or New York.
What do you do to attract and retain talent in your firm?
The No. 1 factor is to respect and appreciate people. I’ve had people with me now for up to 35 years. It is the Hotel California. They can check out, but they can never leave. I think building any business is all about the approach to people. I recognized that a long time ago. I have a good group of dedicated people who are motivated and want to do the right thing for the company and for our clients. It’s a win-win situation. Of course, we provide the basic things: the profit-sharing plan, a 401k plan, health and disability insurance and paid time off. We’re also flexible. We try to make this a comfortable place. I want to have people who want to come in and work in the morning. If you have that, I think you have something going for you.
What is your general outlook for the financial planning industry in the Greater Orlando market over the next two to three years?
My outlook for the region is very positive. The good news is that there are 10,000 baby boomers a day turning 65. We have people moving here from all over the country and people are looking for new financial planners. If you’ve been around for a while and if you have a good reputation and are available to the public, I think you’ve got a great opportunity.
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