After initially building a solid practice at Investors Group, Joseph realised that as the business and the industry was evolving, they needed a change. His company joined Richardson Wealth six years ago, which has opened the door to a wider universe of alternative assets that can add value and enhance portfolio diversification – from private equity and real estate to private debt. According to Joseph, clients have responded well to the unbiased access to investment solutions, which has led to a growing referral base and the expansion into their third client segment of high-net-worth investors. Bakish Wealth’s book boasts $200 million in assets under management (AUM) across 490 households, as well as a “large insurance component.”

We speak with Mr Bakish below about the pandemic’s impact on wealth management and his advice on how to best plan for the future.

How has the COVID-19 pandemic affected the wealth management industry and your firm?

The COVID-19 pandemic made 2020 a challenging year for our clients, particularly the

physicians. For them, we took special care to focus on the basics. Conducting meetings virtually instead of at hospitals allowed doctors to fit me into their schedules. It was me reaching out to say: “I’ve got this under control. While you guys handle the health crisis, I’m handling the wealth crisis.” I explained that the steps we put in place before were designed to deal with a large, exogenous shock, like a pandemic. Clients were receptive. They all take the mantra of ‘Think long-term and ignore the dips. Luckily, we didn’t get many panicked calls.

As far as how our team handled the transition to working completely remotely, they were flexible and enthusiastic. Most were dealing with young children and partners wedged up right beside them, and they handled it in stride. I’m very proud of the dedication & adaptability of our team.

What are some of the key lessons this past year has taught you?

Remaining flexible and planning for the unforeseen is essential. Moving an entire business from in-person contacts to online was a challenge so having the fewest distractions going into it was essentially in securing a seamless transition.  In portfolio construction, having a holding that can adjust its equity exposure automatically really helps to improve reactivity when “black swan” events occur.

Most importantly, allowing team members to adapt on their own time and in their own way makes a great team even better.

Keep a long-term horizon and ignore short-term noise.

What are the things in your approach that set Bakish Wealth from your competitors?

A quarter of our business comes from managing what we call “unique opportunities” on a deal-by-deal basis for accredited investors and ultra-high-net-worth clients — alternative investments (a.k.a. alts) such as private equity, real estate, venture capital and private debt.

One alternative structure we use is feeder funds, which have become more accessible and reasonably priced thanks to financial innovation.

What are your top wealth management tips during times of uncertainty?

Remain invested for the long term. Keep a long-term horizon and ignore short-term noise.

Focus on client emotions in times of uncertainty and let the portfolio do its job. We have found that touchpoints in chaotic times are far more memorable than in good times and resonate better when doing annual reviews once the storm has passed. Remain confident as you are more valuable and able to influence a client’s behaviour than any media available to the public.