Home Wealth Management RIA Edge 100: Altfest Private Wealth Administration

RIA Edge 100: Altfest Private Wealth Administration

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RIA Edge 100: Altfest Private Wealth Administration

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Altfest Private Wealth Administration is hiring. The New York Metropolis-based registered funding advisor has added 26 staff members in simply 5 years, greater than doubling employees to 40, and hopes to recruit at the least three extra early this 12 months.

The plan is to ascertain satellite tv for pc places in at the least 4 new markets throughout the subsequent 5 years, mentioned President Andrew Altfest, because the agency continues to develop its shopper base by way of focused and tech-enhanced advertising and marketing.

“We name it Gross sales 2.0,” he mentioned of the agency’s digital advertising and marketing initiative, which is run by two devoted advertising and marketing staff and anticipated to drive round $100 million in internet new property over the following few years.

Since making the choice so as to add a advertising and marketing staff in 2018, he mentioned the agency has added extra new shoppers than at some other time in its historical past. In the end, the aim is to duplicate the technique in new markets and develop every location to tons of of tens of millions in new property yearly.

“We’re very assured that the infrastructure we constructed to drive numerous new enterprise to our agency might be replicated in different components of the nation,” Altfest mentioned. “After which we’re going to be hiring on the bottom, as applicable, to assist these workplaces.”

Altfest has little curiosity in increasing by way of mergers or acquisitions, he mentioned, preferring to deal with natural progress.

Based in 1983 by Andrew’s father, CEO Lewis Altfest, the agency presently serves round 700 shoppers with some $1.6 billion in managed property.

Andrew, who grew to become president in 2019, spearheaded new know-how and progress methods that had been successfully jump-started by the COVID-19 pandemic, when digital interactions grew to become the norm. On the time, Altfest Private Wealth Administration oversaw round $1.3 billion in property—up from $200 million when he first joined in 2003, due solely to native networking and shopper referrals.

“What I discovered main the agency,” mentioned Andrew Altfest, “is that in case you actually need to develop shortly, it’s essential transcend your shopper base. It’s a problem but additionally a chance. So, the query is: How do you try this? And that’s the place we’ve been targeted.”

The RIA desires to develop “extra like a tech firm,” Altfest mentioned, explaining that the digital advertising and marketing technique makes use of “influencers” with giant audiences to disseminate quite a lot of focused content material in area of interest markets highlighting Altfest’s cumulative experience.

HubSpot, an AI-enhanced advertising and marketing platform, gives suggestions relating to how content material is obtained and makes options on matching the fitting content material with the fitting prospects, enabling the agency to ship focused and simpler emails and affords.

“You must know what you are nice at,” he mentioned. “We have at all times been a robust voice within the business and so content material advertising and marketing performs effectively to our strengths.”

A co-founder of NAPFA and with a doctorate in finance, Lewis Altfest has authored a number of books and teaches at Tempo College. He recurrently seems at business occasions and has obtained quite a few business accolades all through his profession, together with for his work with well being care professionals. His spouse, Dr. Karen Altfest, joined the agency within the mid-Eighties and nonetheless serves as govt vice chairman, with a deal with working with ladies and widows. She conducts instructional seminars for current widows and pre-retirees and is usually a featured speaker on the subject of girls and finance.  

Andrew Altfest can also be the founding father of FP Alpha, AI-powered software program that saves advisors the time as soon as spent creating bespoke plans round trusts and estates, taxes, insurance coverage and extra. The software program, which gained the 2022 Wealthies award for innovation in know-how, makes use of synthetic intelligence to learn uploaded paperwork, present visible summaries and determine alternatives in greater than a dozen high-level planning areas, together with elder care, cross-border and scholar debt planning. The advice engine pulls assets collected from a pool of specialists, like attorneys, CPAs and insurance coverage advisors, and creates a workflow to observe by way of on the alternatives.

“There’s an enormous demand for this,” mentioned Altfest. “It’s additionally an enormous a part of successful new enterprise—as a result of these are unmet wants.”

The know-how lets Altfest advisors assess difficult shopper paperwork on an annual foundation to make sure they align with every shopper’s general monetary plan in a method that was beforehand solely out there to the agency’s wealthiest shoppers, he mentioned, due to the time demand.

“So, that is how we will add extra providers with out having so as to add extra assets.”

Altfest is clearly targeted on persevering with so as to add assets within the type of expertise and capabilities, nonetheless. Almost half of the agency’s employees consists of advisors—all of whom are anticipated to have or to earn their CFP designations—along with a number of chartered monetary analysts, 4 licensed public accountants, an property lawyer and two employees members with insurance coverage experience.

There’s additionally a staff of 4 that runs the agency’s non-public actual property technique, they usually’re presently trying to usher in somebody with a background in evaluating development administration.

“We could not discover something as enticing as what we had been seeing within the non-public actual property market below one specific technique,” mentioned Altfest. “So, we went out and constructed it ourselves and supplied it to our shoppers. That’s an enormous differentiator and it’s a really large value-add for us.”

The deal with including expertise to take care of and increase shopper service whereas experiencing fast progress earned the agency a spot on WealthManagement.com’s introductory RIA Edge 100 listing, developed with Discovery Knowledge and revealed in February.

“We’re far beneath the business common when it comes to client-to-advisor ratios,” mentioned Altfest. “And we preserve a good lid on that quantity.”

Every Altfest shopper works with a number of advisors, he mentioned, a main client-facing advisor and a “monetary advisor specialist” who stays behind the scenes offering strategic assist—in addition to different specialists and assist employees.

“We have been increasing our providers to our shoppers with out growing our head depend utilizing know-how,” he mentioned. “However it’s crucial, when it comes to accommodating new progress, that we’re hiring to maintain our shopper advisory ratios in a very good place in order that shoppers get the very best service from us.”

Altfest expects to ascertain the primary few satellites in hub markets on the East Coast. 

“It’s a private aim to have one new location per 12 months,” mentioned Andrew Altfest.

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