We’re excited to introduce you to the always interesting and insightful Sultan Beardsley. We hope you’ll enjoy our conversation with Sultan below.
Sultan, looking forward to hearing all of your stories today. Can you open up about a risk you’ve taken – what it was like taking that risk, why you took the risk and how it turned out?
Despite being almost a year into my PhD program in plant genetics at the University of Florida, a nagging feeling wouldn’t leave me. My fascination with the stock market, which began in 2016 after graduating from UC Davis and landing my first job, had blossomed into a full-blown desire to pursue a career in finance and entrepreneurship. The security and prestige of a Ph.D. were appealing, admittedly, but the allure of building something from the ground up in the financial world was undeniable. In September 2019, I put in my 30-day notice and made arrangements to move from the research station I was at in South Florida to Santa Fe, New Mexico where my new business partner was.
I was indeed nervous about the leap given I was leaving a small, but steady paycheck and a path to a career in crop development for the unknown and uncertainty of starting a business. The problem that we looked to solve was helping our generation and others lacking the know-how make the most of their money through investing. I noticed that the majority of friends, colleagues, and family were doing little to no saving and investing. To them, it was all a black box. Leading up to the decision I found myself on those Summer days in grad school waking up filled with passion and excitement to solve this problem. I reasoned that even if my first venture of writing research articles focused on biotech companies and personal finance didn’t work out, there was a career for me in financial services
Writing this 3.5 years later I am pleased to say that I look back fondly on the decision which has paid dividends 10 fold. Even though the subscription service didn’t propel me to the heights I’d hoped initially, I learned valuable knowledge and insights into finance, investment vehicles, and economics that helped me land a job at LPL Financial, the largest independent broker-dealer in the United States. Then, in January 2022 I had the opportunity to join a world-class and fast-growing wealth management firm based in the San Francisco Bay Area. Once again, I leaped and left a steady corporate job as an admin associate for financial advisors for a business development role at Twin Peaks Wealth Advisors.
What attracted me to join Tushar and Vishal (founding partners) at Twin Peaks was their mission to help hard-working professionals short on time for their finances grow/preserve their wealth and move to action with confidence throughout their financial journey. Our client base wasn’t just pre-retirees either. It was a dynamic mix of young software engineers at big tech and startup founders who had financial success but lacked a strategy and process aimed at getting the most from their finances. I was eager to join them on this mission that aligned with what I had decided was my life purpose. It was especially thrilling to do so while the firm was relatively young (~7 years old). Yet, my colleagues and mentors there had the experience to help fast-track my personal and professional development. With our two-advisor model, I’ve studied firsthand how to effectively advise and communicate with clients to deliver value and give them confidence and clarity in their finances.
In my first year, I sourced 20+ quality new clients for the firm. From year two onwards, I’ve been focused on building my book of business at Twin Peaks, and today work with 51 households co-advising on ~$25 million. Collectively, Twin Peaks Wealth Advisors manages ~$335 million and serves 450 households across the United States. Reflecting on the risks I took leaving grad school and a steady corporate job, I couldn’t be happier nor more excited for the future. Over the next 30 years, I look forward to building something great at Twin Peaks as a Private Wealth Advisor helping hard-working individuals and their families develop a financial plan and diversify their net worth across a personalized blend of stocks, bonds, real estate, and alternative investments.
Thank you for taking the time to read my story. I hope you/your audience take something from it, and it may help others take calculated risks in pursuing their dreams and life’s purpose. Please let me know if you have any questions or learn more about how Twin Peaks Wealth Advisors can help you craft a personalized financial plan and investment strategy aligned with your financial goals.
Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.
I entered the financial services industry because of my passion for wealth creation and management and to empower others to reach their financial goals. At Twin Peaks Wealth Advisors (https://twinpwa.com/) we help hard-working professionals short on time for their finances put a process behind their financial planning and investment management. Our all-encompassing wealth management service (https://twinpwa.com/wealth-management/) combines financial planning (https://twinpwa.com/financial-planning/) (i.e., everything strategic in nature like goal setting, cash flow analysis, retirement/education/major purchase/tax planning, and insurance analysis) with the ongoing management of investments (i.e., everything execution in nature like risk analysis, portfolio building, access to alternative investments, quarterly reviews, portfolio rebalancing/restructuring, and tax loss harvesting). We serve as qualified thought and accountability partners to our clients providing objectivity and perspective to help move them to action with clarity and confidence throughout their financial journey. Something that sets Twin Peaks apart from other firms is our Two Advisor Model (learn more about it here! https://www.advisorsmagazine.com/finance/investing-economy/24057-doubling-down-on-financial-planning). Two dedicated advisors collaborate on each client’s planning, promoting an elevated level of service and a world-class experience.
Here are some specific examples of questions and problems we solve for clients and the benefits:
– Setting Financial Goals: Helping clients define and set realistic financial goals tailored to their individual circumstances.
– Risk Management: Advising clients on how much risk to take to reach their financial goals while minimizing potential losses
-Retirement Planning: Assisting clients in determining if they have enough savings to retire and at what age, as well as providing retirement income forecasting and planning
– Education Funding: Guidance on saving for children’s education while also planning for retirement
– Tax Efficiency: Advising clients on tax-efficient strategies to minimize tax liabilities and take advantage of tax-advantaged accounts
– Investment Management: Offering investment portfolio analysis, recommendations, and strategies tailored to clients’ goals and risk tolerance
– Estate/Trust Planning: Reviewing and updating estate planning documents and beneficiary designations as needed
– Insurance Planning: Assessing clients’ insurance needs, including life, disability, and long-term care insurance.
– Major Purchases Assistance: Guidance on major purchases like buying a home and how to best fund it
– Alternative Investments: Offering strategies for alternative investments such as private equity, real estate, structured products, venture capital, and hedge funds
– Accountability and Motivation: Acting as an accountability partner to keep clients motivated, accountable, and focused on their financial goals
– Staying Informed: Keeping clients informed about the latest trends, products, and opportunities in the financial market to maximize growth potential and minimize risks
– Time Management: Freeing up clients’ time by managing their finances and scheduling regular meetings to keep them on track without compromising their personal lives
– Avoiding Common Mistakes: Helping clients avoid common financial mistakes like inadequate diversification, poor investment choices, and procrastination.
Potential clients/followers/fans should also know about our commitment to education. We take an educational approach to evaluating planning and investing strategies with clients that is also proactive. Clients receive a detailed agenda before every meeting which they are welcome to add to, and a meeting summary email with key takeaways and action items. We bring new ideas to clients to keep them informed about the latest developments in capital markets and the economy enabling prescribed changes as they advance through their careers and phases of life.
What’s worked well for you in terms of a source for new clients?
Interestingly, since I joined Twin Peaks Wealth Advisors, the best source of new clients has come from cold-calling into a market with people likely to benefit from what I do. When I started building my clientele I needed a network of people to tap into. I knew that the firm I had joined was well-equipped to help people at tech companies and startups with their financial needs. I knew that of the 1000 software engineering directors at Apple, for instance, most if not all would use services like ours at some point if they weren’t already. I thought to myself, why not me/us?
I’ll admit, cold-calling is not easy. Most of what I heard from people was “no” and “I’m not interested”. However, I’ve found that cold calling can be extremely effective when done right. The trick is being clear on who you are calling and why you are calling them. Then explain it to them as quickly as possible while delivering a zealous positive attitude. I’ve had to refine my call script and approach as I went along.
I started booking meetings with prospects daily and a percentage of the people we met with became clients. It was a grind. Maybe 1 in 4 intro calls we did converted. However, that also meant that booking 20-30 quality meetings per month translated to 20-30 new clients/year. Today I make fewer cold calls than in my first two years and get even more clients from referrals from our founders (Tushar/Vishal Kumar). Long-term that is the way I’m trying to move- growing my business through referrals and relationship building. Cold calling is still a useful tool in my toolbox that I use to introduce myself and our firm to people who I believe are likely to benefit from the work we do. If you are considering cold calling and are nervous about the rejection and bothering people, know this- in my experience, people are touched when you genuinely take an interest in them, and if it adds up as to why you thought they were a good fit for your service are not upset at all about the call. There will be people that ask you politely not to call them again. It’s all good because there will be 10 X more that appreciate the call and want to keep in touch/get more information from you.
Are there any books, videos, essays or other resources that have significantly impacted your management and entrepreneurial thinking and philosophy?
Three books have significantly impacted my entrepreneurial thinking and philosophy:
– The 10X Rule: The Only Difference Between Success and Failure
by Grant Cardone
This book provided kindling to my belief that we all have greatness in us. The book’s message that the path to achieving my dreams, goals, and aspirations is paved with consistently taking massive action resonated. I continue to operate with that mindset.
– Start with Why: How Great Leaders Inspire Everyone to Take Action
by Simon Sinek
It helped me learn the importance of having a strong “why” my company/product/service exists and aligning that with what I/we do/how I/we do it. The book explains this is the way to inspire, move people to action, and create fiercely loyal customers/fans/followers.
– Never Split the Difference: Negotiating As If Your Life Depended On It
by Chris Voss
This book taught me the value of using calibrated how and what questions when speaking with anyone. Doing so has helped me communicate more effectively, find common ground, and come to favorable agreements.
Contact Info:
- Website: https://twinpwa.com/
- Instagram: @picsbysultan
- Linkedin: https://www.linkedin.com/in/sbtpwa/