Adam Hoffman – Xcela Wealth Senior Financial Advisor

Adam Hoffman is an expert in personal finance who uses his experience in wealth management to help individuals make wise financial decisions. He is the Senior Financial Adviser with Xcela Wealth, an Australian based finance consulting company.

Hoffman studied business, finance, and accounting at the University of Melbourne, where he received both his undergraduate and masters degree. He went on to advise high-net-worth individuals for several years as a consultant in London and Australia. In addition to consulting, Hoffman also developed several presentations regarding his strategies for wealth management. Hoffman is passionate about teaching the public about economics, and his strategies gained in popularity as he shared them. Soon Hoffman was recruited by Xcela Wealth for the position of Senior Financial Advisor.

Hoffman accepted the position and began transferring his skills in high-net-worth management to median-net-worth scenarios. He works with individuals to mitigate loss from taxes, manage debt, and invest wisely. His strategies are focused on decreasing personal debt and increasing investments so that an individual can work towards financial freedom. He also helps clients plan for retirement.

In addition to his work with Xcela Wealth, Hoffman also enjoys the benefits of living in Australia. Raised in Byron Bay, Hoffman picked up surfing at a young age. He enjoys spending time outdoors, exercising, and spending time with his family. He is an advocate of personal development practices and often attends retreats in the Byron Bay area. He has a wife and two children. He also travels frequently both for business and for pleasure.

How did you get started in this business?

When I took my first economics class as an undergraduate student, I realized how much I didn’t know about how money works. This came as a shock to me, because I had been operating under the false premise that money was a simple concept and that you didn’t need specialized training to understand how it works. The more I learned, the more I realized how clueless I had been. I saw many of my friends who weren’t taking the same class load as I was struggling to make financial decisions that worked for them rather than against them. I found that if I applied what I was learning, my life improved. That led me on a journey of uncovering more and more about economics, finance, and how to help people.

How do you make money?

I am the Senior Financial Adviser for Xcela Wealth, so I educate clients as well as Xcela team members with regards to financial planning and management. I take my years of experience and translate that into concrete steps that people can take to increase their wealth. I generate weath for myself by using those same steps in my own personal portfolio along with receiving a percentage from  Xcela.

How long did it take for you to become profitable?

Immediately after graduating from university with my undergraduate degree, I began working in the financial consulting space. I moved to London and started working with a management firm there, and was doing well financially, but I wanted to continue my studies, so I returned to Australia to go to graduate school. I was profitable in London, so I knew that it was more than likely that I would make more with a higher degree. It was a wise investment, and I was profitable again once I graduated and began advising clients again, this time on a higher level.

When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?

The first time that I took a big hit on a personal investment that I made, I felt a great deal of fear and doubt. I felt uncertain that I would ever be able to advise others about how or what to invest. I weathered the storm and came out on top, and ultimately that experience showed me the value of long-term investing. It gave me more compassion for my clients and the ability to relate to them in challenging situations.

How did you get your first customer?

My first client as a consultant was an individual in the UK who wanted me to look over and revise his portfolio. He found me through a recommendation from a close friend, who I had spoken with at great lengths about my own investing successes.

What is one marketing strategy (other than referrals) that you’re using that works well to generate new business?

I am very active about reaching out to people in my area. I don’t directly pitch Xcela’s services, but I do tell stories about what we do and how we have helped other people. I invite people who I know could benefit from what we have to offer out to coffee or lunch, and I talk with them. I love being with people, and it is better than eating alone. Plus, I believe in what we do, so it is fun to talk about. If someone hears a story that they can relate to, I find that they’ll usually give us a call a few days later to set up an appointment.

What is the toughest decision you’ve had to make in the last few months?

I decided not to take a trip to Switzerland for a mountain biking competition due to a conflict in my schedule. That was tough.

What do you think it is that makes you successful?

I love what I do, and I am passionate about sharing my knowledge.

What has been your most satisfying moment in business?

I helped a client get out of 70,000 dollars of debt so that she could go into business for herself. It was a lifelong dream of hers, so it felt very satisfying to help her reach her goal of becoming debt-free.

What does the future hold for your business? What are you most excited about?

I am excited about social and sustainable investing opportunities. I think that our business will continue to help people align their values to their monetary assets so that they can have less conflict in life and more freedom and joy.

What business books have inspired you?

“The World Is Flat” by Thomas Friedman inspired me to see my career from a global perspective. Technology is a globalizing force and that is very relevant to all kinds of business transactions.

What is a recent purchase you have made that’s helped with your business?

I recently purchased a new laptop. I love to have the best tech that the marketplace has to offer. It helps me serve my clients effectively.

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