By SÍLE MOLONEY
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Anthony Rivieccio, Founder and CEO of The Financial Advisors Group, a local online business celebrating its 30th anniversary this year, confirmed on June 30, 65% of the group is sold to outside investors. At the same time, Rivieccio launched a new financial company, Rivieccio Financial Advisors.
Describing the former company as a fee-based financial planning firm specializing in solving clients’ financial problems, Rivieccio said he first entered the world of finance on July 1, 1991, when he was became a licensed broker and entered what he called the wacky world of Wall Street. “At that time, it was a dangerous world for consumers,” he said, describing then-Wall Street as an industrial sector comprised of stock sellers who worked on commission-based sales pitches. , and therefore received no salary and “didn’t care” about clients’ short- or long-term goals.
In 1996, he moved to investment planning at JP Morgan Chase. “I wanted to help people with all of their personal finances,” he said. As the industry changed and became more regulated, Rivieccio created The Financial Advisors Group in 1996 along with three other partners. He said 25 years later, the business has evolved into an online business, serving clients outside the borough and across the country.
“Our last fiscal year, ending June 30, 2021, shows good numbers,” he said. “Customer services grew 20% per year, our investment management division grew 22% per year, customer turnover was a little tough at 15% per year. based treasury company. He said that while the business is not booming, it is holding its own.
Rivieccio, who is also the founder of the local political organization, Northwest Bronx Democrats, is still a board member of the Financial Advisors Group, but said he was no longer the majority CEO. “The new leadership will focus on investment management, through its custodian partner since 1997, The Vanguard Group, one of the world’s largest providers of low-cost mutual funds. Of course, I will always keep 35% of the property, ”he said.
As of July 1, Rivieccio is now the full owner and CEO of a virtual private family office, Rivieccio Financial Advisors, which he says is about helping virtually anyone, with the principles of personal finance and advice, whether it is helping with budgeting, debt, taxes, investments, insurance, retirement or estates and wills.
