Joey Feste is the Senior Managing Partner of KM Capital Management, proudly located in Austin, TX. For more than 30 years, Feste has worked diligently to serve his clients as they develop their life and financial goals. After spending several years working under the guidance of Morgan Stanley, Feste would decide to embark upon his journey to better help individuals manage their money. This would lead Feste to establish KM Capital Management in 2004, a business entirely focused on the unique goals and requirements of high-earning professionals.
Having spent the better part of the past three decades working in the financial field, Joey Feste understands that helping people goes beyond just simply guiding them toward managing their wealth, it involves helping them achieve their dreams.
While Feste has certainly not slowed down in recent years, he has taken some time to outline his journey as well as the important financial steps he took along the way to guide his clients.
Let’s explore the life and career of Joey Feste to better understand how we can plan for the future, manage financial stressors, and even develop the financial safety nets we need to succeed.
Starting at the Beginning
Long before Joey Feste and Joey Feste Jr. were guiding clients through the services of KM Capital Management, Feste himself was pursuing education at a state-run university. It was during his time at the University of Texas that Feste would begin to develop his affinity for helping others, guiding them through financial hurdles, and developing plans that helped others accomplish their goals.
Joey Feste would attend and graduate from the University of Texas with his Bachelor of Arts in Economics. With this foundation established, Feste would graduate from school in ’87 with a serious background in financial investing and money management.
Within a few years of graduation, Feste would find himself applying for and working at Morgan Stanley. It was during this time at Morgan Stanley that Feste developed some of the feelings that would lead to the creation of KM Capital Management. While Feste revered the work he did at the institution, helping lead clients in a fast-paced and upscale environment, Feste understood that he only had limited abilities when it came time to help. Feste would work hand-in-hand with professional athletes as an advisor, but he knew his services were too restricted to be effective for the individual.
Despite having a world of tools at his disposal, Feste understood that his abilities were restricted in Morgan Stanley’s corporate environment. Feste had to make a move and he had to make one that was better for his clients.
Launching KM Capital Management
The decision to launch KM Capital Management came at a time when Joey Feste felt like his skills and services were capped by the structure of Morgan Stanley. With nearly 75% of all professional athletes enduring financial hardship or destitution by the time they retire, Feste knew his ability to offer support wasn’t being maximized by his position.
In 2004, Feste would turn away from Morgan Stanley to establish KM Capital Management. Only instead of working as an investment advisor, Feste would offer a full suite of financial management services. The goal was simple: to help clients set their goals, develop their preferences, and pursue their dreams to a successful conclusion.
The company was quickly brought to life and Feste’s son, Joey Feste Jr., was quick to join the team. Feste attended and graduated from the University of Texas, where he acquired his Bachelor of Business Administration in Finance. Joey Feste Jr. was quick to slide onto the team as an aide in helping individuals manage their assets and curate their wealth.
Joey Feste stated that one of the driving reasons for establishing KM Capital Management came from a lack of comprehensive services offered to high-end clients. Pointing to his time at Morgan Stanley, Feste would outline how the business didn’t have the ‘bandwidth’ to negotiate contracts, pay bills, or handle lease negotiations. The idea soon took root and KM Capital Management would flourish as a result.
Building a Safety Net For the Future
While Joey Feste and Joey Feste Jr. have focused much of their work on the top 1% of earners at KM Capital Management, their advice works as well for an individual with a dollar as for an individual with a million of them. First and foremost, Foeste advocates and advises planning and safeguarding for the future.
Put plainly, Feste suggests saving for a rainy day whether you are an NFL quarterback or a 9 – 5 office worker.
Even though this number is unrealistic for many people, Feste suggests preparing at least six months of income in a nest egg that goes untouched until an emergency arises. Pointing to house repairs, emergency medical bills, and even car problems, Feste underscores just how quickly a nest egg can get scrambled.
To help individuals build an emergency fund when they don’t have access to much money, Feste suggests pursuing a few simple steps to make the most out of your efforts.
- Pay YOU First – Feste suggests that we should pay ourselves before we put money anywhere else. Set up direct deposit for your income and have a portion relegated to your savings account no matter what.
- Aim For 10% – Whether you can accomplish this target or not is largely dependent upon your lifestyle and any emergencies you come across. Feste believes that saving 10% of your income can be a great way to develop a nest egg that keeps on growing.
- Save Your Windfalls – Have sudden access to a large amount of unexpected income? Stash away that money for a rainy day and get ahead of your savings goal. Fight the urge to touch your ‘extra’ money.
Developing a successful financial career can be difficult at the best of times. Joey Feste and Joey Feste Jr. work tirelessly through KM Capital Management to make sure that every client has a chance to succeed.