
Eric R. Stevens, CFP®, CIMA®, CEPA®


We are wealth an advisory team that works with an intentionally select group of high-net-worth families and business . We've developed and refined a process we call D.A.D.A. We use this process to help our clients create predictable income, so they know they'll have as much money as they need for as long as they need it.
Income Generation is at the Core of our Clients' Needs
Investment returns are made up of two components, appreciation, and income. While appreciation can lead to breathtaking wealth over time, it can also be fickle and fleeting during periods of market volatility. Income, on the other hand, tends to be far more predictable. Our plans are customized based on the different income needs of our clients.
High-Net-Worth Families
We work with high-net-worth families who seek to avoid taking risks with their finances. They look to our team for help in generating predictable income from the wealth they've worked hard to accumulate.
Physicians
We assist physicians who have seen their income decline in recent years due to lower Medicare and insurance payments. Many are already working longer hours to grow their practices and do not want to worry about year-to-year fluctuations in their income.
Business Owners
We guide business owners who set growth targets for their companies each year but rely on investment income to supplement their cash flow. We also provide direction to entrepreneurs on planning their business exit strategies with the goal of ensuring a smooth transition and maximum value extraction. We have earned the Certified Exit Planning Advisor (CEPA) designation, the most widely accepted and endorsed exit planning platform available. As CEPAs, we focus on cross-functional consulting and value acceleration, drawing on a multi-disciplinary global network of high caliber advisors in the exit/succession planning community.
Executives
We help support executives who receive equity-based compensation understand what they have and present insight and analysis to educate and empower their financial decisions. We cover all aspects of stock plans, non-qualified stock options (NQSO), incentive stock options (ISO), restricted stock and restricted stock units (RSU)—as well as the tax implications and intricacies associated with each.
Workplace Benefits
We help companies elevate their workplace financial benefits – helping them attract and retain top client. This includes areas like equity solutions, deferred compensation, and defined contribution retirement plans.
We Believe it is Better to be All Things to Some People Rather Than Attempt to be All Things to All People
This is a major part of the philosophy that guides our practice which is why the first meeting we set up with a prospective client is a "fit meeting." During this meeting, we take the time to learn about each other, but no decisions are made. At the end of the meeting, we ask the prospective client to take time and think about whether we are good fit. Our team also meets to discuss the prospective client's situation and compatibility. We then follow up with the prospective client to confirm there is a mutual fit.
All our ideal clients share certain characteristics:
• They are fully engaged in our process without micromanaging.
• They understand the importance of focusing on two things, what matters to them and what we (our clients and us) can control.
• They don't focus on short-term things like products, pricing & performance and instead concentrate on their long-term objectives.
• They are responsive and proactively communicate important changes in their lives that may affect their financial plan.
• They utilize our service to act as a sounding board, providing a second opinion for their family and friends.
We are not a good fit for everyone. Some characteristics of clients we are not best suited for include:
• Those who want to micromanage the investment process in pursuit of outperforming some short-term market benchmark.
• Those who are secretive about their assets outside of our care and thus not fully engaged in our process.
• Those who are unresponsive and unwilling to at least review their portfolios on a regular basis.
• Those who want to regularly revise their plan based on daily changing headlines.
There are certain small businesses that don't just serve customers, they welcome people in.
When you step into Junior's in Center City Philadelphia, you feel it immediately: the calm, the care, the intention. It's the kind of place that makes you think, almost without trying: This is where I'll be getting my tux for my daughter's wedding. Or: This is where I'll bring my son for his first proper suit.
In an age of fast fashion and conspicuous consumption, Junior's feels zen-like. A space that encourages you to slow down, catch your breath, and appreciate quality over quantity while you get fit for something you somehow know you'll be wearing for a very, very long time.
As part of our Q&A series, we spoke with Glenn Au, founder of Junior's, about what it really takes to build a retail brand, how he thinks about craftsmanship and fit, and what most people don't understand about boutique economics.
1) Where did the idea of Junior's come from—was it a slow build or a clear lightning-bolt moment?
Junior's was very much a slow build. After spending close to 10 years in the men's clothing industry, I had come to a crossroads. One path was working, yet again, for someone else and the other path was taking the leap and starting my own business. I chose my own business! Quite a scary leap but looking back now it was one of the best decisions I have made in my life.
2) What was the hardest part of going from "I have great taste" to "I run a real business?"
The daily obstacles is the quick answer. But to dive deeper: there is so much that goes on behind the scenes that I had a good idea of because of how closely I worked with shop owners in the past but when you're the owner, there is even more. Managing the buying budget, filing taxes, cleaning and just keeping items in stock are all balls in the air that need to be juggled at all times. It is most fun when it is your own business though!
3) How do you decide what makes it into the store—what are your non-negotiables?
Funny to ask this because I have a list of specific questions I ask any maker before we get too deep. One of the more important barriers for entry is asking where an item is made. In Junior's, we only work with makers from the USA, Canada, UK, Italy and EU. This means to our clients that they are getting genuine garments with responsible makers behind them and often a lot of history and tradition. Beyond that, Junior's has a very focused aesthetic with a narrow color palette. This makes it easier to buy but also easier for our clients to shop. Bottom line, this is also what I prefer, and Junior's is an extension of myself.
4) When someone asks for a "starter wardrobe," what are your building blocks?
This is always fun. We call this the foundation. To me, these pieces all need to work with each other without thought. To keep things simple, a navy blazer, a versatile suit like navy, charcoal, or grey. Then, mid-grey or tan dress trousers and shirts in solid blue & white and then some assortment of small dress patterns like checks or stripes in, you guessed it, blue and white. This all sounds very boring to start but it helps to lay the groundwork before venturing out into seasonal, patterned or colorful clothing.
5) What's one item you think most guys underestimate—and one they overbuy?
I think most guys underestimate the power and versatility of a navy blazer. It's a garment with a sometimes-tough reputation because maybe we picture our grandfathers wearing one with eye catching brass buttons and an improper fit. However, when you get one that fits well, it should be a go-to in your closet that requires the least bit of thought. Wear it with everything from jeans and tees to grey trousers and a tie.
I think guys overbuy bad fitting garments. Sometimes they act too quick out of impatience or waiting until the last minute and those items accumulate and never get worn. Then it is a closet full of unworn items because of one reason or another.
6) What's the biggest surprise about the retail business that outsiders don't understand?
When it comes to boutiques, I think how much things cost really gets easy to criticize. Small shops work completely different from big box retail that has become the norm and in some ways a baseline for costs of goods. For us, to get garments made where we want them made, using the cloth we want to use and in the small batch we require costs a lot more for us and ultimately the consumer. However, we are experts and I can say that with full confidence is a main difference from the chain retail in the world today.
7) What's something you tried that "should have worked" but didn't? What did you learn?
This can seem small, but when a garment does not sell well, most often it boils down to the cloth or the fit and sometimes both. Luckily, this doesn't happen often for us, but one notable example is when we started with ready-to-wear sport coats. The first season the cloth was a bit too "loud" for a piece hanging on the rack that was expected to get worn instead of catch eyes. We changed the cloth for Fall and the coats sold out!
8) What's your advice for someone who wants to start a physical retail business in 2026?
I go a few different directions when asked this question. Sometimes I answer, "just love what you do and customers feel it" and then other times I'm like ok what's the product demand, where's the store, how much are expenses, etc. So, at the end of the day I think it's a combination of both! Though, I tell people all the time that I started the business with a credit card and a passion and just took my time.
9) What's the hardest inventory decision you make and how do you reduce "wrong bet" risk?
Expanding is always hard. Bottom line it means spending more money but so far it has paid off. That said, I take baby steps and don't ever feel like I am taking big, unattainable risks. One easy way to reduce wrong bets is to sleep on it! I take a bit to think and then also ask my biggest advisor, my wife.
10) What are you reading, watching, listening to right now—and what's one thing you've recently consumed that genuinely changed how you think about your business?
Typically reading some men's clothing or adjacent publication. I don't like to have it consume every moment of my life but again, I do love it, so I like to stay informed and also look back in history. I also have a few fly-fishing magazines that help me get my mind off work. My hometown Buffalo Sabres are on the cusp of breaking their 14-year NHL playoff drought so I have been tuned into their games a lot lately. It's exciting!
I'm mostly always listening to classic rock in one way or another. Again, it's so easy to go back and explore catalogs or albums I haven't listened to and find a new favorite song. I think a great way to help think about how I run my business is to look at what others are doing. This also does not have to be just clothing shops. I like to see what bakeries are doing, bike shops, or any small business. It's fun to think about their great ideas and how I can apply it to help Junior's.
Visit / Learn More
Junior's
260 S 16th Street, Philadelphia, PA 19102
Website: shopjuniors.com
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The guest speaker is neither an employee nor affiliated with Morgan Stanley Wealth Management. Opinions expressed by the guest speaker are solely their own and do not necessarily reflect those of Morgan Stanley. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results. Individuals should consult with their tax/legal advisors before making any tax/legal-related investment decisions as Morgan Stanley and its Financial Advisors do not provide tax/legal advice.
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