The demands of big brokerage firms to push the firm?s products ? such as mutual fund packages ? didn?t appeal to J. Patrick Collins and Joshua Itzoe.
Both men worked as financial advisers ? Collins for Merrill Lynch in Towson and Itzoe for Morgan Stanley in Hunt Valley. So the pair set out to start their own investment-advising firm with a slightly different, more comprehensive approach.
“We talked about it for two years,” Collins said. “The first thing we talked about was why will the company exist and what was our mission. What was going to be different?”
“Typically, in the financial service industry, most advisers tend to focus on the [financial] vehicle first,” Itzoe said. “The focus is on which stock or what mutual fund to buy.”
Collins and Itzoe?s focus is on looking at the client?s entire financial status including outstanding loans, real estate, investments, pensions and retirement accounts.
On Oct. 2, 2004, Greenspring Wealth Management opened in Towson with Collins as the only person in the firm, taking about 40 of his 220 clients from Merrill Lynch with him.
Itzoe joined Collins a year later. The now three-person firm, with Irene Catlin as client service manager, started managing about $7 million in client assets, Collins said.
At the end of 2005, the company was managing $15 million and today manages about $25 million in assets.
“Our average client is about 48 years old, earns about $160,000 per year and has a net worth of about $3 million,” Collins said.
Greenspring Wealth Management, located in a suite in Towson, set out to be different by taking on a “fiduciary” responsibility requiring the advisers to look for the clients? best interests, according to Itzoe.
Collins and Itzoe adhere to standards set forth by the National Association of Personal Financial Advisors. Those standards require them to be paid a fee by the client for their services and not sell them commission-based investment tools. They must look out for the client?s best interest, according to the association?s standard.
Rick Faint, the former CEO of Sequoia Software in Columbia, said Greenspring helped him discover ways to save money on insurance costs. He sold his company in 2001.
“Not only are they managing the investment of my money but they are tracking it year to year. They are tracking everything including the value or my house and my mortgage and even my money that is managed by other firms,” said Faint, of Cockeysville.
J. PATRICK COLLINS and JOSHUA ITZOE
» First job
Collins: Golf professional
Itzoe: Minor league baseball player
» Education/credentials
Collins: B.S. in recreation parks management with minor in business, Penn State University, Certified Financial Planner Degree from American College.
Itzoe: B.A. in history, Wake Forest University, Certified Financial Planner Degree from American College
» Best job perk
Collins: Being able to think strategically about the situation.
Itzoe: Helping people improve their lives.
» Number of e-mails a day
About 40 to 50 each
» Essential Web sites
greenspringwealth.com, morningstar.com, yahoo.com
» Favorite gadget
Collins: Financial calculator
Itzoe: Software to connect to home office
» Hometown
Collins: West Chester, Penn.
Itzoe: Towson
