The most successful financial planners have a passion for helping their clients achieve their goals. In today’s environment, that means constantly evaluating evolving economic, political, and monetary conditions to look for both threats and opportunities.
Andrew Pravlik, CEO & Managing Partner at Pittsburgh Financial Group, knows his clients depend on him for sound financial advice, especially during uncertain times. He prides himself on being proactive in constantly researching emerging trends. Part of the process includes meeting and staying connected with industry leaders, investment professionals, and other financial experts.
For example, rising interest rates have created new opportunities for investors. “The current rising interest rate market has provided a tremendous opportunity for our business to help clients navigate uncharted waters,” Pravlik said. “Interest rates have climbed to levels we’ve not seen in 40 years.”
Rates are at their highest point since the early 1980s. While high mortgage rates get the headlines, bond rates and other high-yield investments provide more options for financial planning that must be considered carefully. Investments must be balanced against client goals and risk strategies, accounting for inflation and evolving monetary policy.
With more than 30 years of experience as an industry leader in financial planning and investment, Pravlik knows the importance of following a regular routine to stay informed.
Conquer the Morning
Part of his success is based on the belief that you need to conquer the morning each day. “Get up early and prioritize health,” he said. “Health equals wealth.” Every morning, Pravlik exercises. “I find this sets the tone for the day and gets the body moving,” he said. “With the body moving, the mind will follow.”
Andrew Pravlik is an avid reader as well. He goes through the Wall Street Journal, Financial Times, Bloomberg, and Kiplinger daily to look for emerging trends and potential concerns. “Information and world knowledge is still vital and being well versed and educated is of utmost importance,” he said.
This knowledge-seeking has been at the heart of the success of Pittsburgh Financial Group and its growth. More importantly, this approach allows Pravlik to create and preserve wealth for his clients.
It’s a formula that some of the world’s best investors follow dogmatically. Legendary investor Warren Buffet says spends 80% of his working day reading, learning, and thinking. Buffet believes that knowledge builds up, just like compound interest. Buffet’s partner Charlie Munger put it this way: “Go to bed smarter than when you woke up.”
It’s this accumulated knowledge, based on years of experience, that makes Pravlik an industry leader in financial planning, retirement planning, insurance, and annuities. Combined with persistence and a solid decision-making process, Pravlik has built a business serving select clients and helping them build wealth.
Andrew Pravlik also knows that there’s a lot of bad information and often conflicting opinions out there. It takes a practiced eye to find accurate and trustworthy information. At the same time, it’s important to seek out a wide variety of viewpoints to make sound investment decisions.
Aligning Client Needs With Solid Investment Strategies
Andrew Pravlik’s experience helps him ensure investment strategies line up with his clients’ goals. Every client has unique needs and a different approach to risk tolerance. It takes an interactive process to get to know clients well and regular communication.
Clients need to feel comfortable with their investment strategies and their financial planners. This is key to gaining peace of mind. Pravlik knows a big part of his job is to take this accumulated knowledge, distill it into a successful strategy, and keep clients informed. Explaining the decision-making process is crucial to provide transparency and ensure clients are comfortable with the direction. Trust is a crucial element in the relationship.
So is listening. It takes active listening and dialogue to understand client concerns and fears as well as how they interpret information. Some clients need hard data on every aspect of their financial journey. Some want to be part of every decision. Yet others want their advisor to make decisions for them. Andrew Pravlik knows how important it is to tailor his approach for each client, to present information in the way they want, and to involve them in the decision-making process.
It’s this tailored approach that has created rapid growth for his clients at Pittsburgh Financial Group, which is now expanding to Seattle. Leading one of the industry’s most respected investment management and retirement planning firms, Pravlik’s constant pursuit of education has served him — and his clients — well.