Steve is the Chief Executive Officer of The Execution Project, LLC, a consulting firm that provides tools and training to help financial advisors and their companies meet the needs of the retiring age wave. Within that role he is the author of The New Advisor for Life and the managing partner of industry initiative, Next Chapter. He is also a senior educational advisor to the Alliance for Lifetime Income.
Gresham is a veteran of the wealth management industry. Prior to founding his consulting firm, he was executive vice president and head of the Private Client Group at Fidelity Investments during 2008-2017, driving the retail investor strategy that more than doubled client households to 1.6 million and assets under administration to more than $2 trillion. With a focus on the client experience, the Private Client Group team ended net asset outflow and pushed the client satisfaction score from 8 to 63. Steve joined Fidelity in October 2008 after seven years helping to lead the turnaround of The Phoenix Companies and its successful asset management spinoff, Virtus Investment Partners (NYSE -VRTS).
Gresham has a history of achieving results. He led successful efforts as an executive or consultant at many financial services companies in the global marketplace, including Merrill Lynch Private Wealth International’s Private Wealth offering, the Smith Barney Consulting Group and APIC, The Citigroup Private Bank, The Charles Schwab Company, Merrill Lynch Canada, the AGF Funds, Prudential and AIM Distributors. He is a former co-chair of the Private Client Services Committee for the Securities Industry and Financial Markets Association (SIFMA), a former director of The Money Management Institute and a founding director of the International Money Management Institute in London. He has a Telly Award for innovation in financial services marketing, a Mutual Fund Marketer of the Year by Institutional Investor/Fund Action, and was recognized with the Pioneer Award for lifetime industry contributions from the Money Management Institute.
Gresham is a leader in understanding trends facing the wealth management industry. He has served as adjunct lecturer in international and public affairs at the Taubman Center for Public Policy at Brown University and as co-chair of Brown's "As America Ages" initiative. He was a member of the Working Group on the Financial Abuse of Older People based at Cornell University, and co-authored a Presidential Symposium paper at the 2017 annual meeting of the International Association for Geriatrics and Gerontology. Gresham has appeared on CNN, PBS, USA Network and Bloomberg Radio and Television. He has published more than 200 articles about wealth management and has been featured in Business Week, Fortune, Investment News and The New York Times. He is the author of five books about wealth management practice management, including The New Advisor for Life (John Wiley & Sons, 2011) and (with Arlen Oransky) The New Managed Account Solutions Handbook (Wiley, 2007).
A Little Family History
The grasshopper was affixed to the Gresham family's coat of arms by Sir Thomas Gresham (1519-1579), financial agent to both Henry VIII and Queen Elizabeth I of England. Sir Thomas represented the royal crown in financing the war against the Spanish Armada and founded Gresham College in London. He is also credited with saving the British currency through the introduction of bimetallic currency, which led to the hoarding of gold coins while silver was used in commerce. Gresham's Law refers to "bad money driving out good" -- a business metaphor with many applications beyond finance. A successful merchant, Sir Thomas Gresham founded the Royal Exchange, a central marketplace for transactions that still stands next to the Bank of England on Threadneedle Street in London complete with an ornate cupola featuring the golden grasshopper. Steve Gresham owns one of the last golden grasshoppers that adorned one of the branches of The Gresham Bank prior to its acquisition by Barclays.
The New Advisor for Life is Focused Forward
Gresham’s Law presents itself today in the advice world. Traditional players are at risk when the “old” keeps out the “new” — be that ideas, products, process or people. Change is happening across financial services, driven by relentless competition and the growing expectations of clients anxious about their retirement. Beware the impact of bull markets -- many new strategies are dismissed because current results are strong. Hidden inside those record industry profits are structural weaknesses hindering wealth management companies from delivering a seamless and simple client experience — and opening the door to disruption.
We provide the tools and training to help financial advisors and their companies meet the needs of a retiring age wave.
Thomas Gresham was arguably the first true wizard of global finance. He rose through the mercantile worlds of London and Antwerp to become the hidden power behind three out of the five Tudor monarchs. Today his name is remembered in economic doctrines, in the institutions he founded (the Royal Exchange, Gresham College) and in the City of London's position at the economic centre of the earth.
Money - In Your Pocket and the Bank
Andrew Marr discusses money, from central banks to personal finances. The historian John Guy looks back to the emergence of London as the financial centre of the world. His latest biography focuses on the life and world of Sir Thomas Gresham, Elizabeth I’s banker – a flawed and ambitious man who dabbled in blackmail, fraud and adultery and left his widow saddled with debt. Few of today’s central bankers could match Gresham’s tumultuous private life, but they do wield enormous power in the markets. Paul Tucker spent more than 30 years as a central banker and regulator at the Bank of England and sounds a warning against increasing the authority of technocrats.