Andrew Altfest Wants to 'Treat Every Client Like a Rockefeller'

The bulk of your clientele is high net worth. But you're also serving others who aren't on that level. Please discuss.

Building long-term relationships is extremely important for the lifeblood of the firm. Our minimum is $1 million, but we waive that for young professionals. Some of the people we work with have nothing saved and have a lot of debt — but we think they can grow with the firm. So we're helping them now. We don't stick them in a robo.

What's your clientele demographic age-wise?

Since we started working with the next generation, we've brought down the average age of our clients. The client base had been growing older; now it's growing younger, on average. That's a very good sign for the future of our firm. We have a lot of people coming to us who are in their 30s. Instead of retirement planning, we help them with family planning or starting their own company.

How do you prospect?

The way we engage today is much different from how we did it 20 years ago. Referrals and word of mouth are still important. But today, we reach and engage people in the very modern 21st century way of digital marketing and digital communication. We have a huge investment as content generators and in digital marketing. We reach [prospects] through email and social media. The content is based on their needs; it's not general commentary.

What's critical advice your father gave you about investing and the business?

My father has been my mentor. One important thing he taught me is: Think for yourself. That's how you make money in the market. That's how you can sit in a client meeting and listen to what they say but think about what they're really saying.

Are there any major business issues about which you and your parents disagree?

We don't have conflict, but that doesn't mean we don't have different opinions. For example, about the [notion] to offer a tremendous amount of services to every client, they might [have said], "Is that really possible?" Sometimes you have to kill the sacred cow and show what's possible when those things weren't possible before. Even if [my parents] aren't as up to date on cutting-edge technology [as I am], they "get" it, understand it and can advise on it.

What's been your personal evolution at the firm?

As a kid, my vacations were at financial advisor conferences across the country. I remember playing with other children in hotel rooms. As a teenager, I filed papers at the firm. My first adult job out of school was half-investment analyst and half-supporting clients under my father.

In college, your intention was to become a novelist. But then you had a change of mind and joined the firm. How did you take to financial services as a full-time profession?

When I first entered the business, it was like being a kid in a candy store — non-stop fascinating, stimulating work. Now I have a daily diet of Altfest Monday through Sunday — and I love it.

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