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Episode 1141: Pt1 – Where’s my Lilly Pad? Scott Wolfrum

Working in wealth management and the importance of listening with Scott Wolfrum

SHOW NOTES

Today, we’re joined by financial advisor and equity fund manager Scott Wolfrum to talk about the world of wealth management, and how he got to where he is today…

 

Scott Wolfrum came from a small town in Indiana, both his parents ran small businesses, and although they weren’t strapped for cash they were far from well-off.


Scott went on to study Economics at IU and became a successful financial advisor through hard work and commitment.


He shares with us how he got started working in wealth management, some of the hardships involved with being in the industry, along with the most important lessons he learned along the way.


“What I figured out is how to solve their problems, you learned to listen a lot more and not talk as much.”Scott Wolfrum


“It was becoming pretty clear I needed to do it for me, I was working for other people and very well..” – Scott Wolfrum


Time Stamps:

04:49 – What Scott’s home life was like growing up and how his dad made his money.

05:57 – How Scott’s dad influenced his desire to become an entrepreneur.

06:42 – The struggles Scott’s father went through running his beer company.

10:03 – The other businesses Scott’s family had and how he helped them when he was a child.

14:14 – Studying economics at IU and working in wealth management at Merrill Lynch.

20:16 – Some of the hardships Scott went through working for Merrill Lynch.

22:40 – What people look for in their wealth management and the best lessons Scott learned working in the business.

26:04 – Why Scott got fired from Merrill Lynch and which investment management company he moved to next.

28:13 – The difficulties of managing your own practice and the benefits of working in a team.

32:51 – How Scott went from working in wealth management to building his own equity fund

 

Resources:

The Psychology of Money


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