Blue Chip Partners, led by Robert Steinberg, is a prominent financial firm located in Farmington Hills, MI. With custodied assets totaling $1.3 billion and recognition on Forbes’ list of America’s Top RIA Firms, the firm has established itself as a leader in the industry. Steinberg’s background includes a degree in accounting from Michigan State University and experience in tax preparation and estate planning before founding Blue Chip Partners in 2004. The firm now has 33 employees serving around 800 clients, many of whom were early clients from Steinberg’s previous roles in tax and law.
One of Blue Chip Partners’ key strengths lies in its focus on building relationships with clients. The firm offers a comprehensive range of services, including investments, taxes, and estate planning, all under one roof. Through different subsidiaries of the business, Blue Chip specializes in each segment of financial planning. In addition, the firm prioritizes client education through an active social media presence and a podcast. This approach allows clients to stay informed about their financial decisions and better understand the services provided by the firm.
In terms of maintaining a competitive edge, Steinberg emphasizes the importance of employee hiring and retention. Prospective hires at Blue Chip Partners undergo the Caliper Profile assessment, a personality test designed to predict job performance. By selecting individuals who are team players and value collaboration, the firm ensures a strong team dynamic. This strategy has been integral to the firm’s success and has allowed for the continued growth and development of Blue Chip Partners.
Blue Chip Partners follows an investment philosophy that focuses on dividend growth for its equity portfolio. Instead of relying heavily on ETFs or mutual funds, the firm invests in companies with a history of paying and increasing dividends. This strategy helps to instill confidence in clients, especially during market downturns when receiving positive news about dividend increases can be reassuring. The firm also maintains a balanced asset allocation, favoring a 70/30 split between equities and a mix of cash and fixed income investments, with a simple approach to alternatives to keep things clear for clients.
Looking ahead, Steinberg and his team are optimistic about the economy, expecting continued moderation in inflation. While they anticipate interest rates to remain relatively stable, they do not foresee any drastic changes in the market unless a significant political shift occurs. Steinberg remains steadfast in his approach to advising clients, often reminding them to weather the storm and stay focused on long-term goals. By providing sound advice and maintaining a conservative investment strategy, Blue Chip Partners continues to serve its clients effectively and position them for financial success in the future.
