Joey Feste has been in the financial industry for several decades now, and in that time, he’s managed to build a reputation for helping people reach their goals through strategic wealth management. Here, we look at how his background, family, and profession have shaped his life over the years, and how he’s learned to focus his time and energy to give back however he can.
Mastering the Art of Finance
There’s no end to financial advice out there, and the (often conflicting) information can make it difficult for anyone to jump into a topic that they don’t quite understand. It’s why many will reach out to advisors who can walk them through a variety of options and point them in a better direction. A financial advisor is ideally going to build their assets brick by brick until the individual is secure enough to handle all the unexpected twists and turns of life.
Joey Feste has not only studied economics at the University of Texas, he’s spent the majority of his career helping people from all backgrounds master the art of finance. Whether it’s everyday budgeting or long-term retirement planning, he’s notorious for laying out all the facts in plain English and then explaining the pros and cons of each decision.
Working His Way Up the Ladder
When Joey Feste was out of college, after graduating with a Bachelor of Arts in Economics, he became a registered independent advisor representative at Rotan Mosley (later Paine Webber). From there, he would land at Morgan Stanley where he could both learn more about the vast financial world and offer additional services to his clients.
In his role at Morgan Stanley, he worked with professional athletes to help them manage their wealth and prepare for the future. However, on some level, he knew that he wanted to do more for the people he worked with. The only way to carve out the job he wanted would be to start his own empire. This is how KM Capital Management was born in 2004.
The Full Suite of Services
At KM Capital Management, Joey Feste, along with his son Joey Feste Jr., are able to roll out the red carpet for clients. Instead of acting as a general investment advisor, he could create a customized journey for each individual based on everything from the milestones they wanted to meet to where they ultimately saw themselves during retirement.
One lesson that Feste had learned at an early age was that he couldn’t tackle everything alone. It’s why he leans on the expertise of other professionals by hiring a qualified CFO and bringing in several personal financial assistants to keep the company going.
He would also hire his son as the VP. Joey Feste Jr. had followed in the footsteps of his father, receiving a degree in Bachelor of Business Administration in Finance from the University of Texas. While he certainly had a similar background, though, he brings a fresh perspective to the company. Together, their leadership has made it possible for clients to protect their assets during difficult times and maximize their wealth during the upswings.
Financial Advice for All
Joey Feste is known for posting his financial advice on Medium precisely because he believes that wealth management is for everyone. Regardless of how much money they make or where they came from, they shouldn’t be denied the kind of information that can make them richer than they ever dreamed possible.
Above all else, his advice is rooted in practicality. He believes that anyone can make a smart investment, even those who don’t make anywhere near what they want to. His first piece of advice is typically to begin stockpiling cash as quickly as possible and to at least be aware of how best practices are designed to keep your finances in order.
There is a lot of information out there about how low-income earners can overcome certain challenges in the economic world and catapult their way to success. For Feste, he focuses more on the kinds of small changes that can ultimately inspire the confidence needed to start making smarter moves. He believes that this all starts with having a realistic game plan in mind, one that can be measured at every step of the way. An individual who wants to be rich may believe that they have a suitable goal in mind, but it often takes more than just a vague hope to break past certain barriers on the way to financial wellness.
Why Creating a Financial Safety Net Matters
When Feste was working with professional athletes, it was imperative for him to impose the idea of a financial safety net. A football player who’s making millions today could very well suffer from a serious injury tomorrow. Without having any kind of fall back plan in mind, he could easily wind up with nothing after all was said and done.
When Feste works with his clients, he understands the odds that he’s up against. Fewer than half of all Americans have enough saved to handle even a moderate emergency and one out of every four has no savings at all. You can find numerous explanations out there for this phenomenon, including those that blame external economic forces at work to keep people from being able to save even a little.
Yet Feste takes a different approach. He believes that while things are undoubtedly difficult, virtually all Americans can build their financial safety net with enough planning. He says that the bare minimum is to have enough to cover at least three months of expenses, and this includes car payments, utilities, and any other essential costs. He says that the first thing he recommends is to pay yourself first. If you’re saving at least 5% (preferably 10%) of your income, you can start to see how wealth builds upon itself. He recommends saving any unexpected income, such as a small lottery win, into your emergency savings fund and to be as conservative as possible about your withdrawals.
Joey Feste at Home
Joey Feste married his wife Kelley around the same time he got into the financial world. While it would have been easy to let his career take over, he chose to make his family the center of his focus. The father of three children, Joey Feste Jr., Travis Feste, and Annie Feste, he and his wife are there to support their children and ensure they get the education they need to thrive. The most important thing for Feste is that they stick together through it all, and support their community however they can.
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