Philosophy
Provident Investment Management is an independent Registered Investment Advisor founded in 1981. We are fiduciaries, obligated to act in the best interests of our clients. Our Personal Money Management strategy and Results through Research™ approach have rewarded our clients with meaningful wealth creation over the long term.
The best way to build and maintain wealth is to invest in growing businesses. Owning stock in these businesses gives every investor the opportunity to participate in the long-term appreciation that comes with ingenuity and economic growth.
Most investors also require a degree of safety, insulated from the short-term whims of the stock market. This can take the form of bonds, money markets, cash, or certificates of deposit (CDs). We call this an investor’s “security fund.” The amount of assets maintained in the security fund depends on an investor’s income requirements and overall return expectations.
Provident believes that faithful adherence to the facts produces the best results. We spend most of our time making first-hand evaluations of our clients’ holdings, while watching potential new investment candidates closely for buying opportunities. Our portfolio managers are Chartered Financial Analysts, the globally-recognized standard in the investment field.
Our Heritage
The seed that would become Provident was planted in the early 1950s when a young engineer at Uniroyal Tire formed an investment club to learn about investing. It just so happened that a new organization had sprouted up nearby with the goal of providing support and education to investment clubs. The individual was Ralph Seger. His volunteer activities with what was then known as the National Association of Investment Clubs continued for more than half a century.
Ralph’s eventual partner did not start out as an investment professional either. Maury Elvekrog earned a doctorate in industrial psychology from the University of Minnesota. Industrial psychologists evaluate management and the fitness of individuals for promotion. He was brought to Michigan by a management consulting firm and eventually began an independent practice. Maury developed an interest in investing and soon began investing his own corporate retirement assets.
After many years of success as independent investors, Ralph Seger took early retirement from Uniroyal and Maury Elvekrog took time off from his psychology practice in order to work at a local money management firm. They realized that their philosophy of investing and dedication to clients was quite similar and decided to open their own business.
The year was 1981, right in between two difficult recessions. The early going was difficult. While it might have seemed like the worst time to start an investment business, the United States was on the verge of a great bull market that would last almost two decades with only brief interruptions.
Provident grew steadily over its first decade. As the practice grew, Ralph and Maury put out word to the local investment community that it was looking to add to the professional staff. At the same time, Scott Horsburgh was seeking new challenges after spending six years with the investment division of a large bank. Twelve years after joining, Scott became president of Provident in 2004.
Ralph retired from the firm in 2005 and Maury retired five years later. In the meantime, we have attracted and developed additional investment talent. Dan Boyle joined Provident in 2004 and has risen to the level of Senior Vice President and shareholder. After many attempts over the years, we finally succeeded in attracting Miles Putnam to our team in 2010. Miles became a shareholder in 2018. The firm has grown rapidly and added James Skubik to the investment team in 2017. James became a shareholder in 2021.
As we celebrate our history, we remain true to the ideals that Ralph and Maury espoused since the beginning. We are dedicated to continuing our shared heritage of excellent investment management for every client.
Our Team
President
Scott Horsburgh, CFA®
Portfolio Manager
Scott Horsburgh has been a professional investment manager for more than 35 years. Scott graduated from Hillsdale College in 1986 summa cum laude with a major in economics. Prior to joining Provident (formerly Seger-Elvekrog Inc.) in 1992, he spent six years managing pension funds and charitable trusts for National Bank of Detroit, one of the nation’s largest banks. Scott was named President of Provident in 2004. He is a contributor to Better Investing magazine and speaker at investor conferences, and has been quoted by numerous publications including The Wall Street Journal, Barrons, and BusinessWeek. Scott is a Chartered Financial Analyst® (CFA), as is the entire senior investment staff of Provident.
Senior Vice President
Dan Boyle, CFA®
Portfolio Manager
Dan Boyle is Senior Vice President and Senior Portfolio Manager for Provident. He is a member of the Editorial Advisory and Securities Selection Committee for BetterInvesting and has been writing for the organization for many years. Prior to joining Provident in 2004, he spent seven years as Partner with the private equity firm White Pines Ventures of Ann Arbor making and monitoring investments. He has also worked in the economics department at Chrysler and for FAME Information Services, a technology provider to the investment services industry. Dan is a Chartered Financial Analyst® (CFA) and holds a Master of Business Administration and a Bachelor of Arts from the University of Michigan.
Vice President
Miles Putnam, CFA®
Portfolio Manager
Miles Putnam is Vice President and Senior Portfolio Manager at Provident. Miles received a Bachelor of Arts with Highest Honors in Economics from the University of Michigan, as well as a Master of Science from UM’s School of Information. He is a Chartered Financial Analyst® (CFA). He has written for Better Investing Magazine, been quoted by numerous publications including Dealreporter, and IR Magazine and is also on the editorial staff of the Investor Advisory Service. Before joining Provident in 2010, he worked as a research associate in behavioral finance economics, and as an intellectual property analyst for Ocean-Tomo LLC.
James Skubik, CFA®
Portfolio Manager
James Skubik is a Senior Portfolio Manager at Provident. James received his Bachelor of Arts in History from the University of Michigan and Master of Business Administration from the Weatherhead School of Management. Prior to joining Provident, James worked as an equity analyst and he also spent several years within the asset-backed securities group at J.P. Morgan. He is a Chartered Financial Analyst® (CFA).
Eric Pozolo, CFP®
Director of Operations
Eric Pozolo is Director of Operations at Provident. Eric received a Bachelor of Business Administration with a double major in Accounting and Economics from Western Michigan University and a Master of Science in Information from the University of Michigan. Prior to joining Provident, he worked as a tax analyst with Thomson Reuters. Eric is a CERTIFIED FINANCIAL PLANNER™ professional.
Dan Krstevski, CFP®
Director of Development and Client Services
Dan Krstevski handles diverse forms of client contact. He also works with our asset custodians on behalf of clients to make financial transactions easy and prompt. Dan holds the CERTIFIED FINANCIAL PLANNER™ designation. He previously worked at TD Waterhouse.
Terri Buchanan
Manager of Operations
Terri Buchanan graduated from the University of Michigan with a bachelor’s degree in Education. She has been with Provident since 2011 and oversees many aspects of client operations including preparing client communications, facilitating cash distributions, and other key administrative processes.
Eric Wathen, CFA®
Research and Marketing Analyst
Eric Wathen is a Research and Marketing Analyst at Provident. He received his Bachelor of Science in Finance and Master of Business Administration from Oakland University. Before joining Provident, Eric managed a private investment fund and was a financial advisor for a national securities firm. He is a Chartered Financial Analyst® (CFA).