Before he managed finances, Steve Viets was responsible for managing something completely different: command management systems for the U.S. Air Force
In 1981, PaineWebber representatives were recruiting on his California base, and he jumped at the opportunity to manage something outside of the military sphere. Thirty-eight years later, Viets is still in the wealth management business, with about $500 million in assets under management at his Wells Fargo advising firm in Henderson, Nevada. He says he was able to successfully bring his military values to the world of financial planning.
With net worths of between $1 million and $5 million, Viets’ clients are primarily older, usually between 60 and 95 years old. Most in his 320 households are business owners, but some work in the Las Vegas entertainment field, he says. The minimum he requires for entry is $2.5 million. His top piece of advice for clients? Never be afraid to cash out. “We started to go to cash in early October,” he says. “We don’t believe in riding it out.”
But recently, his team has an “obsession” with engaging the next generation, or his wealthy clients’ children. They ask their elderly clients to bring their children to financial review meetings, and talk about future plans for family money. This helps contribute to the firm’s 95% client retention rate.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Air Force again stops delivery of Boeing refueling plane over debris found onboardFor the second time in two months, the US Air Force has stopped accepting deliveries of new Boeing KC-46 tanker and refueling aircraft after debris was again found in some of the planes coming off the production line
Read more »
Trump's Space Command to be based in Colorado, Alabama or CaliforniaThe Air Force has identified the six military bases that could house the military's newest combatant command, US Space Command, according to an Air Force memorandum obtained by CNN.
Read more »
No fewer than 5 European airlines have collapsed since October. Here they are.Wow Air is at least the fifth European airline to collapse to since October. Others include Primera Air, Cobalt Air, Flybmi, and Germania.
Read more »
The District may launch a task force to review offensive school, street namesThe bill would address only municipal property and not federal monuments.
Read more »
Review | Remembering Kurt Cobain as a sweetly childlike, achingly opaque creative forceDanny Goldberg’s “Serving the Servant” revisits his years working as Nirvana’s manager.
Read more »
FAA forms joint task force with NASA, international aviation regulators to review Boeing 737 Max fixBoeing chairman, president and CEO Dennis Muilenburg joined a pilot crew in testing the updated MCAS software.
Read more »
Slain University of South Carolina student died from multiple sharp force injuries, authorities sayA college student whose body was found in a field hours after she got into a vehicle she mistakenly thought was her Uber ride died from multiple sharp force injuries, the South Carolina Law Enforcement Division said Monday.
Read more »
AFL-CIO leader suggests he'd welcome NAFTA withdrawal -- to force more negotiationsAFL-CIO President Richard Trumka said President Trump's threatened withdrawal from NAFTA could 'be helpful right now' -- but not to help Trump. Instead, Trumka hopes to force further negotiations with Mexico, in particular, about a successor deal.
Read more »