Wealth Management

“So naturally, because so many people entering, they have kind of, the talent is limited, and the cost of talent has gone up. So today, actually, the, for somebody who's starting this business, the economics are not very favorable.”

“Over time, as you see the world of wealth, utilize the private markets and go from low single digit utilization to mid single digit and high single digits. It's going to be a case-by-case conversation with a financial advisor and a family.”

“In another 20 years, we will find, instead of 10 platforms, we would find 25 platforms that is AI-created tech fragmentation, AI fragmentation.”

“There are going to be a lot of doctors and dentists who are pretty disappointed 10 years from now with the net returns that they're getting from their financial advisor plowing their capital into private equity. Gross returns might be fine, but between the fee…”

“But if you're getting half a million or a million a year, Over 20 years, 30 years, like, the chances of you blowing it is much lower, because you learn to get comfortable with that number.”

“So much of our business now is tied to asset allocation, using managers as a proxy to picking individual stocks, using indexes and charging our clients an advisory fee as opposed to a commission per transaction.”

“Those types of things I think are what private banks are trying to do to differentiate themselves because now the wealth management space is getting increasingly competitive and crowded when it comes to accessing private markets.”

“The effect of these forces that I'm describing is a dampening of volatility, and it is a acceleration of the correction process. So it's not that we don't have corrections we do, all the time. They don't last long, because the wealth manager, with fifty billio…”

“When you have a hundred clients or 80 clients or a 150 clients, you can have a relationship with them. When you have 1500 or 15,000 or a 150,000 or whatever, you can't.”

“Goldman, especially wealth management, just like full of Olympians.”

“Last week, Wells Fargo made an announcement where a couple dozen of their employees, specifically ones who worked in the wealth management unit, they laid them all off. And they laid them off because they found that they were using these devices that you put y…”

“OpenAI is never going to put like five of their engineers going hard on wealth management and like, you know, banking integrations.”

“However, I think if you find an area where they're not going to go that deep, OpenAI is never going to put like five of their engineers going hard on wealth management and like, you know, banking integrations, you know?”

“Managing a 500,000 dollar client is the same amount of work as a 10 or fifteen million dollar client, right?”

“Asset management firms in the alternative space that are using their institutional products. So not changing product structure, they're delivering the same product and outcome that they are to institutions into wealth management. And that's been growing at a v…”

“The Blackstones, the Apollos, the Aries, all these firms see the high stakes game of capturing that wealth, and they're going to compete for it and be the brand.”

“Broadly across the United States and wealth management, no one really knows any of the names of the asset managers. So there really is no brand recognition really even at the top.”

“And I think Sorelli and associates predicts that the industry needs to recruit and or bring in 250,000 new financial advisors just to meet current demands.”

“So it's that, and it's the first one of its kind. Up until this point, the industry's really been dominated by professional services.”

“People-intensive businesses often make the mistake of taking the producers, the people that are generating the revenues in one sense or another, whether in asset management it's portfolio managers and investment people, In wealth management, it's private wealt…”

“I think social media and the way that you're dealing and talking to clients is going to become more and more a part of our business. And regulators will be trying to figure out how and in what ways they allow it to happen because it's just the momentum behind …”

“I think the three big mega trends in wealth management you should know about is a move towards passive investing. A move towards interest in socially conscious investing, and then just better digital tools, awesome digital interface.”

“People didn't tend to fire their wealth manager. They just had, you had new wealth in the business. The universe was growing.”