Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with

financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading financial

advisors navigated the inevitable challenges that arise on the path to success and get insight

from leading industry consultants about how to break through to the

next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.

Welcome to the 134th episode of the Financial Advisor Success podcast. My guest on today's podcast is

Andrew Altfest. Andrew is the president of Altfest Personal Wealth Management,

an independent IRA based in New York City that oversees nearly $1.3 billion for nearly 600 affluent

clients. What's unique about Andrew, though, is that he's become the second generation leader

in a family advisory firm, founded by his parents, who themselves were early Natafi only pioneers,

and how he's now positioning the business to grow and build upon their legacy in the decades to

come. In this episode, we talk in depth about the dynamics of a family business, why it's often

easier to find alignment in a family business, because the values of the owners and parents

tend to get transmitted

to the children as successors within the family from a young age. How Andrew ended up finding the

path to the family business, despite having not planned to pursue it originally, and the ways his parents

exposed him to all aspects of the business from operations to clients from early on to build

his breadth of experience as a future leader.

We also talk about how exactly Andrew is beginning to position the firm for the future,

from rolling out a next generation client service charging a minimum planning fee to serve the children of their current clients,

to increasingly leveraging technology tools to communicate with clients by a

wider range of means, and how Alfest eventually decide to hire tech developers and begin to create

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