All in the Family
Do you remember watching All in the Family? Carroll O’Connor and Jean Stapleton starred in this sitcom back in the 1970’s. Television was much different back then. A ground-breaking show, it transformed television, winning four consecutive Emmy awards for best comedy series, and was the top rated show in America for five years in a row. Archie and Edith Bunker became legendary TV characters, as O’Connor and Stapleton garnered awards for their great acting. It was a breakout moment for producer Norman Lear as well. According to one source, “much of its success came from its frank and satirical treatment of sensitive or important topics, such as race, gender, sex, bigotry, and social inequity.” For me, as an eleven year old, the show was an eye opener.
Recently, we sent out a notice to clients informing them that our team had expanded. We added two more members to our team, Grace Loveland and Liza McDevitt. The folks who know me well immediately recognized that these two young professionals were “all in the family.” Yes, Liza and Grace are two of my three daughters. Along with Jason Walker, who joined us about five years ago, they represent the next generation of financial advisors. As we are in the long term financial advisory business, planning for events that will occur in eight or ten years seems normal, logical, and smart.
It is exciting to work with newer advisors, teaching, guiding, and sharing the lessons learned over many years in the business. And, it is far from unique in the investment business to work with family members. In our office in Jenkintown, we have four “family” teams out of five groups. Over the years, I have worked with many father-son, father-daughter, and mother-son teams. Perhaps Raymond James is the best example of family stewardship over multiple generations - our former CEO Tom James took over the reins from his father! I don’t know if any research has been done on the subject of family succession in the financial advisory business, but I can tell you that intelligent, hard-working, compassionate, and caring individuals make a positive impact in this business.
Family succession has a history of success at other investment-related companies too. Fidelity is a notable example – the Johnson family runs this large Boston-based mutual fund company. In Los Angeles, American Funds/Capital Group has been run by several generations of the Lovelace family. Davis Funds are run by the eponymous Davis family. And finally, the same family has run Franklin Funds since it’s founding in 1947 – first it was Rupert, followed by Charles, then Greg, and now Jennifer Johnson serves as CEO. No relation to the Fidelity Johnson’s, as far as I know.
So is it all in the family? Or is it all about family? And isn’t what we do all about your family?
The crux of the matter is simple: Our business is about your family. Life events need to be planned for – a new baby, college funding, a new home (or a vacation home), and retirement to name a few. Experience helps in the planning and decision-making process.
We look forward to the opportunity to strengthen and deepen the ways we serve your family.
And I am certain our long term success together will come from frank and honest treatment of sensitive and important topics relating to your family’s financial well-being.
Ralph McDevitt March 5, 2021
Any opinions are those of Ralph McDevitt and not necessarily those of Raymond James.
Raymond James & Associates, Inc., member New York Stock Exchange/SIPC
