Price Financial Management: Charting New Financial Horizons

During his senior year at Drexel University, Alec Price used his first decent stock-market gains to dive into the business world. He and his brother purchased and operated a video store in Marlton, capitalizing on the then-booming movie rental market.

“My dream was always to be my own boss, to control my destiny,” says Price. As he delved deeper into the world of business, his interest in investing grew. Realizing his passion lay in helping others with their financial futures steered him into a successful career as a financial advisor, spanning over 3 decades, with some of the industry’s leading firms.

Last year, he brought these 2 passions together by launching Price Financial Management. His firm is fully dedicated to offering personalized, effective financial strategies to a wide array of clients, from individuals and families to small and mid-sized businesses to nonprofit foundations.

Moving on after 14 years at Merrill Lynch, Price’s new venture is the fulfillment of a lifelong ambition at the perfect time. As an independent advisor working in partnership with Concurrent Investment Advisors, he has the freedom to offer his clients the best investment options while ensuring their savings are safe and within legal guidelines, he explains. His new office in West Berlin, a stylishly renovated space, is part of this exciting new chapter. It’s conveniently located for his clients, including the 90% who stayed with him.

“I’ve always aimed to offer the best options for my clients – to reduce transaction costs and provide tailored investment solutions,” says Price. “And now, thanks to modern technology, this is exactly what I can provide. Working as an independent contractor with the best support available from Concurrent is a game changer. It allows me to bypass the middlemen, directly saving my clients about 30% in expenses while actively managing their accounts. It also allows me to work with a wider range of independent portfolio managers.”

Reflecting on the past year, Price says the risk of going independent has paid off. “I’m thankful so many of my clients stayed with me,” he says. “Many of them have been with me through the markets’ ups and downs. And now I’m also advising their grown children.”

Price continues to prioritize fully understanding each client’s circumstances. This involves delving into their investment goals and their comfort with risk before developing a customized plan. His guidance and advice are tailored to meet his clients’ immediate needs as well as their long-term goals, with a plan that is regularly updated to reflect any changes in their situation or objectives.

“My approach is to understand my clients’ aims and experiences with investments, both the good and the bad,” Price says. “This has always been true, but now I have access to over 800 portfolio managers. In the past, I could only cover about 1,700 stocks. That’s a lot but there are over 7,000 companies that are publicly traded in the United States alone and over 52,000 publicly traded companies globally. Being limited to 1,700 means missing out on a lot. Now I can work with independent managers who cover a broader range. 

“My clients appreciate this independence and broader scope and that I can pass on so much savings to them,” he adds. “It all goes back to that video store and wanting to control my destiny and provide an excellent service while doing that. This is what I always wanted to do.” 

alec@pricefm.com
856-422-9600 | pricefm.com