Heron Financial Group Doubles Assets in Two Years


New York-based Firm Doubles AUM in Two Years, Focuses on Serving Ideal Clients with Unique Mindset

NEW YORK [February 4, 2014] - Heron Financial Group | Wealth Advisors, a New York-based registered investment advisory firm, today announced 2013 key business metrics. In the last year, the firm grew assets under management (AUM) by 69%, from $72 million at year-end 2012 to $122 million by year-end 2013.  In 2012, Heron added $11 million in AUM, for a double over the last two years. Market appreciation contributed 20% to the firm's growth. New clients added 15%. The largest component of growth -34% - came from obtaining more "share of wallet" from current clients.

"It's so much easier to grow a business by satisfying current clients," said David Edwards, President and Wealth Advisor at Heron Financial Group. "I tell my staff to 'imagine wrapping the clients in a warm wool blanket, giving the clients a cup of perfectly-made hot cocoa, and showing them repeatedly that everything is being taken care of.' The trust we build translates to our clients allowing us to manage ALL of their investable assets, and to refer us to their friends and families as well."

Edwards suggests that by going after only a defined "ideal client type," other advisory firms can grow their client base and assets under management organically without having to resort to costly advertising, promotions strategies or acquisitions.


All Heron Financial Group employees know and intimately understand who is an ideal prospect for the firm. Edwards explains that their ideal prospect typically has four characteristics.

  1. A time-stressed executive between the ages of 45 and 55 who just wants his or her problems solved.
  2. A minimum of $500,000 in investable assets, although generally Heron focuses on clients with $1-10 million.
  3. Is NOT already managing their own money successfully, or is NOT already working with an expert advisor. As Edwards explains, "If you have a good cardiologist already, you don't need a second cardiologist."
  4. Has had a triggering life event that causes him or her to think about their money. Triggering events include: a change in marital status, birth of a child or grandchild, business promotion or job change, pending retirement, sale of a business, inheritance or a financial windfall.

Edwards notes, "When we focus on prospects with these characteristics, the sales cycle averages only one month."