A resident of New York City, Steven Etkind has advised and consulted in financial services since 1986. Currently, Steven Etkind functions in both capacities for a private equity firm and a family office. Mr. Etkind began advising two family offices in 2018, a role that involves negotiating hundreds of millions in private companies, real estate, and private mortgages. He is also an advisor to business startups and development and co-ventures. He oversees choosing external advisors, creating internal control protocols, planning for business continuity, and creating equity-related compensation for new and existing employees. In 2023, Mr. Etkind took on the role of financial consultant for a New York financial planning firm. In this role, he advises clients on business sales, how to select appropriate advisors to execute a sale, and the data and documentation needed for a successful exit. He also makes referrals to other firms with special skills in ERISA and other areas. Throughout his career, Mr. Etkind has published books related to ERISA-governed commercial transactions and estate plans. Furthermore, he has been quoted in major publications such as The New York Times, Barron’s, and Money Magazine.
What is your typical day, and how do you make it productive?
I start most days early in the morning at equinox, usually before 7 AM. After having breakfast while reading several newspapers, I take the subway to work at a family office in midtown, where I will spend the mornings on calls, zoom meetings, and reviewing documents, financing calculations and plans before lunch, typically with a friend in the area. After lunch, I spend most of the afternoon one-on-one with the head of a family office going over transactions to be consummated and negotiation points on the deals and with lenders.
How do you bring ideas to life?
By listening to clients and seeing if they understand what is being explained to them, while discussing very complicated structures and documents. Being able to focus on the major business points rather than minor details is critical to becoming a trusted advisor.
What’s one trend that excites you?
The introduction of AI and other technology to the workplace. In prior careers, my job at an accounting firm has now been replaced by outsourcing to low-wage countries, as well as advances in technology. In the legal profession, what used to take me and a secretary eight to 12 hours to draft has already been reduced to five minutes on the computer, prior to the implementation of AI. What AI will not replace is being able to interactively communicate to clients in ways that clients understand.
What is one habit that helps you be productive?
I use the app Notes on my iPhone. It is always with me and helps me remember things and keeps me organized.
What advice would you give your younger self?
To be less worried about things, work less, and spend more time with my children as they were growing up. This is now much easier to do with being able to work remotely.
Tell us something you believe almost nobody agrees with you on?
That Trump has been doing some good things, especially in foreign policy.
What is the one thing you repeatedly do and recommend everyone else do?
Exercise almost daily and work with a trainer once a week. For 30 years, I ran several miles most days and did not cross-train and have been paying the price for that. Now I am more focused on core strength and flexibility, instead of counting miles running.
When you feel overwhelmed or unfocused, what do you do?
Go for a walk in Central Park or talk on the phone with colleagues and friends.
What is one strategy that has helped you grow your business or advance in your career?
Relationships with people have been the key thing in my career and in business. To be a trusted advisor, listening to clients, adding value, and knowing what one does not know, and avoiding giving advice on things where the outcome is uncertain.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
When I left the practice of law, it was a huge change, working at the time primarily for one client, who also was and is a friend. I did not foresee such a recovery of so many other clients and referral sources who reached out to me and wanted to continue to work with me.
What is one piece of software that helps you be productive? How do you use it?
Apple Notes to keep track of things. Microsoft Outlook for email and calendar.
Do you have a favorite book or podcast you’ve gotten a ton of value from and why?
The only podcast which I listen to, and I listen to each episode is Call Me Back – with Dan Senior. He interviews many people of interest and always in a very intelligent way and typically in more depth than the newspapers now do.
What’s a movie or series you recently enjoyed and why?
A Complete Unknown. Dylan received the Nobel Prize for a reason, and the movie illustrated the circumstances and time where he started in NYC. As for TV, I have started to watch reruns of The Sopranos.
Key learnings
- Listening closely to clients, focusing on major business points, and adding value are crucial to becoming a good advisor.
- Building relationships with people are key to business and career.
- Seek recommendations from people you trust before hiring any kind of professional and avoid choosing the cheapest one.