I’m often asked what makes Kismet different from other wealth managers.
The fact is, most wealth management firms are only concerned with increasing their assets under management (AUM). They earn a percentage based on the funds they manage, and all the other services are just part of a long sales pitch to get you to trust them with your investments.
We prefer a more unbiased and holistic approach. Rather than earning based on how much money you hold with us, we have a retainer structure, similar to a lawyer or an accountant. This makes more sense for you. The companies who earn based on AUM have a singular focus on your investments, whereas we care about your entire life.
There’s no denying the importance of your investments, but there are other assets which need to be factored in such as your residences, debt, risk management, estate planning, philanthropic work, quality of life, and overall happiness to worry about.
If you really want to optimize solely based on the amount of money you have in your bank account, then you would move out of the city, use public transit, never go out for meals, and live the most frugal life you possibly could.
But this is not what you’ve worked so hard for. Instead, the hope is to create a whole life. One where you can travel, donate, learn, and have time to do exactly what you want. And to do this, I need to understand you and build an image of what this life looks like. Does this sound like your average asset manager?
So we want to clarify the myth that wealth management is only about your investments. We strive to integrate the qualitative and quantitative analysis in each aspect of your financial life. The advisors who focus solely on money management and investments are asset managers, not wealth advisors.
Since starting Kismet, we’ve advised on a variety of topics most asset managers would never even consider discussing. Everything’s on the table, whether it’s establishing a foundation to achieve legacy planning, or family planning options for clients looking to bring children into their life.
Just last week, I helped negotiate a better deal on a car for one Kismet client. My hope is if there is anything going on in my clients’ lives, they feel comfortable calling our team for help.
The point I’m trying to get at here is that there is a lot more to life than money. This may sound rich coming from your wealth advisor, but it’s true. From my perspective, not only is it my business to make sure your investments, cash flow management, risk protection, and financial planning are on point… but also that you are able to do what you love in life, with the people you love.