In recognition of International Women's Day, a trio of female partners in Chicago unveiled a new RIA on Friday focused on serving women, families and the next generation of investors.
Launched with $200 million in assets under management, Wealth Expressive was founded by CEO Vanessa Martinez, CCO Lauren Genuardi and Darlene Duncan, a partner and wealth advisor. All three partners were previously with Hightower, Telemus Capital and WealthTrust Asset Management, respectively.
The eight-person staff, which includes three men, also includes a director of portfolio strategy, a pre-planner and two client services associates. Dr. Patricia Villarreal, a licensed clinical psychologist, will serve as clinical director.
“The chief clinical officer will work internally to support counselors and externally when we hold family meetings for our clients,” Martinez said. “These are going to be real family meetings where we're going to talk about wealth beyond dollars, and there are times when it gets a little loud or a little angry or sad or really emotional. Families really need someone who's been in ground and can help and act as a liaison.We all communicate differently, which means we listen differently too.
“Hence the name Expressive Wealth,” she said.
Services can also be provided in three languages - English, Spanish and Polish.
“Like with the women's part, if you can see yourself or if Spanish or Polish is your primary language, you're likely to feel more comfortable speaking in that language and understand better in that language,” Martinez noted. “Offering this option makes us more accessible.”
Martinez stepped down from her role as partner and managing director with The Lerner Group at Hightower in 2022 after nearly a decade to focus on building an educational and consulting network for women investors called Em-Powered, along with Villarreal . They are relinquishing their consulting activities and transitioning to a non-profit structure that will enable them to continue speaking and providing educational resources through Em-Powered focusing on the new RIA.
Genuardi left her position as a financial life advisor with Telemus after more than six years to join Martinez. Prior to that, she spent time with Barrington Strategic Wealth, Dearborn Partners and Mesirow Investment Management. Duncan left her role as senior vice president at WealthTrust Asset Management.
“We were inspired to provide an offering that encourages inclusion and open communication throughout the wealth building process,” Genuardi said in a statement. “Vanessa has assembled an exceptional and diverse team with similar core values that will provide clients with a unique and disciplined approach to equity and fixed income investing designed to meet their needs and long-term goals .”
Martinez said she has known each person on her team for “many, many years” and that she intends to put the same time, care and effort into recruiting.
“I want to get to know you because when you don't know you're being interviewed is when you're really yourself,” she explained. “I seek kindness and trustworthiness, because I can teach anyone anything except character. This comes to you.
“Loyalty and community are huge. And I know it would hurt them if I bring in someone who doesn't relate to that, so I tend to be slow to hire and quick to fire. There are at least four people who want to join the team now, but I need to build a little more trust first.
“The ultimate goal is not to be this huge $20 billion empire, because maybe it's lost at that point,” she added. “A few billion? I'm okay with that.”
Martinez hopes to reach $500 million in assets by the end of this year.
“After that, I think 2025 is going to be a little bit of digesting growth as well as building those relationships,” she said.
Except in some cases where the next generation has not yet built up the level of assets of their parents or grandparents, clients will need to have at least $300,000 in investable assets to settle on individual properties and stay properly diversified within the Expressive models is the building, according to Martinez.
The RIA has chosen Charles Schwab for custodial services, Morningstar Office as its primary technology provider and eMoney for financial planning.