{"id":40692,"date":"2023-07-26T09:56:16","date_gmt":"2023-07-26T13:56:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/former-professional-chef-and-restaurateur-helps-manage-700-million-for-california-clients\/"},"modified":"2023-07-26T09:56:18","modified_gmt":"2023-07-26T13:56:18","slug":"former-professional-chef-and-restaurateur-helps-manage-700-million-for-california-clients","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40692","title":{"rendered":"Former Professional Chef And Restaurateur Helps Manage $700 Million For California Clients"},"content":{"rendered":"
\n

Name: <\/strong>Andrea Schaffer<\/p>\n

Firm: <\/strong>Pacific Advisors<\/p>\n

Location: <\/strong>Claremont, CA<\/p>\n

AUM: <\/strong>$687 million<\/p>\n

Forbes Rankings: <\/strong>America\u2019s Top Financial Security Professionals, Top Financial Security Professionals Best-In-State<\/p>\n

Background: <\/strong>Andrea Schaffer started as a professional chef and restaurateur in her twenties, working around southern California. By the early 1990s, she went back to school to get her bachelor\u2019s and master\u2019s degrees in English Literature at UCLA and Claremont Graduate University, respectively. Although she initially thought about becoming a professor, at age 32, Schaffer pivoted hard to financial advice, undergoing training and working her way up at Northwestern
\n NWE
\n <\/fbs-ticker> Mutual. She stayed there for more than ten years before joining her current firm, Pacific Advisors, in 2006. \u201cIt wasn\u2019t entirely different from orchestrating a very complex event\u2014stuff happens and you have to be able to respond on the fly,\u201d she recalls of the switch, adding, \u201cthe same things happen in a client\u2019s financial life.\u201d<\/p>\n

Competitive Edge: <\/strong>Schaffer likes to be a sounding board for her clients: Before any major decision, they call her and she provides all of the tools and information needed. When making suggestions, she always tries to use real life stories and examples as an educational tool. \u201cWe need to be valuable to clients otherwise we\u2019re not doing our job,\u201d says Schaffer, who is very conscious of fees when it comes to her clients\u2019 portfolios. She also focuses on tax mitigation strategies and always ensuring that money is safely put aside as a buffer.<\/p>\n

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Lessons Learned:<\/strong> \u201cThe best thing I\u2019ve learned is to trust my own judgment\u2014if something sounds too good to be true it probably is,\u201d says Schaffer. The first time she learned that tough lesson was in the collateralized debt obligation world, during the period leading up to the financial crisis. \u201cTrust your instincts, don\u2019t be intimidated and ask questions,\u201d she adds.<\/p>\n

Biggest Challenge: <\/strong>\u201cThe biggest issue I ever ran into was understanding that I had to continue to devote as much time working on my business as when I first started,\u201d says Schaffer. With five other full time employees on her team, she says being able to delegate and having good colleagues is also essential.<\/p>\n

Investment Outlook: <\/strong>Schaffer predicts the market will slow down\u2014with potentially a small correction\u2014in the next 18 months. She advises being cautious in the last quarter of this year, which may prove to be an opportunistic period to buy stocks that have gone on sale. \u201cThe only reason markets are ahead now is because the gains have been concentrated in certain stocks, while everyone else is treading water or losing ground,\u201d says Schaffer.<\/p>\n

What Keeps You Up At Night: <\/strong>What keeps her up at night is the state of succession planning in the wealth management business. \u201cThe industry is a little white and old\u2014we really do need to scour for more young people of different backgrounds to enter the business, otherwise nothing will ever change,\u201d she says. \u201cThe knowledge transfer that will be lost if we don\u2019t have more young professionals is enormous.\u201d<\/p>\n

Favorite Movie\/Hobby: <\/strong>Schaffer cites Oliver!<\/em>, based on the Charles Dickens novel, as her favorite movie. In fact, several of her dogs are named after characters or actors in the movie: One is called Dodger, one is named London and another, now passed, was named Oliver. Beyond her lifelong passion for cooking, Schaffer is also an avid indoor skydiving enthusiast in her free time.<\/p>\n

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Name: Andrea Schaffer Firm: Pacific Advisors Location: Claremont, CA AUM: $687 million Forbes Rankings: America\u2019s Top Financial Security Professionals, Top Financial Security Professionals Best-In-State Background: Andrea Schaffer started as a professional chef and restaurateur in her twenties, working around southern California. By the early 1990s, she went back to school to get her bachelor\u2019s and […]<\/p>\n","protected":false},"author":1,"featured_media":40693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-40692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nFormer Professional Chef And Restaurateur Helps Manage $700 Million For California Clients | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Name: Andrea Schaffer Firm: Pacific Advisors Location: Claremont, CA AUM: $687 million Forbes Rankings: America\u2019s Top Financial Security Professionals,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=40692\" \/>\n<meta property=\"og:locale\" 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