An experienced entrepreneur, an investor, and a family advisor, Paul Sloate joins our discussion today to impart his knowledge and wisdom in the world of wealth management and finance. Paul transitioned from music to the commodities business and then jumped into the wealth management wagon until he finally found his niche in investment advisory. Paul advises successful families on wealth preservation, legacy creation, and next-generation transformation.

In this episode, Paul illustrates the difference between wealth management and investment advising, and how the latter allows him to lay out the groundwork and the roadmap to give families better options.

Here are some power takeaways from today’s conversation:

[01:10] Paul’s family, career, and educational background

[12:21] His transition from wealth management to investment advisory

[18:14] What goes into investment advising

[20:45] What family businesses need to think about

[22:14] Investing trends based on the risk profile

[26:10] Seeing wealth building at a 50,000-feet level

[28:20] Paul’s passion for education

[34:34] How the lack of education is the next generation’s big risk

[36:19] Paul’s family life

[42:19] What draws Paul to the GoBundance community

[43:38] A look into the world of multifamily office

[50:20] Biggest lessons from his greatest failure

[51:33] The concept of core customer concentration

Notable quotes from the Episode:

"There's the maker generation that makes the initial wealth. Then you'll have a second generation, which often builds wealth. And then you have a third-generation that doesn't necessarily build and they actually decrease the wealth over time. That's the classic right familial pattern over time."

"Business models come and go… and what's new today won't be new in 10 years."

"As businesses and industries mature, scale becomes more important or you have to have a clearly defined niche that you can own where the niche is big enough that you can exist, but will not bring large competitors in to compete with you in that niche."

"I have always thought of education as the pathway to success at some level. I'm not saying a college education. There's a big difference. Not everyone should get a college education. I think that's a problem with this country is that they think everyone should get a college education."

"Core customer concentration comes down to how big a piece of your overall business is a single customer."

Connecting with the Guest

Education Works: https://educationworks.org/

LinkedIn: https://www.linkedin.com/in/paul-sloate-83a1527/

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