This week’s conversation is with Rebecca Rothstein, a private wealth advisor focused on helping high-net-worth individuals, families and institutions pursue their financial goals through wealth management, tax minimization strategies and legacy planning services.

In 2017, Forbes named Rebecca one of “America’s Top Wealth Advisors” and this year recognized her as the #1 “Top Women’s Wealth Advisor.”

What stands out in this conversation is while Rebecca’s area of expertise may appear on the surface to be wealth management, her true gift is her ability to build relationships with her clients, her team, and her family.

One of Rebecca’s key indicators for success is maintaining a high retention rate — which she has.

When I asked her why her client retention was so high, it of course came down to quality relationships: her ability to listen, communicate, and develop trust with her clients.

In Rebecca’s words, “The most important thing that you learn when you’re taking on someone’s money, is that you have to make them explain to you what their point of view is and not give them your point of view.”

I think you’ll notice some parallels between Rebecca’s relationship-oriented approach to business and successful coaches that have previously come on the podcast such as Pete Carroll, Luke Walton, and Shaka Smart.

“Mastery is about patience, perseverance and leaving ego at the door.”

In This Episode:

  • Her early upbringing: not ideal, constant fights with her father which ultimately led to her getting kicked out of the house
  • Not finishing high school, moving cross-country from New Jersey to California and getting multiple jobs to support herself at the age of 17
  • Meeting her husband for the first time and how he helped her cope with her anger
  • How she got her start in the wealth management industry
  • The quality that sets her apart when it comes to wealth management: her ability to listen
  • How she builds trust and wins over her clients
  • Why she’s able to maintain such a high retention rate with clients
  • The most important thing you learn when taking on someone’s money
  • How she organizes her business for success
  • Her method for creating a custom financial plan for a client
  • How she manages her intense work schedule and spending quality time with her family

 

Listen via: Apple Podcasts | Android | Stitcher | Pocket Casts |  RSS

 

Quotables:

“I listen to what people are really saying.”

“I think people need to work their shit out. I took a hard look at the things that were valuable and tried to let the rest of it go.”

“If I tell you I’m going to do it, I 100% do it. If I don’t know,  I figure out how to get it done.”

“I never considered myself to be a woman in my industry. I considered myself to be first and foremost an advisor, it just so happened that I was a woman but I never felt that I wouldn’t win.”

“Trust is something that only comes with time. You earn it over time.”

“The only measurement that really holds value to me is that I have amongst the highest retention rates in the industry. I very seldom lose a client.”

“The most important thing that you learn when you’re taking on someone’s money, is that you have to make them explain to you what their point of view is and not give them your point of view.”

“The most important thing to be as an advisor to somebody is to hear them, ask them what they, ask them what their goals are and what they’re doing to achieve those goals.”

“I want people to know that I respected and heard them. That I did the best I could. There was never anything ever that was not done with the best of intentions. How much effort we put into being as good as we are at what we do.”

“I really think that if people were less judgmental and more open to hearing other points of view that everything would be so much better in every area. Just know that it’s not just you.”

“My philosophy is it really depends how you look at something. You’re not always right.”

 

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Listen to Rebecca’s podcast, “Say It Forward” here.

 

Managing Director of Private Wealth Management at

Rebecca Rothstein is the Managing Director of Private Wealth Management at Merrill Lynch Private Bank & Investment Group. She focuses on helping high-net- worth individuals, families and institutions pursue their financial goals through wealth management and tax minimization strategies and legacy planning services.