Young tech professionals propel advisor’s book
Rick Blanke, Blanke Schein Wealth Management (Hightower)
InvestmentNews Awards 2024, Advisor of the Year (Western region): Rick Blanke, Blanke Schein Wealth Management (Hightower).
Like most advisors, Rick Blanke started in the industry through family connections, thanks to his father and brother-in-law, who’s now his partner. But it also wasn’t the original plan.
“I was going to go to law school but didn’t know if it was the right approach,” Blanke admits. That’s when he went to the University of San Diego and interned with Hightower.
“We’ve had a very successful run the last 10 years and the book has grown drastically, which is great,” the managing director and partner at Palm Desert, California-based Blanke Schein Wealth Management, part of Hightower, says.
Being based near the Palm Springs area, Blanke highlighted their book of business consists of a few niches, mostly those in the retirement community. Blanke says they’ve also attracted the next generation.
“We’ve got what we call young tech professionals, which is actually the fastest growing subsection of our book,” he says. “People mid to high level in Amazon, Tesla, Google, Apple, all the tech companies, which is great, and then small businesses.”
One of Blanke’s biggest achievements to date is making a deep dive into alternatives, specifically, private equity.
“It’s definitely an area that’s growing in popularity lately,” he admits. “We’re going to see a lot of additional clients intrigued about the alternative investment space. Due to our client base becoming more of a niche that’s loaded into high-net-worth space, that’s pushed us to get more involved in alternatives in general.”
While Blanke is one of the youngest advisors who’s only been in the industry for 10 years, he’s also being recognized as an InvestmentNews Awards 2024 Excellence Awardee, with the winners announced on June 20 at 583 Park Avenue, New York City in a glitzy, red carpet ceremony. Click here to register to attend.
In his spare time, Blanke enjoys spending time with his three children, playing sports and hitting up the sunny California beaches.
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