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Richmond Five Star award winner

Kittens and Basketball

KITTENS AND BASKETBALL

By Keith Collins Reagan, Sr.

I was not a Duke basketball fan until Duke Cancer Center helped cure* me of cancer. But after I started receiving sweatpants and t-shirts and stuffed animals with Duke regalia, it became easy to think fondly of Duke. And as I was finishing treatments in March 2015, I selected Duke as the overall winner in my March Madness bracket pool. Wouldn't ya know: Duke won that year! While it was great that I picked the winner in the bracket challenge, it was even nicer that I was cancer-free and done with chemotherapy.

Some people, however, would argue that the most remarkable aspect of my conversion to Duke was that previously, I was a UNC fan. Now to be fair, I was not a hard-core UNC fan as I went to W&M (undergraduate).

Favorite college basketball teams are not the only way I have changed through the years. Before I studied at Wharton, my portfolio management training was almost exclusively provided by Merrill Lynch. Throughout the 1990's I was a pure believer in "Mother Merrill." I thought we had the best research in the world and I was convinced that success was not possible without the guiding hand of the historic firm started by Charles Merrill and Edmund Lynch.

After the research scandal of 2000 and my re-education at Penn, I looked at ML very differently. Once I concluded that independent and academic research was superior to the marketing-oriented research I has grown-up on, it was easy to leave. Today I am convinced that Standard & Poor's, FactSet, Value-Line, Morningstar, Zacks and others provide more honest and accurate information. I would never again consider trusting research from a broker-dealer that was also an underwriter and had its own propriety sales force to deliver inventory to the public.

Politics is another area of great change for me. I was raised to be a single-party guy and never question the candidate provided by the party my family embraced as a child. Now I regularly vote for Republicans and Democrats and Independents (or smaller parties) from local elections to the highest office in the land. I am among the growing number of people who prefer to judge candidates as individuals not by party-affiliation. 

Finally, I have changed my opinion on pets. I was raised with dogs exclusively and considered myself to be firmly a "dog-person." Then I got married. 30 years ago when I started dating Lisa, she had a cat. That cat lived with us until she died a little over 13 years ago. We currently have two cats but have had as many as three. And I am very fond of our cats...and our dogs - as we have both right now. In conclusion, I am neither a cat or dog person anymore. I am a "registered independent." Haha.

By continually searching for the truth and not being stuck in my ways, I have made changes over the years and am not the same man I was early in my career.

My goals have evolved significantly. As a rookie I wanted to please my superiors and win sales contests. I did not think about research a lot and simply delivered to the public what I was told to sell.

30 years later, I own an independent consulting firm where our focus is finding the best information that will help us reduce risk, create income and provide sustainable growth for our clients. We still use a big name organization for asset custody - namely Fidelity, but our research focus is decidedly from independent and academic sources.

So, kittens and basketball. And politics. And investment research. Much has changed.

 

*I still have regular scans to ensure that my cancer is gone. It has been several years since my last chemo (3/31/2015) and so far so good. Currently I have check-ups annually at Duke. 

This award was issued on 11/01/2023 by Five Star Professional (FSP) for the time period 02/13/2023 through 08/31/2023. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 1,095 Richmond-area wealth managers were considered for the award; 67 (6% of candidates) were named 2023 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2022: 1041, 69, 7%, 11/1/22, 2/28/22 - 8/26/22; 2021: 937, 67, 7%, 11/1/21, 2/8/21 - 9/10/21. 2020: 873, 69, 8%, 11/1/20, 3/2/20 - 9/25/20. 2019: 979, 77, 8%, 11/1/19, 2/25/19 - 10/7/19. 2018: 939, 94, 10%,11/1/18, 3/16/18 - 10/4/18. 2017: 771, 93, 12%, 11/1/17, 3/15/17 - 10/6/17. 2016: 687, 144, 21%, 10/1/16, 5/6/16 - 10/4/16. 2015: 710, 190, 27%, 10/1/15, 5/6/15 - 9/30/15. 2014: 1242, 187, 15%, 10/1/14, 5/6/14 - 9/30/14. 2013: 802, 190, 24%, 10/1/13, 5/6/13 - 9/30/13. 2012: 663, 163, 25%, 10/1/12, 5/6/12 - 9/30/12.
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*Winners appearing on this page do not pay a fee to be considered or to win the Five Star Award. Professionals with a digital profile have paid a promotional fee.
Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria ? required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP?s consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP?s consumer complaint process; feedback may not be representative of any one client?s experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria ? considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager?s future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients? assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria – required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP’s consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP’s consumer complaint process; feedback may not be representative of any one client’s experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria – considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager’s future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients’ assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com