When Andrew Krone was twelve-years old, he delivered newspapers in his hometown of Park Ridge, a small borough in northern New Jersey. On days when the weather was nice and he had finished his rounds, he’d lay down on the lawn and open the paper to the stock pages. “I looked at those numbers,” he remembers, “and I thought, ‘Someday, I’m going to know what all of that means.’”
Andrew had an analytical mind, so years later as a freshman at Boston College, he chose to double major in Math and Economics. It was a good fit, and he went on to combine the two fields with an MBA in Finance from New York University and a certificate in Accounting from the University of Virginia.
A series of high-level positions followed, as Andrew provided financial analysis for the Ford Motor Company, was Chief Financial Officer for an environmental consulting firm, and designed executive benefit plans as the Vice President of The Todd Organization, in Washington, D.C. Just prior to joining Pinnacle in 2009, he was a partner and Chief Operating Officer at another wealth management firm in Northern Virginia. When the majority owner decided to sell, Andrew saw it as an opportunity for a new direction. “At that point, I was 56 and had to decide what to do,” he says. “I’m the kind of person who never wanted to get stuck in one rut in my career, but do five or six things. That’s always been my goal.”
When Andrew brought his considerable experience to Pinnacle, he was tasked with directing its new expansion office in Naples, Florida. He and Barbara, his wife of 35 years, had been part-time residents of the state since the late 1990s, and were ready to make a permanent move. “Some people like Florida, and some people don’t. We like the warmer weather, but you do have to get used to the humidity.”
Life on the sunny Gulf Coast has given him the opportunity to indulge in a few outdoor hobbies. Andrew used to run regularly, until he began to have trouble with his knees, and switched to a bike. But his real passion is golf, which he plays every week. “You can experience a lot of highs and lows in one round of golf. And you see how different people handle adversity.” In that, it’s not unlike his day job.
Andrew’s approach to wealth management emphasizes financial security first. “I encourage people to take as little risk as they need, while still feeling confident they can achieve their goals. Most people don’t realize the volatility they can experience with their investments. We all feel great when the market is up, but things change when it goes down. It’s best to err on the side of safety.”
In his experience, even the affluent can make serious mistakes regarding their long-term financial health. “I worked with a lot of doctors. They may be making $500,000 a year, but they were also spending it. They didn’t realize that though they might have planned to retire in five years, their finances wouldn’t allow it. You don’t want to see people make money throughout their lives, and then reach their planned retirement age and realize that they can’t afford to stop working. Most people spend more time planning their next vacation than they do planning for their future.”
While Andrew brings considerable expertise in both investment and financial planning, he believes that his ability to keep his clients grounded is no less beneficial. “It’s important to show people the choices they need to make to get to the future they want. Without that, they’re flying blind. That’s the value that I bring as an advisor — the kind of financial discipline and clarity that will see you through the good times and the bad.”