Financial Advisor Success Ep 134: Positioning A Family-Owned Advisory Business For The Next Generation Of Growth with Andrew Altfest
Jul 23, 2019
Andrew Altfest, president of Altfest Personal Wealth Management and second-generation leader, shares insights on navigating a family-owned advisory business. He discusses how his parents' values influenced his career choice and the unique dynamics of family firms. Andrew reveals the firm's R&D focus, investing in technology like AI planning tools to enhance client services. He emphasizes a tech-enabled approach to wealth management and adapting to serve younger clients effectively, highlighting flexible digital communication methods.
AI Snips
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Transcript
Episode notes
Validate Demand Before Building Tech
- Treat a firm-built tech product like any other investment: validate demand and size the opportunity before hiring devs.
- Plan to commercialize if you want to sustain development and amortize costs.
R&D Hired Outside The Core Headcount
- Altfest hired a full-time development team and AI experts separate from the 40-person advisory headcount.
- They plan to offer the tool to other advisors so development is sustainable and product improves with wider use.
Price And Staff To Serve Next-Gen Clients
- Serve next-gen clients profitably by charging a minimum planning fee plus AUM or the greater amount.
- Staff them with earlier-career advisors to match service needs and control costs.