“Toto, I’ve got a feeling we’re not in Kansas anymore.” —Dorothy Gale
A recent visitor to the Raymond James office in West Nyack observed that everyone seemed busy, but the phone was quiet. Chris Mahoney, Managing Director and founding partner of The Mahoney Group of Raymond James, explained: “We’re busy, but the phone isn’t ringing, because we’re making outgoing calls.” Mahoney elaborated, “A critical aspect of our job is regular contact with clients. Keeping them informed while staying abreast of their situation is our top priority!”
Regular contact with clients has always been a tenet of The Mahoney Group, and is heightened by current events. “Headlines are screaming about failed banks, spiraling inflation, and rising interest rates.” said Mahoney’s partner, Managing Director Mark Marotta. “We need to keep our clients’ financial plans on track, and it’s essential that they hear from us.”
Partner, Managing Director, and CFA charter holder Phil Murphy is particularly busy. In addition to his duties as an advisor, Murphy handles portfolio rebalancing for the team. That’s a big responsibility for a team with more than $1.7 billion in client assets (as of Apr 6, 2023), but Raymond James provides the tools Murphy needs to get the job done. He’s also plugged in to the team’s communication efforts: “We’re scheduling meetings and Zoom calls, we’re doing webinars and videos, we’re sending timely email updates, and we’re making phone calls! It’s all designed to keep our clients informed and on the right financial path.”
According to Mahoney, regular contact using a variety of methods to communicate is vital. “People are pressed for time. We can have a quick phone call or if they don’t have time, they can watch a video or webinar on our website when they DO have time. We’re sensitive to our clients’ time, and we give them lots of options.”
All those contacts pay off for the clients and the team, says Mahoney. “We keep them informed and our clients refer new clients to us. One of the larger concerns we hear about from the referrals is that their previous advisor didn’t contact them enough. That won’t happen here!”
That’s a lot of calls and contacts, even for a large team. How does the group manage the workload? Mark Marotta answered, “High-touch service limits the number of families we can work with, so we’re selective with new clients. We don’t have a minimum account, but our team makes the most sense for clients with $1 million or more. Our typical client has between $2 million and $10 million with us.”
The Mahoney Group’s retirement plan business (DC and DB) is also jumping. Managing Director Kevin Mahoney (Chris’s brother), along with Senior Vice President Kristen Koluch and Financial Advisor Tom Small, help businesses find right-sized retirement plan solutions. “We’re fielding inquiries and we believe we’re in great position to help!” said Kevin Mahoney.
Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC or Raymond James & Associates, Inc., member NYSE/SIPC each a broker-dealer registered with the Securities and Exchange Commission (SEC). Investment advisory services offered through Raymond James Financial Services Advisors, Inc. or Raymond James & Associates, Inc. each an investment adviser registered with the SEC.
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