Investment News: Star advisors describe their rises from modest means
Financial advisors that rose from humble upbringings to run successful wealth management firms recount their stories.
By Gregg Greenberg
Chasing assets is a significant chunk of a financial advisor’s job. In fact, it may be the most significant part since it’s essentially impossible to be a wealth manager without wealth to manage.
It’s also frequently the toughest part of the position due to the widespread competition for assets in the marketplace, not to mention the uncertainties of the market itself.
Still, for some highly successful financial advisors, scouting for and ultimately managing other people's money becomes a far less onerous task precisely because they were not raised in high-net-worth households. Or practically any net-worth at all.
Zoltan Pongracz, Managing Partner at Third View Private Wealth, for example, grew up watching his parents work incredibly hard to give his family everything they needed. Nevertheless, as immigrants to the country with barely any resources, they were fighting an uphill battle.
“We came to the U.S. when I was five years old with almost nothing. No money, no job, and no real connections, except for an uncle who was also trying to find his way. We started out with very little, but every year, things got a little better,” Pongracz said.
To help out with the family’s finances, Pongracz started working for his father’s newly formed company at age 13, taking on jobs in hospitality and running small side hustles. It was during this period, according to Pongracz, that his entrepreneurial mindset blossomed. He established a determined way of thinking that would never leave him and eventually help him later in life as a financial advisor.
That determination served him well when he started out in the business cold-calling for clients out of the Yellow Pages. After beginning a training class with over 30 aspiring professionals, the group dwindled to just Pongracz and one other individual within two years. The rest had burned out, quit, or left to find other jobs that could pay the bills.
“Resilience is everything in this business. You get rejected daily. You can do everything right, put in all the work, and still have someone decide not to move forward with you for some crazy, unreasonable reason. But to them, it's reasonable. The key is to not dwell on it, move on quickly and focus on the people who actually want your help,” Pongracz said.
One thing that surprised Pongracz once he finally established himself in the advisory business was how many of his wealthiest clients had their own rags-to-riches stories and did not come from privilege. In fact, he believes part of the reason why many of his self-made clients chose to work with him is because of his own life story.
“At the end of the day, people don’t just want an advisor. They want someone they connect with on a deep level. I am one of the most important people in my clients’ lives. Beyond their immediate family, I’m often the first call when something big happens, whether it’s really good or really bad. That’s a level of trust that goes beyond money,” Pongracz said.
Knowing firsthand what it’s like to live without money also keeps Pongracz crystal clear on his mission for his clients: To keep them wealthy.
“I’m comfortable making small bets on asymmetric risk investments, but my primary focus is staying power. We don’t need to chase every hot trend. Too many advisors get caught up in hype and take risks their clients should never be exposed to. I’ve seen what the other side looks like, and I refuse to let my clients experience it,” Pongracz said.