Faith Xenos didn’t find success in the male-dominated world of wealth management by assimilation. Rather, she prospered by focusing on a group of investors that her colleagues had been overlooking: women.
Today, Xenos is the CIO and COO at Singer Xenos, the Coral Gables wealth management firm she co-founded. And the Women’s Financial Services Division, which she started more than 25 years ago, continues to grow, expanding by more than 10 percent in 2017. At Singer Xenos, women make it rain: 65 percent of the firm’s largest client assets are either jointly or wholly controlled by women.
Making smart investments pays off
When she got started, Xenos found herself helping widows navigate the difficult financial waters following a spouse’s death. “They didn’t want to ask what they considered the dumb questions,” Xenos said. “So I started putting the dumb questions on the table. It’s a good place to begin.”
Her enthusiasm for art can, at times, conflict with her knowledge as a financial adviser. Like the time she paid too much for a pair of Lapis vases, her first major purchase.
“I still love them, but I found out I really overpaid for them, which happens to a lot of people,” she said. “It’s like any other investment, when you fall in love with it, you may overpay.”
Taking good care of important assets
There’s always a risk with investing, as Xenos was reminded of during Hurricane Irma. She’s a big collector of art objects, things like Buccellati silver and those vases. She said she knows the importance of insurance. And yet …
“When I looked at the cost of insuring my collectibles, jewelry and art, it was prohibitively expensive,” Xenos said. “I thought, ‘No problem, I’ll just keep them safe, and it will all be good.’”
Xenos’ home was in an evacuation zone, so where did the beautiful Buccellatis go? Up in a second-floor room, away from the windows.
“The water intrusion in my house didn’t damage those things, but in hindsight I didn’t protect these assets,” Xenos said. “The storm was a big stress test, and we learned a lot.”
More Faith Xenos
MIAMI LIFER Born in Chicago but moved to Miami as a child. “What’s the phrase? ‘305 ’til I Die?’ That’s me.”
GIVING BACK Offers pro bono financial-advising services to women of Lotus House, of which she is a board member.
STORM SURVIVOR Stayed in a Residence Inn for several weeks as damage from Hurricane Irma rendered her home uninhabitable. “Every experience is a teaching moment. I realized how having your routine disrupted can disrupt the rest of your life.”