Keebeck Wealth Management is a registered independent advisory firm (RIA) that works with corporate executives, private business owners, entrepreneurs, & their multi-generational families. And Pulse 2.0 interviewed Keebeck Wealth Management founder and CEO Bruce K. Lee to learn more about the firm.
Inspiration For The Name
What inspired the name “Keebeck Wealth Management,” and is there a story behind it? Lee said:
“In founding Keebeck Wealth Management, I drew deeply from my personal history and the heritage my parents bestowed upon me upon their arrival in the United States. As first-generation immigrants, my parents chose for me the name Keebeck, a nod to my Korean roots and specifically to Lee Keebeck. This name carries profound meanings – to rise, the rising sun, to ascend – encapsulating the hopes, dreams, and aspirations my parents harbored for me, their firstborn son, in this new land. It was their gift of a fresh start, an emblem of the potential they saw in me to transcend boundaries and achieve greatness.”
“The cultural backdrop of my upbringing, steeped in the rich, demanding ethos of Asian tradition, instilled in me an understanding of expectation that goes beyond the mere pressure to succeed. It was, in every essence, a matter of survival – to live up to the legacy and sacrifices of my forebears or to fail in the mission they embarked upon by coming to this country. This dichotomy has shaped my approach to life and business and has instilled a relentless drive for excellence.”
“At Keebeck Wealth Management, our ethos mirrors this personal journey. Here, we opt for transparency and integrity. This commitment to honesty is not just a professional policy, it’s a tribute to my family name, a symbol of the trust and hope placed in me. Every interaction with clients, every decision made, is imbued with the weight of my heritage and the name Keebeck, a constant reminder of the values I’m entrusted to uphold.”
Core Principles
Can you elaborate on the core principles that guide your firm’s approach to wealth management? Lee shared:
“At Keebeck Wealth Management, our operational philosophy is built upon three core values that guide every aspect of our engagement with clients, partners, and institutions. These values are not just principles. They are the bedrock of our firm’s identity and our approach to wealth management.
1.) Alignment is our foundational value. For us, being in sync with the aspirations, goals, and expectations of our clients and partners is paramount. This alignment ensures that our strategies and solutions are not just tailored, but also deeply resonant with those we serve. If alignment is missing, we step back, recognizing that our effectiveness is contingent on this fundamental congruence.
2.) Access underscores the importance we place on openness and reachability. In our view, providing our clients with ample and meaningful access is crucial. This isn’t about offering a static, unchanging level of service. It’s about ensuring dynamic, responsive access that adapts to evolving needs and circumstances. Such access fosters trust and enables us to be more effective advisors and partners.
3.) Edge represents our commitment to leveraging competitive advantages across various dimensions – be it in long-only investments, private equity, strategic partnerships, or unique market opportunities. Our aim is to imbue our portfolios and client relationships with this edge and strive for excellence and differentiation. While the pursuit of an edge does not guarantee success, it aligns with the values and aspirations of our clients and shapes our collective approach to wealth management.
Together, these values of alignment, access, and edge form the cornerstone of Keebeck Wealth Management and guide our actions and decisions as we strive to serve our clients with integrity, innovation, and a deep commitment to their success.”
Remaining Competitive
How do you ensure that your firm remains adaptive and innovative in the rapidly evolving financial landscape? Lee pointed out:
“The journey of Keebeck Wealth Management has been one marked by unparalleled challenges and tests of resilience. From the outset, our voyage was storm-tossed. In the first quarter of our inception, we faced the worst market correction since 1932 during the fourth quarter of 2018. But this was merely the prelude to the unprecedented turmoil brought on by the COVID-19 pandemic.”
“Amid the pandemic’s chaos, I faced a personal tragedy that shook the very foundations of my being – the loss of my father. This period was not just marked by a global health crisis but was compounded by experiencing the highest inflation rates ever recorded. Such events, especially in the magnitude of a pandemic that history had never before encountered, underscored a stark reality: adaptability wasn’t an option; it was a necessity for survival.”
“During one of the pandemic’s darkest moments, I received a panicked call from my mother, urging me to rush to their apartment. What I found was a scene that would forever imprint itself in my memory: my father, vulnerable and incoherent, unable to lift himself from the bathtub. The act of pulling him out, knowing intuitively that it would be our final goodbye, is a moment etched in pain and clarity. The ensuing car ride back, filled with tears and the heavy realization that I would never see him again, was a crucible of grief and duty. COVID-19 restrictions barred us from being by his side in his final days, which added a layer of helplessness to our sorrow.”
“In sharing this story, I seek to convey the depth of the choices we are sometimes forced to make. Faced with the dual demands of family and duty, I chose to honor my father’s teachings, embodying the principle of returning to work to persevere against all odds. This decision was a testament to the values instilled in me, reflecting a no-excuse ethos and a commitment to resilience that my parents had ingrained in me.”
“In those moments, the very existence of Keebeck Wealth Management hung in the balance, a testament to the relentless spirit required not just to navigate but to emerge from crises. This narrative isn’t just about overcoming. It’s a declaration of the unyielding spirit that defines both my personal journey and the ethos of Keebeck Wealth Management. Through adversity, we’ve learned that adaptability, resilience, and a steadfast adherence to our core values aren’t just strategies for survival – they are the very essence of our being.”
Vision For The Next Decade
What is your vision for Keebeck Wealth Management in the next decade, and how do you plan to achieve it? Lee replied:
“My vision for the firm is not just ambitious; it’s revolutionary. I aim to redefine the investment landscape and craft an investment fly-wheel poised to set the standard for the next decade and beyond. Our goal is to stand out, not merely by aggregating capital, but by creating an investment paradigm so compelling that clients are naturally drawn to us. This vision stems from a recognition of the current market dynamics, where the trend is overwhelmingly outbound, and an anticipation of the inevitable slowing pace of my personal capacity over the next ten years. It’s crucial, therefore, that our initial moves are impactful and attractive to top-tier talent and investment opportunities.”
“This endeavor is not for the short term. I’m committed to seeing this through, with an eye on building a legacy that will thrive over the next 20 years. We’re not just building a business; we’re cultivating a network of real, enduring relationships that reverse the current industry norm. Instead of chasing clients, we’re creating an environment where they seek us out, drawn by the quality and uniqueness of our solutions.”
“Unlike the mainstream approach of scaling through sheer advisor numbers, our strategy is fundamentally different. We’re not in the business of selling products; our focus is on delivering solutions. This distinction is critical and it aligns more with the ethos of solution-oriented firms rather than product-centric ones. It’s a philosophy reminiscent of the inception periods of giants like Carlyle, Blackstone, and KKR, during times when Wall Street was a bastion of intellectual capital, and access to top firms was a coveted asset. However, as the financial landscape has evolved, the old pathways of engagement have transformed, demanding a fresh approach.”
“I embrace this challenge with the confidence of someone who isn’t starting from scratch but is instead leveraging four decades of experience. My journey informs my strategy – from the financial narratives of 1985 to the present day, through multiple significant market events including recent upheavals from fixed income volatility to the zero GDP impacts of COVID. The traditional models, such as the 60-40 stock-bond allocation, are inadequate for the complexities of today’s and tomorrow’s markets.”
“In crafting Keebeck Wealth Management’s future, I draw on this rich tapestry of experience and aim to inject a vintage wisdom into contemporary strategies. This approach, while perhaps contrarian, is rooted in a deep understanding of market cycles and the conviction that true innovation in wealth management comes from a blend of historical insight and forward-thinking vision. I’m deeply committed to this path and driven by the belief that the true value of our enterprise will be realized not just in financial terms but in the lasting relationships and solutions we create for those we serve.”
Simplifying Wealth Management Processes
With the financial world becoming increasingly complex, how does Keebeck Wealth Management simplify the wealth management process for its clients? Lee emphasized:
“At Keebeck, we’re embracing a future where technology enhances every facet of our client service. Both conscious and unconscious biases can influence outcomes, and we’re pioneering the use of digital solutions to navigate around these potential pitfalls. Our objective is to harness technology not just as a tool but as a fundamental component of our strategy to refine and improve the financial wellbeing of our clients. By doing so, we’re streamlining their lives and making financial management more intuitive, less time-consuming, and tailored to their unique circumstances.”
“In the recent past, the presence of numerous PhDs in a room was synonymous with the depth and breadth of financial analysis and advice. Fast forward to today and the landscape has dramatically changed. AI and the vast expanse of data available to us mean we can now process and analyze information at an unprecedented pace. This shift towards rapid data processing is a game-changer, reminiscent of the industrial revolution brought about by the introduction of the assembly line.”
“Just as the assembly line transformed manufacturing from the painstaking craftsmanship of the pre-Ford era to the efficiency and scalability of post-Ford production, we are applying a similar evolution to our approach in financial advisory services. This transition, which we term “digital harmony,” is not just about adopting new technologies; it’s about reimagining how we deliver services to meet the modern needs of our clients. While speed and efficiency are paramount, they do not detract from the accuracy and quality of our conclusions. Instead, they enable us to sift through complexity with a level of finesse and precision that was previously unimaginable.”
“Investing in our digital infrastructure is a testament to our commitment to this vision. We’re not just building a digital team, we’re cultivating a digital ecosystem that envelops our clients and provides them with insights and solutions that are as effective as they are seamless. By doing so, Keebeck Wealth Management isn’t merely adapting to the digital age. We’re defining it and ensuring that our clients receive solutions that genuinely simplify and enhance their financial lives.”
Misconception About Wealth Management
Can you discuss a common misconception about wealth management and how your firm addresses it? Lee noted:
”A prevalent misconception in wealth management is the overly simplistic view that one can merely invest in stocks and bonds and then disengage, expecting steady returns. This approach might have held some validity over the past two decades, largely due to the Federal Reserve’s intervention in mitigating market risks. However, this landscape has shifted dramatically, and yet, there’s a persistent belief among many that the old strategies still apply. At Keebeck Wealth Management, we confront this misperception head-on by educating our clients about the dynamic nature of today’s economic environment and the necessity for more sophisticated and adaptive investment strategies.”
“Another significant misunderstanding is the notion that a unified direction in investment strategy is invariably the correct approach. This assumption fails to recognize the complexity and variability of financial markets. In reality, the belief in a one-size-fits-all strategy can lead to missed opportunities and increased vulnerabilities. Our firm counters this by promoting a diversified, informed approach that considers a wide array of economic factors and potential future scenarios, including the reevaluation of capitalism and democracy in the context of global financial health.”
“Also, the changing dynamics of global economics and the role of emerging technologies in creating alternative economies cannot be overlooked. The rise of cryptocurrencies like Bitcoin exemplifies this shift. Many view Bitcoin and similar assets skeptically, question their viability, and ignore their broader implications. Yet, the dramatic appreciation of Bitcoin, contrasted with the depreciation of traditional currencies, signifies a growing interest in alternative financial systems. This isn’t just about the advent of a new asset class but signals a profound financial disruption – hinting at the development of a parallel economy.”
“At Keebeck Wealth Management, we address these misconceptions by fostering a deep understanding of these global shifts and the transformative potential of emerging technologies. We emphasize the importance of looking beyond traditional financial paradigms and encourage our clients to consider the broader, more complex economic indicators and trends. This includes recognizing the impact of geopolitical actions on the global economy, understanding the implications of energy consumption and environmental policies, and the role of digital currencies in challenging conventional financial structures.”
“Our approach is to navigate these complexities with a forward-thinking perspective that draws upon insights from leading thinkers and innovators in the field. By doing so, we are equipping our clients with the knowledge and strategies necessary to thrive in an ever-evolving financial landscape. The objective is not merely to adapt to change but to anticipate and capitalize on it, ensuring that our clients are well-positioned for success in a world where the only constant is change itself.”
Data Analytics And Insights
How does Keebeck Wealth Management incorporate technology and data analytics into its services? Lee explained:
“The integration of technology and data analytics into our services is pivotal for navigating the complexities of modern financial markets. Our approach leverages the vast capabilities of AI and sophisticated data analytics to enhance our decision-making processes across a wide spectrum of investment opportunities – from traditional stocks and bonds to alternative assets. The essence of our strategy lies not in allowing technology to dictate our decisions but in harnessing these tools to bolster our analytical capacities. This enables us to process an immense volume of information rapidly, consider a broader array of variable factors that impact markets on an intraday basis, and construct probabilistic models to inform our strategies.”
“The value of technology in our operations became unequivocally clear during the COVID-19 pandemic, which served as a critical inflection point for our firm. The unprecedented global economic shutdown required swift assimilation of data and agile decision-making. It highlighted the importance of being able to rapidly analyze trends, adapt to changing circumstances, and make informed decisions – even in scenarios where the outcomes were highly uncertain.”
“Moreover, our reliance on technology and data analytics underscores a broader recognition of the inherent uncertainties within global markets. Economic models and historical data can provide guidance on expected market behaviors, but they cannot account for every possible variable or unprecedented events such as a global economic halt. Here, AI and data analytics serve as our “army” and provide us with the means to quickly align our strategies with real-time developments and model various scenarios. Though imperfect, these tools significantly enhance our capacity to navigate uncertainty.”
“Our perspective on debt issuance and the evolving role of cryptocurrencies like Bitcoin further exemplifies our commitment to understanding and integrating technological advancements into our financial strategies. The perceived ability of nations to repay debt underpins the current global economic order. However, the rising prominence of cryptocurrencies challenges traditional financial paradigms and pushes us to reconsider the fundamentals of economic value and exchange. Bitcoin, in this context, is not just another asset; rather, it represents a shift towards a digital economy that demands a reevaluation of conventional financial securities and practices.”
“Overall, the integration of technology and data analytics at Keebeck is not merely a tactical choice but a strategic imperative. By harnessing the power of AI and data analytics, we aim to provide our clients with insights and solutions that are as resilient as they are innovative, allowing us to navigate the complexities of the financial markets with informed confidence and foresight.”
Foundation Of Relationships
We know trust and returns are the foundation for any wealth advisor’s relationship with high-net-worth individuals and family offices, but if you were to add a third or fourth feature or quality to this mix, what would it be? Lee affirmed:
“In the realm of wealth management, particularly when dealing with high net worth individuals and family offices, trust and returns undeniably form the cornerstone of the advisor-client relationship. However, the depth and quality of this relationship can be significantly enhanced by incorporating two additional elements: intimacy with the investment and alignment of interests.
Intimacy with the Investment: A profound understanding and personal involvement in the investments are vital. It’s not just about knowing the numbers and trends but about deeply understanding the essence of the investment and the people behind it. This intimacy allows for a more nuanced and informed approach to investment, one that transcends mere transactional interactions. It implies a relationship where the advisor not only comprehends the investment landscape but also knows the intricacies and motivations behind each decision. This level of engagement ensures that investments are not just aligned with the client’s financial goals but also resonate with their values and visions.
Alignment of Interests: True alignment between an advisor and their client goes beyond conventional service provision; it’s about having skin in the game. This alignment is achieved when the advisor invests alongside the client, eschewing traditional fee structures in favor of a partnership model where both parties share in the risks and rewards. Such a model demolishes the outdated notion of one-sided benefit – where the firm profits regardless of the client’s success. Instead, it fosters a shared journey towards financial growth where successes and setbacks are collectively experienced, reinforcing trust and commitment.
The absence of additional fees and the practice of passing on discounts directly to clients are tangible demonstrations of this alignment. They reflect a commitment to fairness and mutual benefit and ensure the relationship is governed by a shared pursuit of success rather than by transactional dynamics.
These principles – intimacy with the investment and alignment of interests – augment the foundational qualities of trust and returns. They encapsulate a holistic approach to wealth management, one that cherishes personal connection, mutual respect, and shared aspirations. At Keebeck, these values guide every interaction and define the enduring relationships we build with our clients.”
Fostering Positive Company Culture
As a leader, what values do you prioritize in building your team, and how do you foster a positive company culture? Lee assessed:
“In my role as a leader, the cornerstone of building a team and nurturing a positive company culture is rooted in the value of intellectual integrity. This encompasses not only the pursuit of knowledge and truth but also the courage to make tough decisions and confront challenges head-on. A key aspect of fostering this environment is the emphasis on transparency and immediacy in communication, especially when it comes to problems or setbacks.”
“The principle I adhere to is simple yet profound: the speed at which bad news is communicated within the team is a direct measure of trust and integrity. I instill in my team that any issue should be brought to attention as swiftly as possible—ideally, within minutes of becoming aware of it. This isn’t about penalizing honesty or creating a culture of fear; rather, it’s about creating a supportive environment where challenges are shared immediately, allowing us to address and resolve them collectively. The rationale behind this approach is that timely communication of problems signifies trust. It shows a belief in the collective strength of the team to find solutions and a recognition that hiding or delaying bad news only compounds the issue.”
“Good news, while always welcome, does not carry the same urgency because it doesn’t require immediate action or problem-solving. But when it comes to bad news, the faster it’s shared, the quicker we can mobilize our collective resources to address it. This approach to communication fosters a culture of openness, where team members feel valued and trusted, and where problems are seen as opportunities for growth and improvement rather than as failures.”
“To nurture this culture, I lead by example and show that I am approachable and willing to listen to any concerns or issues that may arise. This openness encourages a similar mindset among team members and promotes a culture where everyone feels responsible for the well-being and success of the collective. By prioritizing intellectual integrity and fostering a supportive environment, we create a foundation for a positive company culture that thrives on trust, collaboration, and a shared commitment to excellence.”
Mentorship
In terms of mentorship, what advice do you regularly share with your team to inspire their growth and success? Lee highlighted:
“In mentoring my team, one of the most vital pieces of advice I emphasize is the power of transparency. This principle is not just about sharing information but about cultivating an environment where open communication is the norm, not the exception. I act on this belief by promptly sharing ideas or developments, often convening meetings within minutes of an insight or decision. This practice of immediate and constant communication is my way of embedding a culture of transparency within the team.”
“This approach does more than just keep everyone informed; it builds a foundation of trust and mutual respect. By openly discussing both positive developments and challenges, I demonstrate my belief in the team’s ability to handle complexity and ambiguity. This level of honesty, however, does not come without its risks. It opens the door to vulnerability and potential criticism, which is a prospect that any leader or team member must be prepared to face. This openness is a test of resilience and fosters a culture where feedback is not only accepted, but also valued as a tool for growth and improvement.”
“I also acknowledge that this style of leadership may not always make me the most liked individual in the room. In fact, I consider a certain level of discomfort or disagreement to be healthy, as it signifies a space where ideas can be challenged, and growth can occur. My ultimate goal is not to be universally liked but to be respected for my commitment to transparency and growth. I want my team to understand that respect is foundational to our relationship, and it transcends the need for constant agreement or approval.”
“In essence, the advice I impart centers around embracing transparency and fosters open communication and a dynamic relationship built on respect. I encourage my team to adopt these values not just in their professional interactions but as guiding principles in their personal growth and success. By prioritizing these ideals, we create a robust and adaptable team culture where every member is empowered to contribute, challenge, and thrive.”
Personalizing Services
How does Keebeck Wealth Management personalize its services to meet the unique needs of each client? Lee commented:
“Personalization is not just a service feature; it’s the core of our client engagement strategy. Understanding that each client’s needs, goals, and interests are distinct, we maintain a continuous and open line of communication. This commitment to ongoing dialogue enables us to stay intimately connected with our clients and ensures we are always aligned with their evolving preferences and circumstances.”
“Beyond just financial advisement, our approach to personalization extends to engaging with our clients on matters that are of profound importance to them. We delve into understanding their passions, interests, and the causes they hold dear. This deeper engagement allows us to identify unique opportunities and solutions that resonate on a personal level, which adds significant value beyond traditional wealth management services.”
“By focusing on what truly matters to our clients, we cultivate a relationship that goes beyond the numbers. This philosophy enables us to tailor our services and recommendations to fit the unique contours of each client’s life, which ensures that our counsel is not only relevant but also deeply connected to their personal aspirations and values.”
Advice For When Starting A Career
What is one piece of advice you wish you had received when you were starting your career? Lee reflected:
“One invaluable piece of advice that I wish had been imparted to me at the outset of my career is the principle of “Don’t run, walk.” This advice underscores the importance of pacing oneself, taking the time to thoughtfully analyze situations, and adopting a strategic approach rather than reacting impulsively to immediate challenges or opportunities. It encourages a deliberate and measured path toward one’s goals and emphasizes the value of patience and strategic planning over haste.”
“In practice, adopting a mindset of walking towards your target, rather than sprinting, can significantly enhance the quality of the outcomes achieved. This approach allows for a more comprehensive understanding of the terrain and enables the identification and assessment of opportunities and obstacles with greater clarity and foresight. Through my own experiences, I’ve learned that when I’ve applied this principle, the results have been exponentially better – often surpassing expectations by a factor of ten.”
“This advice is not just about slowing down for the sake of caution; it’s about ensuring that every step taken is informed, intentional, and aligned with a broader strategic vision. It’s a reminder that in the rush to achieve success, the wisdom lies not in the speed but in the journey itself and the insights gained along the way. If I could share this piece of wisdom with those embarking on their careers, it would be to cherish this approach: embrace the journey, savor the process of discovery and learning, and walk confidently toward your goals, knowing that this path often leads to far richer and more rewarding outcomes.”
Emerging Trends In Wealth Management
What emerging trends in wealth management are you most excited about, and how is Keebeck Wealth Management preparing to embrace them? Lee concluded:
“One of the emerging trends in wealth management that excites me greatly is the evolving demographic landscape of both advisors and investors. We’re witnessing a pivotal shift where the average age of financial advisors is increasing, leading to a wave of retirements.”
“Concurrently, there’s a rising demand among younger generations for advisors who resonate more closely with their values, preferences, and technological savviness. This demographic shift presents both a challenge and an unparalleled opportunity for innovation and growth in the wealth management industry.”
“At Keebeck, we’re uniquely positioned to bridge this generational divide. My strategy involves blending the wisdom and experience of the older generation of advisors with the technological prowess and fresh perspectives of the younger generation. This approach is not just about transferring knowledge; it’s about creating a symbiotic relationship where the deep market understanding and client relationship skills of the seasoned advisor enhance the tech-driven efficiencies and innovations brought by the younger generation.”
“We are actively preparing to embrace this trend by fostering a culture of mentorship and continuous learning within our firm. By leveraging new technologies, we’re streamlining our operations and enriching the advisory experience we offer. This means not only adopting the latest digital tools but also ensuring that our team understands the timeless principles of effective wealth management. Our goal is to equip our younger advisors with the insights and methodologies that have historically driven success while also embracing the technologies that appeal to and engage the next generation of investors.”
“This integration of ‘old hat’ wisdom with cutting-edge technology represents a significant opportunity for the firm. While some in the industry may struggle with adapting to these changes, we are proactively navigating this shift and ensuring we’re well-positioned to serve a diverse clientele. We’re sitting at the intersection of these two evolving dynamics and poised to redefine excellence in wealth management for both current and future generations.”
