Popular Careers for Lawyers – Being a Financial Investment Advisor
Marc Luber: Hey everyone – welcome to JDCareersOutThere – where we get you career advice from fellow lawyers and non-practicinglawyers – to help you find success and happiness in your career.
I’m Marc Luber – and todaywe’re exploring the career path of being an Investment Advisor.
We’re talking toDavid Sadkin of Bel Air Investment Advisors, a high net worth investing firm in Los Angeles.
Here’s a look at our discussion where I asked Dave what he does as an Investment Advisor.
David Sadkin: Sure, my firm oversees about$6.
5 billion for 300 families and we oversee their investment strategies in both the traditionaland alternative investment space.
Luber: Okay and so what does that mean exactly?You’re handling high net worth investors? David Sadkin: Right.
Luber: Tell us how that’s different forsomeone who is handling other kinds of people who aren’t high net worth investors.
David Sadkin: Well it differs in a coupleof aspects: first it’s just the dollar amounts that we’re talking about.
High net worthis sort of considered to be $20 million and above for the family in liquid net worth.
So that’s the first distinction, and the second distinction is just the types of strategieswe could use.
There are a number of strategies: hedge funds, private equity, other alternativestrategies that require a minimum level of liquid net worth in order for investors tobe qualified for those types of investments.
So we have a broader platform than maybe amore retail investment firm would have.
Luber: Okay, so what is your role specifically?What are the requirements that you need to do on this job? David Sadkin: I’m a client adviser.
So whatI do is I work directly with families, both finding families that want to invest withus and then once they become clients of the firm, we talk about risk tolerance, appropriateinvestment strategies, we talk about different asset classes.
What we try to do is figureout how we can maximize their return in a manner that fits their own risk profile.
So,for example, a very conservative investor might have a 100% of their net worth in municipalbonds, which is considered to be a relatively low risk strategy.
Whereas, someone who’slooking for more growth-oriented strategies might be in more private equity or might bein more equities.
Luber: And so, since you’re mostly focusedon bringing in these people are you also an expert in every kind of investment or do youhave a team that is the expert in the different areas and they help guide you? How does thatwork? David Sadkin: We work together as a team.
So my job is really to get to know my clients, to get to know what types of strategies they’recomfortable in, what their return expectations are, what their goals are and finding waysto achieve those goals.
But in terms of the actual investing – whether it be buying andselling the bonds or the stocks or the private equity funds, we work as a team.
We’ll bringin experts in each of those areas.
So my responsibility is for the large allocation decisions: figuringout how much should be in bonds, how much should be in stocks, how much should be inalternatives, and then what we do is use sort of a best in class open architecture structureto get the best managers to manage each of those pieces of the puzzle.
Luber: Great, great.
So it’s really differentfor every client then – everything is tailored to their needs and goals, right? David Sadkin: That’s absolutely right.
Thereare no two clients that will look the same.
They have different objectives, they havedifferent goals, they have different risk tolerances.
My job is to figure out what theappropriate strategy for those families are and then we use those other managers to makethe investment decisions.
Luber: Got it.
You guys can watch a full episodeof Dave and I going more in-depth into the career path of being an Investment Advisorand you’re gonna learn more about what he does, how YOU can do it, how YOU can breakin – and how your JD applies to this path.
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Thanks again for watchingeveryone – I’m Marc Luber and look forward to seeing you again soon.