Advisors and clients have been the beneficiaries of a more than decade-long evolution—with changes impacting both the landscape as well as the mindsets of advisors and their clients.
In this new world order, advisors have come to the realization that the status quo need not be something they settle for. And for their high-net-worth clients, they too have recognized that wanting more from their advisors and the firms they work for is a right that they’ve earned.
As such, new models have emerged that are taking the best from all others and delivering options that are more flexible and client-service driven—topped off with the ability for advisors to take greater agency and control over the businesses they are building.
It was a vision that came to Avy Stein and Eric Becker, who, as family office clients, found themselves exploring options and were struck by the limitations of existing wealth management approaches, including sophisticated advice and access to an ecosystem of direct private investments.
As business investors and innovators, Avy and Eric set out to build a better mousetrap: a model that checked off all the boxes of features that HNW clients wanted and deserved.
And in 2017 Cresset was born: an employee- and client-owned multifamily office designed to deliver a new paradigm for wealth management with rock star leadership and advisor talent, and a value proposition that’s resonating with the wealth management world.
For example, in 2020 it made headlines with its acquisition of $2.3 billion RIA PagnatoKarp—the firm Merrill breakaways Paul Pagnato and David Karp originally launched with Hightower in 2011, before making the break for full independence in 2016.
Plus, Cresset has had unprecedented success in recruiting private bankers and HNW-focused advisors from throughout the industry landscape.
Avy joins Mindy on this episode to discuss Cresset’s journey, why its model is “disrupting” the landscape, as well as:
- The specific gaps Cresset saw in wealth management firms that serve HNW families—and how Cresset has filled those gaps.
- The key drivers fueling its growth—and how both advisors and their clients are attracted to the firm’s core values.
- The similarities and differences between Cresset and a firm like Rockefeller—and why he feels models like these will continue to resonate with top advisors.
The world’s greatest businesses were built by founders looking to find a better way: that is, to fill a gap and continuously create value for the constituents they serve. As such, firms like Cresset are winning in the race for top advisor talent.
In an evolving landscape, it’s stories like these that will drive the conversation. So listen in and learn how firms like Cresset aren’t just disrupting the landscape—they’re redefining it.