In a 60 second interview with Citywealth, Los Angeles Private Wealth partner Abby Feinman talked about how to overcome challenges in the wealth management industry, encouraging clients to be flexible and thrive on problem solving. Abby assists clients, from high-net-worth individuals to family offices, entrepreneurs, private equity fund managers and art collectors, with domestic and international estate, trust and tax-planning.
During the interview, Abby discussed her role and a typical day at Katten, the challenges her clients face and how she's helping them to overcome them, her greatest professional achievement, who she admires most, how she relaxes after a long day, and what she considers to be the most important attributes of a leader, among other things.
With tax and property laws and reporting regulations continuing to evolve, Abby explained that one of the biggest challenges in wealth management is trying to predict what the future will bring. For that reason, she encourages clients to be flexible and not allow uncertainty to prevent them from moving forward with planning for their families.
"I help them understand the current landscape and how to take steps within it; how to handle inflexible structures that may become impractical due to unforeseen circumstances or a change in estate and gift tax rules; and identify innovative and effective ways to address the new reality," Abby said.
On her proudest professional achievement, Abby said having had a long career has been a "badge of honor." Abby first joined Katten in 1996 after graduating from Northwestern University Pritzker School of Law and has been working at the firm for 23 years.
"I found a place where I could grow, surround myself with talented attorneys, see my career flourish, feel valued and engaged, and stay, doing the type of work I love for my clients," Abby said.
Abby added that being a wealth management attorney is something she has always wanted to do and enjoys building relationships with her clients and creative problem-solving. It's also important to her to help clients manage difficult times in their lives.
"To me, a good leader leads by example, is engaged and interested in helping other people succeed. A leader considers what is best for the firm, not just for himself or herself, and also recognizes that the one thing that is certain is change," said Abby.
When asked who she most admires, Abby said her mother for being strong, kind, thoughtful and engaged and who always "showed rather than told," taught her how to take advantage of opportunities and to look at the world in a positive light.
Read, "60 second interview with Abby Feinman" in its entirety.