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Terrence McKelvey Talks Fiduciary Standard  
By Shannen Hill,  Contributing Writer  
Published June 29, 2017

Terrence McKelvey (courtesy photo)

Terrence McKelvey is using his financial expertise to help athletes manage their money. As a partner at Stratos Wealth Partners in Beverly Hills, McKelvey does all that he can to make sure that his clients have the knowledge and tools to sustain their money for a lifetime.

McKelvey grew up in Buffalo, N.Y. and always had an interest in finances. He even bought his first stock at age 16. He went on to study Economics at Lincoln University, the nation’s first historically Black college. After Lincoln, he went straight into the finance industry. McKelvey started a bank branch in Buffalo, worked on Wall Street, worked in Treasury and more.

“I always loved money management, financial planning and investing,” said McKelvey. “I really want to make sure that I do the right things for my clients. A lot of banks and big wire houses tend to put revenue-generating practices first, rather than putting the client first. So I spent some time looking and found a fiduciary based investment firm.”

There are two types of standards when it comes to financial advising, suitability and fiduciary. The suitability standard gives clients the advice that they need to sustain their savings but the advice isn’t necessarily in the best interest of the client. It is rather in the best interest of profit for the firm. The fiduciary standard is based on working solely in the client’s best interest even if the firm isn’t going to make as much money from the suggestion. It lays out all the options for the clients, as oppose to only providing the options that generate the most profit for the firm.

McKelvey says he is all about the fiduciary standard. He became a force in the finance industry to help people. His favorite part of work is hearing from clients about how they reached their financial goals and are buying the house or car, or taking that vacation that they were trying to save for. Even though he has a lot on his plate as a partner with Stratos Wealth Partners, McKelvey makes time to give back. One outreach program that he is most passionate about is with the rookies of the Buffalo Bills. McKelvey hosts free financial workshops for the players and is working to bring his workshops to the football teams here in Los Angeles.

“Anytime you see something in the news about how an athlete spent all of their money or the family members took their money or even when agents take advantage of players, it’s sad because it can be prevented,” said McKelvey. “I just thought that with my expertise in money management and financial planning that I could lend a hand.”

Terrence McKelvey (courtesy photo)

The biggest advice that McKelvey has for being financially stable is to pay yourself first. He says that there should be money put away from every paycheck or a weekly amount put in to savings. Another tip that he gives is to take advantage of job benefits and 401K matching. He also says to really plan for retirement and find out early on how much retirement will cost. When it comes to picking an advisor, McKelvey is adamant on making sure that the advisor follows the fiduciary standard.

Outside of financial advising, McKelvey is also involved with Jack and Jill of America and the In Roads Internship Program; teaching the youth how to tie ties, have great interview presentation, understand financial literacy and more. McKelvey is a member of Omega Psi Phi Fraternity, Inc. as well.

Terrence McKelvey talks to the Buffalo Bills about financial literacy.(Courtesy Photo)

“These programs are like building a bridge. I really appreciate Jack and Jill for what it does for the African American youth,” said McKelvey. “The In Roads Internship Program is really great as well because it’s centered around getting minorities into corporate America. It’s how I got the opportunity to work on Wall Street.”

For more information about McKelvey visit www.fiduciaryinvesting.net or check him out on twitter @Terrence_CFP.

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