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Utah Business

Generational Ideals Are Changing The Way Investors Work

According to Forbes (forbes.com) in the next two decades, Baby Boomers (those born between 1944 and 1964) are expected to transfer $30 trillion in wealth to younger generations, leading financial advisors to refer to this incident as the “great wealth transfer.”

Nick and Michael Bapis, (father and son) with Vios Advisors, of Rockefeller Capital Management, have been preparing for this transfer of wealth in various ways, while adjusting to the generation gap and the multi-generational clientele that comes with it.  Money once controlled by grandparents and parents will transfer to beneficiaries who may have different ideas. 

Nick has been in the business since July 1968, and has withstood the learning curve, the shift with the times, and the generations. When he started his career, portfolios were not as diversified as they are today and any size account was welcomed. 

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“I built my business by cold-calling, which of course you can’t do nowadays,” says Nick. “Today, the best way to generate business is by networking. There is a big difference in the philosophy today also, I still like to structure portfolios but I can’t be an expert in every asset class.”

Nick and Michael try to cover all objectives and all asset classes given the type of management their particular clients need. Longevity and asset allocation are two key components to building portfolios today. 

New school investing (and planning)

Michael is the managing director and the head of the sports and entertainment division in the New York City offices.  Michael has been in the industry for the past 20 years, and has a slightly different style than his father. As a man in his forties, he has learned how to navigate the industry with current trends and technologies. 

“Basically, we will be going through what’s going to be the largest wealth transfer in the history of America, where now you have a population that has collectively more money and more savings than ever before,” Michael said. “What is important to us is to assist them in the right planning and the right structure as well as having a structure in place on our side where we have the ability to connect with 2-3 generations.”

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Michael also works with clients who are coming into wealth, especially athletes, and that management tends to look a bit different. Discussing goals, both short-term and long-term, even past their career, are vital, as is preserving the funds they do have and educating them on risk tolerance to create a successful long-term investment plan. 

Although this multi-generational team may approach the personal touches a bit different, they are working towards one common goal for their clients. After being in the industry for so long, Nick may be considered old school, he still prefers the face to face meeting as opposed to phone calls or text messaging, but regardless, he continues to recommend one simple tip to his clients that has not changed over the years: 

“Pay yourself first,” he says. 

That is good, timeless advice no matter what age or generation you are.