Multidisciplinary Team: Greystone Financial Group

Greystone Financial Group in Troy, Mich., serves two distinct groups of clients. One group is made up of people, usually 55 and above, who have made their money. They’re retiring and want Greystone to manage their money, says founder Todd Moss. The other group is divorced women and widows. These clients come to the firm through referrals from existing clients and from Greystone’s custodian TDAmeritrade

Moss says Greystone’s multidisciplinary team approach distinguishes the firm from many of its competitors. “We have attorneys working for us, who are advisors first; but with their legal training, they can also do estate planning.” The firm also has a certified public accountant on staff who helps customize all portfolios. The team approach, Moss says, “allows John Mullins and me, the two partners, to be out and develop business. It has allowed us to grow.”

Moss says the biggest challenge Greystone faces in the medium term is growth. “I really think the whole landscape is changing with competition and pricing, and I believe our biggest challenge is to grow and get to the next level. We’re just under $300 million.” Might Greystone link up with another firm? “We’re talking to some firms, and we’re interested in getting much bigger,” he says.

More immediately, the changing regulatory landscape creates a feeling of angst within the firm. “You have to be compliant in some many different areas and really understand the rules and what you can and can’t do in reference to your files and so on.”

As for Greystone’s clients, the uncertain economic climate is a major source of concern. “The people who retired in 1999 and 2000, they’re really struggling to feel good about their investments and that their retirement is going fine,” says Moss. “What if it’s another 10 years (of slow growth), what if it’s another 20-year period—these poor people will have had extra pressure and anxiety in their retirement, and it just shouldn’t be. They should be doing the things they want to do; they should feel good about their portfolio.”—Michael S. Fischer

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