In 1964, Michael Bean started his career in the financial and investment field as a stockbroker at the age of 21. He became Division Manager with Waddell & Reed in 1978 and began marketing diamonds in 1979.
In 1981, he started his own company with a sole focus on sales of Investment Diamonds and had built the company to over 300 brokers within a 10 Year period.
Having been in the Diamond Industry now for well over 30 years, he has gained a very high level of expertise. He regularly consults with Financial Advisors and Insurance Professionals with reference to adding an alternative investment component to their clients’ portfolios.
What you’ll learn about in this episode:
- Michael’s story of becoming a stockbroker at the age of 21 when he was introduced to the diamond industry.
- Why Diamonds can be considered “portable real estate” or “real estate you can put in your pocket”
- The average return on diamonds since 1933 which is higher than you think
- Aligning your investment with your goals by purchasing a single diamond or hundreds of thousands of diamonds
- Diamonds: a market that is controlled by the De Beers monopoly
- How diamonds can be purchased through brokerages directly as a physical investment
- How when diamonds are bought, they can go into a safety deposit box until being traded or inherited
- Why diamonds are particularly useful as an inheritance
- How a portable wealth bank can give additional information on the benefits of diamonds
- Why diamonds additionally have good reporting conditions, where sales don’t require direct reports