{"id":10994,"date":"2023-11-08T08:19:57","date_gmt":"2023-11-08T08:19:57","guid":{"rendered":"https:\/\/infundpros.com\/markets\/2-billion-ubs-wealth-management-team-says-a-60-40-portfolio-is-best\/"},"modified":"2023-11-08T08:19:58","modified_gmt":"2023-11-08T08:19:58","slug":"2-billion-ubs-wealth-management-team-says-a-60-40-portfolio-is-best","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10994","title":{"rendered":"$2 Billion UBS Wealth Management Team Says A 60\/40 Portfolio Is Best"},"content":{"rendered":"
\n

Team Name: <\/strong>Rimmel Mehaffey Pessy Wealth Consulting Group<\/p>\n

Firm:<\/strong> UBS Wealth Management<\/p>\n

Senior Members: <\/strong>James W. Rimmel, Daniel J. Pessy<\/p>\n

Location: <\/strong>Pittsburgh, PA<\/p>\n

Team Custodied Assets: <\/strong>$2 billion<\/p>\n

Forbes Rankings: <\/strong>Top Wealth Management Teams High Net Worth, Best-In-State Wealth Management Teams<\/p>\n

Background: <\/strong>Both Pittsburgh natives, James Rimmel and Daniel Pessy have been at UBS for over 20 years. Rimmel joined Paine Webber in 1997 (which UBS acquired) and eventually teamed up with his wife and his father-in-law, who each had their own separate businesses. Pessy started out working for Rimmel and was part of the team when it was officially formed in 2003. With nine people altogether now, the team typically works with high net worth clients as well as institutions like endowments or nonprofits. Among their clients, many are business owners but also there is a large number in professional services: The firm has almost 50 doctors as clients, for example.<\/p>\n

Competitive Edge: <\/strong>\u201cWe truly believe that we make a difference in the lives of our clients and have built our business on that philosophy,\u201d says Rimmel. \u201cWe\u2019re very process driven early on as far as how we work with our clients.\u201d Both senior partners also place emphasis on multigenerational planning and making sure families are having the right conversations about their long-term wealth. \u201cWe usually have four active generations of clients in a family\u2014from grandparents to great-grandchildren,\u201d says Pessy. \u201cClients are so pleased that we\u2019re willing to sit down with the younger generations.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

Investment Philosophy\/Strategy: <\/strong>\u201cOur fundamental principles from an investment standpoint are all about asset allocation and diversification,\u201d says Pessy. The team places an emphasis on tax-loss harvesting while also sticking to a bucketing strategy that includes silos for liquidity and longevity. From an equity perspective, they describe themselves as long-term investors by nature, with exposure typically to a blend of large-cap growth and value stocks. \u201cFor the first time in a while, the outlook for fixed income is really positive,\u201d notes Rimmel. \u201cThe 60\/40 portfolio model is now starting to make sense to me for the first time in ten, fifteen years.\u201d While still focused on shorter term bonds, the team has slowly been adding duration and is now looking to build out an intermediate type bond portfolio. \u201cI like bonds more than equities,\u201d says Pessy. \u201cWith rates being where they are and likely staying in this range for a period of time, bonds are starting to become a more attractive investment, especially when looking at the volatility in the equity market.\u201d<\/p>\n

Investment Outlook: <\/strong>\u201cOur expectation over the next nine to twelve months is that volatility will continue and ultimately the market will trade in a sideways fashion,\u201d predicts Pessy. \u201cThere\u2019s still a lot of uncertainty with what the Fed will do with rates\u2014higher for longer is certainly the theme, but will they stick to that?\u201d With the added uncertainty of an election year, it will be that much more important to help clients tune out the noise and remind them that their portfolio is built to weather volatility, the partners say. \u201cRates will stay higher for longer,\u201d Rimmel predicts, adding, \u201cThe reality is that rates at 6% or 7% might be the new normal.\u201d<\/p>\n

Best Advice: <\/strong>The partners\u2019 advice is twofold. \u201cI always say to clients don\u2019t watch the market every day or you\u2019ll drive yourself crazy,\u201d says Pessy. \u201cWe\u2019re in this for the long term and markets are not something you should be worried about day in and day out.\u201d The other piece of advice has to do with multigenerational planning. \u201cWe have clients that are getting old; I really try to encourage them to communicate with their children and bring them into their financial planning if they haven\u2019t already,\u201d says Rimmel. \u201cIt\u2019s important for us to encourage these conversations\u2014get your family involved to help through the process as you age.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Team Name: Rimmel Mehaffey Pessy Wealth Consulting Group Firm: UBS Wealth Management Senior Members: James W. Rimmel, Daniel J. Pessy Location: Pittsburgh,…<\/p>\n","protected":false},"author":1,"featured_media":10995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-10994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\n$2 Billion UBS Wealth Management Team Says A 60\/40 Portfolio Is Best | inFundPros<\/title>\n<meta name=\"description\" content=\"Team Name: Rimmel Mehaffey Pessy Wealth Consulting Group Firm: UBS Wealth Management Senior Members: James W. Rimmel, Daniel J. 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