Fisher Investments began in 1979 as a money management firm primarily serving U.S. institutional investors. The firm formalized a portfolio management service for high-net-worth individuals in 1995 and began offering its services in Canada and the United Kingdom in 2000.
Fisher Investments is a fee-only investment advisory firm, meaning they don't get paid sales commissions for recommending investments to their customers. At year-end 2019, Fisher Investments had over $121 billion in assets under management (AUM) across its client groups. Fisher has four business units that service 150 institutions and more than 68,000 high net worth clients throughout the world. The four business units are:
- Fisher Investments Institutional Group
- Fisher Investments Private Client Group
- Fisher Investments 401(k) Solutions Group
- Fisher Investments International Group
- Fisher Investments is a fee-only investment firm with more than $121 billion in assets under management (AUM) across its client groups.
- Fisher has four business units that service 150 institutions and more than 68,000 high net worth clients throughout the world.
- Fisher serves both retail and institutional investors providing a top-down approach to selecting securities.
The Investment Policy Committee
The firm's Investment Policy Committee is a five-member leadership team that handles strategic portfolio-management decisions. Fisher Investments boasts over 130 years of combined experience in making strategic investment decisions.
The company founder, Kenneth Fisher, has played an outsize role in setting strategy for more than 35 years. Fisher serves as Executive Chairman and Co-Chief Investment Officer for the firm. He is a self-made billionaire and the author of 11 books on investing. Ken Fisher was also a long-time columnist for Forbes magazine publishing his “Portfolio Strategy” column each month from 1984 to 2016.
Jeff Silk–who has been at Fisher since 1983–is the Vice Chairman & Co-Chief Investment Officer of the firm where his role includes the construction of investment portfolios as well as implementing those strategies. He previously served as president and chief operating officer (COO) of the firm, and as director of trading and operations.
Glaser is the Executive Vice President of Portfolio Management and is responsible for the firm's research and investment operations departments. He began as a research analyst with the firm in 1999 and joined the Investment Policy Committee in 2011.
Anderson is the Senior Vice President of Research, overseeing capital markets and global macroeconomic research for the firm. He started at Fisher Investments in 2005 and joined the Investment Policy Committee in 2011. He formerly served as assistant vice president for Deutsche Bank Alex. Brown Inc. He has written two books on investing.
Mike is also a Senior Vice President of Research and is the author of six books. Hanson frequently contributes to the firm's online magazine, MarketMinder. Mike is a former lecturer at the Haas School of Business at the University of California, Berkeley.
Fisher's process begins with a top-down approach to selecting securities. They begin their focus on macro decisions, such as global macro-economic drivers, country analysis, and sector or industry level research. Worldwide trends in economics, politics, and market sentiment all play a role in providing the initial filter for stock selection.
A multistage screening process is then implemented to derive a list of prospect stocks, which is further scrutinized and narrowed by fundamental analysis and risk evaluation. The fundamental security analysis includes the following:
- A company's competitive advantage relative to peer companies in the industry.
- Evaluate the effectiveness of the company's management team.
- Calculate and analyze current valuations, such as historic valuations while comparing to similar companies.
- Risk analysis that includes identifying potential risks to the company.
Fisher Investments also tailors their investment style, depending on their client's particular social and environmental views. As a result, the firm considers social and governance issues as well as environmental factors in the portfolio construction process.
Fisher Investments offers two sets of products for institutional investors and individual clients. The firm provides its institutional clients an array of strategy-based equity products categorized by geographic focus. The company's U.S. strategies focus on U.S. equities, its global ex-U.S. strategies focus on foreign investments, and its global strategies have no geographic restrictions.
Retail Investor Services
For retail investors, Fisher Investments offers comprehensive portfolio management and financial planning services to individuals with at least $500,000 to invest. The firm constructs a customized portfolio based on a detailed analysis of client finances, investment goals, and time horizon. Portfolios may include a mix of stocks, bonds, and other securities, although portfolio strategy is highly dependent on individual client needs.
All clients are assigned a personal investment counselor who communicates the strategy, provides performance updates, and educates clients on topics relevant to their portfolios. The company also holds regular client-only seminars across the country, during which Fisher Investments analysts review current market conditions, emerging trends, and answer questions.