Peter and Luke Andersen, Andersen Capital Management
The family-owned financial services firm is a type of firm that we at Integrated love to see, and work with, in our group of advisors. There are so many benefits to this structure and our family-owned advisor groups love the aligned values and vision as well as the personal relationship dynamic this structure brings to their work.
We’d like to introduce you this week to Peter and Luke Andersen of Andersen Capital Management. The stories we hear from family advisor practices make us smile, and the Andersens are no exception.
Keeping Financial Advising in the Family
“As long as I can remember I have been interested in what my dad does for a living.” ~ Luke Andersen
The way Peter and Luke — father and son — work together works for them. They have two perspectives and views, but they say that Integrated made it possible for them to thrive as a team. They are like-minded yet different. We think they complement each other perfectly. During our talk together, Luke’s audio was glitching. So Peter jumped in and suggested ways to solve that. And when all else failed, he suggested his son came into his office to share the screen. That’s teamwork. How does work work for them exactly?
“Be sure your child cuts their teeth somewhere else first. They will benefit from that professional experience, as will your business. Luke continues to surpass my expectations.” ~ Peter Andersen
How to Hire a Family Member
Luke, although interested in what his dad did for a living, really wanted to become a veterinarian. But upon graduation from college, the idea of additional schooling wasn’t appealing. So his plan B was to lean into his college minor — business. He worked for both a biotechnology company and an investment bank. Luke says that these experiences were invaluable and in fact led him to his dad’s firm.
Although he enjoyed all the corporate experiences, he noticed his dad was hiring. To get the job, and win Peter over, he had to undergo a formal interview process — wearing a suit at his dad’s suggestion. Peter was open to interviewing his son, but found himself wondering what Luke would do at Andersen Capital. Would there be enough work to sustain his employment?
That interview has since paid off for both of them. Kudos to them to navigating the vetting process and working together now seamlessly day in and day out.
Peter says, “Luke challenges me daily. Corporate environments don’t usually foster that.” And Luke’s friends’ parents often remark that they wish their kids took such a vested interest in what they do.
“Being Peter’s travel agent is one of my responsibilities. I own it. Is it what I love? Not yet. But I will add this skill to expanding IT and other efficiencies. Dad has traded up by adding me to the team,” Luke says.
Integrated Partners with Family-Owned Advisor Groups
Integrated Advisors Network has been a partner to Andersen Capital, getting Luke up to speed. We continue to be his go-to when he has questions. Being Luke’s resource lets this father-son duo focus then on what they love most — stock picking.
Additionally, Integrated takes a lot of operational tasks off their plates. Yet, Luke says that isn’t the most valuable aspect of the partnership. “Gilinda is always there when I need operational guidance. She has been instrumental in helping us expand our firm’s structure,” says Luke.
Keeping a balance between their work and family time has been another key to their success. With the assistance of mom, at the dinner table and on the weekends, business is not discussed. Peter and Luke want to talk about work and opportunities but keeping defined lines has been healthy. “Thank you, mom,” they both acknowledge.