An Interview with Terry Hefty, Founder Emeritus of Peak Asset Management

At Peak Asset Management, our mission has always been to help individuals organize their financial lives and build lasting, trusted relationships. 

Since our founding in 1994 in Louisville, Colorado, we’ve grown from focusing on diversified portfolios to offering a comprehensive wealth management approach. As the financial landscape has evolved, so have we, staying true to our core values of client care, disciplined investing, and continuous innovation. 

We are proud of the legacy we’ve built and the enduring relationships we’ve formed with our clients—many of whom have become part of the Peak family. 

In the following interview, our founder, Terry Hefty, reflects on the journey of Peak Asset Management, our vision, the challenges we’ve overcome, and the values that continue to shape our work today.

Company History & Vision

1. What inspired you to start the company 30 years ago?

I had been interested in the stock market since college and participated in it starting at that time, gradually growing our personal portfolio.  In the early 1990’s, after being involved with and creating numerous small businesses and investments, I was asked by some family members and friends to help them manage their portfolios.  I realized that I loved working with people to help organize their financial lives.  That became more of my daily routine to the point where I formally registered with the State of Colorado, under my own name, as a Registered Investment Advisor.  In 1994, I formed Peak Asset Management, LLC with the assistance of Gerry Witmore [former V.P. of Digital Equipment], and we were off to the races.

2. What was your vision for the firm when you first launched it?

By locating in Louisville, my goal was to be the dominant asset management firm in east Boulder County.  I felt there would be continual growth in the area, and by establishing ourselves there early, Peak would have an advantage. Also, at the time, Peak’s main focus was picking stocks and constructing diversified portfolios. Financial planning was not a minor part of the business, but we envisioned expanding that function and adding formal relationships with other financial professionals to cover our clients’ total financial life.  Many years later, that full-service concept became popularly known as Wealth Management.

3. What were some of the biggest challenges in the early years, and how did you overcome them?

As with many businesses, finding and building a client base was a major challenge but we found several niche opportunities to help us build the base.  Gerry had only promised a couple of years to help launch the firm, so I started looking for talent and first found Noel Bennett who had been managing portfolios in Boulder.  A few years later, we recruited John McCorvie, who was a CFA™ and had also been running a one-person practice.  We then had a well-rounded group of professionals that gave us the foundation upon which to build.

Of course, being in the financial world brings its own challenges in the form of market and economic downturns.  We had several of these disruptions in the early years, and they fortified our beliefs in discipline and staying the course with our value investing principles. 

4. Can you share a defining moment or major milestone that shaped the company’s future?

When Peak attained a sufficient size to be able to add talented staff to assist with the many daily tasks, we were able to concentrate on client service and growth.  This made a huge difference in our productivity and interaction with clients and providers. 

5. How has the industry changed over the years, and how has the company adapted?

The industry has been moving toward providing a total wealth management solution in-house.  Peak foresaw that and has been providing a total range of services, with a comprehensive financial planning solution individualized for each client, since its very early years.

Another change in the industry has been the movement of most RIA firms to using only mutual funds and Exchange Traded Funds [ETFs] for their investments.  Peak has stayed with our original belief in the use of individual, value-oriented stocks to form a Model Portfolio as the basis of most of our clients’ portfolios, with diversification accomplished by using mutual funds and ETFs in minor roles.  This is a core principle with Peak and differentiates us from most other Advisors.

Probably the most impactful change has been the extensive development and use of Information Technology.  It has transformed the industry in many ways, including the ability to keep up with the constantly expanding paperwork requirements from various government agencies.  It has also contributed to the ability to do more extensive securities research, detailed reporting, and providing additional services for our clients.

Company Culture & Values

6. What core values did you instill in the company from the beginning?

First, and most importantly, the client’s experience and welfare are paramount throughout the organization.  Our philosophy has remained unchanged, which is to simplify our client’s financial lives by implementing a customized plan for each, focused on three distinct components: structure, strategy, and discipline.  

7. How have those values helped shape the company’s success today?  

I believe that success is measured by how our clients perceive us.  Many of our clients are now second, and even third generation.  Most of our new business is through referrals by current clients to their families and friends.  Our relationship with many clients is being “part of the family.” And that is very heart-warming.

8. What are you most proud of when you look at the company now?  

The team that is assembled now is the most comprehensive and talented group of professionals that we have ever had.  I have felt that was best accomplished by bringing together talented personnel in their respective fields, pointing them in the right direction and letting them perform.  We have intentionally sought out younger colleagues who, along with providing a seamless transition of services for our clients and their families well into the future, also bring about change and refreshing new ideas.

Reflections & Lessons Learned

9. What advice would you give to today’s leadership team?

Never deviate from Peak’s core values.

10. What’s the best piece of business or leadership advice you ever received?

Spend more time listening and less time talking.

Personal Updates & Closing

11. What have you been up to since stepping back from day-to-day operations?

I continue to manage my personal investments and enjoy my hobbies of vintage autos and travel.  Being Treasurer and a Board member of the Colorado Grand continues to be a rewarding experience.  I stick my nose into the Peak offices occasionally also.

12. Any final thoughts or words of wisdom for the team and clients who have been part of this journey?

This phrase has been central to Peak Asset Management from the beginning:  We appreciate the trust that our clients have put in Peak and will continue to strive to earn that trust in the future.

Advisory Services offered through Peak Asset Management, LLC, an SEC registered investment advisor. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This content is developed from sources believed to be providing accurate information and may have been developed and produced by a third party to provide information on a topic that may be of interest. This third party is not affiliated with Peak Asset Management.  It is not our intention to state or imply in any manner that past results are an indication of future performance. Copyright © 2025 Peak Asset Management