Strauss Financial Group
Arthur Strauss and his mother Heidi Strauss run Strauss Financial Group and GenNow, a division targeted toward helping young professionals with financial decisions. Photo by Roy L. Williams.
Heidi Strauss and her husband, John, have been managing investments for clients of Strauss Financial Group for nearly 30 years.
Two years ago, they added a second generation to the family business: their son Arthur Strauss. He is president of GenNow LLC, a new division of the company that focuses on providing investment consulting for young professionals.
In a Q & A interview, Heidi and Arthur talked about their passion for guiding people in investment decisions and their special dedication for helping women, young professionals and seniors define and manage their financial goals.
Strauss Financial is located at 2201 Cahaba Valley Drive.
For those unfamiliar with Strauss Group, what sets it apart from other investment firms?
Heidi: When I started this company, with my husband, John, 27 years ago, our objective was to be totally independent and work for one boss – our client. As a Registered Investment Advisor, our firm also has a fiduciary obligation to do just that – to act solely for the benefit of our clients.
Being a fee-only firm, our client association is relationship-driven, not transaction-oriented, and each portfolio is custom designed and based on each client’s unique situation and financial goals. Our ultimate objective is to act as an advisor and “quarterback” to help achieve and maintain financial security.
What are the biggest trends that you see in the industry today?
Heidi: Family dynamics are redefining women’s financial roles and gaining attention since the majority of women live longer, work less due to their caregiving role and are more risk adverse when investing. Women also control the majority of the wealth in the US, make most of the household investment decisions and 90 percent of women will have sole responsibility for their finances at some point in their lives.
Arthur: Communication and transparency with our clients is key and technology advances have forced advisors to switch and adapt to different platforms over the years. Social media has taken over not only our personal lives but our professional lives, too. Being able to keep clients updated and informed is a win-win for the client and the advisor.
What would you say are the most important qualities to have as a financial advisor?
Heidi: As a financial advisor, we wear many hats – including teacher, coach, confidante, economist and advocate – but I think that three of the most crucial services that we offer are the ability to communicate, to listen and to provide objectivity during emotional turmoil. The ability to simplify complex financial decisions and explain technical concepts in plain English helps everyone stay focused and gain understanding of the investment process. Good listening skills allow us to encourage client openness, better understand our client’s needs and create rapport.
How has your personal life contributed to your business success?
Heidi: As a child, I lived in India, Belgium and Switzerland and traveled extensively throughout the world. This gave me a unique understanding of different people and cultures, and provided a better perspective of global conditions and economies. As an active mother of three, while balancing both my career and family, I learned the value of time management, organization and delegation in running my business.
As a caregiver for my 92-year-old mother, I have been able to incorporate many of the skills that I have learned to benefit our senior clientele. I have much more empathy, experience and awareness of their unique needs and the challenges that they face.
Arthur: Growing up with both parents in finance, I remember often sitting around the dinner table and listening to them discuss the markets and the economy, and I was introduced at a very early age to the importance of investing, financial planning, and most importantly, helping people achieve financial freedom.
What are some recommended mid-year actions that you take as summer progresses?
Heidi: In addition to our ongoing portfolio management activities, we conduct semi-annual portfolio reviews with our clients, evaluate progress towards reaching their specific goals and revisit their risk and return parameters. Summer also allows us to analyze our own projections and performance, and determine if changes need to be made.
