Star advisors describe their rises from modest means

Chasing assets is a significant chunk of a financial advisor’s job. In fact, it may be the most significant part since it’s essentially impossible to be a wealth manager without wealth to manage.

It’s also frequently the toughest part of the position due to the widespread competition for assets in the marketplace, not to mention the uncertainties of the market itself.

Still, for some highly successful financial advisors, scouting for and ultimately managing other people's money becomes a far less onerous task precisely because they were not raised in high-net-worth households. Or practically any net-worth at all.

Zoltan Pongracz, senior private wealth advisor at Procyon Partners, for example, grew up watching his parents work incredibly hard to give his family everything they needed. Nevertheless, as immigrants to the country with barely any resources, they were fighting an uphill battle.

“We came to the U.S. when I was five years old with almost nothing. No money, no job, and no real connections, except for an uncle who was also trying to find his way. We started out with very little, but every year, things got a little better,” Pongracz said.

To help out with the family’s finances, Pongracz started working for his father’s newly formed company at age 13, taking on jobs in hospitality and running small side hustles. It was during this period, according to Pongracz, that his entrepreneurial mindset blossomed. He established a determined way of thinking that would never leave him and eventually help him later in life as a financial advisor.

That determination served him well when he started out in the business cold-calling for clients out of the Yellow Pages. After beginning a training class with over 30 aspiring professionals, the group dwindled to just Pongracz and one other individual within two years. The rest had burned out, quit, or left to find other jobs that could pay the bills.

“Resilience is everything in this business. You get rejected daily. You can do everything right, put in all the work, and still have someone decide not to move forward with you for some crazy, unreasonable reason. But to them, it's reasonable. The key is to not dwell on it, move on quickly and focus on the people who actually want your help,” Pongracz said.

One thing that surprised Pongracz once he finally established himself in the advisory business was how many of his wealthiest clients had their own rags-to-riches stories and did not come from privilege. In fact, he believes part of the reason why many of his self-made clients chose to work with him is because of his own life story.

“At the end of the day, people don’t just want an advisor. They want someone they connect with on a deep level. I am one of the most important people in my clients’ lives. Beyond their immediate family, I’m often the first call when something big happens, whether it’s really good or really bad. That’s a level of trust that goes beyond money,” Pongracz said.

Knowing firsthand what it’s like to live without money also keeps Pongracz crystal clear on his mission for his clients: To keep them wealthy.

“I’m comfortable making small bets on asymmetric risk investments, but my primary focus is staying power. We don’t need to chase every hot trend. Too many advisors get caught up in hype and take risks their clients should never be exposed to. I’ve seen what the other side looks like, and I refuse to let my clients experience it,” Pongracz said.

FOLLOWING HIS OWN “PREMIER” PATH

Although Derek Wittjohann, chief operating officer and partner at Premier Path Wealth Partners, was born in America, he too was raised by hardworking immigrant parents of modest means who imparted in him the value of a dollar. His first job was serving customers at a local ice cream parlor while in junior high school before moving onto other work experiences through high school and college. And according to Wittjohann, he took valuable lessons from each experience.

“Whether it was handling difficult customers at the ice cream store, waking up at 4am for a construction job, working at the local gym, learning about the financial system as a bank teller, and finally getting an internship at a large wirehouse, there were unique and special lessons to be learned from each experience,” Wittjohann said.

Having to budget and manage his own money at an early age also spurred his interest in wealth management.

“It combines entrepreneurship, challenging problem-solving situations, and seeing your work have a tremendously positive impact on the lives of the families we work with,” Wittjohann said.

Like Pongracz, Wittjohann primarily works with high-net-worth clients with many sharing his modest background. And while they many have the means to spend – and flash – the fruits of their labor, he was surprised to find a large percentage prefer to enjoy the “anonymity of wealth.”

“They drive modest cars, have simple lifestyles, and see their wealth as a means of building a multi-generational legacy. On the other hand, clients have worked very hard for their success and want to enjoy themselves along with their family and friends with a ‘warm hand’ while they’re still here to experience it rather than a ‘cold hand’ after they pass,” Wittjohann said.

Observing the reactions of his clients proved to be a tense, yet thought-provoking experience when Witjohann launched Premier Path in 2023 out of a major wirehouse. When he informed them about his plans, Wittjohann anticipated pushback about moving from a large institution to an independent firm. It turned out, however, that the reaction was incredibly positive.

“These clients always had deep connections with us, but completing our own entrepreneurial journey had them feel even more aligned with us. Knowing that we came from a place of shared perspective and experience helped deepen the relationships with these clients even further,” Witjohann said.