Advisor Spotlight: Alfred
A Bit About Alfred
Alfred’s ongoing optimism and enthusiasm for financial wellness and his clients’ success makes him an invaluable member of the DiversiFi Capital team. We asked him a few questions to shed some light onto his areas of expertise and his “why” behind his career.
Alfred, tell us a little about yourself!
I was born in Hong Kong and speak fluent Cantonese. However, I’ve lived in California, specifically in the South Bay, since I was 4. Naturally, I am a diehard San Jose Sharks fan. (I still play hockey every single week!) I also am an avid golfer and have two young kids—I love being a dad.
Professionally, I love when clients feel like friends: Being able to build an open and trusted space to talk through the “why” behind feelings helps me create a version of my client’s financial plan that they can believe and resonate with.
What does “Financial Wellness” mean to you as an advisor?
“I believe financial wellness is having confidence in your financial picture and decisions you make without constantly wondering what questions or options you may be missing.”
If I were new to my financial wellness journey, what is some advice you would share?
Financial wellness is something that takes a conscious effort and mindset to achieve—it’s not necessarily easy (although I try to make it as easy as possible for my clients!).
Like going to the gym and working out with a personal trainer to achieve your physical goals, as an advisor, I want to work with you to achieve your financial goals. It doesn’t happen overnight, but with persistence and diligent work, you can set yourself up for success.
What are some of your favorite aspects of working with new clients?
I thoroughly enjoy helping clients address their financial fears and debunk any financial myths they may have—my goal is to thoroughly discuss my clients’ sentiments so I can fully understand their fears. Knowing the details allows me to address each concern and keep this information top-of-mind when advising financial decisions in the future.
I also love helping clients through significant life decisions like purchasing a home or transitioning to a new career. My specialty is offering support and sound advice during stressful decisions.
Do you have an exciting client success story you can share?
I have so many fun client success stories; it’s hard to narrow it down to one! However, this one is definitely one of my favorites:
I worked with a client who believed that debt is always bad. This client (who had plenty of net worth) wanted to discuss how to be more efficient when growing their net worth.
When it came time to buy a new house, they wanted to use all cash—even when mortgage rates were in the 3% range for a 30-year fixed mortgage. However, I had a strong opinion about maximizing the amount to borrow, even though it would change their monthly cash flow by having a mortgage.
Since I knew the client’s hesitation around debt, I created a plan to show how they could properly manage the increased cash flow. In this plan, I showed them the net worth advantage by having the 3% mortgage instead of paying in cash, which meant they would keep that portion of their net worth invested and available to them for other uses.
Fast forward a few years, the client changed companies and needed funds to exercise company options. If they had paid all cash with their home, they would have had reduced flexibility to finance those options at a low cost, which might have prevented them from making the career change.