Young tech professionals propel advisor's book

Young tech professionals propel advisor's book
InvestmentNews Awards 2024, Advisor of the Year (Western region): Rick Blanke, Blanke Schein Wealth Management (Hightower).
JUN 10, 2024
By  Josh Welsh

Like most advisors, Rick Blanke started in the industry through family connections, thanks to his father and brother-in-law, who’s now his partner. But it also wasn’t the original plan.

“I was going to go to law school but didn’t know if it was the right approach,” Blanke admits. That’s when he went to the University of San Diego and interned with Hightower.

“We've had a very successful run the last 10 years and the book has grown drastically, which is great,” the managing director and partner at Palm Desert, California-based Blanke Schein Wealth Management, part of Hightower, says.

Being based near the Palm Springs area, Blanke highlighted their book of business consists of a few niches, mostly those in the retirement community. Blanke says they’ve also attracted the next generation.

“We've got what we call young tech professionals, which is actually the fastest growing subsection of our book,” he says. “People mid to high level in Amazon, Tesla, Google, Apple, all the tech companies, which is great, and then small businesses.”

One of Blanke’s biggest achievements to date is making a deep dive into alternatives, specifically, private equity.

“It’s definitely an area that’s growing in popularity lately,” he admits. “We’re going to see a lot of additional clients intrigued about the alternative investment space. Due to our client base becoming more of a niche that’s loaded into high-net-worth space, that’s pushed us to get more involved in alternatives in general.”

While Blanke is one of the youngest advisors who’s only been in the industry for 10 years, he’s also being recognized as an InvestmentNews Awards 2024 Excellence Awardee, with the winners announced on June 20 at 583 Park Avenue, New York City in a glitzy, red carpet ceremony. Click here to register to attend.

In his spare time, Blanke enjoys spending time with his three children, playing sports and hitting up the sunny California beaches.

Latest News

The fight over the CFPB is just beginning
The fight over the CFPB is just beginning

Locked out of their offices and told to stay home, employees at the Consumer Financial Protection Bureau have asked the courts to intervene as Elon Musk and Republican leaders move to shut down the agency that was established to protect people from predatory lending and financial scams.

Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership
Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership

Fintech platform interVal has also introduced a new feature to help advisors support entrepreneurial business owner clients better.

LPL boosts revenue potential with amped-up alts platform
LPL boosts revenue potential with amped-up alts platform

Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.

How SageSpring Wealth Partners' next-gen strategy has fueled its success
How SageSpring Wealth Partners' next-gen strategy has fueled its success

President Jeff Dobyns unpacks the strategic power of mentorship, what makes an "ideal team player," and how the firm's 89 percent success rate has paid off for veteran advisors.

Powell heads for hot-seat hearings with ongoing pressure from Trump policies
Powell heads for hot-seat hearings with ongoing pressure from Trump policies

The Fed chair is in for some "hyper-charged" meetings, with legislators likely to raise questions on tariff threats and apparent steps to comply with anti-DEI orders.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.