In this edition of Let’s Be Frank—our ongoing series exploring how Chairman Frank Falkenburg’s leadership principles shape NBC Securities—we sat down with our Director Fixed Income Trading & NBCSAM Fixed Income Portfolio Manager, Chris Fidler to discuss how leadership, discipline, and thoughtful execution shape NBC Securities’ fixed income philosophy across market cycles.
Q: What factors do you consider when constructing portfolios and balancing risk in fixed income markets in order to help “put clients first”?
A: Putting clients first begins with clarity around the role fixed income plays in a portfolio. The goal is stability that allows clients to remain invested through different market environments. When constructing fixed income portfolios, we prioritize not only yield but also credit quality. All NBCS Asset Management, fixed income portfolios are built using investment-grade bonds, most of which are rated A or higher by the major rating agencies. This disciplined approach helps ensure portfolios are designed with long term stability in mind.
Structure matters as well. Our in-house Fixed Income Trading Desk allows us to focus on execution as part of client experience. Time is spent negotiating pricing and liquidity with dealers we have worked with for decades, which directly affects outcomes on both sides of a trade.
We also provide direct access to our portfolio managers and traders, regularly connecting with clients and their advisors via phone or virtual meeting. This level of transparency and access helps ensure clients understand the investments held in their accounts while delivering a standard of service that is rarely seen in the brokerage industry.
Q: Frank emphasizes communicating ‘the good and the not so good’ but how do you help clients stay confident when headlines are worrying?
A: Clear context supports confidence.
When clients understand the structure and purpose of their investments, they are better positioned to look past short-term headlines and assess market risk more objectively. Fixed income serves as a stabilizing allocation, particularly during periods of equity market volatility.
Education and repetition reinforce that understanding. Time is spent explaining how portfolios are constructed, how risks are evaluated, and how tradeoffs are managed. That clarity helps keep attention on long-term objectives rather than short-term market movement.
As we often say, fixed income isn’t designed to make you rich; it’s designed to help keep you from going broke.
Q: Reliability is a key goal of fixed income. How do you seek to earn and maintain client trust over market cycles?
A: Trust is built through consistent decision-making. We select fixed income products for our clients’ portfolios with great care, considering not only credit quality but also the underlying sources of revenue supporting each bond. Our taxable holdings emphaisze high-quality corporate issuers with a strong balance sheets and dependable debt services coverage.
Our municipal investments focus on essential services and reliable revenue sources such as general obligation bonds, sales tax revenues, and infrastructure including utilities, toll roads, and airports. Each holding has a clear rationale and a defined source of repayment. That discipline helps manage volatility and supports confidence during periods of uncertainty. Ongoing communication reinforces that trust. Weekly market updates and the monthly Investment Strategy Statement are designed to present market conditions clearly and practically helping clients and advisors stay orientated amid a constant flow of information.
Q: Frank’s 7am office mindset reflects discipline and accountability- what daily habits do you see as essential to you as you evaluate risk and opportunity in fixed income?
