Johanna Walters and Megan Bailey met as teenagers and quickly bonded over their shared love of horses, writes Matt Miller for Barron’s.

Nearly three decades on, the best friends are leading Walters Bailey Associates in Blue Bell, which is part of Merrill Lynch Wealth Management. The 17-person firm serves around 700 clients and has $6.7 billion under management. The pair took over the practice three years ago.

“We can finish each other’s sentences,” said Walters. “Meg knows what I’m thinking. I know what she’s thinking. We have a really good working rhythm. I have the wonderful honor and privilege of working with my best friend every day.”

Walters and Bailey advise clients to take a holistic, family view with investment proceeds.

“We believe that intergenerational wealth planning is the cornerstone of successful investment management,” said Walters. “If the generation that will inherit money isn’t informed about how to manage money, that can be a recipe for disaster.”

They have also noticed that some of their clients’ expectations are changing.

“I hear from people more frequently that they want to retire sooner and live life more,” said Bailey. “I think that has been a theme from the pandemic, as well.”

Read more about the Walters Bailey Associates team in Barron’s.