Financial Adviser Helps People Achieve Their Goals

For Rich Ferrari, financial advising is a family affair.  Not only does he help families plan for their future but his own daughters Danielle and Giana have followed in his footsteps.  Like their dad, both young women now work for Edward Jones.

"I love the ability to work with individuals and business owners one-on-one," said Rich in a recent interview at the local Caribou Coffee.  The work he does has a "major impact on people's lives," and he gets to work with clients not just transactionally but also in terms of building long-term relationships.

"Some of my clients have retired, some have children... others are in a second marriage or starting a business, or maybe they're building retirement plans and have people in their company to take care of," Rich said.  "Whether it's for retirement, saving money or acquiring wealth for the next generation, helping people achieve their financial goals really gets my juices flowing."

Rich became interested in the area of finance at an early age.  He excelled in math and while at Fenwick High School, a college preparatory school in Oak Park, he attended a career event where he learned about the accounting field.  He went on to Loyola to study accounting and as a junior and senior at Loyola, he received an internship with the Internal Revenue Service.  After passing the certified public accountant (CPA) exam in his senior year on his first try, he was offered a job with the IRS following graduation.  While working there he obtained a master's degree in business administration. 

"I learned a lot while working for the IRS," Rich said, "but after two more years I wanted to see what the business side was about."  He joined a "closely-held family firm."  In fact, it was his own family's firm, a real estate company where together with his two brothers, they developed custom family homes, investment properties and smaller commercial properties.  Rich's role as chief financial officer (CFO) blended well with the talents of his brothers and while they later sold the business, he's happy to say they're still friends today.

Working at the family firm taught Rich a lot about running a business and in 1999 he decided to launch his own business.  Although he came to the finance role with an emphasis in accounting, he'd become intrigued with the field of investing.  After extensive due diligence, he chose to become an Edward Jones representative.  The firm provided the opportunity to grow his business with support from the "home office" but also allowed him independence and autonomy.  He now has an office on County Farm Road and Rich is a limited partner with the firm.

Helping people manage their money isn't without its challenges.  Although he gets a high amount of satisfaction from his work, Rich says there can be some "bumps along the road."  The biggest challenge?  "Setting realistic expectations, both of me and of a client's portfolio's performance," Rich said.  He's proud of his track record of keeping clients onboard with their financial plans, especially when the market was rocky during 2008.  "It's easy to be successful when people are making money," he said, "but the real success is when the market is tough and clients stay the course."

A former chairman of the board of the Wheaton Chamber of Commerce, Rich remains involved as a member of the Ambassadors Club and recently put in some long hours at the information desk during the Taste of Wheaton.  He is one of only two associate members of the DuPage County Bar Association, building key relationships with attorneys as well as accountants and other key professionals whose services support his clients' goals.  Once a month Rich offers a seminar on investing and a market commentary to residents at Monarch Landing in Naperville.

Rich beams when he talks about his daughters.  Danielle is a financial advisor with her own Edward Jones office in Glendale Heights and she's currently studying for the certified financial planner (CFP) exam.  Giana recently graduated from Elmhurst College and is studying to take her licensing exams.  Although he didn't push for either daughter to move into financial advising, he's clearly thrilled that they share a passion for his profession.  His vision for the future includes building a succession plan that may include one or both of "the girls." 

In the meantime, Rich credits his longtime assistant Joyce with helping him continue to grow his business.  He acknowledged his clients as wonderful referral sources as well as the key legal and tax advisors to whom he refers business, who often refer new clients back to him.  

Rich also has served as a leader and a mentor to other advisors within Edward Jones.  "I enjoy mentoring other financial advisors" which is part of the Edward Jones culture, Rich said.  "I see this as more of a way of life than a career."