Popular Careers for Lawyers – Being a Financial Investment Advisor

Popular Careers for Lawyers – Being a Financial Investment Advisor

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Marc Luber: Hey everyone – welcome to JD
CareersOutThere – where we get you career advice from fellow lawyers and non-practicing
lawyers – to help you find success and happiness in your career. I’m Marc Luber – and today we’re exploring
the career path of being an Investment Advisor. We’re talking to David 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 traditional
and 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 for
someone who is handling other kinds of people who aren’t high net worth investors. David Sadkin: Well it differs in a couple
of aspects: first it’s just the dollar amounts that we’re talking about. High net worth is 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 strategies we could use. There are a number of strategies: hedge funds,
private equity, other alternative strategies that require a minimum level of liquid net
worth in order for investors to be qualified for those types of investments. So we have a broader platform than maybe a
more 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 what I do is I work directly with families,
both finding families that want to invest with us and then once they become clients
of the firm, we talk about risk tolerance, appropriate investment strategies, we talk
about different asset classes. What we try to do is figure out 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 municipal bonds, which is considered to be a relatively
low risk strategy. Whereas, someone who’s looking for more
growth-oriented strategies might be in more private equity or might be in more equities. Luber: And so, since you’re mostly focused
on bringing in these people are you also an expert in every kind of investment or do you
have a team that is the expert in the different areas and they help guide you? How does that work? 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’re comfortable in, what their return expectations
are, what their goals are and finding ways to achieve those goals. But in terms of the actual investing – whether
it be buying and selling the bonds or the stocks or the private equity funds, we work
as a team. We’ll bring in experts in each of those
areas. So my responsibility is for the large allocation
decisions: figuring out how much should be in bonds, how much should be in stocks, how
much should be in alternatives, and then what we do is use sort of a best in class open
architecture structure to get the best managers to manage each of those pieces of the puzzle. Luber: Great, great. So it’s really different for every client
then – everything is tailored to their needs and goals, right? David Sadkin: That’s absolutely right. There are no two clients that will look the
same. They have different objectives, they have
different goals, they have different risk tolerances. My job is to figure out what the appropriate
strategy for those families are and then we use those other managers to make the investment
decisions. Luber: Got it. You guys can watch a full episode of Dave
and I going more in-depth into the career path of being an Investment Advisor and you’re
gonna learn more about what he does, how YOU can do it, how YOU can break in – and how
your JD applies to this path. That’s gonna happen at JD-CareersOutThere.com
– or JDCOT.com for a shortcut. If you’re already at the site, you can scroll
down to the full version – be sure to become a MEMBER so you can watch the full interview
and get access to lots more exclusive content filled with great advice. Thanks again for watching everyone – I’m
Marc Luber and look forward to seeing you again soon. Take care.

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