Innovative ideas on investments typically come from a combination of reading a broad range of material and meeting with top money managers and private equity firms.
One of the country’s top financial advisors, Patrick Dwyer former managing director of Dwyer & Associates of Miami, where he helped ultra-high-net-worth families manage their investment portfolios. He and his team oversaw more than $2.7 billion in assets for clients.
As a young man, Mr. Dwyer watched his father give generously to their church, even in times of economic hardship. From this, he learned the value of giving back to the community. Taking this lesson to heart, he and his family have since established the Dwyer Family Foundation, which supports educational and religious organizations that serve children in need throughout the Miami-Dade area. The foundation’s past contributions have included support for:
* schools serving children with learning disabilities such as dyslexia.
* programs tailored to girls’ and young women’s educational growth.
* sustainability and environmental stewardship programs.
Aside from his family foundation, Mr. Dwyer holds leadership positions with a number of other charitable organizations. He works closely with the Key Biscayne Community Foundation, which is devoted to coordinating philanthropic initiatives throughout south Florida. Mr. Dwyer also sits on the Board of Trustees for the Carrollton School of the Sacred Heart in Miami. Additionally, he is a governing board member of the Neuroscience Centers of Florida Foundation and the Telluride Science Research Center, both of which support scientific research and education.
Where did the idea for Dwyer & Associates come from?
I was a typical wealth practitioner at Merrill Lynch in the 1990s, servicing a large number of clients. In, 1999 I became the first accredited Private Wealth Advisor in the newly formed Private Banking and Investment Group at Merrill Lynch. The process of changing my focus to a small number of ultra high net worth Clients required me to build out a team of likeminded professionals dedicated to serving the unique needs of a demanding and sophisticated clientele. As time went on, we developed our own unique brand in the market.
What does your typical day look like and how do you make it productive?
I wake up at 5am, and spend about an hour reading the financial news and the Merrill Lynch research before heading to the gym. I arrive in the office at 830am and sit in on our team meeting. Market activities usually take up the morning, and in the afternoon I meet with clients. Later in the day I follow up on things and usually head home around 7pm. I travel about 1 or 2 days a week.
How do you bring ideas to life?
Innovative ideas on investments typically come from a combination of reading a broad range of material and meeting with top money managers and private equity firms. One on one people tell you things you won’t read in research reports or hear on Bloomberg. Innovative ideas for managing my business come from using technology to improve the client experience. I am always trying to be first to show clients how technology can improve service.
What’s one trend that excites you?
The globalization of markets means that there is a bull market somewhere – and you can participate. We are not trapped in one market, asset class or currency today. We can move capital where it will be treated the best. That’s a big change from 20 years ago.
What is one habit of yours that makes you more productive as an entrepreneur?
I love winning at work – and that has helped me stay focused on the task in front of me. I always feel I must get better.
What advice would you give your younger self?
Remind myself daily that my strengths are my weaknesses .
Tell us something that’s true that almost nobody agrees with you on?
We are living in the best of times. We have peace, prosperity, and freedom.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
You can’t be good at 20 things. Focus all your energy on your raising your family and running your business to the best of your ability. If you put your head down and work hard for 25 years you will have great kids and a business you can be proud of. If you fail at the business that’s OK. If your kids are not doing well all the money in the world won’t fix that.
What is one strategy that has helped you grow your business?
I always lived on a small portion of my compensation, saved money and kept my expenses well below my earnings. When business was difficult I never had to worry about my bills – I was able to really focus on doing the best I could for my clients – when they needed it the most.
What is one business idea that you’re willing to give away to our readers?
Very simple – go paperless. All presentations on IPADs – no more binding, printing, etc. In addition to saving trees – it rids your team of wasting time doing mundane things like putting together pitch books. They will love you for it.
What is the best $100 you recently spent? What and why?
Buying lunch for my son and his friends. Spending an hour talking to young people is so much fun!
What is one piece of software or a web service that helps you be productive? How do you use it?
Copy Talk – I can take voice notes after meetings, and have it transcribed to my email. Saves time and helps to improve my quality of service.
What is the one book that you recommend our community should read and why?
The Fourth Industrial Revolution By Klaus Schwab. The world is changing fast.
What is your favorite quote?
“It’s different this time.”
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Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.