Why did you start Equilibrium Wealth?
I spent 35 years at big Wall Street firms serving the largest institutional investors in the world – mutual fund companies, hedge funds, public pension funds, endowments and sovereign wealth funds. These clients demanded and received the most sophisticated advice and the highest level of service. I wanted to create a firm that provided individuals and families with the same level of advice and service that the mammoth institutions receive. We combine sophisticated advice and attentive service so that you achieve your lifetime goals of creating, preserving and passing on wealth with confidence whether you live in the US, Israel or both.
What do you enjoy most about working with clients?
Many advisors prefer to focus on cultivating new clients. To do this, they outsource their interactions with existing clients to junior team members. I thrive on working with my existing clients. Nothing sets my brain on fire more than learning new things. I am fortunate that there is always something new to learn about all the things that impact my clients’ financial life – investing, risk management, taxation, estate planning. A perfect day is translating all the newly acquired information and insights into practical solutions that improve outcomes for my clients and their families.
What is most important to you in building meaningful client relationships?
Securing the best financial future for you and your family is like climbing a mountain. Attaining the peak is arduous and risky, but that’s where the views are the best. You would not take on Everest without a guide; the same is true for your financial climb. To succeed, you must start with a customized plan. We keep this plan up to date by making mid-course corrections as your circumstances change. We make sure you avoid risks that you cannot see and encourage you to take ones that you might be reluctant to undertake in order to hasten your trip to the top.
What are your areas of specialization?
After forty years in the industry and with eight bear markets under my belt, I understand the range of practical issues that are critical to your financial success. The ones that are easy to get wrong due to emotions, ignorance or inattention. The ones with the potential to cost you a lot of money over the course of your lifetime. For our many clients who are Americans in Israel or Israelis in America, there is an additional layer of complexity arising from the US – Israel tax treaty. Here too, a misstep can be costly.
What is one key takeaway that you would like to share?
To paraphrase the Prussian military theorist, Carl von Clausewitz – the greatest enemy of a good wealth plan today is the dream of a perfect one tomorrow. Get started on your long term today.