Consider for your approval the case of Andrew Altfest.
We might describe him as a son of the pioneers, in this case Lewis and Karen Altfest, who founded Altfest Personal Wealth Management in 1983. They championed the fee-only model when the idea was fresh on the trail, and now their son wants to turn their forward-looking company toward fresh horizons.
Andrew’s idea? Treat every customer like a king or a queen – or even aim higher than that: “like a Rockefeller,” as he says. Technology offers the means, he believes, as it can allow clients great and small to enjoy the same benefits and services. This is his dream.
Comprehensive wealth planning has long been enjoyed by high-net-worth clients, but not by those holding more modest assets. Andrew wants this segregation to end and advanced tech holds the key.
Altfest is spending heavily on AI and other intricate systems to allow it to “automate comprehensive wealth management and serve up our recommendations on a platter to all clients,” says Andrew.
While the company’s offering is heavy on the tech side, the personal touch remains in primary focus. Altfest’s bread-and-butter clients hold at least $1 million in assets, but services are available for young professionals, even those with no money in hand and heavy debt burdens. Altfest wants them on its books long term: they want to help them out of trouble and into prosperity.
Andrew says that as a result of the company’s prospecting for Millennials, the average age of their customer base is now declining. People in their 30s come to Altfest for help in organizing the family finances or advice on how to start a business. This approach bodes well for the company’s future business, he says.
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Andrew Altfest Wants to ‘Treat Every Client Like a Rockefeller’ | ThinkAdvisor