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February 01, 2011 at 07:00 PM
Carlo Panaccione
CO-FOUNDER, NAVIGATION GROUP; REDWOOD CITY, CALIF.
ABOUT HIS CLIENTS: “They work with us whenever they can and we work for them always.”
Carlo Panaccione calls it his “waiter syndrome.” As co-founder of Navigation Group, he wants to know what’s transpiring in the lives of each and every client. “The ones that need us, we are there for,” he says. “It’s the waiter in me. A good waiter is always there when you need them, but they’re not hovering. They’re not obvious. One of my jobs is not to be noticed.”
It’s no surprise that Panaccione, 50, is attached to restaurant industry vernacular. He grew up in New York’s Catskills, where his parents owned a popular Italian restaurant. By age seven, he was grinding cheese and making meatballs and in later years he worked as a busboy and waiter. Today, Panaccione is known for his trademark care packages: homemade meatballs and sauce that he delivers to clients who are ill.
But not notice Panaccione? That’s unlikely.
As his partner Erik Davis observes: “This is a very personal business for us. Everyone is treated like family. If it means helping a little old lady negotiate buying a car, Carlo is going with her. One time a client was out of town and worried about a check that had been delivered in his absence. Carlo went to pick it up for him. It’s that type of thing. He will definitely go the extra mile. If it needs to get done, it will get done.”
Since 1986, Panaccione has been delivering financial advice that has resulted in national acclaim on top advisor lists produced by Barron’s, Worth and Medical Economics. A certified financial planner, he got his start with the former American Express Financial Advisors but he, Davis and the late Linda McKenzie jumped to LPL Financial in 1998 in search of a purer business model.
“I had to leave American Express to do what I really wanted to do. LPL was client-focused and independent, but they didn’t do as much planning as we did,” says Panaccione whose group is headquartered in Redwood City, Calif.
Today, Panaccione oversees $250 million in assets for clients that break down into three segments: physicians and lawyers; Silicon Valley executives; and business owners such as builders and interior designers who have thrived as a result of Silicon Valley’s success. In all, Navigation Group has a team of nine, including a special projects coordinator who is helping Panaccione write a book about family and money issues.
Panaccione stays in contact with clients through e-mails, newsletters and what he calls “touch base” calls. “If we’re doing our job, we shouldn’t be calling them every five minutes because we already know what’s going on in their lives,” he says. “And they know we’re there advocating for them.”
