wealth management

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

“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 …”

“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.”

“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…”

“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.”

“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.”

“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.”

“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…”

“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.”