In the financial advisory and wealth management profession, it is typical that the thesis for wealth management is centered around mutual funds and diversified stock portfolio investments. However, as real estate entrepreneurs this thesis doesn't necessarily fit our own wealth management thesis.
Our guest today is Adam Doran, Director and Financial Advisor at Prevail Innovative Wealth Strategies. As a real investor and private lender himself, Adam is passionate about helping clients position themselves to build sustainable, tax-advantage wealth and maximize a long-term income. He assists clients by providing creative capital strategies to keep money growing and compounding within the business. Adam and the Prevail team believe in giving the client control of their wealth management strategies and seek to educate their clients on the various strategies to build their wealth, such as infinite banking. He helps real estate investors insulate themselves from rising taxes and market volatility and maximize every dollar.
Adam spent 15 years as a police offer before transitioning to a wealth advisor in 2018. As a real estate investor, like most people, Adam started with wholesaling, built a portfolio of single family rentals using the BRRR Strategy in 2019. Recently, he transitioned into multifamily properties, now with 52 units through syndication.
In this episode, we cover:
How did Adam go through the career transition from a police officer to financial advisor?
Who is Prevail Innovative Wealth Strategies and what are the financial services they currently offer?
How is Prevail disrupting the current wealth management industry?
Tune in to the entire episode as Adam covers the above interesting points for discussion and so much more!
Final Four Questions:
1. What are the things that you do for your continued education to help further your investing?
Adam: “Well, in the beginning, I purchased a fair amount of education from a couple different companies, but I just like to read now. And so there's several books that I'm always working on, it seems like the most recent one that I read, actually, I'm still reading on real estate is a multifamily book, Build a Rental Property Empire and then love good podcasts like your guys' podcast."
2. What have been some of the lasting lessons that you've learned throughout your journey?
Adam: “First and probably most important one that I learned was that you do make your money on the buy. Number two would be the people, like you've got to trust the folks you're working with, it really is very much based on trust. Because if you can't trust them, you'll never get good sleep at night, if you can trust the folks that you're going to deal with, it makes all the difference. And then the third part, and it's right up there with the people you can trust is good systems and systems that you can trust."
3. What advice would you give to the audience to help them in their businesses?
Adam: “Number one is you make your money on the buy. Number two is you got to work with people you trust. Number three is that systems piece, I'll add one more, understanding your investor ID is critical. If you can't handle separating from your money for six months, 12 months, five years, whatever the timeline of the project is, again, it's hard to get sleep at night."
4. Tell the listeners how they can learn more about you and get connected with you
Adam: “The easiest way to reach me directly is LinkedIn and then our company website.”
LinkedIn:
@adam doran
www.prevailiws.com
Reference(s) mentioned in today’s episode:
Book: Build a Rental Property Empire by Mark Ferguson