Blue Chip Partners, led by Robert Steinberg in Farmington Hills, MI, has established itself as one of America’s Top RIA Firms with custodied assets totaling $1.3 billion. Steinberg’s journey began at Michigan State University in 1984, where he studied accounting before specializing in tax preparation at Deloitte. After earning a law degree from the University of Michigan, he worked as an estate-planning attorney for Honigman, Detroit’s largest law firm. In 1993, Steinberg started as an advisor, eventually founding Blue Chip Partners in 2004 and bringing on his partner, Daniel Seder, a year later. Today, the firm employs 33 staff members and services approximately 800 clients.
Blue Chip Partners distinguishes itself by offering a comprehensive range of planning services—from investments to taxes to estate planning—all housed under one roof. The firm operates different subsidiaries to focus on each segment and emphasizes client education through an active social media presence and a podcast. Steinberg believes that the key to the firm’s success lies in its exceptional employee hiring and retention practices. Prospective hires undergo the Caliper Profile assessment, a rigorous personality test designed to predict future job performance. This approach allows the firm to attract individuals who are not only qualified but also possess qualities such as teamwork, essential for working effectively within the organization.
The firm’s investment philosophy centers around dividend growth, with a core equity portfolio strategy focused on companies that have a history of paying and increasing dividends. This approach aims to provide clients with confidence during market downturns, as they receive positive notifications whenever a company raises its dividend. Blue Chip tends to favor a 70/30 equity allocation, with the remaining portion comprising a mix of cash and fixed income investments, including plain vanilla options like ETFs and low-cost mutual funds. The firm maintains limited exposure to alternative investments, opting for a more straightforward approach to portfolio management.
Looking ahead, Steinberg and his team remain optimistic about the economy, expecting inflation to continue moderating while anticipating a gradual reduction in interest rates. Despite recent unexpected rate cuts, Steinberg believes that significant market changes are unlikely without a significant political shift. He often advises clients with a metaphor, likening market downturns to snowstorms that eventually melt away, reassured by a past conversation with a client who emphasized the importance of honesty when delivering news, even during challenging financial times.
In summary, Blue Chip Partners and its leader Robert Steinberg have built a successful RIA firm by offering comprehensive planning services, emphasizing employee talent and client education, and adhering to a dividend growth investment strategy. With a conservative approach to asset allocation and a focus on client communication, the firm remains optimistic about the economic outlook, despite uncertainties surrounding interest rates and political developments. Steinberg’s dedication to client satisfaction and transparent communication underscores Blue Chip Partners’ commitment to providing exceptional financial advising services to its growing client base.
