Building Sustainable Wealth for Over 3 Decades
The essence of financial planning is managing a lifetime of money in & money out to ensure it lasts, while not letting your family’s financial future be derailed by unlikely events, such as premature death, disability, and liability claims. We understand the big picture and drill down into the details and help to execute on all aspects of personal finance.
— Ravi P. Dattani, CFP®, CDFA®, President
Back in the 1980s, our founder was frustrated with a financial industry that catered primarily to institutions and the ultra-wealthy. While these large investors received enough attention to manage risk and create sustainable wealth, individuals were typically provided with cookie-cutter financial planning and investment recommendations which were often product sales in disguise.
These concerns about industry practices inspired our founder to create something better. In 1983, he formed one of the very first fee-only and fiduciary-based firms in Delaware: Schiavi & Company. Here’s the full story.
Advice, Not Sales
The new firm took product sales out of the equation. With no commissions or ties to product companies, there was no need to push products that made the firm money. Instead, experienced advisors put their collective knowledge to work in the client’s best interests without these conflicts of interest.
At the time, there were few fee-only firms. This new firm was quite different, also bringing that institutional-style intensive financial planning to individuals. Our clients received year-round help from a multi-disciplinary team including tax professionals.
The firm grew, with referrals frequently coming from tax accountants whose clients were not getting the attention they needed to achieve their financial planning goals.
Why Clariti? First, taking complex financial topics and translating them into a clear and concise manner is something we have been doing for clients for decades – providing clarity. Secondly, we wanted to take the emphasis off of any one individual. We use the combined wisdom of the entire staff and execute as a team. Our low client-to-advisor ratio enables us to spend the time necessary to provide each client with clear and comprehensive financial advice.
Doing the Right Thing
Was this decision to focus on a more ethical business model a sound business choice? Well, almost four decades later, the company has continued to grow while maintaining its very high service level, and we believe that success speaks for itself. But bottom line, it’s the right thing to do…so we wouldn’t have it any other way.