BIZ BUZZ: New business is advising the advisers

With changing regulations, a market in flux and investors weary of deciding where to put their life savings, the job of an independent financial adviser is getting more difficult by the day.

One Richmond man, however, is trying to make their lives just a bit easier.

Stuart M. Porterfield owns Advisor PT, a coaching and consulting firm that helps independent financial advisers operate their businesses more effectively.

The company launched its Web site last month, and he's begun working with clients.

Porterfield spent 15 years with Wachovia Securities, most recently as a national sales manager. When the firm moved its operations to St. Louis, he and his wife, Kristi, considered going but decided to stay in Richmond, where they've lived for about 19 years.

After Wachovia, Porterfield took some time off to figure out where he wanted to go with his career.

"I thought about going to a bigger firm, but if I really wanted to work at big firm I would have stayed with Wachovia," he said.

Instead, Porterfield decided to use his experience and start Advisor PT.

"Advisor PT is the sum of everything I've learned from the thousands of advisers I've worked with during my time in the business," he said.

Clients who hire Advisor PT are coached on how to increase and maintain their business and client bases, as well on details such as the wording of brochures. He's also created an advisory board that includes marketing, law, banking and investment professionals.

Most independent advisers have ties with brokerage firms, but are independent, similar to franchisees.

Porterfield helps the advisers operate their businesses, not necessarily manage their investments. "We look at operational efficiencies and do profitability analysis," he said.

He also works on creating client-communications systems, which tell the advisers how, when and how often to make contact with their clients. They assure the relationship works, he said.

But each advisers is different and there is not a one-size-fits-all approach.

"A coach doesn't have all the answers," Porterfield said, "but does have the questions."

For now, Porterfield is looking to operate between Washington and Atlanta. He eventually expects to expand nationwide.

Harley coming to base

Colonial Harley-Davidson is opening a store at Fort Lee.

The Prince George County motorcycle dealer's satellite store is expected to open Nov. 1 in the Army base's main PX. It will be 1,200 square feet and sell Harley-Davidson clothing, gifts, accessories and collectibles.

But it won't sell motorcycles, said Guy Bertram, co-owner of the dealership.

Bertram said he was approached by officials at Fort Lee about opening the store and saw it as a good chance to reach new customers.

"We saw an opportunity to get the Harley-Davidson brand in front of 35,000 trainees a year, who otherwise wouldn't see us," he said.

Steak 'n Shake coming

Indianapolis-based Steak 'n Shake will open a restaurant at the Shops at White Oak Village in eastern Henrico County, though an opening day has not been determined.

It will be the first restaurant for the chain in the Richmond area.

Steak 'n Shake, which specializes in steak burgers, thin fries and milkshakes, has identified the Richmond market, and Virginia, for expansion.

It currently has 502 restaurants in 21 states, mostly in the South and Midwest. None are in Virginia.

Steak 'n Shake plans to expand in the state through franchising, according to its Web site. The chain now has 66 franchises.

The White Oak restaurant will be inside the center off Laburnum Avenue, near the McDonald's.

The center's management does not know exactly when the Steak 'n Shake will open, but said it likely won't be before the end of this year.

Watermelon vote

Carytown shoppers will decide which store has the best Watermelon Festival window decoration.

The festival is Sunday, but shoppers out at the district's First Thursday evening this week will get to vote on the displays. About 50 stores are expected to participate.

In the past, the area has brought in city officials or members of the media to vote, but this year the Carytown Merchants Association decided to allow shoppers to pick the winner.

Ballots are online at the association's Web site, http://www.carytown.org, and ballot boxes will be put up throughout the shopping district Thursday.

The winner gets association dues paid for the year.

Contact Louis Llovio at (804) 649-6348 or .