Seth Haye jumped to No. 3 on this year’s Top 40 Advisors Under 40 from No. 8 last year. His practice benefited from good teamwork and several new “substantial” clients. But reaching that level of growth was no easy feat, according to the Morgan Stanley advisor.
“[T]here are so many distractions in our business these days that we had to stay laser-focused in order to accomplish our objectives and not be deterred by the busy work that can easily consume each day,” says Haye, who is based in Westlake Village, California.
He notched $5.976 million in production and $866 million in AUM. Both were up from last year’s Top 40 list, when he reported $4.56 million in production and $632 million in AUM.
Below, Haye discusses his practice’s approach to client service, his proudest accomplishments in 2019 and what he’s looking forward to in 2020.
To see who else made this year’s Top 40 ranking,
What type of clients do you serve — and how do you meet new ones?
The majority of my clients are CEOs and business owners. However, being near Los Angeles we also work quite a bit with high-net-worth individuals tied to entertainment, sports, and real estate. Most of my new clients are referred by current clients or have learned about us from publications like On Wall Street and a few others that have been meaningful to our business.
Have you ever turned away a client for being a bad fit for your practice?
Yes. Every year I turn down clients that aren’t a good personality fit for our team. We want the relationship to be a win/win.
What was your biggest work accomplishment in 2019, and was there something that nearly kept you from achieving it?
2019 was a monumental year for our team on several levels. In addition to market performance, we made several adjustments to provide a client experience that is better than ever. We were also fortunate to bring on several substantial new clients in 2019. In regards to what nearly kept us from achieving these goals, there are so many distractions in our business these days that we had to stay laser-focused in order to accomplish our objectives and not be deterred by the busy work that can easily consume each day.
What was your biggest personal accomplishment in 2019?
Two personal accomplishments stand out in 2019. The first is building a plan with my wife to design what we want work-life balance to look like in our family going forward. The second was being named the #1 NextGen Wealth Advisor in America by Forbes and Shook Research.
How do you keep abreast of changes in wealth management?
I stay connected with key thought leaders at Morgan Stanley and throughout the industry. I also encourage my team members to do the same and we collaborate on ideas.
What trends are you watching in 2020?
Right now we’re spending a lot of time weighing traditional economic and market data and indicators against some key non-economic trends that appear to be moving the market.
What qualities do you admire in your team members?
Morals, work ethic, intelligence, and being fun to work with.
These advisors oversaw $26 billion in combined client assets.
What was the last good book you read?
“Principles” by Ray Dalio.
What TV show are you currently streaming?
I don’t watch much TV.
What goal, professional or personal, do you want to achieve in 2020?
On the business front, we’ve recently hired some incredible new team members and I will be spending quite a bit of time this year on mentorship. Personally, my wife and I have booked some really fun trips in 2020 and I’m looking forward to that family time.
