THEN AND NOW: @thebrofessor

thebrofessor's picture
Rank: The Pro | 35,775

Inspired by the recent return of some all-time great WSO members, we will begin featuring a series of posts from forum favorite 'superusers'. This "Then and Now" series will let people share a bit of their story through a handful of questions that touch on their career progression and how this site has supported that.
Expect posts over the next couple weeks from @CompBanker (link), @Frieds", @APAE" , @brotherbear", @Layne Staley", @CRE", @IlliniProgrammer", and if we're lucky, even @Eddie Braverman"

When did you first join WSO?
Can't exactly recall,I know I was lurking post-GFC, but don't think I became active until 2013 or so

Why did you join?
I was wanting to get intel on jumping to the buyside from PWM, and I'd just gotten rejected from b-school (two schools that aren't even top 50)

Where were you in your career then?
I was in a dead end job in admin for PWM (one of those jobs called client associate/client service associate, glorified secretary basically), and I always dreamed of running money either long only value equity (I'm a buffett disciple) or moving to SoCal and trying my hand at fixed income at PIMCO, TCW, etc. (fat chance, right?)

Where are you in your career now?
I'm now a financial advisor on a decent sized team within one of the big 3 firms (Merrill/Morgan/UBS) somewhere in the southeastern USA, we manage $6-700mm in assets, and I'm one of 3 equity partners

What can you share about your personal or family life?
I grew up at the beach (again, SE USA), fucked around for most of my scholastic career until late in college, and I think part of that is because I never had any role models who were hustlers. My dad was in banking but he never talked about work, and part of me also think he underperformed his potential because he didn't want to uproot the family, he moved several times as an adolescent and hated his parents for it, so he turned down lots of promotions. And my other family members either worked in government or in cushy, lazy jobs, no one ever more than 40 hours a week. I didn't get scared straight until one of my frat bros got into investment banking and I saw how much hustle it took to actually get somewhere in life. I'd thought that you just get a degree and the world unfolds itself for you (HAH). So he taught me how to hustle, how to get informational interviews, and passed along lots of wisdom on finance, and introduced me to WSO.

More on the personal stuff, I'm married, no kids. Love travel, sports, and the occasional mind expanding herbal supplement.

Looking back on your career, is there anything that you thought you knew starting out which turned out to be wrong?
So many things. For one, that you had to have rich family members to make it in PWM. That you had to go to a good school to become financially independent (it's not necessary, those schools just do a better job at laying out a "path" for you. That it's easy to beat the market. That it's easy to make it in sales (PWM is sales, let's face it). I think I told myself a lot "this is going to be hard" but because I didn't work really hard ever in my life (life kinda always went my way until college), I didn't know what "hard" was. I didn't know what it felt like to make hundreds of cold calls all day every day, get nowhere, and then have to go back to a post-college frat house when all of my friends are making substantially more money than me. I thought I knew what "hard" was, and while I have it very easy relative to others, I'm glad I got that kick in the pants.

Were there any opportunities that presented themselves along the way that you didn't take? With the benefit of hindsight, do you wish you had taken one of them?
I got the opportunity years ago to manage a single family office and potentially make $300k a year (I was in my mid 20s). I turned it down, and I'm glad I did. Looking back, I made the right choice because the patriarch of the family office probably would've fired anyone, he was a control freak and impossible to please. I chose long term growth over high current income, and looking at what my retired partners' finances are like, that was the right call. Just like a business with diversified customers, I didn't want my income dependent upon one person's mood.

What do you think has made you successful in your career? Are there any particularly interesting or unique challenges that you've faced along the way?
By comparison's sake, I'm not successful. I've avoided getting fired, but I'm not top 10 on Barron's advisor lists or anything, and I don't know that I'll ever get there (very few outside of major cities ascend those ranks). What I think has helped me in my career are a few random principles.

1) Never burn a bridge. I take Dale Carnegie's wisdom to heart. Always try to leave every interaction positively, and if you can't do that, politely exit. When you're working with people, don't burn a bridge. I'm not saying you need to be friends with coworkers (quite the contrary, my business life and my private life are completely separate), but you do need to be able to call on someone in 5 years when you need something and have them remember you in a positive light. This has helped me tremendously.

2) Think long term. As I mentioned before, I've turned down lucrative current income opportunities because I didn't see the long term sustainability of those careers. If you looked at my W2s from age 22-28, you'd wonder what I was even doing on WSO. I am grateful I delayed gratification because I'll never have to look for another job in my life. I'm at the firm where I can comfortably retire. Our clientele and revenue streams are steady, I am getting increasing shares of equity as time rolls on (more equity in a good business = more income), and because I'm not constantly looking for the next opportunity, I'm not stressed. I say this knowing that's not feasible for a lot of you, but if you find yourself between a short term payday and a long term payday that starts out small, consider the long term. Just like in investing, careers have compound interest too, and it pays off.

3) Constant improvement. I always look at what I can get better at in life, prioritize those things, and then make a plan of attack. This is not just for career stuff, it's personal too. Everything from a new bench press max to learning a language (necesito que estudiar mas) to long distance running, I'm always trying to get better. This is not to say I self deprecate, but it's an honest assessment of where my weak spots are, what's a priority for me at the moment, and then discipline and repetition until the mission's accomplished. If you adopt a mindset of constant improvement, you'll never be bored, and you'll learn a lot about yourself. It will also help you grow in your career. You've crushed your analyst, associate, and MBA shit and are now in PE? Great! What do you know about leadership? What do you know about sales? What do you know about relationship management? Plenty to learn. Oh, you're a burgeoning Frank Quattrone, knowing everything about deals, rolodex that anyone would envy, and are financially independent beyond your wildest dreams? Still work to do, how good of a teacher are you? How good of a mentor are you? Are you doing enough to lift up and educate the next generation? If you're good at that, look at #4 and work on the other parts of your wheel. Nobody's perfect, but you can continuously strive for improvement.

4) Balance/Perspective. Contrary to what most 19-22 year olds on WSO think (I was in this camp once), money and career are not the most important things in life. I stumbled upon this concept via a partner of mine called the "Total Person." the idea is this - just like a wheel can't properly move with one of the spokes bent or spiking out longer than the others, your "wheel of life" must also have balance. The areas are: financial/career, family/home, physical/health, spiritual/ethical, mental/educational, and social/cultural. There were times I focused too much on my career to the detriment of my friendships and relationships (a tough sales environment can be very distracting), so I went back to this wheel concept, called up some old buddies, and mended the strains of getting out of touch. I succumbed to depression a couple of times, and spirituality and reaffirming my values helped me with that. The idea is not that you spend equal parts of your life working on each "spoke of the wheel," the idea is that anytime you're dissatisfied with something in your life, look to your wheel. Where are you weak? Where are you strong? This reflection will help you become more of a total person, and as a result, happier.

5) Empathy/kindness. If you look back at some of my WSO history, there are a lot of things I probably said out of anger, annoyance, or just to be funny at the expense of someone's feelings. I can be a jerk sometimes, and I used to think that was excusable so long as I was liked by the people I cared about. I don't think that's a good way to live, and while I have a hard time showing empathy when my gut reaction is "you're just lazy," leading with kindness, forgiveness, and empathy has been really helpful to my psyche and realizing my faults in this department has caused me to be more kind in general to people. That rude hostess at the restaurant you're going to get takeout from after a 16 hour day? Maybe she just got yelled at by her mom for a bad grade and her boyfriend is being a prick and she's just 17 years old and can't cope, cut her some slack if she's short with you on the phone. The guy on customer service for your bank when you're travelling abroad and trying to get a transaction approved even though, yes, you followed protocol, let them know of the trip, and the service in Fiumicino is so shitty you can barely understand him, doesn't help that English is his third language, you have every right to be upset...internally. You have no idea what that person is going through. This also helps when you're working on teams, particularly if you're in charge. Lose the entitlement, lead with patience, lead with kindness, and try to remain calm, it just might help your life.

6) Curiosity. It may have killed the cat, but it helped this bro. Before you have your career figured out longer term, ask questions. It's not playing dumb if it's genuine, get perspective on things that you lack because of your age/inexperience. Most of the best lessons I've learned are not written down anywhere, they're ingrained in me and I wouldn't have learned a lot of what makes me who I am if I wasn't curious. Subtle things, like "I noticed you asked this question to the prospect this way and they reacted positively, what was that?" or "I know we're trying to accomplish XYZ for this client, can you walk me through how you figured out this solution?"

7) Discipline. Meeting me, you wouldn't think twice about me. Average height, bald, average intelligence, and below average education. What I have that not everyone (particularly in PWM) has is discipline. I never miss an appointment, never return a call late, never show up late, and will outwork my competition in every way imaginable. I think success is some combination of hard work and luck, and while I do believe in luck, I think that hard work opens up more opportunities for lucky breaks thus skewing the odds in your favor. If you lack intelligence, a network, you're gonna have to work harder, but that's completely within your control, and too many people in the world (not just finance) do not work hard. I know that there's nothing earth shattering about my PWM career, but I do know that the other people who didn't make it had the same or better backgrounds to me, they just didn't do the work. So stay hard, kiddies.

8) Via Negativa. I started a thread on this that went nowhere, but basically the concept is called "addition by subtraction," and it was coined by the Black Swan author Nassim Taleb. The idea is that instead of adding things to your life for improvement, cut out shit you don't need. Do you spend too much time with negative people? Cut them out of your life. Overspending? Cut out expenses (usually quicker than getting a raise). Have a bad habit? Instead of trying to add a healthy habit straight away, cut out some of your bad ones.

Is there anything else you'd like to share?

I think I've said too much already, so all I'll say is if I can help anyone personally or professionally with advice, insight, etc., I'm glad to do it.

Cheers,

brofessor

Comments (58)

Apr 15, 2020

Bookmarked! Thank you for doing this, @thebrofessor"

Really interesting read. I especially liked your last section on factors that "made you succesfull" and I will definitely be revisiting it for some insights, when I next time will be doing some self-reflection.

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Apr 15, 2020

Thank you @thebrofessor" . It gives a more personal "face" to you. Always a source of wisdom and opinion, great posts and comments. Definitively a top contributor here and our careers/lives (I do recall your post on via negativa, thanks for it again).

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  • Associate 1 in PE - LBOs
Apr 15, 2020
thebrofessor:

I think I've said too much already, so all I'll say is if I can help anyone personally or professionally with advice, insight, etc., I'm glad to do it.

Mission accomplished: I was charged with a felony in undergrad and expelled. Had a bit of a mid-life crisis and I lurked on WSO while working a minimum wage job. While plenty of people posted great advice, the mindset / attitude that you have cultivated stand out. Still have a few of your comments bookmarked that I revisit now and again. @thebrofessor" SB'd.

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  • Intern in CorpDev
Apr 15, 2020

Hate to hijack a thread, but being in a similar boat myself, can you talk about your path and if this incident has even come up?

  • Associate 1 in PE - LBOs
Apr 16, 2020

Yes. I'm not sure how we should exchange contact information via anonymous posts, but I can chat most days during quarantine.

Apr 16, 2020

thank you for your kind words. I'm glad my armchair philosopher stuff has helped. if I can help more, I'm happy to

Apr 15, 2020

How many speeding tickets do you have?

Funniest
Apr 15, 2020

I have reckless driving tickets in multiple states and have been pulled over 3x with drugs in my car, only gotten away because I'm nice to cops. nowadays, you won't catch me going more than 6mph over the speed limit, except in atlanta because there are no rules

Apr 15, 2020

I was pulled over by a cop in Atlanta for picking up a black friend at a DMV. Supposedly my windows were too tinted... but speeding? NBD

    • 1
Apr 15, 2020

This brightened up my day. Really great insight and good to hear about your life and successes.

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

Apr 16, 2020

Malta Monkey, didn't know you changed handles! thank you for your kind words, happy to help

Apr 16, 2020

I do have a question. You mentioned you're married. How have you found that balance between work and your marriage? I know myself to be a bit of a workaholic, or really just intense on what I do in a day.

I'm getting married tomorrow. My (very soon to be) wife knows me, I don't have cold feet, but just wanna be the best version of myself and balance out my career and relationship. Happy to hear your insights and experience.

Also: for anyone wondering, it's an immediate family only wedding. Nothing big or fancy. We'll throw something later when it's safer and our finances and my version (which is admittedly high) of a safety net is in place.

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

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Most Helpful
Apr 16, 2020

congratulations!!!

I can't say I have the perfect marriage, but we're happily married after many years so maybe I can share what has helped and hurt me.

let's start with the bad. a marriage is a partnership like in business or sports. there will be things that will tick you off about her, and you will do things that will tick her off. pick your battles. is it annoying that she threw out 1/6th lbs of a ribeye you'd been munching on and were gonna repurpose into steak & eggs tomorrow? yes. is it worth fighting about? probably not, so pick your battles. remember you have to share a bed with your wife every night you're not travelling, so take a deep breath, and don't sweat the small stuff (there's a lot of small stuff).

more on the "bad" side, I'll call it freedom encroachment. when wifey and I were long distance dating, I thought nothing of getting fucked up on a Thursday because I knew I had no meetings Friday, ditching work Friday at 1pm for golf and blacking out at dinner, staying up all night Saturday and being a royal piece of shit on Sunday. not saying I don't do that at all anymore, just that in every partnership that's 7 days a week, you need to check your priorities. I've got someone I'm responsible for, which is immensely rewarding and gives me purpose, but I've had to rethink what's important and make some decisions that 25 year old me probably would've laughed at. so instead of getting fucked up every Thursday and golf every Friday & Saturday, I might grab some Friday beers with the boys, do dinner with the wife, and then play early on Saturday to get back in time to help with housework.

on work, communication communication communication. when I'm under the gun, I'll straight up tell her "hey honey, I'm absolutely buried this week and my only windows to help around the house are Tuesday and then Sunday morning before I leave for Dallas, what do you need help with that I can do in those times?" I say this with a wife who has a cushy job that's no more than 40 hours a week, so she thinks of shit to do all the time. she'll make plans with her in laws (who happen to live on the beach, major key) or restaurants to try, I'll inevitably forget because I'm a bad listener when I'm busy, but being proactive helps a lot here. if she loves you, she'll let you have your space, but you have to do your part in communication, and you have to be a team player.

just because you're a workaholic doesn't mean you can skimp on being a good husband. little things like getting her coffee ready in the morning, picking up after yourself, helping with the laundry while you're between conference calls, and after a long hellacious week where all you wanna do is get high as a fucking kite and pound a bottle of wine, maybe you buy some flowers on the way out, so she knows you were thinking about her.

the best way I can describe balance is in choices. there will never be more than 24 hours in a day, so make your choices. maybe you have to skip a workout to do a date night. your body will be fine, and your marriage will be better as a result. maybe you have to skimp on sleep for a couple weeks ahead of going to her place for Easter because it's a much bigger deal for them than it is for you, fine. you can pass out from 1-3pm on the couch because the leaders of the Masters won't tee off til 330pm anyway.

the good news is you're already worried about it. if you're thinking about being a good husband, that's half the battle. if you make an effort, you're already well on your way to a happy marriage.

and for those wondering why I didn't list the good? it's because there's so much more good than bad in marriage, it'd be a novel.

Apr 15, 2020
thebrofessor]
[quote:

I If you looked at my W2s from age 22-28, you'd wonder what I was even doing on WSO

:( /s

Have you ever considered trying to make it out on your own? 'The Brofessor's Wealth Management Firm'

But who's to say what's fair to say and what not to say? Let's ask Dr. Dre
Apr 16, 2020

sorry you saw this as a negative, it is not. much like a small business, in the early years where you're just trying to gather clients, your income will be shit. and in my case, since my pricing model is basically a subscription, a good client might only move my monthly after tax cash flow by a couple hundred bucks a month. however, once you build a base, growth can become exponential, so this is less a negative comment and more of an honest assessment of what thinking long term means income wise

also, going independent is not more profitable. I talked about this a bit in a prior thread, but I would make the exact same money but have more stress if I went independent (with my business model anyway). I've compared numbers with some indy practitioners who run their business similarly to me, and when you adjust for expenses, their pretax margins are nearly identical to what I get at merrill/ubs/morgan

Apr 16, 2020

Are your clients ok if you invest their money in crypto?

Apr 16, 2020

call me old fashioned, but currencies are not investments. an investment has an asset beneath it with some value and cash flow stream (earnings, dividends, interest, royalties, franchise fees, etc.). I don't buy anything that doesn't meet that criteria.

if crypto becomes a form of currency, I'm sure the companies/managers we own will play in that space, but out of an abundance of caution, I'm not touching the stuff.

Apr 16, 2020

Thanks for posting this. Always been a fan of your posts, especially the ones highlighting the importance of balance in life. I break out my annual goals in the same spokes you mentioned and every time I come across your posts it's a nudge to revisit that list.

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Apr 16, 2020

love it, glad you like the spokes analogy

Apr 16, 2020

Wow, great post. Especially amidst the current situation this really helped ground me / retrain my focus. Bookmarked and will definitely be coming back to this in the future as I start making some big decisions professionally and personally over the next couple years.

Array

Apr 16, 2020

glad it helped, if I can ever help more, don't hesitate to ask

Apr 16, 2020

Enjoyed reading this. You sound like a good dude with a great setup. That "do what compounds" approach you've taken towards your career is very wise, and getting to a long term stable spot on your own terms is worth its weight in gold.

Very well done and thanks for sharing.

Apr 16, 2020

thanks for your kind words, I've enjoyed your posts over the years. hope things are alright in LA, it sounds a bit dystopian from what I've read at the moment

Apr 16, 2020

Curious if you have plans for kids or have had discussions with wifey on how many you want to have and why?...I always find that fascinating.

oh, and if you think your freedom is restricted now, wait until those little bastards eat up any precious free time you had left ;)

Also, thanks for being such an epic contributor to this community for so long. You're wisdom and attitude are exactly what make WSO great.

Apr 16, 2020

thought I saw brofessor was not planning going down that road, but I could be wrong

Apr 16, 2020

I did write a thread called "I don't want kids..." but I will say never is a long time. It'd be ignorant to say I'll never have them as long as we're of an age where it's medically possible, but until I get a vasectomy, I can't say never, I'll just say no for now.

If we do, we want 3. And my pleasure Patrick, thanks for your kind words.

Apr 17, 2020

Interesting...I think a life between 0 and 1 kid is dramatically different. 1 -> 2 gets very hard and 2 - > 3 is a bit insane, especially if you do it as fast as we did. :-)

Apr 16, 2020

Big thank you for the guidance and support you have provided me with over the past 3-4 years. Appreciate it brother, take care.

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Apr 16, 2020

If you could start over, would you still be in PWM/ Finance? I was discussing this with a few colleagues and a lot of them said they would be in tech or became a Quant if they could start over. What about you? What would you do knowing what you know now?

Array

Apr 16, 2020

Wouldn't trade it. Had/have family members and friends as well as clients who are quants. Aside from somebody who's an entertainer, pro athlete, someone like that, I've got the best job for me. To each his own brother, I'm glad your friends who left felt it was the right decision, and I wish you well

Apr 16, 2020

I also grew up mostly without a dad or role models who were hustlers.
Who is your current role model? What about them inspires you? Who are the positive role models for men in their 20s and 30s?

Array

Apr 16, 2020

Thanks for your perspectives, it was an insightful read.

Related to your business, what keeps you up at night?

Array

Apr 17, 2020

thankfully nothing at the moment. I live a pretty care-free lifestyle. I used to be a worrywort, unforgivably impatient (still kinda am, but getting better each day), and now I'm much more zen. i think that inner peace comes from a couple of things

  1. age - once you've made it into your 30's and your world isn't coming apart at the seams, life gets easier in some ways. most of your incarceration, DUIs, unplanned pregnancies happen earlier in live. I've dodged a lot of bullets, and even though I have spent a night in jail, I got it out of my system early.
  2. no more bullseye on your back - when you're not worried about being fired (unless I do something unethical, I eat what I kill, so the firm has no sunk cost in me), that's tremendously helpful. I used to not be like that, staying awake all night,s ometimes sobbing because I wondered if I'd make it at all. getting past those days is great.
  3. perspective. I've always tried to live by the idea of changing the things I can control, and not worrying about the rest. if you worry about something you can't control, all you're doing is wasting time or energy that could be used on something productive. I don't give a fuck about politics (sure I have my views, but I don't care who POTUS is, what congress is doing, I read the news and move on with my day), I don't get down in the dumps on external factors I can't influence, and that's remarkably freeing. it may be why I haven't gone insane during quarantine. focus on what you can do, not what you have no control over.

I will say that on the rare occasions we lose a client, I beat myself up over it. instead of just fretting, I do a postmortem. what went wrong? what mistakes did we make? where did I fail? then, do something about it. what can we do better next time? how can I improve my skills as an advisor to minimize this from happening again? what needs to change about our team's processes, if anything? so while there are absolutely things that bug me, it's always temporary, no use in worrying about things outside your control. and if they;re inside your control, just simply do something about it and then there's no need to worry.

  • Intern in IB - Ind
Apr 16, 2020

Really enjoyed reading this.
I was curious how do u think this virus would impact the PWM industry recently or even 2-3 years down the road?
Also heard PWM managers were doing well in Asia, esp China and Singapore. Would that change given the current situations?

Apr 17, 2020

it absolutely will. ever market debacle causes overleveraged practices to wash out or take a big hit. people that took too much risk in questionable equities or credit are getting smoked right now, as they should. hopefully their clients find a better home, but it will lead to a culling of the herd.

the best way I can describe crises in PWM is sink or swim, assuming you survive. either you're so focused on damage control that you barely survive, maybe your book shrinks, but you don't get fired. the successful ones (I'm hoping this ends up being us, so far so good but still very early) use this as an opportunity to cement client relationships and put lines in the water for new clients. tons of people with FAs aren't hearing from them right now. there may be an Edward Jones guy who has a multi millionaire in his book of business and not know it because he only manages the kids' education accounts, so he's not picking up the phone right now. now along comes thebrofessor who's a shoulder to cry on during this difficult time. you put enough lines in the water, you're bound to get some bites, but if you're spending all of your time plugging holes in the boat, you'll never be able to fish.

no clue on PWM in asia, we're strictly US based

  • VP in S&T - FI
Apr 17, 2020

Thanks for doing this, I have always enjoyed reading your posts on various topics. I have worked in Fixed income in various capacities (started on the buy side and went to the sell side) for the last 10 or so years and from what I know about various Socal FI managers you are lucky that never worked out for you, PIMCO is a miserable place to work (the rest are better but only slightly). I really want to get into to nitty gritty on your PWM business, I have a couple of buddies who are FAs and its pretty interesting as to how they run their business.

  1. Quick Economics of your business- If you are managing 700MM and charging 1% on AUM that 7MM in revenue, if the firm takes 50% that is 3.5MM in profit to split between the equity partners?
  2. How do you prospect and profile clients/who are you targeting. I have one buddy who is very successful targeting corporate executives and others with highly concentrated positions in the public companies that they work for. I have another who is much more successful with small business owners (he starts with the 401K side and once he gets that going he moves to the corporate cash and then he gets the executives/employees personal wealth). How do you find out information about them so you have something intelligent to say when you call them? What is your average client size and age?
  3. How do you monetize existing relationships- You are managing X$ for me for a fee, you total income goes up as I earn more money/the investments you put me in do well. How do you supplement that as appropriate (insurance, structured products, annuities, alts, loans?).
  4. How long is your average sales cycle from initial call to funding the account?
  5. How often are you reaching out to people with investment ideas, just to check in, generic market commentary, etc.

Thanks for doing this

    • 3
Apr 17, 2020

a bond guy, hello! yeah when I wanted to work at PIMCO I didn't realize you'd be in the office by 4am everyday. I'm glad I'm a client of theirs rather than an employee, but newport beach is still heaven on earth.

  1. only thing wrong with this is the ROA. if you have larger clients, your ROA won't be 1% even if that's your average fee. you'll always have unproductive assets like concentrated stock positions from an employer, cash balances, fixed income positions which demand a lower fee, insurance policies that may pay once up front but then pennies down the road, stuff like that. otherwise, you're spot on. our revenue is in the $4-5mm range before the firm takes its cut (50% is about right), and since we're paying out a retiring partner, split $2-2.5mm in pretax income 4 ways (not equally, duh), and that's what you're looking at.
  2. I'm more of the former, I hate institutional business (like 401k, corporate cash, etc.), we partner when we see those opportunities, the corporation is a nice conduit to personal wealth and every major firm (merrill/morgan/ubs) has inroads with corporate clients of the firm that you can work off of. contrary to most people, I don't need to think of something intelligent to say or know a ton about them pre-call. I just call them up, see what's on their mind, and maybe identify a few possible issues they may be having (based upon experience dealing with people like them). if they don't have a need, I move on, plenty of fish in the sea. more often than not, however, we find something that bugs them that I can solve. mean client is probably $2mm invested with us, median probably $1mm. age wise it's trended younger recently, but I'd have to guess late 50's/early 60's if you look at our book in totality.
  3. we don't worry about supplementing that too much, I'd prefer for existing relts to have their fees go down (in %) over time as their wealth grows. normally we're uncovering all necessary solutions at the outset of a relationship, but if their needs change, of course we're keen to that (e.g. client forgets to tell us about an insurance policy he doesn't need, what can we do with that). mostly we just try to keep them happy with frequent outreach, proactive planning, stuff like that. the real monetization from existing relationships is from referrals.
  4. I wish I knew this, it's probably somewhere around a year. my biggest client only took me 5 months to close, and I'm about to sign someone up today that I've been chasing for 5 years. there's no hard and fast rule here, which is why I say put lines in the water, you'll get bites.
  5. if you were a top client of mine you'd get a "touch" probably 24-30 times a year, and maybe half of those would be either electronic in origin or operational, the rest in person, via phone, stuff like that. sometimes it's less than that, sometimes it's more, but if I can give a quick example that'd be helpful.

say you're an executive at a big company and you've hired us. we put out quarterly market pieces as well as more ad-hoc communication amounting to another 4x a year, so that's 8. you get quarterly bonuses/vestings and my team handles the SEC aspects of your forms filing, trade execution, preclearance, etc., that's another 4-8x if there's followup needed, we're up to 16x. I'd share at least one meal a year with you, but probably 2, so that's 18, and we haven't even gotten into calls on other stuff, like legal planning, reviewing account performance, setting up investment accounts for your kids who are graduating, handling your charitable gifting, etc. so if you're a top client with complex needs, you hear from us a lot.

let me know if you have any more questions, happy to share

  • VP in S&T - FI
Apr 18, 2020

Appreciate the response, I prefer the LA beach cities but Newport is not too bad either. You mention being a client of PIMCO, what do you think makes someone a good sales person in the asset management world. And if you were considering a sales role with an asset manager, HF, etc. what would you look for in an employer.

Apr 17, 2020

wow fantastic thread. I liked what you had to say about marriage and agree with your opinion on politics.

Apr 18, 2020

@thebrofessor" I've always wondered, do you manage money for anybody on WSO? Funny enough, if I came into a large sum of money and needed asset management services, you are one of the few people that come tom mind.

Apr 20, 2020

thank you sir! even if I did, I couldn't tell you, client confidentiality and such. what I'll say is I have only a couple of client who work in finance, they're normally not the best to work with.

Apr 20, 2020

this doesn't surprise me :-) - thanks for another epic thread and your insight!

Apr 20, 2020
thebrofessor:

Average height, bald,

TL;DR, he failed in life.

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Apr 20, 2020

Got em

Apr 22, 2020

You used to play more golf back then - how's your golf game and handicap now, and how it evolved over years?

Apr 22, 2020

I've always been a shit golfer. it's a hobby more than a sport for me, I've never taken the time to get to where I was consistently breaking 90, it's just not a priority for me since I view it as leisure. I could not play for 6 months, shoot a 92 and have the time of my life. I could be playing every week and then shoot a 105 one Saturday. my handicap's never really changed much, even though I was playing more, I still wasn't taking it seriously

May 7, 2020

Great thread @thebrofessor" . Your balanced and down to earth thinking is a fantastic source of info/inspiration and reality check. It is awesome to read hear about a professional who has found its place on earth, and us not chasing unicorns.
On marriage, couldn't agree more with you. After 11 years married and over 16 together with the missus (and two little girls), it is even more clear that it is a partnership on the whole slate. And you either are into it, or it will overboard you at some stage. Enjoying the good moments and realising that she is special for n reasons help during difficult times. Also remembering that I can also be very difficult to be with (and there are days I can't even stand myself), helps me regain my bearings. Patience, tolerance, communication, respect and care. Other than this, it is a feeling without compare, to spend great and not so great moments with that special person... As you said, the good things would make up a Tolstoi novel, just to start scratching the surface.

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May 7, 2020

thank you! I loved this

May 7, 2020

Always appreciated your perspective for college students and all.

May 8, 2020
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