The Man with the Plan: Mapping the Road to Financial Success with John Kuris
by Athena After
Financial planning, for many of us, can be a daunting task. There are so many options amongst stocks, funds, and a myriad of other investment targets. And then comes the challenge of balancing our portfolios for short-term and long-term goals such as retirement. This is where financial advisors come in. They become our trusted partners in helping us meet our life’s goals and managing our wealth.
John Kuris is at the forefront of financial planning, with offices in both Boca Raton, FL and NYC. As Vice President for Investments and Financial Advising at Janney Montgomery Scott, a leading wealth management and investment firm in New York, he leads a team that’s at the cutting edge of investment success for his clients. NEO sat down with Kuris to talk about his distinguished career in the field.
Let’s start from the beginning. Are you from New York? How did you come into the world of finance? Was it always your career goal?
I am from NY, born and raised in Astoria, Queens, to first generation Greek-Americans parents. My Grand-Parents emigrated here from Chios, Kalymnos and the Peloponnese and settled in both Brooklyn and Astoria. That’s where my values and aspirations were shaped. My parents, George and Kathryn taught my brother Paul and sister Desiree that we were not born better than anyone, but could change the course of not only our lives but the lives of those around us with our actions, faith and determination. Those shared values incredibly enough are what led me to my incredible wife of 30 years Sonia. We now split our time between NJ and Florida. My journey into the world of finance started while I was in H.S. I attended Long Island City H.S. I would ride the train daily from the Ditmars Blvd. station to Queensboro Plaza. It was during that short train ride that I was introduced to the Wall Street Journal. There was something about the paper and the people that read it (perhaps it was their suits and their seriousness) that made this 16-year old not only dream but believe he could have a successful career on Wall Street. So every morning on my way to school, I would stop at the news stand by the Ditmars station and buy the Wall Street Journal. I wanted to know what were they thinking and what drove them. From there, it was on to St John’s University where I received my degree in Finance. It was at St. John’s where my passion was put into action. I realized that if I were to be successful and make this dream of mine work, I needed practical experience. I remember distinctly a conversation with my father in which he explained to me that we were fortunate to live in a city that not only offers it all but gives you every opportunity succeed. If you look across the East River, you will see an island where every major company from every industry is not only represented but more than likely headquartered. If you wish to pursue a career on Wall St. (finance jobs all over the world are referred to as jobs on Wall St.) you go there and get a job. My first job was with a company called Oppenheimer during my sophomore and junior years. After that, I joined Bear Stearns, so I can say confidently that yes, it has always been my career goal.
John at the NY stock exchange
How long have you been at Janney? Did you work at other firms before you arrived there?
I am headed into my 25th year at Janney Montgomery Scott, and I feel so blessed to be aligned with a company with roots tracing back to 1832. I have lived my, or should I say “our” shared principal of “Putting Clients First”. It sounds simple, but when you have a process that revolves around the individuality of clients, outcomes follow.
We’re in a transitional time, with a new President taking office in January. Do you foresee any shifts in the markets, both short term and long term?
Markets are like the climate. They are in a constant state of change. That being said, changes in residents and presidential races create more angst than anything else for investors. One of my core beliefs is that an investor should not let their emotions or political biases dictate their investment decisions. Markets and businesses at their core are survivors, and they manage pretty effectively to adapt to their new environments and with what seems like advancements in technology on an almost a daily basis. The line between long and short term market shifts seems to be blurred. For that reason, it is more important today than ever to have an investment strategy in place that you can remain confident in that appropriately reflects your objectives.
Are you noticing any general trends in the financial world right now? New investment strategies? How do you feel about new markets such as crypto?
We live in a world of constant innovation, but the more things change it still seems the more they stay the same. The idea of diversification or “not putting all your eggs in one basket” still applies. Making certain the investments you own are best in class, understanding what you are investing in, and how and why it fits into your investment plan, still applies. There are, however, transformative periods and investments that have had significant impact on not only investments but how we live. Technology investments and their impact on society and the wealth they helped to create come to mind. Today we hear a lot about the impact the blockchain and various crypto currencies may have on the future. It remains to be seen, but one thing remains certain “the more things change the more they stay the same.”
John with his parents, George and Kathryn
For many people investment and retirement strategies can be overwhelming and complex since there are so many options, nuances, tax strategies, etc. How do you ease them into it and demystify the whole thing?
The process of investing is understandably daunting and confusing. There are so, so many Investment solutions. From Stocks to Bonds to Mutual Funds, to ETF’s, Annuities, Hedge Funds, Private Equity. The list goes on and on. Where does an investor start and what do you do after that? When do I start planning for retirement? Am I saving enough to retire? What about taxes? All fair questions, and the financial services industry, with all the acronyms and jargon, has not made it any easier in my opinion. These are all issues that I try to simplify with clients. My objective with all investors is to create a process that is clear and that they can understand and have confidence in. It is an essential part of a successful client/advisor relationship. It means sometimes needing to understand their fears and aspirations, even though they don’t say it. So the investment philosophy for each client is based on their individual objectives. I believe that all portfolios need a certain synergy. They must pull in one direction, and that direction is to benefit the investor. In other words, the right hand needs to know what the left hand is doing. All parts of your portfolio should be in communication with one another. I cannot stress this enough. I would also contend that taxable portfolios should have a degree of tax-management associated with them. Taxes are an erosion on return and if we can implement an investing plan that takes into consideration tax sensitivity and manage investments appropriately we can improve returns and enhance wealth. To sum this up, it all goes back to process – to have a process in place that establishes the appropriate investment strategy, be it for taxable accounts or retirement accounts, and make certain it is dynamic represents the investor’s objective, and have an effective way to track how the investor is doing relative to their goals. To me goals are the byproduct of a great process.
John and his wife Sonia in Paris
When establishing a personal relationship with a new client, how do you maintain it over the long term?
Maintaining long term relationships as with any business is key. Priority one: do your job and do it well. Take NO short cuts and make certain nothing falls through the cracks. If those things get done, success for the investor is likely to follow. Once again process equals goals. The fun part is that clients become friends. You go through life with them. They confide in you and trust you. We cry and laugh, and experience every emotion. That is the most humbling and rewarding part of this journey for me.
What’s the part of your job that you enjoy the most?
The relationship between client and advisor is a rewarding experience. I am a people person, and the people I am helping are people that put their trust in me and they become family, and it is very rewarding to help them plan their financial future for generations to come.
When not at work how do you love spending your time?
I split my time between Florida and NY/New Jersey. I love to travel and spend time with family family and friends. I am an avid sports fan and love going to ball games. My wife and I are big METS fans.
As Greek-American do you spend time and get involved in the community?
The Greek community is near and dear to my heart, and I always welcome opportunities to get involved and to give.
Any words of advice for high-school and college students who aspire to embark on careers in finance?
As for high school and college students, I’d encourage them to pursue a career in finance. Unlike the 1980’s and 1990’s, there is a shortage of talent entering the business, and the opportunity is only getting bigger. The greatest transfer of wealth will be upon them.
This is being provided solely for informational and illustrative purposes, is not an offer to sell or a solicitation of an offer to buy any securities. The information provided here is taken from sources that we believe to be reliable but is not guaranteed as to accuracy or completeness. Opinions expressed are subject to change without notice and do not consider the particular investment objectives, financial situation or needs of individual investors. Past performance is not indicative of future results, and future returns are not guaranteed. There are risks associated with investing, such as a loss of original capital or a decrease in the value of your investment. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed here. For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.
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