Retirement
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A Letter from Our Founder, Philip G. Palumbo

“It’s not hard to make decisions when you know what your values are.”

— Roy E. Disney

My immigrant father and US-born mother taught me one key discipline that has positively informed my life: a strong work ethic. A person’s work ethic is a set of values based on the ideals of discipline and hard work.

I was encouraged to work at a very young age. When most 13-year-olds came home from school to spend time with their friends, I became a 3-season athlete, worked at a restaurant, and did homework until late in the evening. I employed this same process during college while playing Division 1 lacrosse.

When I step back and think how challenging all of that was, I realize it was the foundation for the wealth management career I began 20 years ago. The value of a strong work ethic has enabled me to deeply understand my clients who are preparing to retire, or are already retired. Having worked hard to build their wealth over decades, not losing their money is their crucial objective. As a wealth manager, it is imperative for me and my team to create and constantly adjust and reinforce a strong process to achieve three critical goals for our clients:

• First, PROTECT your money
• Second, GROW your money and provide you with a return that will assist you in achieving your life’s goals
• Third, ensure that we TRANSFER your wealth to your heirs in the way you wish and help the next generation to carry on your legacy

After countless hours of research, it was apparent that the independent Registered Investment Advisor (RIA) is the clear service model that will enable us to serve our clients as their personal chief financial officer and accomplish our three critical objectives. We can do this by serving you on the best and purest platform that the financial services industry has to offer.

I believe the RIA model is the future of the wealth management industry and more in line with our core values. As an RIA, we have a fiduciary duty to our clients, which is among the highest standards of care in the American legal system. The RIA platform enhances our access to research, state-of-the-art technology, and the best products and services that the wealth management industry has to offer.

Most importantly, our clients can have peace of mind knowing that BNY Mellon | Pershing is safekeeping their assets. BNY Mellon | Pershing is an indirect, wholly owned subsidiary of BNY Mellon Corporation and it serves the foremost wealth managers, RIAs, family offices and investment advisors around the world. BNY Mellon has $35.8 trillion in assets under custody and/or administration and $1.9 trillion in assets under management. As one of the world’s oldest financial institutions, BNY Mellon’s strength dates back to its founding by Alexander Hamilton in 1784.

In the end, the decision to become an RIA reflects our mission to serve our clients to the very best of our abilities. At Palumbo Wealth Management, we are a client-first, full-service, private wealth management boutique firm offering one of the strongest and most secure asset management platform of services available. We take our fiduciary responsibility very seriously and by “PARTNERING TO DELIVER STRENGTH,” we can best serve our clients’ wealth management needs.

Sincerely,

Philip G. Palumbo
CEO and Founder