Altfest Personal Wealth Management
- First job duties included cleaning out a chicken coop while wearing a blazer and tie.
- Has eaten intestines and turtle jelly in Malaysia.
- Has two 13-year-old Boston terriers named Max and Chauncey.
Andrew Altfest believes customization is the wave of the future, whether you're meeting the needs of clients or younger advisers. To that end, Mr. Altfest has embraced cutting-edge technology for his family’s practice in several areas.
He has implemented a digital financial manager that enables clients to view their portfolios and financial plans in the same place, and instituted the use of artificial intelligence software, that can process tremendous amounts of data, teach itself and come to its own conclusions, to produce more accurate cash flow projections for clients.
As chair of the New York City chapter of the National Association of Personal Financial Advisors, Mr. Altfest is continuing a family tradition. "My dad [Lewis Altfest] was a founding member of the organization," he said. "My vacations growing up were hotel rooms and trips around the nation."
Looking to attract younger members to the chapter, Mr. Altfest has mentored New York University CFP students and established networking events for women advisers early in their careers. Customizing his approach to a younger audience, he has introduced programs that include fintech product demonstrations and topics such as optimizing student debt and crowdfunding platforms.
Similarly, Mr. Altfest has been leading his firm's long-term investment in the next generation of clients, reaching out to them through digital marketing and refining the firm's service offerings by introducing flat fees and different price levels.
"They are attracted to people who really understand their needs and interests," he said. "And [furthermore] clients love when you help their children."
— Deborah Nason