Managing any one of those in isolation (optimizing the brokerage portfolio without accounting for what the business is worth, or managing equity compensation without coordinating with the estate plan) produces outcomes that are locally efficient but globally suboptimal.
Nicholas DiFalco, APMA® CEPA® leads Westport Wealth Partners' portfolio management work. His Accredited Portfolio Management Advisor℠ designation reflects deep training in investment portfolio construction, asset allocation, and risk management. His approach starts not with the portfolio, but with the personal balance sheet: a complete picture of all assets, including illiquid ones, mapped against the client's income needs, risk tolerance, and long-term financial goals. The investment strategy follows from that mapping.
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Portfolio ConstructionWhat We Build and Why
Westport Wealth Partners builds investment portfolios that are aligned to each client's complete financial plan, not templated models applied uniformly across a client base.
Nick DiFalco's philosophy on this is grounded in what he calls the qualitative dimension of wealth management. The analytically optimal portfolio is worth very little if the client can't stay with it through volatility. Building a portfolio the client actually understands and remains committed to, one that reflects both the numbers and the person, is what can produce long-term outcomes.
Matthew T. Streif, CEPA® contributes the business owner perspective: for clients whose largest asset is a company they haven't sold yet, the investment portfolio needs to be constructed with that concentration in mind. A business owner who also has 80% of their liquid wealth in public equities is carrying more risk than the numbers alone suggest.
Concentration RiskThe Planning Problem Most Portfolios Don't Account For
For business owners, the concentration is in the business itself. For corporate executives and finance professionals, it may be in employer equity, carried interest, or co-investment positions. For real estate investors, it's in illiquid hard assets. In each case, the liquid investment portfolio needs to be constructed with that concentration as a starting point, not as an afterthought.
Addressing concentration risk over time typically involves a systematic diversification approach: building a diversified portfolio incrementally as liquidity events occur, using tax-efficient vehicles where possible, and maintaining a plan that accounts for the long-term trajectory of the concentrated asset. Raymond James does not guarantee investment outcomes.
Nick DiFalco's personal balance sheet framework is particularly useful here, it makes the total picture visible, including assets that don't show up on a standard brokerage statement.
Access to the Raymond James Platform
Westport Wealth Partners' clients have access to the full Raymond James Financial Services platform, that we believe is a significant resource advantage.
This includes access to Raymond James research, a broad product platform spanning equities, fixed income, alternative investments, and structured products, Raymond James Bank for banking and lending solutions, and Raymond James investment banking for clients engaged in business transactions.
In our opinion, the investment banking access is a differentiator that matters specifically for business owner clients. Most wealth management practices can help clients manage personal wealth. Raymond James can participate in the transaction that helps create that wealth: identifying buyers, structuring deals, and coordinating the transition from business ownership to personal investment management.
Frequently Asked Questions About Wealth Management
What is the difference between wealth management and investment management?
Investment management focuses on portfolio construction and performance. Wealth management is broader: it incorporates investment management alongside financial planning, tax strategy coordination, estate planning, and business planning. At Westport Wealth Partners, investment management is a component of a complete wealth management relationship.
Do you manage portfolios actively or passively?
We use both approaches depending on the client's situation. Portfolio construction draws on a range of instruments (individual securities, ETFs, mutual funds, and alternative investments where appropriate) selected based on each client's plan, not on a single investment philosophy applied uniformly.
How do you handle market volatility?
Through the planning process, not through reactive trades. Portfolios are constructed with the client's actual risk tolerance and investment timeline in mind, not an assumed tolerance that sounds reasonable in a meeting but breaks down in a down market. The review process is the mechanism for assessing whether the strategy remains appropriate.
What investment minimums do you require?
Westport Wealth Partners focuses on high-net-worth clients. Please reach out for a conversation, we'll tell you directly whether the practice is the right fit for your situation.
Can you manage accounts outside of Raymond James?
For advisory accounts, assets are typically held at Raymond James. We can provide comprehensive financial planning that accounts for held-away assets such as 401(k) plans, pension values, and business interests as part of the overall plan.
How is the portfolio performance reported?
Clients receive regular performance reporting through the Raymond James platform. We review performance and portfolio positioning together in meetings scheduled at your desired frequency, always in the context of the overall financial plan, not as a standalone performance comparison.
How do you think about alternative investments?
For qualified clients, alternative investments can play a role in diversification and risk management. Westport Wealth Partners works with Raymond James' alternatives platform to access private credit, private equity, and real assets where appropriate. These are not suitable for all investors, we assess suitability individually.
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Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Past performance does not guarantee future results. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Be sure to contact a qualified professional regarding your situation before making any investment or withdrawal decision. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
Alternative investments involve specific risks that may be greater than those associated with traditional investments and may be offered only to clients who meet specific suitability requirements, including minimum net worth tests. Investors should consider the special risks with alternative investments including limited liquidity, tax considerations, incentive fee structures, potentially speculative investment strategies, and different regulatory and reporting requirements.
Be advised that investments in real estate have various risks, including possible lack of liquidity and devaluation based on adverse economic and regulatory changes.
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