Located on a floor of suites one storey above street level in Coolidge Corner, Stearns Wealth Management includes a cozy waiting room and two adjoining offices. The office’s floor wraps around the northeast corner of the Harvard and Beacon Street intersection, above the corner CVS. From Beacon Street, one can see the name of the business embossed in gold on a window about Dunkin’ Donuts . This is the office of owner and principal, Jonathan Stearns.
Sitting across from Mr. Stearns at his desk, I inquire as to the beginnings of his fledgling company. The 30-something business owner, in suit and tie, responds that Stearns Wealth Management opened in January 2009, amid the market crash.
He explained he had “spent the majority of [his] career working for large companies—big broker dealers and investment companies,” and that he grew up in a very entrepreneurial family, with his grandfather starting an insurance company in 1947 in New York that his father and uncle took over. Mr. Stearns explained that his father’s flexible schedule, a benefit of setting his own calendar, allowed him to spend significant time with his son growing up. This is something Jonathan wanted to do for his own infant daughter Elizabeth and wife of seven years, Leah, so he took his experience with big brokerage firms and created his own small business where he could run things how he thought best. He brought this corporate acumen to bear, wanting to “refine it, and create a company that is solely focused on customers’ needs and what’s right for them and not the bottom line… not looking at it as a revenue source, but as a long-term relationship that’s with somebody that’s come to us for help with their finances.”
To that end, the wealth management company offers two major services. The first, financial planning, helps identify where the client is today financially and helps them to better position themselves in a year or two, by working with obstacles like student loan debt. The firm and client then decide whether it makes sense for the client’s funds to be managed in-house or by the client. Stearns Wealth Management works on an hourly consulting fee or for a percentage of the portfolio managed. In addition to Mr. Stearns, there are two other financial advisors and part-time support person working in the office.
Mr. Stearns grew up in then-sleepy Rhinebeck, New York, a small town on the Hudson River about an hour-and-a-half north of New York City. He said, growing up, there was one traffic light and one restaurant, in the town which has now become a “New York City vacation spot.”
Of Brookline And Independent Businesses
Speaking about the challenges of running a small business that competes with larger corporations, he admitted he is “fortunate this town is very supportive of locally-owned businesses and very fortunate that [he has] access to all of the services and products that one of my larger competitors, like Fidelity or Vanguard, would have, through [his] affiliation with the largest independent broker dealer; [Boston-based] LPL Financial.” Through his relationship with LPL, Mr. Stearns has financial tools at his disposal that are “everything that anyone could possibly need.”
In The Community
Expounding upon his firm’s participation in civic organizations and charitable giving, the head of Stearns Wealth Management said he literally knocked on doors of businesses and residences for the first couple of years to introduce himself to the community. Through talking with local business owners, he learned that there is a great tradition of support for enterprise in Brookline and, in turn, of business giving back to the community. This was, in fact, “the way I was brought up,” he offered, “so it seemed to fit with my personality and what I wanted long term.” He added that he is a big believer in, if someone helps you, then helping that person or someone close to them.
In terms of specific causes, Mr. Stearns supports Muscular Dystrophy charities and the Feed Brookline Drive. He emphasizes aligning himself with organizations that support children, such as Boston Children’s Hospital and the Kids’ Fund at Brookline Community Mental Health Center, as well as those providing food and shelter to people in need. Whether he can “offer time or financial commitment,” he does what he can to contribute to these and other charities.
The Coolidge Corner business owner smiles when he says the neighborhood and business district are “almost like a family in a lot of respects,” with his family having lived in this “very culturally diverse” area for six years.
An avowed “restaurant guy,” Mr. Stearns says his favorite eateries are The Regal Beagle and The Abbey, though he says his new preferred spot may well be the new Hops and Scotch, which will soon open downstairs from his business, in the space which formerly held Finale.
Though, he continues, around this time of year, with the NCAA basketball tournament going on, the Coolidge Corner Clubhouse is one locale that holds a special place in his heart since he can catch games there.
Clearly, Coolidge Corner in general is a special place for him; it looks like he’ll continue to manage wealth, through his small business, and promote health, through his community involvement, for years to come.
By Andrew Palmacci