A Family Business with Deep Roots in Chester County

HooverFC-page-001By: April O’Day

Since the founding of a new nation more than 200 years ago, families have built companies and passed the businesses to their children. From blacksmith to banker, collier to computer innovator, family-owned business continues to be the mainstay of American economy.

People prefer companies backed by generations of dedicated entrepreneurs. There is a sense of trust, perseverance, and indefatigable enthusiasm. As America evolved and catapulted into cyber commerce and the cloud, family businesses flourished. In fact, latest statistics indicate family businesses comprise 90 percent of the nation’s enterprises.

Hoover Financial Advisors (HFA) represents family business in its finest form. Its success is impressive, client loyalty exemplary, and values beyond reproach. This is the story of the company and its professional team as it celebrates a decade of dedicated service.

Pete Hoover was born and raised in West Chester, and his parents have lived in Chester County for over 60 years. He credits his mom and dad for the ethics and strong value system he practices to this day. Pete appreciated his hometown, as well, and the richness of its moral fiber. Like most kids, he loved sports and hanging out with friends. But there was another side to his character, one that shaped his future. Early on, Pete exhibited uncanny business acumen. He didn’t randomly toss the West Chester Daily Local News to subscribers on his paper route. He placed it safely in the same spot every day.

Customers rewarded Pete’s extra care with generous tips, and as he watched his savings soar, a passion for growing money invigorated him. Someday, he mused, he would own a business and help others achieve financial rewards, too. After graduating from Shippensburg University with a degree in Finance, he spent more than 20 years as an independent financial planner at several local companies. He thrived on the creativity of his job. The creativity to take money matters of an individual or family and design a program to match their dreams. Every situation is singular, each solution customized. The process motivated and delighted the earnest financial planner, and he carried this zeal beyond the office. As one of the organizers of the local chapter of the former Institute of Certified Financial Planners, his passion propelled him to president and board chairman positions.

While Pete built his financial planning career, his life took an exciting direction. He met a wonderful woman one prophetic day in West Chester. Beth was the one. There was no doubt. After a brief courtship the couple married. Last year, they commemorated their 30th wedding anniversary. Joining them to celebrate were their children, Kelly, Katie, Chris, and Jaci.

Over the years leading up to this marriage milestone, Pete and Beth pondered the decision for him to open a financial planning firm. “Beth was always there for me to discuss options and pros and cons. I value her opinions and ability to look at the big picture,” says Pete. “My staff and I had many what if conversations, as well.”

Sue Finnegan, client relationship manager and insurance specialist, fondly remembers those discussions. “I’ve been with Pete since 2002 and had faith in his decisions. Yes, it was a risk, but a transition our team was willing to take because of Pete. He works differently from others. In my opinion, his attention to detail, research, and hands-on client attention are without peer. I never doubted the choice for a minute. The thought of a business was never far from our minds,” concludes Sue.

That thought leaped to the forefront when ground was broken for a new Malvern office building in 2004. “The location first attracted me,” recalls Pete. “I watched the structure take shape and was drawn each time I passed that strategically situated corner. The site and its potential motivated me to consider taking action. My kids were ages 12 to 19, so forging a new frontier was precarious. But I was convinced it would be a win-win for all involved.”

So did Beth. “I always knew Pete would own a business. Thinking back, I’m still amazed how the home of Hoover Financial Advisors came about. Before Pete even saw the Moores Road structure, he drew what he contemplated for the company’s floorplan. The Malvern location was an exact replica of the sketches. It was as if he and the builder had discussed space specifications in advance. This was not just an omen. It was the tipping point,” declares Beth.

When the building was complete in 2005, so were plans to introduce Hoover Financial Advisors. The majority of Pete’s clients followed. From day one, Pete and his professional team focused on helping them keep their financial futures on track. HFA strives to guide them to their financial goals and maintain a smooth, safe ride through peaks and declines. The addition of the latest tools and technology enhances the end result.

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