A Father's Reward: Daughters Taking Over His Financial Practice

Steve Roberts, founder of Silverton, Oregon-based Roberts, Ring & Fischer Wealth Management, Inc., has spent most of his career working alongside family.

Steve explains, "Early in my career, I went to work with my brother, who also was an advisor and who had just affiliated with the brokerage firm Private Ledger—a company that was about to merge into a new enterprise called LPL."

One year later, in 1982, Steve made the decision to open his own office and remain with LPL.

"It was the smartest thing I ever did," Steve says. "I always wanted to have my own business. LPL gave me the opportunity to do that. I knew I wanted independence, for me and for my clients. I have that with LPL. Time with family is the most important thing in the world to me. This profession made that possible."

Steve's three daughters—Stephanie, Angela and Amy—grew up watching their dad build the business from the ground up. "We saw how hard Dad worked," recalls Angela. "None of us ever took success for granted."

After they graduated college, all three daughters came on board to assist with the rapidly expanding practice. "I initially intended to work with Dad for only a few months before graduate school," said Stephanie. "But I loved seeing how we help our clients. In a small community like ours, we are part of families' lives for generations."

Although Amy left to pursue her teaching career, Stephanie and Angela both envisioned futures with the family business—a choice that provided Steve with a clear path for succession planning.

"Angela and Stephanie have learned to do what's right for our clients," Steve said. "Over the last 20 years, they have been invaluable in growing our practice. I believe that our clients will have the finest financial advisors anywhere."

Angela adds, "Dad taught us that knowledge is not enough. For us, what matters most is caring about our clients."

A slow and thoughtful transition assured clients that, as ownership passed from one generation to the next, there would be continuity in the firm's philosophy and service.

According to Stephanie, theirs may remain a family practice for many years to come. "When my daughter Brighton was 10 years old, her teacher asked everyone in class to share what they want to be when they grow up. Brighton wrote down two words on a big sign, and held it high above her head. It read, "Wealth Manager."

Angela C. Fischer, CFP®, is President and Chief Wealth Manager, LPL Investment Advisor Representative, Roberts, Ring & Fischer Wealth Management, Inc.

Stephanie L. Ring is Chief Wealth Manager and LPL Investment Advisor Representative, Roberts, Ring & Fischer Wealth Management, Inc.

The views and opinions expressed by the LPL Financial Advisor(s) are as of the date of publication. These views may not be representative of the views of other Financial Advisors and are not indicative of future performance or success.