We have the best clients in the world. One actually offered to pay a higher management fee temporarily to help offset the impact of the depressed stock and bond markets on our revenue. That’s a wonderfully reassuring sentiment, but we politely declined. Yes, Foster & Motley’s revenues are down as a function of the value of assets under management, and our net income has been cut approximately in half, but we remain profitable, have no debt, and are growing our client base due to continuing referrals from existing clients. And, unlike many firms in our industry, we have not had to reduce staff or lower our level of service in any way.
It has been a difficult environment, but we naturally tend to be frugal, which is the reason we’ve continued to be profitable. We don’t have oriental rugs in the lobby or mahogany paneling on the walls, but if you can live without those trappings, so can we.
As always, we appreciate the continued confidence you’ve placed in us. Thank you!