Steve Fischer, CPA, CFP
AREAS OF EXPERTISE
• FactRight Advisor
• Financial Markets
Steve is a founding member of FactRight. Currently serving an advisory role to the company, Steve was responsible for the Finance functions of the company which includes management and administrative operations of the company, including banking, accounting, and financial and tax reporting along with Information Technology, Human Resources and Legal support.
Steve started his career in the financial services industry over 50 years ago with Touche, Ross, Bailey and Smart and has served in CEO, CFO, and director positions with seven broker dealers, three registered investment advisors and eight mutual fund companies. Two of these broker dealers, where he served as CEO and/or director, were operating subsidiaries of publicly traded financial services firms.
Steve also operated his own CPA firm and was the managing partner in the firm of Fischer, Johnson and Zuelke, PA.
Steve has also been active as a financial adviser to individual and institutional clients, assisting them in their financial planning and investment and wealth management needs.
- Graduate, University of Pennsylvania Securities Institute Program at the Wharton School
- B.S., Mankato State University
- Certified Public Accountant
- Certified Financial Planner Licensee
- Steve has held FINRA registrations 4, 7, 24, 27, 53, and 63, and has qualified and has served as an arbitrator under the FINRA Arbitration Program
- Member, Minnesota Society of CPAs
- Former board member, Minnesota Financial Planners Association
- Member, MN CPA Legislative Issues Committee
- MN FPA Professional Issues Committee
Steve has served on the boards of directors three non-profit arts organizations and is a past board member, Treasurer and President of the Goal Line Association, a booster and financial supporter of the University of Minnesota Athletic Department.
Steve also serves on the Board of Directors, and as Treasurer and past president of the Bent Creek Woods Homeowners Association where he is a current homeowner.
For several years during his tenure as the CEO of PrimeVest Financial Services, the firm was awarded the prestigious Dalbar award as a provider of retail investment services through banking institutions, Saving and Loan Associations and Credit Unions.
Recent Blogs from FactRight
- What is ESG and Where is it Headed?by Julie Olsen on July 27, 2022 at 6:36 pm
- Evaluating Cap Rates Through a Due Diligence Lensby firstname.lastname@example.org (Kevin Kirkeby) on July 13, 2022 at 4:27 pm
I’m going to get this out of the way right now. I don’t know where cap rates will end this year, and certainly can’t predict where they will be in five years or in ten. What I do know is that cap rate compression has provided a notable tailwind to real estate performance for the past several years. With cap rates for most real estate sectors touching record lows during fourth quarter 2021, I also know that investors should be more closely analyzing each driver of projected investment returns and determining the margin for error embedded in each one. It seems unlikely that cap rates will be below current levels in five or ten years when investment programs currently on offer are looking for an exit.
- How Inflation and Interest Rate Increases Could Impact Real Estate-Focused Alternative Investmentsby Jeff.B@factright.com (Jeff Baumgartner) on June 28, 2022 at 4:19 pm
Inflation is running at 8.6%, and the Fed has been aggressively raising interest rates. It is now signaling that equally large rate hikes could be on the horizon as early as next month. The Fed’s dual mandate is to keep the economy at full employment while at the same time keeping inflation under control. During the time since the financial crisis of 2008, which includes the Covid-19 slowdown in 2020, the Fed’s primary focus has been on full employment (economic growth). Since 2008 we have witnessed massive government bailouts beginning with the TARP bailouts, to combat the financial crisis, and culminating with $4.6 trillion being spent through the CARES Act and other relief measures to combat the impacts of the Covid-19 pandemic. For more than a decade after the 2008 crisis, economic growth was stubbornly slow, and the pandemic did not help matters. For all the government’s efforts to grow the economy, real economic growth averaged a paltry 2.3% per year from mid-2009 through 2019, and actually contracted by 3.4% in 2020 before growing by 5.7% in 2021. Accommodative monetary policy in the form of quantitative easing, and accommodative fiscal policy in the form of government bailouts conspired to keep interest rates (the cost of borrowing money) low. Unsurprisingly, only because economic growth never really took off, inflation remained subdued. But much like waking up from a party that went on way too long, only to find silly-string on the furniture and a pizza spinning on the record player, what comes next may be sobering.
- A Guide to Understanding Proposed Changes to the QOZ Programby email@example.com (Russell Putnam) on May 25, 2022 at 5:16 pm
In 2017, Congress created the qualified opportunity zone (QOZ) program to encourage long-term investment in economically distressed communities by providing investors with three tax incentives to help drive private capital to lower-income areas throughout the country. Since then, the FactRight team of analysts has reviewed several qualified opportunity funds (QOFs) that focus on real estate development located in QOZs. Over the last year, we’ve received a number of questions from broker-dealers and RIAs regarding whether any changes to the QOZ program are on the horizon, and it looks like the answer might be yes.
- Investment Committee Best Practices for Wealth Managersby Julie Olsen on April 27, 2022 at 6:23 pm
An investment committee (IC) provides wealth management firms a formalized mechanism for improved due diligence, ongoing monitoring, and decision-making. A good IC aligns organizational goals, roles, and processes and enhances accountability, clarity of purpose, and shared knowledge among the team.