Picture this: It’s 2008, Bear Sterns collapses, and decades of your life’s work implodes right before your eyes—along with any stock-based compensation.
It was a time when it was difficult to find any positive news about the financial services industry and even more difficult was managing client expectations and dwindling confidence amid high-profile scandals.
And although Richard Saperstein lost a small fortune and several clients throughout the chaos, he put on his pants and went back to work for J.P. Morgan who was there to rescue the firm.
Yet, shortly after the takeover, Richard saw what he described as a “parachute” that emerged out of the crisis.
That parachute was Hightower Advisors.
So in May 2009, Richard and his team left JP Morgan to affiliate with Hightower and launch Treasury Partners. They were only the ninth team to join the nascent firm, taking a leap of faith during a time when faith was certainly in short supply.
And it was a leap that not only benefited Treasury Partners, but also catapulted Hightower to the forefront of the independent space.
Richard has since ranked on the Barron’s Top 100 Financial Advisors list for 18 consecutive years, landing at No. 7 nationally and No. 2 in New York State for 2021.
In this episode, Richard reminisces with Louis Diamond, from growing up in wealth management in the 1980s, living through the 2008 financial crisis and on to the present day, including:
- His decision to join Hightower—and how that leap of faith has translated into an independent firm managing over $20 billion today.
- Life in the early years of Hightower—and how becoming one of their pioneer firms helped to influence Hightower’s growth and future.
- The firm’s unique business model: part private client and part corporate cash management—and how it differs from others we’ve featured on this show.
- The secret to Treasury Partners’ success—and how client satisfaction and team building has played a significant role in their continual growth.
Richard’s story is an incredible one of perseverance and sound decision-making. It’s rare access to the candid backstory of one of the wealth management industry’s rock stars.
Download a transcript of this episode…