Interestingly, these principles were developed decades ago when, as a young man, I was a fighter pilot in the United States Air Force. Being a fighter pilot was a dream career. But, in addition to flying, I became fascinated by the financial markets and read and studied everything I could. Over the years, my efforts paid off and I was able to build a sizable nest egg for my family. In 1970 before leaving for a three-year overseas tour of duty (and on the recommendation from my brokerage firm), I placed our investments with a “money manager” to safeguard. When I returned to the States in 1973, I met with the manager and he told me that he had lost everything. The markets had apparently turned against him and in an ill-conceived attempt to recapture losses he had fully margined our account and lost it all. That was a very painful but lasting lesson regarding the incompetence and conflict of interest that exist in the financial services industry.

But, the lesson was not lost.

When I retired from the Air Force and began my new career in the investment business, I was determined to build a different kind of investment firm, one that would align the goals of the company with that of the client. As a first order of business, I wanted us to be as eager for investment success as the client. So I replaced the conflict-ridden commission model in favor of a flat fee based on the amount of assets under management. If we were able to grow the client’s assets, our compensation would grow as well and if the client’s assets declined so would our fee.

I also understood first hand that the money we are asked to manage is irreplaceable and our investment approach needed to place an equal emphasis on the protection of our clients’ assets as it did on the growth of them. One of the things you learn very quickly as a fighter pilot is that the success of your mission (and often your life) depends on how well you are able to optimize the balance between risk and reward. At Riggs, while we all seek the opportunity for reward, it is our ability to manage risk that gives our clients peace of mind.

Finally, but perhaps most importantly, I wanted to create an environment where clients feel free to use us as a trusted and discreet advisor and friend, one who cares only for their well-being, and someone with whom they can discuss matters of finance, business, and life. In today’s world, that creates a rare and valuable relationship and is the foundation upon which every Riggs client experience is built.

It has been many years since Riggs Asset Management was first born. I am most proud of the fact that our enthusiasm for our work, our dedication to our clients, and our constant drive for excellence is as strong today as it was when we first envisioned our company.