Lido Advisors, the Los Angeles-based registered investment advisory firm, continues its strategy of recruiting advisors away from private banks catering to high-net-worth clients.
Two advisors from Boston Private Wealth, a trust bank and wealth management firm, announced today they will join Lido's Boca Raton, Fla. office.
At Boston Wealth, advisors Jeffrey Kaufman and John Tassone, and planning specialist Dominik Elmasian, served high-net-worth clients including business owners and corporate executives, as well as endowments and foundations.
Tassone had been with Boston Private for two years. He said he was attracted to Lido because of the ability to solely sell advice, as well as the firm's wealth planning capabilities. He said Lido’s in-house CPAs and investment platforms were also attractive to clients.
In addition to family ofice services, Lido Advisors runs its own investment strategies, including access to real estate private funds operated by its affiliated investment advisory firm Oakhurst Advisors.
Last November, the firm bought the fixed income portfolio team from First Western Capital Management, adding $300 million in AUM and $400 million in subadvisory assets, and renamed Oakhurst Capital Management.
“We can do stocks and bonds and cash, but if you look at what we can do in terms of hedging using the options markets and what we can do in terms of accessing private investments, it’s really special,” said Tassone.
Kaufmann, who had been at Boston Private for six years, said he was also drawn to Lido’s technology stack, including a Salesforce CRM integration.
The move occurs two months after SVB Financial announced it was in agreement to buy Boston Private Holdings, including its wealth management business.
Lido has seen rapid growth over the past year. In January, it announced it had increased its assets under management by $2 billion to $7.26 billion. The firm acquired two firms in 2020 and added seven financial advisors.
Recent recruits include former Bank of America private banker Hedieh Bolour; Dani Comart and Colin Grover from J.P. Morgan; Susan Kim from Decker & Co.; Shawn Moran from Crawford Investment Counsel; Marc Ordona from Morgan Stanley and Ann-Marie Sandquist from Charles Schwab.
That kind of trajectory for a smaller boutique wealth management firm also appeled to Tassone.
“This is a firm you can grow into," he said, "Whereas in other places you grow out of."