After 20 years in the largest financial services firms, I found my true passion in entrepreneurship, founding a successful hedge fund, growing it from $750,000 to $1.2 billion in seven years.

As a result, I now consult to or invest in businesses where I see the opportunity to disrupt or challenge the “status quo.”

My 44 years of diverse business experience led me to invest in “disruption” to seek the best returns! My chemical engineering foundation at Rensselaer Polytechnic Institute combined with Harvard Business School provided me the tools to effectively capitalize on such opportunities.
The most exciting career highlights were being involved in, and driving, industry disruption through better solutions to the “status quo.”

Taking the buyer’s shoes lays out the vision, and my engineering mindset sets out the path. Good disruption results in better customer services while providing the disruptor with the potential opportunity for financial gain.
Today, my focus is both financial services and boating industries. While different industries, both are ripe for disruption, and both are experiencing major disruptive forces.

At Palumbo Wealth Management, we seek to be a disruptive force by delivering an integrated, cost-effective comprehensive investment planning solution to deliver investor “peace of mind.”

I would estimate less than 10% of individual investors have engaged in a true comprehensive financial plan. This presents a huge opportunity to provide the best solution: integrated wealth management to individuals and families Having advised major corporations and institutions, the individual investor deserves no less.

Similarly, consumer boating is going through major disruption. For years, boating required owning a boat. That is changing drastically. Long Island Boat Rentals is rapidly expanding the rentals and their Carefree Boat Club along with captain-chartered boat & yacht experiences to allow everyone without a boat, experienced or not, the opportunity to get out on the water with hassle-free, cost-effective boating.

I am the co-owner of Long Island Boat Rentals, Senior Advisor to Palumbo Wealth Management and One Oak Capital Management, Managing Member of Peconic Bay Partners, past President and current Vice President of the Greater Port Washington Business Improvement District, Port Washington Chamber of Commerce Board Member and their 2021 Small Businessperson of the Year, and a Member of the Masters’ Program Alumni Board of the Lally School of Management, Rensselaer Polytechnic Institute.

How do you see your business evolving due to the changing times?
I see a major disruptive opportunity in the delivery of integrated wealth management/financial planning services. Would you build a house without a licensed architect and contractor? No, the government will not let you.

So why retire without a financial plan from a wealth manager? After a decade of stable financial markets, I expect a challenging next 10 years. Integrated wealth management/financial planning will be critical.

Most “financial advisors” today do not insist on a comprehensive financial plan. This is wrong! Most individuals go forever without knowing the difference. A plan early in life would show investors the peace of mind you get from a comprehensive financial plan.

It is why I am confident those firms insisting on an integrated wealth advisor/financial planning capability will achieve the highest client satisfaction. Palumbo is building the ideal “platform,” integrating institutional investing knowledge with comprehensive, personalized financial planning.

Phil Palumbo, the founder, shares that same vision and passion.
My advice in boating: Continue to disrupt: Expand the rental, boat club and captained-charter experiences to all who love the water. Allow all the inexperienced boaters embrace the water experience.

What advice would you give other business owners?
Think like a disrupter! Think like an “underdog” against the big websites, companies, and your competitors.

Think how you can “change the game.” Do not be satisfied with the status quo! Look at your service or product, analyze your customers and their needs, and continuously think about how you could improve your value proposition. Technology will play a critical role, but it is not everything. Embrace change for the customer’s benefit, do not fight it.