How does an aspiring musician from Cleveland make his first million? For Alexander Spellane, it wasn’t the music business in the city of the Rock & Roll Hall of Fame. It was finance and investing.
Spellane, CEO of Fisher Capital, discovered an interest in precious metals that led on a path away from music, eventually securing a VP position in a retail precious metals firm, and shortly following, the start of his own company.
Why not cruise along in a VP position that made him a seven-figure earner before the age of 30? “Once I gained that experience, I wanted to provide clients with ‘a higher level of service,’” Spellane told California Business Journal. “I knew I could teach other people ‘a better way’ to sell precious metals.”
Having recently been named by Forbes as one of America’s 5 fastest-growing precious metals companies, Fisher Capital outgrew its former location and has moved into what had been the New York Times offices in Los Angeles.
“There was stiff competition for that space,” Spellane says. “The larger space gives us more room for team building and training, with room for more growth in the future.”
What makes Fisher Capital different from other precious metals investment firms is that “our overall expertise, insight into the market and educating clients,” he says.
Another characteristic of Fisher Cap is that it is mainly composed of United States Military Veterans.
“All the founding team members of Fisher Capital are patriots, we love America. Nearly all of our clients are very vocal about their love for our country too,” says the company’s founder. “Who is a better fit for a patriotic company, with patriotic customers, than someone who has put their life on the line for America.”
Interest in gold and silver always escalate when inflation starts to increase — which means Fisher Capital has been especially busy this year.
“I talk to clients all across America, and they seem very worried about inflation eating away their savings,” says U.S. Army veteran and Senior Account broker Andrew Angelo.
Yet the conversation between a Fisher Capital client — who tends to be a high-net-worth investor over 50 — and the team members Spellane has assembled has remained relatively unchanged since the inception of the company.
“Precious metals are a critical element of a diversified investment portfolio,” he says, going on to describe different scenarios. For instance, a retiree may have primarily invested in IRAs and 401(k)s focused on stocks, bonds, and mutual funds. “Even in a bull market, it is still wise to hedge against inflation,” he explains. “When inflation grows, that just creates a greater sense of urgency for precious metals.”
Portfolio diversity is the core of the Fisher Cap pitch, and that doesn’t change whatever the markets are doing. Spellane recommends anywhere from 5% to 20% of your investment portfolio be devoted to precious metals.
Running any company takes ambition, and getting to the top of your field takes ambition — and a plan.
“My personal goal has always been to be the best at everything I do. America thrives on competition. My belief is when you have success, it’s when opportunity meets preparedness.”
The goal from the beginning of Fisher Capital was to focus on providing value over selling products.
“Our team approach to serving our clients has been the key to our success, as well as our meticulous skill and technique. We’ve had an overwhelming response to our approach,” Spellane says.
Spillane’s career path led him straight from high school into the workforce.
“I pursued a career in sales when I got out of school in Cleveland,” he says. “I wanted to gain experience in business, and found that experience in the precious metals industry.”
For a while, that was his day job while he pursued music, but after moving to Los Angeles, he decided it was time to build a business rather than work for someone else. The attention required to grow a business meant leaving music behind – except as a hobby.
The Fisher Capital portfolio includes Gold and Silver IRAs, along with gold and silver bullion. The firm also sells coins from the silver American Eagle and Australian Kangaroo, to Gold Canadian Arctic Fox and American Buffalo.
“One of the reasons we have multiple team members assisting each client is the supply issues that come with inherently scarce products like gold and silver,” Spellane says. “Last year, the US Mint stopped production on Silver Eagles for an entire month.”
Finding the amount of a product the client is looking for and securing that amount is the core of the job at Fisher Capital, whose client base is well educated on the precious metals market by the time they contact Fisher Capital.
“They know what they want, but need nuts and bolts expertise to secure the product they are looking for,” Spellane says. “We are exceptional at simplifying the process for our clients.”
Conserving and protecting wealth are really what precious metals investing is about. That is why Fisher Capital is expanding into traditionally conservative markets.
“The majority of our clients share our conservative values,” Spellane says. “Fisher Capital is one of the most patriotic and conservative companies I have ever come across.” says Parker Ellman, another veteran employed by the company.
While Fisher Capital has clients nationwide, it sees concentrations of clients in certain areas. “We are looking to Texas and Florida as key areas of expansion,” Spellane says.
Spellane sees offices in Texas and Florida as having the potential to provide more value and reach. The firm is looking to 2023 to move into one or both of those markets.
It all comes back to providing value. “One thing that separates Fisher Capital from our competitors, is our values.” says former U.S. Army paratrooper and current VP of Sales for Fisher Cap Nicholas Durst.
The success of being an elite precious metals retailer is about serving clients over selling products. That has been the formula Spellane has followed since Day 1 – “and so,” he says, “far has seen no reason to change.”
Copyright © 2022 California Business Journal. All Rights Reserved.
This article was edited and published by Rick Weinberg, California Business Journal’s Founder, Publisher and Editor-in-Chief. Click here for Rick Weinberg’s biography.
For testimonials on the impact of California Business Journal articles, click here.
Contact us if you’d like an article written on your business: Rick@CalBizJournal.com / 949-648-3815