Nationwide Planning Associates, and independent financial industry and regulatory authority-regulated broker-dealer, inaugurated its new local headquarters facilities in Hato Rey, for which it invested $250,000.
The firm, which manages $2 billion in assets, affirmed Tuesday its sustained growth in the local market its commitment to helping its customers in times of economic challenges.
The firm of independent brokers and financial planners established local operations in May 2014. It’s growth also calls for expanded its operations to Mayagüez and future offices in Ponce, in anticipation of continued steady growth in the local market, said Nationwide Planning CEO Michael Karalewich.
The company offers its full-service financial model to individuals, businesses, financial intermediaries, and institutions.
“We’re very excited to announce the formal inauguration of our new local headquarter facilities in Hato Rey as well as our expansion through independent brokers to the Mayagüez region,” said Karalewich, who was present at the inauguration event with other company executives.
“Currently we have 27 brokers and the continuous growth of our presence in this market shows our long term commitment to our clients,” he said.
NPA’s associates have more than 15 to 20 years of experience. All of the firm’s brokerage assets are held at Pershing LLC, a wholly owned subsidiary of the largest custodial bank in the world — The Bank of New York Mellon, executives said.
Karalewich said that as Puerto Rico plows through a 10-year recession and challenging government finances, “clients need advice to navigate through the uncertainties. Nationwide Planning Associates have been steadily providing that counsel to its clients.”
“In this economic and regulatory environment the only broker dealers that will succeed are those that put their clients’ best interests first,” he said, adding the firm believes “residents of Puerto Rico need access to financial advice now more than ever before.”
“NPA believes that its business model and experienced advisors represent an attractive alternative to current residents seeking access to financial advice,” Karalewich said. “Our advisors are available to take customer calls and listen to their concerns. Our advisors are keeping themselves abreast of current events and sharing what they know with their clients.”
“Although times are very difficult now and have been for quite some time, NPA believes that brighter days are ahead,” said Michael J. De Pol, founder of NPA.
Karalewich added NPA is committed to the Puerto Rico marketplace for the long-term.
“We want to integrate into the local communities building trust with the Puerto Rico residents. Our strategy includes investing in office space, human capital, and cultivating professional networks. We believe this trust will serve as the foundation of our continued expansion into the Puerto Rico marketplace and is necessary to ensure long-term success,” Karalewich said.
The firm’s business model is based on the underlying principle that a firm has to be independent and unbiased to provide the “best and most object financial advice and investment solutions to clients.”
The company does not offer proprietary products, so its advisors are not pressured to sell specific products or investments. Advisors have access to independent research and technology that help guide rational decisions through the challenges of the marketplace and the result is a commitment to an open architecture investment program, or in other words, a full range of investments, insurance and financial solutions.
“Our code of ethics, the screening process by which we select our advisors, our general prohibition against proprietary products and our open-architecture product platform converge to foster an environment that encourages our advisors to provide their clients with unbiased and objective advice and to recommend the products and services which will best meet their needs,” Karalewich said.