This week I speak with Alex Goldstein, Vice President of Wealth Management at Chesapeake Asset Management. Alex shares his journey in the industry and the differences between working at Wirehouses and being independent. He emphasizes the importance of having a targeted niche and a well-defined process to differentiate oneself in the competitive advisory business. Goldstein discusses the use of LinkedIn and AI technology for business development and staying competitive. They discuss various topics including staying in contact with clients, tools used in the business, attending conferences, determining client fit, and developing rapport. Alex emphasizes the importance of staying in touch with clients and providing personalized service.
He also shares the tools he uses, such as Charles Schwab, Orion, Redtail, and Powder. Alex mentions that while he stays informed about current events, he focuses more on the macro level rather than stock picks. He also talks about the importance of meeting clients in person, but acknowledges that virtual meetings have become more common post-COVID.
Alex explains that their target clients are tech executives with stock grants who are looking to diversify tax efficiently. He mentions that their business is mainly outbound, but referral-based as they grow. Alex also discusses the dress code for client meetings and the importance of asking the right questions to determine if their services are appropriate for potential clients. He concludes by mentioning that Chesapeake Asset Management specializes in alternative investments and can assist clients in non-liquid markets as well.
00:00 Introduction and Background
04:19 Differences Between Wirehouses and Being Independent
06:44 Overcoming Struggles and Learning from Others
11:51 The Importance of a Well-Oiled Process
17:13 Transitioning to an Independent Shop
20:03 Using LinkedIn and Sales Navigator for Prospecting
23:05 Staying Competitive in the Advisory Business
25:07 The Challenges of Working with Athletes
27:52 Tools for Managing Client Accounts
29:58 Navigating Market Volatility
33:06 Ideal Clients: Tech Executives with Stock Grants
36:16 Building a Referral-Based Business
39:02 Developing Rapport with Clients
44:16 Alternative Investments and Non-Liquid Markets
45:55 Podcast Thumbnail.mp4
Connect with Alex on Linkedin:
https://www.linkedin.com/in/alexgoldstein95/
Learn about Chesapeake Asset Management:
https://www.linkedin.com/company/chesapeake-asset-management-llc2/
Want to be a guest on the podcast? go.ifamktg.com/podcast-booking
