George Payne

Despite today's challenging envi­ronment, Charlottesville, Virginia–based A.N. Culbertson & Company has continued to expand its client ros­ter and achieve greater success in recent months.

The firm, which manages $150 million in assets for a client base consisting largely of small business owners and retirees in the area, is weathering the downturn through a three-pronged strategy: using a disciplined program of frequent client communication, focusing on asset allocation in its securities selection, and—perhaps most important—emphasizing its wealth management approach to planning.

"We're well-positioned to help our clients through this particular downturn because of the strategies and services we have put in place over the past several years," explains George Payne, the firm's president. "We have a special affinity for entrepreneurs, small businesspeople and others who are either looking to maximize the equity they have in their ventures or are thinking about retirement and estate planning. By providing a holistic wealth management approach, we're adding significant value and seeing the fruits of that hard work."

Case in point: Payne says the firm recently landed two $5 million accounts that it never would have competed for in the past. "Now that we approach our clients with the totality of their portfolios in mind, we are showing them a good deal more in the way of strategic insights and service efficiencies. This allows them to see the utility and benefits of placing a larger portion of their funds with us."

Payne himself is oriented toward this type of full-service entrepreneurship. In the past, he served as chief financial officer for private, government and nonprofit entities. He also holds the Personal Financial Specialist (PFS) credential as awarded by the American Institute of Certified Public Accountants (AICPA). Prior to joining A.N. Culbertson & Company, he was vice president, chief financial officer and treasurer for the CFA Institute. Before that, he was vice president and assistant controller of AMVEST Corporation, a privately held energy company in Charlottesville.

Payne, who holds a BBA degree in accounting from James Madison University, says that from a very early age he knew he wanted to work in business and accounting. "My parents were in government, but as my career progressed I saw I wanted to put my skills to use in the private sector. Our affinity as a firm is for the achievement of private enterprise. That's the orientation of those who work at the firm, including the founder."

That founder is Alan Culbertson, a lawyer and member of the Bars of Virginia, Pennsylvania, and New York. He was named the 2001 Distinguished Lecturer of the Ballentine Center for the Study of Securities Markets at Syracuse University and is a graduate of Edinboro University and Syracuse University College of Law. "It was Alan who called me up eight years ago and said he wanted to turn his 'one-man' company into a full-fledged business," Payne recalls. "After thinking about it for a little while, I knew it was an opportunity that I would have to take advantage of."

While the firm's approach was initially focused on large-cap stock selection, Payne says that he and Culbertson shared a similar vision when it came to the future. "Alan is an exceptionally generous and far-sighted man," he says. "We talked about a shared vision for the 2000s, and it became evident that wealth management was where we wanted to be positioned."
The search for wealth management best practices led Payne to CEG Worldwide, a leading advisor-coaching firm. "We began with CEG Worldwide and were immediately impressed by how we could implement what they suggested," he recalls. "Everything they provided was backed up by market research that proved it would work."

A.N. Culbertson & Company's wealth management strategy consists of three main components: investment consulting, advanced planning and relationship management. Investment consulting involves managing clients' investment portfolios based on their goals and risk tolerance, and it is at the core of what the firm does. The firm seeks to minimize risk with a disciplined, actively managed investment process that emphasizes fundamental research and strict valuation guidelines. As part of this approach, the firm follows a discipline of staying invested and diversified so clients can take advantage of time in the market—instead of trying to time the market.

Advanced planning addresses the full range of financial needs beyond portfolio management: wealth enhancement, wealth transfer, wealth protection and charitable gifting. Relationship management involves three key tasks: first, fully understanding critical needs; second, assembling and managing a network of financial experts; and third, working effectively with other professional advisors, such as attorneys and accountants.

Clearly this approach to wealth management is paying significant dividends for the firm—and Payne expects that to continue in the years to come. "What we have learned from CEG Worldwide's programs has added to our bottom line," he concludes. "Since implementing wealth management, we haven't looked back."

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