After joining Lehman Brothers in 1991, Alper held several senior positions in the firm's equities business and Private Investment Management business, which was acquired by Barclays Wealth last year. And prior to Lehman, he worked at Merrill Lynch as a financial consultant. He recently spoke to Judith Schoolman about diversification and how working with kids makes him better at his job.

1. Given the current condition of the economy, how can people increase their wealth?

It's all about protecting and growing wealth. Those two may sound like a dichotomy, but you have to understand the full range of options so you can create a diversified portfolio. To protect wealth, clients could put everything in cash, but they expect to grow wealth, too. So here's where an advisor can look at strategies and assess risk and discuss the range of options that are out there. They can put together a mix of assets and asset classes—hopefully that will accomplish the longer-term goals: a balance of risk taken and return achieved. It's up to the advisors—and research staff that work with them—to look at opportunities. It's a good time to think about new asset classes.

2. You have a background in communications. How does that help your work?

Most people think about their presentation skills. But communication is a two-way dialogue. There's an active listening piece in addition to presentation. Active listening is the most important thing we do in this franchise. It's important to understanding what our clients, our advisors, our staff need. The more we all understand what the client needs, the more that helps us add value. And if you can't articulate an idea, no one will ever act on it. The whole process can be [made] more effective by learning about communications: Listen first, think about a solution and put it forth in a thoughtful way. Here's an example: I started an investment camp with the Harlem Children's Zone and people asked me whether that was a hassle. I felt I wasn't only giving back, but also getting better at what I do [by] communicating with kids. If I can make the kids understand something, or adults for that matter, I've conveyed it well. One thing I've learned is how you describe the process to the first-time investor.

3. Planning initial public offerings (IPOs) is a strength of Barclays Wealth. What's the climate like?

For IPOs, the climate overall has been very, very challenging for the last couple of years. However, this creates opportunities for clients who happen to have an interest in pursuing an IPO or a merger. There is more time for better planning for tax issues, for example. We can help clients now more so than when the market is moving fast and furious. It's a time to better plan for an effective transition [into an IPO or mergers-and-acquisitions market] than when the markets are flying and things [are done as] a knee-jerk reaction.

4. How has financial planning changed in the past year and what changes do you expect to see in the coming year?

The past two years will have a lasting impact on this generation—and possibly the next—from a financial-planning standpoint. There is a broader range of risks to consider. They are also discerning between financial institutions. And there is a greater need for financial advice. If the markets are going down and the clients are not properly diversified, they may want out of the market. Maybe they can save themselves in the short term, but they won't catch the next 50% gain on the way up. If you were properly diversified—mixes of stocks, bonds, real estate, cash and some alternatives—during the last two years, you'd see that each segment was affected at a different time. Nothing happened to all of the investments all at the same time.

5. Does investing's old adage—"patience and flexibility"—still hold?

It's unbelievably important for portfolios that are built for the long run. Patience equals discipline. In a dialogue with a client, we have to understand needs and tolerance for risk, and make the discussion truly reflective of how the client wants to deal with risk.