Eric Weschke: Securing Financial Futures and Optimizing Wealth Planning for Three Decades
Eric Weschke’s successful 29-year career in financial planning began with two seminal experiences - a college internship for Dean Witter and following graduation, a job as a representative for Northwestern Mutual, where he was rated top agent nationwide in 1994.
Both opportunities, says Weschke, provided him with an invaluable education at a young age. Today he is president and CEO of Advancedfolio Capital Management, a well-known financial educator, and former host of “Smart Planning Radio,” a New York financial radio show.
Based in Setauket, New York, Advancedfolio Capital Management specializes in helping to meet the needs of high net worth families and individuals as well as business owners, nonprofits and entrepreneurs.
Eric Weschke has clients nationwide. His extensive background in institutional investment theory and comprehensive financial planning focusing on tax-efficient retirement income solutions, asset protection and risk management gives him the expertise to offer comprehensive and personal service to his clients.
In order to develop a nationwide clientele, Weschke undertook the challenge of building out the Advancedfolio Capital Management name and brand in states across the United States. For clients and potential clients who are at a distance, meetings are held on Zoom. To ensure client confidence about meeting remotely, Weschke says he makes sure that the firm covers all of its bases with transparent data and math to back up the facts presented in these meetings.
On most days, Weschke holds between five and seven Zoom calls with potential new clients, and at the end of the day, he compares his custom model portfolios to the indexes like the S&P 500 to see that they are outperforming this index as much as possible and staying within the risk-reward profile that was initially set up.
Developing Strong Client Relationships
Weschke’s main focus is his clients’ financial stability and preservation and growth of their assets. Maintaining a strong, trusting relationship with each client means being in constant communication. He understands the complex nature of strategic planning and the deep commitment needed to nurture a long-lasting, positive relationship with clients.
“As a financial educator, the traits and habits that have been the most instrumental in my success would be a constant dedication towards learning and a very competitive spirit which is what drives the results we deliver. Staying organized and being diligent with each task is very important and treating others always how I would like to be treated with respect and patience is also very important,” says Weschke. One of the skills he developed that has been very helpful in his work has been the thoughtful delegation of tasks and responsibilities to third-party organizations that have been helpful in the growth of the company. “Learning to take a step back and not trying to handle every task is in itself a learning experience,” he says.
Offering such dedicated and high level attention to clients requires efficiency and discipline, both personally and professionally. Weschke’s typical day starts with the mind and body as he heads to the gym which is followed by a typical three-mile run. He then goes through emails and calls to make sure everyone is getting their messages returned that day. To ensure efficiency and impact Weschke prioritizes the key issues for each day and makes sure to resolve these without delay. When the day is over, Weschke is with his family to wind down for the night.
Staying Ahead of Trends
To stay ahead of industry trends and innovations that can benefit any client, Eric Weschke spends as much time as possible reading different publications and researching various financial sites that embrace cutting-edge financial information and trends as well as rules and laws that are being considered for change in the industry. He adds that this learning and research is non-stop as the industry is always evolving, adapting to new trends and societal forces of change.
Weschke’s approach towards launching new initiatives starts with evaluating the impact that a certain issue or topic will make on a current or new client. “We assess what topic will provide the most value to the client’s financial situation, and then prioritize the most desired topics of interest that we feel will benefit everyone the most,” he says. For portfolio management, it means staying on top of the different asset classes and assessing investments that could be a better fit for their models on a daily basis. “For these models, we are dedicated to as much consistency and outperformance as possible which means a constant review of the portfolios on a daily basis as we watch performance and volatility metrics,” he explains.
His Circle of Influence
Weschke credits his parents and Warren Buffet for the influence they have had on his life and career. “My mother, Cathy Montana, was one of the first women to work on the floor of the exchange in the late 60s and my father ran the engineering department at Suffolk College, so I grew up with a strong math background and a strong financial education from an early age,” Weschke says.
Warren Buffet is another influential figure for Weschke. “The most admirable thing for me is how he does not get swayed by the critics and stays the course in his investing prowess and has been able to deliver at the end of the day, a strong and consistent return for his investors. Not following the crowdis the trait that I admire most, as well as his dedication towards education and always striving for excellence.”
Words of Advice
Two attributes Eric Weschke recommends for someone who wants to excel in the financial industry are a thirst for learning and helping others. “Our field is very competitive and if you are not polished and knowledgeable on a myriad of topics, the clients will see this and will not want to work with you,’’ he advises. He stresses the importance of staying focused and concentrating on wanting to provide as much value as possible to the client to help them in their financial affairs.
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