Interview: V. Raymond Ferrara

V. Raymond Ferrara

Chair, CEO, & CCO ProVise Management Group, LLC

Which trends have accelerated in wealth management because of the pandemic?

If you are just doing wealth management, if you are just doing investments, the interaction with the client is far more distant than it is when you are doing integrated financial planning, which we do. When you have a holistic view of a client, you’re in a better spot to help them than if you are just doing the investment piece.

In the financial planning industry, I don’t think we’ll end up continuing with virtual interviews and virtual conversations because of the trust factor that’s involved in our business. People want to see you for real, eyeball to eyeball, to say hello and shake hands and understand who we are, just as we need to understand who they are. We’re anxious to get back together again because we do our best work when we can walk down the hall and say, what do I do?

What opportunities do you see emerging from the pandemic?

One of the things that I try to mentor others in the business to understand is that people don’t change financial planners or financial advisers when things are going well because at that point, there’s no risk in the market and everybody is a genius. It takes an event like the pandemic, or like 2008. It’s at those times that opportunities are presented, that you can either shine or lose clients. Fortunately for us, we’ve shined. We’ve lost no more clients than we would normally lose within the year because of people dying or moving. But when advisers don’t communicate with their clients in an effective way, that’s when opportunity is presented to other wealth management firms to get an unusual number of new clients. When you look at it from a financial planning standpoint, I think the pandemic has caused a lot of people to all of a sudden wake up and say, “I really need to get off my butt and do something about my retirement plan.” People who got furloughed for two weeks and didn’t realize the impact that had on their finances might need to reassess how they are spending money. has already forever changed how firms conduct business, with many predicting that in-person closings for home purchases are a thing of the past, for example.

As the pandemic winds down, people are anticipating a glut of litigation stemming from the government’s coronavirus response and factors such as furloughs and other employment matters. Much of it will pertain to the rights of employees under the new laws. For example, how do you accurately record hours for employees working remotely and how are employees accommodated under the Americans with Disabilities Act, and how will this be navigated. “Our practice groups have remained busy and our litigators are no exception to that. We anticipate that there’s going to be a certain level of litigation coming out of the pandemic, potentially in respect to disputes because of unanticipated consequences regarding existing contracts or circumstances that weren’t contemplated in view of this unprecedented situation. Our litigators are busy and remain poised to handle those subjects as they arise,” said David Cellitti, Managing Partner, Quarles & Brady, LLP.

Private equity In venture capital and private equity, 2020 was a recordbreaking year, which is reflected in Tampa’s own experience. Certainly, these are exactly the kinds of companies that are drawn to the region’s growth. Their concentration in the densely populated Northeast, combined with the pandemic and a welcoming business climate, is conspiring to bring many actors in the industry down to Tampa.

This is reflected in the size of some of the deals that happened this year: Weatherford Capital, which is based in Tampa, invested $22.5 million in SOMA Global, a technology company that is also Tampa-based. Osceola Capital, a private equity firm in Tampa, also made moves to become a major player in the specialty pharmaceuticals space. Through its newly formed Revelation Pharma Corp, the firm acquired Everwell Specialty Pharmacy. Osceola also said it was eyeing other transactions in the sector.

Looking ahead With the pandemic looking like it is on the wane, spirits are high in Tampa Bay. Many of the shocks and innovations and trends seen over 2020 are working in the region’s favor. More outsiders are moving in, drawn by good weather, open space and business-friendly practices.

With a new presidential administration bringing massive stimulus and investment, and with a state economy that is already robust, the region will continue to benefit, and so will its professional services sector.

Real Estate:

No longer overshadowed by sister markets, the Tampa Bay region is buzzing with commercial and residential real estate growth, anchored by a growing business expansion culture and a high quality of life that is attracting new residents to the region. Coming through the COVID-19 recovery process, the market is expected to go from strength to strength.