We had a conversation with Patrick to learn more about him and what excites him about the future of our industry.
PPWP: You have three young ones. Has the school year kicked off nicely for the York family?
PY: It has. Jordan is in pre-school, Sam is in 1st grade and Ben is in 3rd. The beginning of the school year is always busy and next year is the first year that we’ll have all three kids in the same school which we’re looking forward to. My wife Lauren is calling it the ‘Magical Year.’ It’s a short walk from our house to the elementary school, so our older two kids have been walking to school together which is fun to see.
PPWP: Speaking of kids, nobody ever says they want to grow up to work in finance or become an advisor when they grow up. What was a childhood passion of yours?
PY: Well, I actually did say that. I wanted to grow up and become a stock broker. I remember asking my mom for the Wall Street Journal so I could follow stock prices. I didn’t know exactly what a career in this industry looked like, but I did know that I was very interested in the markets. I’ve also always enjoyed helping people, even from a young age. So getting to do both at the same time, for a job, is perfect for me.
PPWP: How did you go from Saturday’s edition of The Wall Street Journal to this career?
PY: Delbarton, my high school, had a class that blended economics and markets. For me, that class started to piece together why stock prices move in one direction or the other. I loved that class. I knew right then and there that I would major in Economics in college, and I did, at Fairfield University.
During college, I interned at Morgan Stanley and worked there for about 6 years. I learned quite a bit from my colleagues. I learned about the business. I knew I could excel in this type of work but always felt I needed some gray hair in order to begin to build my own relationships. During my 20s I realized that I liked stocks and the market, but enjoyed helping people even more so that’s when I began building my business.
PPWP: What have you seen change in this industry over your career?
PY: This is a great question. The industry continues to evolve. Over the past, it has absolutely become more holistic versus just asset management. At one point years and years ago, it wasn’t even asset management. It was just brokering stock and bond transactions. So the industry is getting more and more holistic in terms of appropriately managing a client’s wealth, beyond investment management. We now are intimately involved in estate planning, business sales, cash flow planning, monetizing forms of equity compensation, minimizing tax liabilities, to name just a few.
When I look back, the industry has actually evolved to suit my skillset more now than ever. It’s really easy to get excited about the future as those trends continue.
PPWP: How about Merrill Lynch? Once you started working there, how did you cross paths with Michael Lehman and Derek Wittjohann?
PY: Derek and I crossed paths early on at Merrill, maybe day 3 or 4, and he was someone I liked spending time with and felt an instant sense of trust. We also had the same mentor, Bruce Milstein, who I consider to be a good friend to this day.
When I was approached by the team, I had been building my business at Merrill for around a decade. I remember my first conversation with Mike and Dick. I immediately knew we shared similar goals and values when it came to investments and planning. I saw an exciting opportunity with the team to continue to grow my career. We all have unique skill sets which compliment each other nicely and I enjoy sharing ideas with them each day.
Last but not least, Gary Valentine was someone I met early on at Merrill. We sat near each other in the board room in the Florham Park office. Gary was a phenomenal person. Everyone enjoyed being around Gary. Now I feel grateful to help many of his clients with planning and investments, and I really enjoy remisicing and sharing stories about Gary when we speak.
PPWP: You mentioned earlier about your interest in building your own relationships. How did that begin to happen? And how has that evolved?
PY: My business has matured over the years. Initially, the foundation of my business was family and friends. I feel fortunate that those closest to me saw the value I would add from the very beginning. The next phase was really introductions and word of mouth from my clients. As one example, I familiarized myself with AT&T & Celgene/Bristol Myers Squibb retirement plans and was able to offer some very specific guidance to help them achieve their goals. I always felt if I added value each and every time I interacted with someone that the business would continue to grow over time. After I joined the team, I had the opportunity to get to know and help many new clients which I have really enjoyed. I love to hear everyone’s story and understand what is most important to them.
PPWP: What sticks out over your career where you’ve made a big difference?
PY: I could name quite a few instances but I think broadly, I’m very proud that every single person I’ve worked with has stayed the course. In bad markets – and we’ve had a few – they all knew why they were invested and had confidence that over time, sticking to the plan was best. I try to keep conversations with clients focused on goals and what works over the long-term.
Another big part of how I do business is making sure clients are heard. We all have different goals and circumstances. Listening to each and every client goes a long way. Every conversation I walk away from having learned something new that in turn helps me better serve that client.
PPWP: There has been quite a bit of change over the past 10 years. Where do you see the indstury changing over the next decade?
PY: There’s a quote I love to mention. It’s not mine, but it’s a great quote. “Good advice doesn’t cost, it pays.” I think the industry will continue to move toward providing comprehensive levels of service to families. We are in the service and advice business. This means we need to provide the best service and the most complete advice. A big topic area I hear from clients is finding solutions to preserve and transfer family wealth to the next generation. Another trend is younger people making more money earlier in life. There’s a lot of opportunity for talented, driven people, regardless of age, to win big. We are seeing that with our clients, and some are quite young but have created large income streams.
PPWP: Thanks for the conversation Pat!