One of the hallmarks of the Farese Group is teamwork. “All of our employees work together, which creates an excellent and productive work environment,” said founder Paxton Farese, who started the company in 2001 when he discovered a need while working with employees and retirees from the telecommunications and utilities industries. “To fulfill the needs of clients, I began to focus on helping employees and retirees from these industries and develop retirement plans that would be suitable to their lifestyles.”
Previously, Farese worked as a Wachovia Securities Premier Advisor and as a first vice president at Morgan Keegan. He earned Series 6, 7 and 63 securities registrations after graduating from the University of Mississippi with a degree in criminal justice.
“Our firm specializes in working with those employed or retired from Entergy and BellSouth, which enables us to have a deep understanding of the companies’ pension and savings plans,” said Farese.
The Farese Group was built primarily through a grassroots effort based on educational workshops and client referrals. Since opening, the company has grown to provide services to nearly 300 families in Mississippi, Louisiana and Arkansas. Most recently, it has expanded its footprint by opening a branch office in Little Rock.
Farese Group clients, says the CEO, are the preeminent factor in the company’s philosophy. “Our main priority is our clients. We want to continue to strive to provide an unparalleled level of service to our clients,” Farese said. “With this being our focus, we have found that our referral rate has grown along with our business.”
With growth have come challenges.
“The economic conditions of our country created many fears and concerns for our clients as they prepared to retire,” said Farese. “We have had to overcome the shadow of distrust toward the financial industry. In order to reassure our clients, we chose to focus on keeping our clients updated and in the know about what was happening, what the changes meant for them, and how best to protect their assets.”
Over the past four years, the firm has moved from a “wire house” platform to an independent one. The transition has allowed the company the independence and opportunity to grow as a company, said Farese.
“When we started, our goal was always to become an independent financial advisory company,’ Farese said. “In the next 10 years, we hope to continue to grow to a level in which we compete with larger regional financial firms.
We’re currently working with a large firm in California to expand our business model across the country.”
Farese’s vision for his company remains uncomplicated – become the premier financial firm for individuals transitioning into retirement and give back to others less fortunate.
“As a member of the of the larger business community, we feel strongly about giving back to the community,” he said. “This year, we pledged to give a percentage of our revenue to the Mississippi Children’s Home Services. Our vision is to encourage other local businesses to give back in this way.”
Contact MBJ staff writer Nash Nunnery at nash.nunnery@msbusiness.com or (601) 364-1017
The Fast 40 Program, co-presented by the Mississippi Business Journal, KPMG LLP and Watkins Ludlam Winter & Stennis, PA honors the state’s most dynamic privately-owned businesses for their contributions to the growth and success of the entire community. The program was held October 29, 2009 at the Jackson Country Club and honored the companies' achievements. Like the INC 500 list of the nation’s fastest-growing companies, the Fast 40 list represents the backbone of Mississippi business and industry. This year the fastest growing business is Dixie Mat and Hardwood Co.
Fast 40 tells the success stories of the state’s 40 fastest-growing businesses. Companies ranked on the prestigious Fast 40 list submit financial data to an independent auditor for review, and are then profiled by MBJ's editorial team.