Welcome again to the 134th episode of Monetary Advisor Success Podcast!
My visitor on as we speak’s podcast is Andrew Altfest. Andrew is the president of Altfest Private Wealth Administration, an impartial RIA based mostly in New York Metropolis that oversees practically $1.three billion for practically 600 prosperous shoppers.
What’s distinctive about Andrew, although, is that he’s develop into the second-generation chief in a household advisory agency based by his dad and mom who themselves had been early NAPFA fee-only pioneers, and the way he’s now positioning the enterprise to develop and construct upon their legacy within the many years to come back.
On this episode, we speak in-depth in regards to the dynamics of a household enterprise. Why it’s typically simpler to seek out alignment in a household enterprise as a result of the values of the house owners and fogeys are likely to get transmitted to the kids as successors inside the household from a younger age, how Andrew ended up discovering the trail to the household enterprise regardless of having not deliberate to pursue it initially, and the methods his dad and mom uncovered him to all points of the enterprise, from operations to shoppers from early on to construct his breadth of expertise as a future chief.
We additionally speak about how precisely Andrew is starting to place the agency for the longer term, from rolling out a next-generation consumer service charging a minimal planning price to serve the kids of their present shoppers, to more and more leveraging expertise instruments to speak with shoppers by a wider vary of means, and the way Altfest finally determined to rent tech builders and start to create their very own expertise instruments to higher observe and discover planning alternatives for shoppers, an answer that they finally intend to make accessible for different advisory companies as effectively.
And be sure to hearken to the tip, the place Andrew talks in regards to the modifications he’s carried out as a frontrunner of the agency since going again to get his MBA and collaborating within the Schwab Govt Management Program, from rolling out an annual consumer engagement and satisfaction survey that’s tied on to the agency’s advisor compensation, the worker satisfaction surveys they do internally to guage their staff, and the sensible challenges that Andrew confronted and overcame in attempting to drive change in a long-standing, already-successful advisory agency.
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