How a team approach helps this $4.2M adviser grow his business
This profile appeared earlier this year as part of On Wall Street's Top 40 Under 40. All details are as of Sept. 31, 2016. To see who else made the top 10, please click here.
The beginning of Mihir Patel's career coincided with the Dot Com bubble and bust. That was a good thing, he says.
"I felt like I learned a ton — not only dealing with market fundamentals but also with what clients needed at the time. It was the best learning experience in my career," says the Morgan Stanley adviser, who ranked no. 8 with $4.228 million in production on On Wall Street’s Top 40 Under 40 ranking.
He's been making course adjustments ever since.
The New York-based adviser has been with Morgan Stanley since 2011. He previously worked at Merrill Lynch, having started there as an intern while studying at the University of Richmond. At the start of his career, Patel had the advantage of working under a veteran adviser who mentored him, he says.
Today, his practice includes about 300 high-net-worth clients.
"Our team is 100% referral only. We don't take strangers. I kind of put a joke out there that we interview clients as hard as they interview us because we want it to be the right fit," Patel says.
He says additional growth will come in the form of more referrals and meeting more client needs.
"I want to deliver all of Morgan Stanley to everyone. But I know that I personally can't do it alone, so I need a team that has personalized niches," he says.
To that end, Patel has plans to add a second CFP and a liability manager to the team next year. The team currently comprises of Patel, a partner and two assistants. But even as it grows, he says it will remain a close-knit business.
"I don't know how to make this sound not cheesy, but I think the family-based nature of our book of business give us a little bit of a different philosophy in terms of how we manage relationships," he says. "I think our clients appreciate that."