Search for Attorney CPA

Andrew Schultz - Morgan Stanley Smith Barney

Andrew Schultz says successful professionals are prone to two common mistakes. “Many people think that because they are good at making money in their profession, they will also be good at managing it,” said Schultz, a financial advisor/private wealth advisor with Morgan Stanley in Aventura. “The second mistake is waiting for an economic catalyst to trigger an investment. Now is always the best time to invest. If you diversify correctly, trying to time things is irrelevant.”

When it comes to managing money, Schultz believes there is no substitute for experience. “What we do cannot be taught in any classroom,” he said. “Developing an understanding and respect for the markets, and knowing how to help a wealthy investor navigate them only comes from years of riding its wild waves. So your first question should always be, ‘How long have you been a financial advisor?’”

It’s also important to look for an advisor with a long tenure at the same firm, Schultz added. That’s because it takes time to build deep relationships with traders, money managers, analysts, and the firm’s management. “Many advisors seem to switch firms on a regular basis, making it harder to forge those longstanding relationships,” he said. “While there might be very legitimate reasons to switch firms, too many do it for the large upfront bonuses paid to move. In my opinion, that may mean the advisor is putting his or her own interest ahead of the client.”

Schultz says another good question to ask a prospective financial advisor is “Please tell me about your investment philosophy?” That’s a good way to know if you and the advisor have a similar approach — or not.

Finally, Schultz believes it’s essential for an advisor to listen to a client before suggesting potential investment options. He said, “I have two ears and one mouth, and I try to use them in that proportion whenever possible.”

As for his own practice, Schultz focuses on high net worth clients who have amassed their savings through hard work. “They are conservative, family-oriented people who would much rather hit consistent singles than swing for the fences,” he said. “They do not come to me to get wealthy, because they have achieved that goal. They come to me to help protect their wealth, harness their wealth for income in retirement, and in many cases make sure it passes on correctly to the following generations.”

Now in his 21st year as a financial advisor, Schultz started with the firm, then called Dean Witter, in its Hallandale branch. “My manager, Donny Schwartz, may he rest in peace, gave a chance to young kid with a strong work ethic, an ability to sell, and a desire to learn,” he said. “I have been here ever since and I am ever grateful to him for this great opportunity. What I enjoy most are the incredible relationships I have forged with my clients. Each client has a unique story and every one of them have become like family to me.”  

Andrew Schultz is a financial advisor/private wealth advisor with the Wealth Management division of Morgan Stanley in Aventura. He is the founding member of the Schultz Group at Morgan Stanley, and was named as one of Barron’s Top 1,000 Financial Advisors since 2009 and Barron’s Top 100 Financial Advisors since 2010.

South Florida Legal Guide 2012 Financial Edition

Back to Financial Professionals                                                          Back to 2012 Financial Edition

© 2023 . All rights reserved.