Lewis Altfest was one of the earliest fee-only advisors when he founded his family firm in 1983. These days he is serving his clients distressed houses, REITs and bitcoin.
The article from Forbes, published on February 16, 2025, discusses how a $17 billion New York City-based Registered Investment Advisor (RIA) is diversifying its investment portfolio by purchasing Bitcoin and dilapidated houses for as low as $5,000. This RIA, which manages assets for high-net-worth individuals, sees Bitcoin as a hedge against inflation and a long-term store of value, reflecting a broader acceptance of cryptocurrencies in traditional investment strategies. Additionally, the firm is capitalizing on the real estate market by buying distressed properties in economically depressed areas, aiming to renovate and either sell or rent them out for profit. This strategy not only seeks to generate high returns but also aims to contribute to urban revitalization efforts. The move into these unconventional assets underscores a trend among some financial advisors to explore alternative investments to diversify client portfolios beyond traditional stocks and bonds.
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