Interview: Joel Stevens, Senior

Ripe for growth

Florida is no longer just for retirement as growth unfolds across the state and particularly in Tampa

Joel Stevens

Senior Managing Director – Bernstein Private Wealth Management

How would you characterize Bernstein’s business approach and how does it relate to your Tampa return? Coming back to Tampa was a conscious decision, and before arriving here last year, I had been working on it from New York City for a year and a half. On the business front, the city is ripe for opportunity. We noticed the growth that was unfolding throughout Florida in general and in Tampa in particular, including the number of people and businesses relocating, the focus of firms in our industry targeting the state, entrepreneurs and younger professionals. One of the biggest growth areas in Tampa is its entrepreneurial network. This is not your grandparent’s Sunshine State and not just for retirement anymore. It is a highly dynamic, bustling, startup scene that is expanding by the day.

Bernstein is truly distinguished and differentiated as a global boutique. We have the scope, breadth and depth common to the largest investment firms in the world yet our engagement and connection to our clients is very much like a boutique firm. We have a little over 200 advisers in the entire country. Moreover, while managing wealth is a very humbling business, the integrity of everything we do is unparalleled.

How has COVID-19 accelerated or disrupted wealth management industry trends? The evolution of technology in our industry has accelerated. How you engage and communicate with clients has changed forever (for the better) and the transparency and efficiencies afforded us through the ease of these new platforms has forced everyone to raise their game. The focus on planning has been accelerated as well. In addition to the presidential election bringing tax law and legislation changes into focus, lower return expectations going forward are driving a new sense of urgency for having a higher level of confidence in achieving your goals. Throughout the pandemic, people’s hearts and heads changed forever with more and more uniquely successful individuals and families grappling with what their success is all about. Surprisingly, in hindsight, all of the Zoom calls forced a certain authenticity and vulnerability and actually fostered more intimate and meaningful relationships with clients. Investors are wanting to see their wealth have impact while they are alive, and in the end, do well by doing good. We have seen a growing interest and demand for making a positive societal impact through your investments, and we are working hard to ensure that investors align investments made with the intention to generate a measurable social and/or environmental impact with their personal values, without sacrificing return.