PHILADELPHIA BUSINESS JOURNAL NOVEMBER 28, 2014 PHILADELPHIA BUSINESS JOURNAL ‘Find it in you to persevere more than the next guy.’ DELL PONCET Managing Editor Philadelphia Business Journal Steve Girard has been in the fi services business and the Philadelphia re gion awhile. He loves both areas, but the New Englander can't give up on his es teemed Patriots, Who do Northstar's clients tend to be? People who are very successful in their ficlds and believe that i's best to let other professionals handle these aspects of thelr life. So we have a number of senior execu. tives as well as a number of retired and active military officers. At the end of th day we like (0 say that if someone wants to make a material difference in thelr life ‘we're more than happy to help them: How did you end up as a g0-to place for those in the armed forces? We acquited a practice in Portsmouth, R.., from a plan- ner that was retired Navy’ Mitch of his book was retired and active military, so as we be gan to work with all those acquired clients and from that we were referred to other military personnel and it just expanded from there You started out, as I did, as an English ‘major, the degree for people who don’t ‘know what they want. How'd you end up a financial planner? I had always had an interest in the markets and in investin from my dad, When I was working at th ‘VNA one of the women working there had a boyfriend who worked for Metlife. I was recruited by Metlife on the insurance side of the business and I took the leap. It was brutal. A lot of cold calling and in those days the model was to recruit as many new agents as possible and throw them into the fray and see who survives, At the tim: Metlife owned a mutual fund company called State Street Research and I was able 10 begin to be involved in broader financial planning and investment management. was four years into that model that a good friend of mine, who knew I was un ‘Steven B. Girard, president of Northstar Financial Cos... New England native and avid fan of the New England Patriots happy in my position, sald, “You know you should be an independent planner.” I said ‘What the heck is that” and he opened my eyes the independent side of things and I knew that's where I wanted to be So four months before Michele and! were to get married I came home from a meet ing with an independent broker dealer and said “Tley, Ineed to do my job in the man. ner I think that’s best for my clients and my career and that’s being independent.” She said, "What's that mean?” And I replied, ‘Well, it means starting my own business. Her reply was less than pleased given all of the wedding and honeymoon plans we had made, And I uttered my most famous ‘words which I have used often since Trust me, [ll make it work.” And she did, and I did How did you come to Northstar in Mont. ‘co? My brother in Taw and his wife Live in the area and we used to come down for the 4th of Jaly holiday every year. One year While having beers at the pool and talking about our careers and lives I said to him that I wished we lived closer to each other and that I was looking for a practice to buy because [was tired of cold calling Serendipity as itis, a Usting for a prac tice for sale in Bala Cynwyd was posted the following week. I made inquiry and after a years worth of negotiating and traveling bback and forth I closed the deal and ac quired the practice and a couple weeks be fore Christmas Michele and I moved down here to transition the practice and have been here since. You say your industry is undergoing a metamorphosis of sorts, splitting into two sides, one professional, the other less so.PHILADELPHIA BUSINESS JOURNAL NOVEMBER 28, 2014 Explain, please? I don’t think that a meta. rmorphosis is happening more than it’s the ‘current state of affairs, The industry is split between advisers whorn I treat their advi sory business as a professional enterprise. ‘They seek to do great work for their clients and grow a solid, ethical business. And then the other side is till filled with people who only care about what they are making ‘on each deal, or each transaction, whether the work they are doing for their clients is appropriate and in their best interest. k's stilla split between what I would classify as ‘true financial planning professionals and salesmen, Do you worry that skilled advisers are ‘aging and there are fewer younger people ‘entering the field, why is that so, do you ‘think? I don't necessarily worry about it from the standpoint of what it means for the industry. I do think it means there will be fewer firms in the future and that con: solidation of clients and assets will be a natural progression. Ido think the young. cer advisers coming into the business have fa different view of what the profession is about, and itis far more attuned to the professional planning side of things. That actually brings me comfort as I think the ‘quality of planners, and the work they are ‘qualified to do, will gt better. There will be fewer of them but the percentage of good ‘ones versus low quality will be higher. This is not an easy business. Nothing is ‘more important to people, other than their family, than their money. It can make for having to manage client's emotional highs and lows which can be draining for some people. Likewise it is a relationship busi ness and relationships take a Tong time to orm and grow and solidify. So this is not ‘a short-game business. It is one that takes ‘commitment for years before you may sce personal monetary success and I think that ‘Ume commitment is scary for some young cr planners thinking of coming into the in dustry, But given the demographics of older advisers who will need (0 find a rightful ‘successor for thelr business and thelr cli ‘ents, [don't think there is a better time for ‘younger planners to be entering if they can be patient. In the next 10-15 years ther ‘will be a massive exodus of older planners retiring and an equally massive amount of clients and assets needing a planner. That's a phenomenal opportunity for young planners to build into if they can ‘stop thinking about short-term satisfaction and focus on long. term growth, ‘You grew up in a small town in New Hampshire. How did that form your out- ook on your life and your profession? It ‘made me not want to live in a small town. All kidding aside, we moved to Candia, NIL, when I was in the fifth grade and | think there was under 3,000 people that lived there at the time. I'm not sure the town itself had an effect on me more than i had been the town where my dad had grown up, in a relatively poor situation, ‘which had a profound impact on him and formalated mach of who he is. So it was from him, and his small town experience, that created mulch of how he taught and parented my brothers and me and from those experiences our development was created, Your father is truly a self-made man. His story? Let me frst say it took many’ years for me to appreciate what my dad had dealt ‘with and done in his life. As a young man [found many of his mannerisms and "life's lessons” to be abrasive more than embrace: able, But as I got older and actually stepped ack and thought about it my pride and appreciation for who he is and what he did increased greatly My dad grew up poor in a somewhat dys functional family. As a French Canadian ‘who at first spoke mainly French he dealt with a lot of adversity growing up from ‘other neighborhood and school kids. He ‘was a bit of a loner and as the oldest son he had to be very responsible at a very young. age. He married my mom young and start ced a family and was working as a welder having previously begun a career with his dad as a wrought-iron railing manufac turer. As the story goes my mom was preg nant with me and my dad seriously hurt his back and was laid up for six weeks. As he lay in bed staring at the ceiling he had. alot of time to think about his life and he realized that welding was not the future for him if he was going to raise a family. As he had always loved education (he went an ‘extra year in high school just to have the ‘opportunity to learn more) and had always ‘wanted to goto college, he began to go back to night school for years. getting his assoct- ate’s and bachelor degrees in enginecring and then getting his MBA. He worked for Digital Equipment for many years and rose to a faitly senior position before retiring. It's was an amazing amount of dedication and self-sacrifice he put into bettering his family’ position. As kids we didn’t under stand well enough to recognize it. Dad was just always at school or always working, But hhe did what he felt he needed to do and I respect the hell out him for that, What values did you learn from him? Many. Dedication to what you believe in, That success does not just happen, it hap- pens because of sacrifice and hard work Never giving up. To find sin you to perse ‘vere more than the next guy: Being honest. Admitting when you are at fault and not hiding the fault and blaming others. Integri 'y. Thinking ahead, being strategic, plotting ‘out your goals and aspirations. Being true to ‘your ethics even ifs painful todo so Speaking of New England, you're a mon- ster Patriots fan and not reticent about it How does that fit in in Eagles land? At first rot so well. We bought the Bala practice in December 2002 right before the Pats played the Eagles in Super Bow! XXIX. So it was pretty awkward at first when transt- tioning local clients when they would ask Where I was from. As the years have gone by less and less until we meet in the Super Bowl again, But as a UNH alum I can ust ally deflect any issues by saying I'm a big Chip Kelly fn as he was former head coach of the UNIT Wildcats, But remember I was ‘a fan in their 1-15 season with Rod Rust as head coach. There's two people in the world I would pay a lot of money to have lunch with one is Warren Buffet and the other is Bill Belichick. Both highly success ful but more so both dedieated to their pro- ‘cess without wavering, You and your wife enjoy dining out What are a few of your favorite restau- rants? There ate so many good ones around here but I would say our favorite is, and. always will be, Savona in Gulph Mills, We did a lot of client dinners there when 1 first bought the Pala practice and we have Deen very fortunate to have become friends ‘with many of the staff The food is great and the wine list extensive. We also love the Rirchrunwille Café, the Springrnill Café For deinks it's hard to beat The Library Bar at the Rittenhouse Hotel as the mixologist Papi Hartado is a dear friend who makes the best cocktails you can find in the eity ‘And for breakfast nothing better Classic Diner. Ifyou had to eat one kind of e the rest of your life what would it be? Des sert, always love sweet things, But given that [actually would need nutritional value from my meals I'd have to say I'd probably lean towards Italian, Homemade pastas, ra BUS, risottos, cheeses (thought the French probably beat them out here), and lest we rot forget the food of the gods, Nebbiolo, Sangiovese and BarberaPHILADELPHIA BUSINESS JOURNAL NOVEMBER 28, 2014 What's your least favorite food? Tough call as there is not much I don’t like, Not a fan of veal Love oysters but like them small, and don't like them when they're huge. Peas and cooked earzots, something about taste and consistency, In your travels, is there a favorite place you've been? Oh so many places .. for me It's always been more favorite moment that stick with me and define my best ‘memories. Its visiting Point du Hoe and seeing bullet holes and burn marks as you ‘walk into the pillboxes and you sit there and realize that someone, many years ago, had stood on that exact spot, actualy fight ing, Or one rainy afternoon in the Lakes District of England visiting the grave of Wordsworth and seeing this really bright red lichen on the stones of the hills and ‘everything is cold and wet and misty but so vibrant and I know T'm going to have a scotci later that aftemoon to warm up. Or Tucking out and finding a small restawrant in Montefollonico, La Rotte Piena, and be ing taught by the new owner all about Ital ian wines and eating probably the best bo- lognese I've ever had, or the day we stayed at a simall Keep in Spain where my wife and I sit outside having dinner one night and meet 2 hedge fund husband and wife ‘couple from South Africa who tell us what ‘else we need to see while in Spain and why Life isso good in South Africa, Or the night ‘we stop at some closed dawn rest stop in France to use the facilities and there are no lights, the wind is howling and it's raining and it feels like you are walking in a hor ror movie set but there's no denying nature and laughing at how scared you were, 18 ‘years later. We have had the fortune to have visited many different places and there are thousands of those memories equally as special as the next to me and I really ‘couldn't pick just one and call it the best, Is there a place you've visited that didn’t live up to your expectations? Honestly, not really. Some places we have been have been less enjoyable than others, but at the end of the day there's always something we have done or seen that has made the experience worth it You're trapped on the proverbial desert island, What three CDs would you want ‘with you? Sounds like we have shared more than one beer together as this is the question that always comes up four or five into the night. Given that I am alone STEVEN B. GIRARD Title, how long in the job: President |22,yearsin financial services and 48 years os president of Northstar Financial Cos. Ine ‘Company, city: Northstar Financial os. Inc., Conshohocken ‘Age: 48 (dang) Edueation: BA, English, University ‘of Now Hampshire Birthplace: Glen Falls, NY. ist job: My dad had us work- ing every weekend from my age 11 which is why I joined the Boy Scouts to have a weekend not work: ing. But my fist real job was a public re- lations assistant for a Visiting Nurse ‘Association in Haverhill, Mass. Current residence: Blue Gell Family: Wife Michele Chandonnet- Girard, two cats Caymus and Fig T would want three albums that do three separate things for me. One would have songs that get me motivated to hike to the other side of the island, or go collect wood, ‘or get up and go find food. “Rig sound’ songs with coo! lyrics and loud, screaming guitars, That would be Blue Oyster Cults Imaginos albura, The second would be the album that would be my “entertainment album, one that not only do T listen to but also tells a story that I could visually see in ry head so it would be like having music and a movie all in one — and st too needs great guitar work — and that would be Roger Water's Pros and Cons of Hitchhike {ing — with Eric Clapton just letting loose! and the third would be my “emotional album, the one that reminds me of what Thad before being stranded, the one that ‘makes me think of my wife and of home and that would be either Coldplay's X-Y album of thelr rawer, A Rush Of Blood To “The Head, album, You like science fiction fantasy and spy novels, what about them do you enjoy? When it comes to science fiction/fantasy novels it's all about the ability for the aa thor to create from scratch another world ‘that, when done right, is believable and as a reader I can see myself in it. With spy thriller novels it’s all about the cat-and mouse game and trying to figure out what Is really going on before the author lets you in on the secret. Some of my favorite authors are Glen Cook, the Black Company series; Roger Zelazny, Chronicles of Amber; William Gibson, Neuromancer; Daniel Silva, Ga briel Allon series: John le Carré, The Rus sia House and Single and Single, a couple ‘of my favorites; and I think Lee Child's Reacher series is one of the most interest {ng characters out there. ‘You like going to the movies, especially at the Ambler Theater. Why that place? I like the nostalgia of the theater itself, The ‘old schoo! feeling of being there for an ex perience. Where t's about watching a well made, small-run film, where the popcorn, is fresh, the butter is real, the prices rea sonable, the place clean and cared for and the rest ofthe movie goers are there for the same reason as I am and where they treat the experience with respect, Finally, one of my standard questions. ‘When they make the movie of your life, who should play you? I would say a B list guy grinding his way to become an A list, guy, because I'm always rooting for the un’ derdog, My wife on the other hand would say George Clooney, so let's run with that!