Very Short Interview No. 1

For this assignment, I interviewed Tom Meyer, who runs Meyer Capital. Meyer Capital is a small wealth management firm located in Marlton, New Jersey (right outside of Philadelphia) that controls about $900 million in assets. This summer, I had the pleasure of interning for Meyer Capital and it was one of the most rewarding experiences of my life. I became very close with Tom and consider him a mentor. Yesterday I gave him a call to ask him a few questions about entrepreneurship. Here is the transcript:

Q: What is the best piece of advice you can give to someone who has just established a business?
A: Never be complacent. If you are successful, others will look to take a piece of your profit. You must always be looking to improve your products and services as well as searching for other sources of revenue.

Q: Over the past 20 years, what has been the biggest change you've seen in your business?
A: Technology. The implementation of technology in the world of finance has changed everything. We communicate with clients and funds more through Skype than over the telephone. This face to face interaction is much more conducive to servicing customers as well. We also have software packages and services that have made the financial planning side of our business much more efficient. Just plug in some numbers and the program will spit out a customized plan for you in a matter of seconds.

Q: What are you guys currently working on?
A: As a staff, we are working on expanding centers of influence. Lawyers and accountants often have the opportunity to recommend wealth management companies to their clients. We are working on building mutually beneficial relationships with several lawyers and accountants in order to create new business.

Through this interview, I learned quite a bit about entrepreneurship. I really enjoyed Mr. Meyer's comment about not being complacent and I can attest that he is always striving to improve his business. While I can't say I was surprised that Meyer Capital is looking to drum up new business, I did find it interesting that they are doing it through centers of influence. I would not have thought to do it that way and think it's a concept with a lot of potential.