Movers & Shakers: John Feste, president, Marks Group Wealth Management

As published in the Minneapolis Star Tribune 10/22/2018.

John Feste is overseeing daily operations and leading continued growth with his promotion to president of Minnetonka-based Marks Group Wealth Management.

Feste previously was managing principal of the company, which he co-founded in 2008 with Ben Marks.

Marks continues as chief investment officer and chairman of the independent registered investment advisory firm’s investment committee.

“That in-house investment committee removes the middleman and increases accountability and transparency while reducing expenses for the client,” Feste said. “It puts people closer to their money, which is something they want more than ever.”

Marks Group Wealth Management, which launched with $200 million in assets under management in November 2008, topped $1 billion at the third quarter’s end, Feste said.

Feste attributed that growth to “hiring top talent, developing a deep bench and creating a collaborative team environment.”

Feste has worked in the industry for nearly two decades, at an insurance company, a regional brokerage firm, a major broker and for the last 10 years at Marks Group.

Marks Group Wealth Management manages clients’ assets primarily through individual stocks and individual bonds, Marks said. It operates on a “fee-based, pay-as-you-go structure.”

Feste was a 17-year-old high school student when he first interned for Marks in 1994.

Q: What prompted you and Ben Marks to start your own company?

A: Industry trends were changing and the major firms were consistently losing market share in favor of independent advisory firms. We developed a belief that more and more people wanted to do business with a firm that’s independent of the Wall Street institutions that create products and have potential conflicts of interest.

Q: How did launching during the recession affect the company?

A: There was a lot of uncertainty for everyone who lived through those times. But we were firm in our belief that this model was a significant upgrade for our clients and for us. We had to be extra vigilant when it came to client communications and being available to them. And you’re running a business on top of that now, which was different.

Q: What are your priorities as president?

A: Hiring the best people is probably most important to us. We’ve developed the infrastructure and a scalable business model that positions us well for future growth. It also allows us to maintain a high-touch relationship with existing clients as we experience significant growth, which is important because you can’t grow the firm at the expense of existing clients.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Recent Posts:

Stocks healthier in countries with better pandemic response

/
The cure for the common stock market may be as simple as better policy. At least this year.

Why this is a golden opportunity to add gold to your portfolio

/
If you’re looking for silver linings during these strange economic times, gold offers more than a glimmer of hope. While likely to outperform if stocks suffer another sharp sell-off, you don’t need to be bearish on equities to have a positive outlook on gold.

Amid unprecedented uncertainty, target allocation should be your investment guide

/
Economic uncertainty has never been higher in our lifetimes than it is now. The quantifiable effects from coronavirus and the global shutdown it triggered remains as difficult to predict as April weather in Minnesota. Thanks to historic amounts of stimulus from Congress and the Federal Reserve, the stock market has dumped more sunshine than snow on weary investors in recent weeks. But while the S&P 500 recapturing half its losses certainly soothes some financial pain, a schizophrenic market remains clouded with questions.

Stocks healthier in countries with better pandemic response

/
The cure for the common stock market may be as simple as better policy. At least this year.

Why this is a golden opportunity to add gold to your portfolio

/
If you’re looking for silver linings during these strange economic times, gold offers more than a glimmer of hope. While likely to outperform if stocks suffer another sharp sell-off, you don’t need to be bearish on equities to have a positive outlook on gold.

Amid unprecedented uncertainty, target allocation should be your investment guide

/
Economic uncertainty has never been higher in our lifetimes than it is now. The quantifiable effects from coronavirus and the global shutdown it triggered remains as difficult to predict as April weather in Minnesota. Thanks to historic amounts of stimulus from Congress and the Federal Reserve, the stock market has dumped more sunshine than snow on weary investors in recent weeks. But while the S&P 500 recapturing half its losses certainly soothes some financial pain, a schizophrenic market remains clouded with questions.

The LPL registered representatives associated with the website may only discuss securities or transact business with persons who are residents of: AL, AR, AZ, CA, CO, FL, IA, IL, IN, KY, ME, MI, MN, MO, NC, ND, NE, NY, OH, OK, OR, SC, TX, VA, WI.
Barron’s Top Financial Advisors (2010-2020) is based on assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.
The Forbes Best-In-State Wealth Advisor (2018-2020) and the Forbes America’s Top Wealth Advisors (2017) are based on client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms.