PHOTO/MATT VOLPINI
Christopher Provo, President and CEO, Provo Financial Services, Shrewsbury
March 2, 2015
Shop Talk
Q&A with Chris Provo, President & CEO, Provo Financial Services
TITLE: President and CEO, Provo Financial Services, Shrewsbury
RESIDENCE: Shrewsbury
EDUCATION: Bachelor's degree, University of New Hampshire
By Rick Saia
Chris Provo left Wall Street in 1992 to launch his own financial services company. He started with just one client. But today, Provo Financial is a multimillion-dollar firm, managing investments for both individuals and institutional clients. Provo Financial Services is also a two-time winner of the Worcester Business Journal's “Best in Business” award for financial planning and investment services.
You've worked on Wall Street, and now on Main Street. Many believe there's a disconnect between the two. Do you think that's a fair characterization?
In some respects, I think it's fair, because (of) the separation the two. However, Wall Street does so much for Main Street when you think of it from a jobs perspective, as well as the economic growth that it provides.
What does Wall Street not get about Main Street?
I think the biggest issue with Wall Street is the greed. It really needs to be more of an Ali Baba approach, which is “we care about our employees, we care about our clients, we're not about our stockholders.” Obviously, (they) want to make money for stockholders. The shareholders should be a benefactor of the company's philosophy and not the other way around. And unfortunately we've become the other way around in some respects. I think that's changing.
Flip side: What does Main Street not get about Wall Street?
People on Wall Street want financial independence … They love their (families) and they want to provide. It's not to glorify the people that are down there, but they're hard-working people and Main Street (in its view of Wall Street) tends to be, “You're just doing it for the money, you're doing it for the greed.” (They have) more in common than I think they think.
You work with businesses, including nonprofits, as well as individuals. What are the top-of-mind issues most small businesses and nonprofits face today when it comes to managing their financial assets?
You've got a combination of several things. You've got the pressure of earnings, to make profits. There are obviously issues with sustainability, being able to buy companies that are providing goodwill for the global community. I think it's one of those things where it's really about having a social benefit that benefits everyone: the consumer, the environment, the shareholder.
On a scale of 1 to 10, with 10 being “very worrisome,” how worried are small-business owners about providing enough retirement and health care benefits to their employees to be competitive with other employers?
I would say that it's an 8. I think there's that concern of costs versus benefit. The biggest cost I have as a business owner is taxes. It's amazing how much the government expects from us as far as revenue that impacts how we do things. There's that domino effect where everything is connected.
Your story is typical of many an entrepreneur: Start a business in your home, then grow it. After 22 years, what one lesson would you offer someone who wants to pursue a similar dream?
Slow and steady wins the race. Do the right thing by the client; you'll be rewarded long term.
And, from your experience, as a business grows and you hire people, what do you look for most in a prospective employee?
What's important is work ethic, it's loyalty. The two things that we always say (are) “family comes first” and “We want everyone to have fun.” Like any business, you're not going to have fun if you're not making money because the owner is not going to do well, the employees are not going to get paid, you're worried about job security. So, to me, having a great work environment and having hard-working people where it's a give and take, and everyone's excited about going to work.
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Christopher Provo, President and CEO, Provo Financial Services
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