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Pete Hoover named to Forbes 2019 Best-In-State Wealth Advisor List

Kelly HooverMarch 19, 2019

HFA News

Last Month (February), Pete Hoover, CFP®, CEO of Hoover Financial Advisors (HFA) was selected by Forbes as one of the best wealth advisors in Pennsylvania. Of the 123 PA advisors named, his ranking is 31, which places him in the top quarter. Advisors are chosen by SHOOK Research, a worldwide wealth advisor research firm.

The Forbes ranking of Best-In-State is developed based on an algorithm of qualitative and quantitative criteria, mostly gained by SHOOK Research through telephone and in-person due diligence interviews, and quantitative date. The advisors considered have a minimum of seven years of industry experience. Pete has practiced for more than 30 years. Additionally, the algorithm weighs revenue trends, assets under management, compliance records, best practices in their firms and approach to working with clients.

Pete was nominated for the honor by HFA, the firm he founded in 2005. The next steps to Forbes recognition involved in-person interviews, industry experience, compliance records, revenue produced and assets under management. A detailed questionnaire, which included Pete’s personal observations of his business was completed.

It’s interesting to note R.J. Shook’s thoughts reported in wealth magazine. As founder and president of the research firm, he is an expert in his field. Shook‘s comments include: “… Our research has found the very best advisors are laser focused on having a positive impact on their clients’ lives. If we are going to recommend advisors to the public, we have to make sure every advisor is high quality, and can provide impact.”

Shook pointed out the importance of local advisors serving local clients: “It is our belief clients are oftentimes better served by local representation. Many of the clients we talk to say they consider their advisors and teams like a part of their families, so it’s nice to have them close by.”

Unlike many advisor rankings, SHOOK is not a robo-ranker. It notes: “Numbers such as production and assets don’t tell the whole story, especially when much of the data is self-reported. The research company creates rankings of role models – advisors that are leading the way in offering best practices and providing a high-quality experience for clients.

Pete and the HFA team are thrilled to be recognized by Forbes. In his entry, he focused on success, but not in a boastful manner. This is not his style. Those who know him agree.  Here is a portion of his submission:

Success, to me, is directly linked to people. Parents who perpetuate a family legacy. Beneficiaries who responsibly manage a large inheritance. Retirees who spend senior years living their dream. These are our barometers of success. HFA’s team of 25 gifted professionals help clients realize these goals and more. Our purpose is to guide them to better bottom lines, financial independence and prosperity. When they achieve these objectives, then and only then, is our firm successful.

Congratulations, Pete and the whole HFA team!

 

Disclosures