PRACTICE PROFILE
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Living Up to a Client-First Commitment
Jaime Ruff of Homrich Berg
By Kevin Adler
Financial advisors often counsel their clients that when they have a solid financial plan, the biggest key is to stick with it. Don’t chase hot stocks or sectors, don’t get careless about funding your retirement plan, and don’t let your insurance lapse.
This steady approach is reflected in the career built by Jaime Ruff, CFP®, a principal with Homrich Berg in Atlanta. Having joined Homrich Berg as its 15th employee in 1999, Ruff has contributed in a variety of ways over 23 years as the firm reached its current size of about 2,700 clients and $11 billion under management, served by over 170 employees as of Oct. 31, 2022.
“The firm was already established and had a good reputation when I started,” Ruff says. “The success is owing to the strong conviction Andy Berg and David Homrich had to provide objective, conflict-free planning.”
Co-founder Berg still leads the firm, and Ruff says Berg’s message is always about working in the client’s best interest. “When I first came here, I was told I’m not required to bring in clients, but I’m required to take care of them. It’s still the same,” Ruff says.
NAPFA Job Posting
Ruff got his start in the insurance industry, but he knew from the outset where he wanted to head.
“One of my professors in college, Joe Toombs, was a partner in a Fee-Only firm, and he convinced me that Fee-Only was the best way to be aligned with the interests of a client,” Ruff says. “There were only a few Fee-Only practices in the Atlanta area in the late ’90s, and all of them wanted someone with experience. To ‘break in’ initially, I worked in the financial planning department of an insurance company that had recently set itself up as an RIA.”
He saw a job posted by Homrich Berg on NAPFA’s website, reached out to the firm, and never looked back. “I’ve always felt indebted to NAPFA for that listing,” Ruff says, and it’s why he urges his colleagues to participate in the organization’s study groups, networking, and conferences.
Caring for Clients
Growth for the firm was steady during its first decade, as word spread about the benefits of working with a Fee-Only fiduciary who provided comprehensive planning and investment services. As growth accelerated, Homrich Berg (HB) opened its second metro Atlanta office in spring 2008, on its way to four current Atlanta-area offices and an office in Palm Beach Gardens, FL, that opened in 2021.
“About 40% of our new business is word-of-mouth—it’s our largest slice,” Ruff says. “Our clients know that we care about them at a deep level and are there for them no matter what.”
Sometimes, an individual needs immediate help with their financial planning or investment goals. During challenging investment environments, like our current environment, most clients need an extra touch of communication from their advisor. That’s exactly what Homrich Berg delivers through emails, webinars, and phone calls.
“I don’t wait for them to call me to express concern; they’ve already heard from me and/or HB via phone calls, emails, meetings, and the like,” he says. “Many of our clients proactively contact us during challenging investment environments. They expect updates and communications from us on HB’s market landscape outlook.”
Ruff has been down this path in the past. “When Bear Stearns collapsed and Lehman Brothers failed [in March 2008 and September 2008, respectively], we came to the office on a Saturday and called clients, so they saw Homrich Berg on their caller ID,” Ruff says. “When shutdowns began to happen around Covid, we did it again.”
Collegial Environment
The firm’s client-centric approach is managed by teams that include a principal/director, senior associate/associate, and client service operations specialist to serve different client groups. “Each team has a flavor that’s different than others,” Ruff says. “Mine tend to fit the mass affluent category, and when they retire, their monthly cash flow is as important to them as overall market return.”
Another principal may have a group of clients who’ve experienced a life event like death of a spouse or divorce. “For some people in this new life experience, this may be their first time managing money.” Ruff says. “Other principals work with business executives and professional athletes for their specific financial planning and investment needs.”
Each team has access to HB’s experienced investment research and operations team to ensure the financial planning and/or investment decisions made with the client are executed properly.
Typically, a client has one or two meetings with their team each year to review their financial plan and investments. For his clients, Ruff says cash flow is a major focus because it brings up the key question that needs to be answered: “Will I have enough money each month to live my life based on the goals I set with my financial plan?”
During planning meetings, Ruff and other advisors use software to create dynamic planning projects for clients and answer “what if” questions as they occur. Common client questions that arise from client planning meetings include: “What if I take an extra vacation next year or buy that new car I’ve dreamed about? What if I experience a life emergency and need to withdraw a large amount of money? Will I have enough cash flow to cover these additional expenses and still maintain my current lifestyle?”
When working through scenarios, Ruff includes his team members who were involved in the planning process and allows them to interact directly with clients. “Over time, I want to transition the leadership of a client to a member of my team as the client’s lead advisor,” he says.
This approach gives junior members of a team the opportunity to advance their careers at HB while strengthening client relationships. Ruff says it creates “a family atmosphere … where everyone is valued and supported.”
When Ruff began his career 23 years ago at HB, advisors were tasked with becoming knowledgeable in all aspects of the client’s investing life. Ruff recalls a time when he was in charge of reporting on a specific segment of the market for the entire firm. Today, the investment team is led by Chief Investment Officer Stephanie Lang, CFA.
With the expanded staffing, specialization has become more common. However, the collegial environment of two decades ago has remained a major feature of how the firm works. Everyone pitches in, just like they did when Homrich Berg was in its early growth stages.
“My colleagues are available to me whenever I have a question, and I’m available to them,” Ruff says. “With the range of issues we are covering—investments, retirement planning, long-term care, I have access to knowledgeable people within the firm, and I can draw upon their experience to answer a wide variety of questions. An advantage of this model is I no longer need to be informed on every topic available and can focus my time on the client experience.”
Leveraging Scale and Speed
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Homrich Berg, at a Glance
Location: Four offices in metro Atlanta and one in Palm Beach Gardens, FL
Website: homrichberg.com
Year founded: 1989
Number of staff: 177
Number of clients: 2,700 client families
Amount of money managed: $11 billion
Description of typical clients: Individuals, families, and not-for-profit organizations
Typical client needs: Financial planning and investment management
Favorite financial planning website: kitces.com, advisorperspectives.com
Favorite nonfinancial planning website: WSJ.com
Piece of advice to fellow NAPFA members: “Get involved and volunteer. It will make your membership more enriching, and it will help NAPFA continue.”
