Mitchell Rock works at Wells Fargo Advisors as Managing Director, Investments. Based out of New York City, Mitchell has been with Wells Fargo since 2016 and has taken an additional position within the Portfolio Investment Program as Portfolio Manager. This position allows him to act as a fiduciary, managing wealth on a discretionary basis for his clients.
Mitchell earned a Bachelor’s Degree in Accounting from The George Washington University and later attended New York University, earning a Master’s Degree in Finance. Following his education, Mitchell Rock began his Wall Street financial career in 1985 with his role as a research assistant/ analyst. After several years learning and working his way upwards, Mitchell became the Director of Research for a multi-billion-dollar hedge fund in New York City. Years later, preferring to work with affluent investors and their families he moved to the Private Client Group of Oppenheimer and Company as Executive Director.
Mitchell Rock is also a strong believer in embracing technology and using it to increase and improve his business. Using the social media site LinkedIn, Mitchell was able to land a $70 million contract. It was Mitchell’s success with LinkedIn that began a change within the financial industry, starting a trend among advisors to use social media as a professional networking tool.
Tell me about your business.
My title is Managing Director – Investments at Wells Fargo Advisors in New York City where I have been working since August of 2016. In addition, I am also a Portfolio Manager within the Private Investment Management which allows me to act as a fiduciary and manage wealth on a discretionary basis for our clients.
Who are your typical clients?
Most of our clients are current or former business owners who need help developing a plan for the conservative investment of their wealth. In most cases we design, implement and monitor a goals-based comprehensive investment program which acts as the template for all of the work we do together. This goals-based plan, which is customized for each family we work with, is created early on and is used as the cornerstone for all of the work we do together.
What do you mean by goals based?
Unlike many advisors, we do not have a predetermined asset allocation based on age or risk profile. Instead, through a series of profile questions, we determine what rate of return is required to help the family to meet their long- and short-term goals. If a 100% allocation towards short term United States Treasury Bills will work then that is what we do. If tax free income would be preferable, we might end up with all state issued Municipal Bonds. If a greater rate of return and more risk is needed and desired, then we will begin to incorporate equity exposure into the portfolio. The specific type of equity – United States stocks, International, Emerging Markets – and even which sectors are invested in will be determined by each client’s individual investment objectives and risk profile.
How long of you been doing this?
I started my career on Wall Street in 1985 working as a research assistant / analyst. Eventually I became Director of Research at a hedge fund responsible for designing investment portfolios which incorporated multiple asset classes and focused on reduced levels of volatility and preservation of principal. In 1993, I joined the Private Client Group of Oppenheimer and Company where I was an Executive Director and after that held similar positions at UBS Financial Services and Morgan Stanley.
Tell me about your education.
I have a Bachelor’s Degree in accounting from The George Washington University and a Masters Degree in Finance from New York University.
What made you decide to join Wells Fargo Advisors?
While I really enjoy managing wealth for individuals, I realized that the suite of services provided by most Wealth Management platforms on Wall Street was limited and not nearly as comprehensive as Wells Fargo.
What are some of the other services that you now can offer your clients?
As an advisor at Wells Fargo, in addition to financial planning and wealth management I can now provide access to Commercial Banking, Real Estate Finance and Investment Banking as well as traditional bank products and services to accommodate clients’ needs through Wells Fargo affiliates
What is your approach to managing money?
Money is hard to earn but easy to lose. Since our clients have already accumulated substantial assets I view our job as that of protector. I take the oversight and stewardship of client portfolios very seriously and construct the portfolios with a focus on capital preservation and generation of income. We tend to have a large cap home country bias which means we do not have meaningful exposure to emerging markets and other asset classes typically viewed as speculative.
If you had to summarize what you do in one sentence what would it be?
That’s a great question. I would say that our goal is to help provide professional solutions to complex problems while delivering an unparalleled level of client service.
Which investment vehicles do you like to use?
The majority of our portfolios are allocated to index funds which we surround with satellites or thematic positions. All client portfolios to a very large degree are unique based on individual investment objectives and risk profile.
What about bonds?
Now that interest rates seem to be rising for the first time since 1994, we are taking a very defensive position to fixed income investing. Our portfolios are allocated among United States treasury bonds, corporate bonds and tax-free municipal bonds all having maturities of less than 18 months.
Tell me about your customer service model.
All of our clients receive a minimum of one call per month. When the markets are volatile, I often say that they receive their monthly call every week. Typically, however, clients receive a call once per month, they get a monthly brokerage statement and on a quarterly basis they receive a much more comprehensive analysis of the portfolio which includes absolute and relative returns on a historical basis. Face to face meetings vary depending upon each individual client.
How can someone reach you?
We are located in New York City at 1211 Avenue of the Americas and reachable by phone at 212-205-2927.
Our email address is firstname.lastname@example.org