RIA Spotlight: Jeff Gelormini and Elizabeth Evanisko, Founders of Nova Wealth
Michael:
Well, Jeff and Elizabeth, thank you so much for joining me today to chat a little bit about your practice. To kick things off, would you mind telling me a little bit about you, your team, and Nova?
Jeff:
Sure. Yeah, Elizabeth and I started Nova Wealth a few years ago. The main focus of our practice is on retirement income distribution planning. We found it to be an underserved market but one that is incredibly important. The name “Nova” represents new beginnings. Most of the time when we meet someone, something new is happening in their life—specifically, they’re nearing or entering retirement. It’s a significant new beginning for them. We hear people say, “I’m not going to retire because I don’t know what to do,” so that’s really where we started with everything.
Michael:
And Elizabeth, what inspired the two of you to start Nova?
Elizabeth:
I think, to add to what Jeff said, after working in the industry for almost two decades, I’ve seen that clients get a lot of help in building their assets and ensuring that they grow. But when they get to retirement, it’s like, “Now what?” They’ve accumulated wealth, but they don’t always know how to manage it properly—what order to take things, how to couple that with Social Security or other pensions. So, when Jeff and I set out to create Nova Wealth, our vision was to help people answer that “Now what?” question. We want to help them ensure they can have the retirement they want and live the lifestyle they planned for.
Michael:
Great. What have been some of the highlights since starting your firm?
Jeff:
The biggest highlight for us is when someone says, “There’s no way I could have done this without you. Thank you.” That’s the ultimate compliment. We love it when clients reach out and say they could never have done it alone. We want people to feel like part of the Nova Wealth family, and hearing that feedback is what we strive for.
Elizabeth:
Yeah, and a lot of times, it’s not just about the retirement. We help them through that, but maybe two years later, something else comes up. For example, we recently had a client reach out because he wanted to help his daughter buy a house. We were able to adjust his plan, and after that, he said, “I can’t thank you enough. If it weren’t for you two and the plan we put in place, I wouldn’t feel confident doing this.” It’s moments like those that are really rewarding.
Michael:
That’s great! Tell me a little bit about your typical client profile and the biggest challenges you help them with.
Jeff:
Our ideal client is usually within a three-to-five-year window from retirement. Sometimes they come to us a week out or say, “I just retired—help me.” But if we can work with them within that three-to-five-year range, we have the time to take a detailed look under the hood and make sure they’re on track to accomplish their goals. We assess if they’ve saved enough and if their assets are allocated correctly to get them where they want to be.
The biggest impact we have is starting conversations many people have never had before. It’s like climbing Mount Everest—you need a plan to get up the hill, but also to come back down safely. That’s the holistic view we offer our clients.
Michael:
In your experience, how do clients from different generations approach financial planning and investing? Are there mindset or generational differences you’ve noticed?
Jeff:
Sure. When the pandemic hit, the younger generation had an easy time transitioning to Zoom meetings and doing things virtually. But it took the boomer generation a bit of time to adjust. They were used to face-to-face meetings and shaking hands in the office. Eventually, they adapted, and it was great to be able to guide them through that transition—not just with me, but with their grandkids or other contacts. It was a big shift for everyone, but a necessary one.
Michael:
What about differences in risk tolerance or investment approaches between generations?
Jeff:
Risk tolerance changes with age. When we were younger, risk didn’t matter much. But when you’ve saved your whole life and your account drops 40%, it’s a different conversation. We always bring it back to the plan. We remind clients that it’s just one day or one week in the market and not to abandon their long-term plan. We make sure clients aren’t overly exposed to risk, and we structure their portfolio so that different buckets of money behave differently.
Elizabeth:
Yeah, and to add to that, regardless of the generation, most clients are looking for a plan. Whether they’re approaching retirement and focusing on income distribution or they’re younger and focused on accumulation, they want someone to guide them, check in regularly, and ensure they’re on track. It’s all about having a solid plan in place.
Jeff:
And we always tell people, you have to like us, too. If you can’t see yourself talking to me three or four times a year or don’t like getting my calls, then you probably shouldn’t work with us. You need to work with someone you click with.
Michael:
What are some mission-critical tools or software you’re using to deliver results for your clients?
Jeff:
We started using YCharts a few years ago, and it’s been a game-changer. It allows us to dive deep into data we couldn’t access before, like how correlated two investments are in a portfolio. It helps us ensure that clients are diversified and not overly exposed to risk.
We also use NextPhase, which helps clients take income during retirement. We’ve integrated it with YCharts to build portfolios that align with their plans.
Elizabeth:
Yeah, it always comes back to the plan. We figure that out first, and then the investments follow. We’ve had clients come from product-driven environments, and they appreciate that we focus on the plan first.
Michael:
Are there any other operational tools you use that are essential to running your practice?
Elizabeth:
We use Wealthbox as our CRM. It’s been great for keeping track of day-to-day operations and ensuring the whole team is on the same page. It’s like a newsfeed, and we can see what everyone is working on, which helps with communication.
Jeff:
We also use MyRepChat for compliant texting with clients. That’s been huge for us since the pandemic. We can send out mass texts, and our assistants can interact with clients if we’re in a meeting. It’s made communication so much easier.
Elizabeth:
And Snappy Kraken has been a fantastic tool for pushing out fresh, engaging content. It allows us to see what clients are clicking on and adjust our content strategy based on what interests them.
Michael:
That’s great! Elizabeth, you mentioned your team earlier. How do the five of you collaborate to best serve your clients?
Elizabeth:
We have three advisors—myself, Jeff, and another advisor, Brett. We act as the primary point of contact for our clients, like primary physicians. Each client has one of us as their main advisor, but we all provide coverage for each other. If one of us is out, clients still know the other team members, which is great.
Our staff is the backbone of what we do. They handle all the tasks that allow us to focus on our clients. We couldn’t do it without them.
Jeff:
Yeah, huge shoutout to Barb and NaKia, our assistants. We get calls from clients asking how Barb or NaKia are doing, and that’s just awesome. They’re an integral part of our team, and we couldn’t service as many clients without them.
Michael:
Tell me about Nova’s approach to investments and asset allocation. What’s your thought process?
Jeff:
We’ve shifted to an all-tactical investment mindset, especially since the pandemic. Tactical investing allows managers to move to cash if needed to avoid catastrophic losses, which aligns with our clients’ goals. We don’t want to make a call telling a client they can’t retire because their portfolio dropped 40%.
We use three main partners—Ocean Park, Kensington, and Potomac—who have low correlations to each other. That helps diversify risk, and it’s been a game-changer for us.
Michael:
Well, Elizabeth, Jeff, thank you so much for taking the time to talk about Nova Wealth. Congratulations on your success, and best of luck going forward.
Elizabeth:
Thank you so much, Michael. Appreciate it!
Jeff:
Thanks, Michael.
