Pathstone’s Post

(NEW EPISODE) Unbelievable! From Tennis Courts to $100 Billion: The Matthew Fleissig Story at Pathstone! Matthew Fleissig’s journey from North Jersey to the top of the financial advisory world is a narrative of ambition, technology, and transformative financial strategies. 🌟 North Jersey Beginnings: The Foundations of a Future Leader Matthew's childhood in North Jersey was steeped in the ethos of hard work and innovation, influenced by his parents' professions in law and occupational therapy. His competitive spirit, honed on the tennis courts of Livingston, and his early fascination with computers laid the groundwork for his future. 🖥️ Choosing Paths: The Shift from Technology to Finance Matthew's passion for technology initially led him to computer science, but the allure of finance soon took precedence. His early experiences with IPO trading and the volatile stock market during his college years at the height of the tech boom were formative, steering him towards a career in finance over law. 💼 The Goldman Sachs and Lord Abbott Influence: Gaining Comprehensive Skills Matthew’s stint at Goldman Sachs, particularly within the AYCO division, was pivotal. Here, he gained comprehensive insights into family offices, investments, and estate planning, enriching his skill set and preparing him for higher ventures in the financial world. 🚀 Founding Pathstone: A Visionary Move Post-2008 Financial Crisis In 2010, amidst the global financial downturn, Matthew co-founded Pathstone with Steve Braverman. They began managing $1.4B for 19 elite families, focusing on providing comprehensive financial services that traditional banks and broker-dealers failed to offer. 📈 Rapid Growth and Strategic Acquisitions: Scaling to $100B Under Matthew's leadership, Pathstone saw exponential growth, acquiring firms and integrating services that extended beyond traditional asset management to include estate planning and family services. Their innovative approach allowed them to manage significant assets and expand their client base rapidly. 🌐 Future Visions: Aiming for the Top Today, Pathstone stands as a behemoth managing $100B with ambitions to control over $1T. With a focus on high-tech solutions like their proprietary ARROW system, Matthew is steering the firm toward becoming a national leader in fiduciary services for ultra-high-net-worth families. 📚 Legacy and Advice: Building for Generations Matthew’s advice to young entrepreneurs is rooted in his own experience: “Embrace technology, value your client relationships, and always look beyond the conventional paths to discover new possibilities.” (links in comments)

I am happy to have Ms. Jennifer Steans, President and CEO of Financial Investments Corporation Join our Chicago Family Office conference, on September 12th, at The University Club. Jennifer oversees private equity investments and the Steans family office operations. Prior to founding FIC in 1994, Ms. Steans served as Treasurer of Prime Graphics, Inc. and as a Senior Consultant, and then as a manager, for the Management Consulting arm of Deloitte, primarily in the finance and healthcare industries.     Ms. Steans’ business affiliations include serving as a Director of Valley National Bank, as well as past Chair of the Board of Directors of USAmeriBancorp, Inc., a privately held Tampa Bay area middle-market bank.    Ms. Steans currently serves as a Director for Arabella Advisors and Laramar Group. Ms. Steans is on the Advisory Boards for 5th Century Partners, Massey & Gail LLP, Prairie Capital, and Siena Capital Partners Gp, Llc.   Ms. Steans actively helps lead several nonprofit entities, currently serving as Chair of Navy Pier, Life Trustee and past Chair of the Ravinia Festival, and past Chair of the Illinois Venture Capital Association (IVCA). Ms. Steans also serves as a Trustee for The Steans Family Foundation, DePaul University, Rush University Medical Center, World Business Chicago, The Civic Federation, The Commercial Club of Chicago, Phoenix Pact, and the YWCA of Evanston/North Shore.   Ms. Steans holds a B.S. degree in Mathematics from Davidson College and an MBA from the J. L. Kellogg Graduate School of Business at Northwestern University. She was named as one of American Bankers’ 25 Most Powerful Women in Finance.   Other notable speakers include: Mr. Todd Litzsinger, Former Chairman, CEO & President, Follett Corporation Mr. Paul Carbone, Co-Founder and President of Pritzker Private Capital, Mr. Jack Miller, Serial Entrepreneur & Philanthropist Mr. Bruce Taylor, Chairman of Cole Taylor - MB Financial Bank Mr. Lou Pagano II, 4th generation family member and employee at Ferrara Candy Company Michael Behnam, Ph.D., Dean, The Quinlan School of Business, Loyola University Chicago Ms. Carol Lavin Bernick, President, of the Lavin Family Foundation (Alberto Culver) Ms. Wendy Berger, CEO & Founder; WBSE, Elliott Robinson CLU ChFC, President and 2nd Gen of The Robinson Financial Group Founder & CEO, Diamond Wealth; TIGER 21 Chair, Mr, Ronald Diamond Mr. Robert Romanoff, Partner, Levenfeld Pearlstein, LLC The conference is dedicated to last year's Keynote Speaker Mr. Sam Zell, Founder, and Chairman, of Equity Group Investments More at www.chicago-wealth.com  

I am happy to have Ms. Jennifer Steans, President and CEO of Financial Investments Corporation Join our Chicago Family Office conference, on September 12th, at The University Club. Jennifer oversees private equity investments and the Steans family office operations. Prior to founding FIC in 1994, Ms. Steans served as Treasurer of Prime Graphics, Inc. and as a Senior Consultant, and then as a manager, for the Management Consulting arm of Deloitte, primarily in the finance and healthcare industries.     Ms. Steans’ business affiliations include serving as a Director of Valley National Bank, as well as past Chair of the Board of Directors of USAmeriBancorp, Inc., a privately held Tampa Bay area middle-market bank.   Ms. Steans currently serves as a Director for Arabella Advisors and Laramar Group. Ms. Steans is on the Advisory Boards for 5th Century Partners, Massey & Gail LLP, Prairie Capital, and Siena Capital Partners Gp, Llc.   Ms. Steans actively helps lead several nonprofit entities, currently serving as Chair of Navy Pier, Life Trustee and past Chair of the Ravinia Festival, and past Chair of the Illinois Venture Capital Association (IVCA). Ms. Steans also serves as a Trustee for The Steans Family Foundation, DePaul University, Rush University Medical Center, World Business Chicago, The Civic Federation, The Commercial Club of Chicago, Phoenix Pact, and the YWCA of Evanston/North Shore.   Ms. Steans holds a B.S. degree in Mathematics from Davidson College and an MBA from the J. L. Kellogg Graduate School of Business at Northwestern University. She was named as one of American Bankers’ 25 Most Powerful Women in Finance.   Other notable speakers include: Mr. Todd Litzsinger, Former Chairman, CEO & President, Follett Corporation Mr. Paul Carbone, Co-Founder and President of Pritzker Private Capital, Mr. Jack Miller, Serial Entrepreneur & Philanthropist Mr. Bruce Taylor, Chairman of Cole Taylor - MB Financial Bank Mr. Lou Pagano II, 4th generation family member and employee at Ferrara Candy Company Michael Behnam, Ph.D., Dean, The Quinlan School of Business, Loyola University Chicago Ms. Carol Lavin Bernick, President, of the Lavin Family Foundation (Alberto Culver) Ms. Wendy Berger, CEO & Founder; WBSE, Elliott Robinson CLU ChFC, President and 2nd Gen of The Robinson Financial Group Founder & CEO, Diamond Wealth; TIGER 21 Chair, Mr, Ronald Diamond Mr. Robert Romanoff, Partner, Levenfeld Pearlstein, LLC The conference is dedicated to last year's Keynote Speaker Mr. Sam Zell, Founder, and Chairman, of Equity Group Investments More at www.chicago-wealth.com

Behind the headlines. A digital issue of the local business journal featured an article that one might skip over in the print version About a family-owned business reacquiring a business unit. For some business owners reading the story, it may sound and feel familiar - a part of the business is spun off for one brother while the other sibling stayed with the 'parent' entity - the spin-off got sold to a third party (an exit and wealth event for one member of the family) - the remaining family-owned entity reacquires the spin-off from the 3rd party owner - bringing everything back in the fold, increasing the value of their operation and positioning the business for another intergenerational transfer or for another exit (or exits) in the future - a new, non-family owner is brought into the fold The article reported the details of the deal and generational evolution of the business in the broadest of terms. I read into it feelings among brothers, children, nieces, nephews, cousins, parents, customers, and employees. Feelings of - fairness - what's right - what's earned - who is deserving Maybe I imagined a little more drama than there actually is/was. Needless to say, what I hope this family (and other readers) take away from this transaction is the benefit of planning ahead. Not just a few years or to your own retirement. But to the generations you haven't met yet. What options do you want to give them for ownership, meaningful work, wealth, philanthropy, leadership and legacy? For most of us, the business we've built or been raised in isn't just a business or a paycheck or an inheritance It's relationships, identity, purpose and accomplishment. The Business Journal reported on a transaction. This family experienced another pivotal milestone in their shared history that probably had very different meanings for people the founders never met. #familybusiness #exitplanning #legacy

Only 34% of family businesses have a robust, documented, and communicated succession plan in place. Much like the fictional billionaire in "Succession," some leaders avoid the issue because they love running their businesses and don't want to stop any time soon. Don't leave the future of your business to fate. Talk with one of our advisors today. #SuccessionPlanning #FamilyBusiness

Inc. Magazine recently caught my eye, highlighting a stark reality that many of us in the commercial financing sector are becoming increasingly familiar with. The article reveals a concerning trend among business owners who are close to retirement - a significant lack of preparedness for exiting their businesses. Here' a sobering wakeup call: 70% of companies that hit the market do not find a buyer, leading half to shutter due to involuntary events. This isn't just an issue for the businesses themselves but impacts the financial ecosystem and communities around them. For all of those business owners out there, it's never too early to think about the finish line. Educating our clients and providing them with nuanced strategies for succession and exit must become priority - because leaving it up to chance is a crummy option. An early and well-thought-out exit strategy can be the defining factor between a closed sign and a successful transition. Share this post to spread the word – planning now paves the way for a brighter future. #Business #Finance #SuccessionPlanning

🌟 Exciting insights into Robyn Gibson's financial endeavors post-divorce! 💼💰 Join me as we delve into the top 10 facts about Robyn Gibson's strategic management of her wealth. While privacy remains a priority for her, we can draw from general investment practices to shed light on her potential financial moves. Robyn's dedication to prudent financial planning, diversification strategies, and real estate investments showcases her commitment to long-term wealth preservation. Her philanthropic pursuits and focus on education and family underscore her caring nature and desire to make a positive impact on society. With a keen eye for art and collectibles, Robyn may have diversified her portfolio while deriving personal enjoyment. Additionally, her potential involvement in business ventures and angel investing demonstrates her interest in supporting innovative entrepreneurs and contributing to the growth of promising startups. Undoubtedly, Robyn has relied on expert wealth management services to navigate the complexities of managing substantial finances. This ensures she receives personalized advice tailored to her unique circumstances and goals. Through this article, we can glean valuable lessons about wealth management, diversification, and philanthropy. Join the conversation and discover how individuals like Robyn Gibson strategically navigate their financial journeys while securing their legacies. To Know more about Robyn Gibson's Spend Money: https://lnkd.in/gdqvzymy #RobynGibson #WealthManagement #FinancialPlanning #Diversification #RealEstateInvestments #Philanthropy #Education #ArtCollectibles #BusinessVentures #AngelInvesting #WealthManagementServices #LifestyleMaintenance

An interesting article Kyle shared from Inc. Magazine caught my attention. It's surprising to learn that 70% of businesses that hit the market never find a buyer. That's a significantly higher figure than I would have anticipated. Over the past year, we've observed an uptick in lenders' willingness to finance acquisitions. Given that financing is often a crucial component of the capital stack for buyers, I'm curious to see if the expanded financing options will reduce that percentage over time. Only time will tell!

~Start Now: 4 Tips on How to Build Generational Wealth~ Some of the Fortune 500 companies started out as a family-owned and operated business that has been passed down through the generations over the years. https://bit.ly/41xgeoJ

RIP Charlie Munger died at 99. A Warren Buffet’s long term business partner. A lawyer with great wisdom who has no business degree turned into a one of the greatest modern investors. Munger or Buffet can make mistakes. Still, some of his words of wisdom: “All intelligent investing is value investing — acquiring more than you are paying for” “The world is full of foolish gamblers and they will not do as well as the patient investors.” "The desire to get rich fast is pretty dangerous." “Crypto (currency) is a bad combo of fraud and delusion — good for kidnappers.” "One of the great defenses — if you're worried about inflation — is not to have a lot of silly needs in your life." "Knowing what you don't know is more useful than being brilliant." "I have never succeeded very much in anything in which I was not very interested." "Three rules for a career: 1) Don't sell anything you wouldn't buy yourself. 2) Don't work for anyone you don't respect and admire. 3) Work only with people you enjoy." “Opportunity comes to the prepared mind.” “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.” “Someone will always be getting richer faster than you. This is not a tragedy." “Warren, if people weren’t so often wrong we wouldn’t be so rich.” “Mimicking the herd invites regression to the mean.” “Live within your income and save so that you can invest. Learn what you need to learn.” “To fish where the fish are.” “I think the reason why we got into such idiocy in investment management … I asked a fish bait seller, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.’ …” “(We) can bet on 20 ideas, but only "three or five or seven" might make them rich, he said. "But what you can't do is get rich by trying one new idea every day." “I wish everything else in America was working as well as Costco does. Think what a blessing that would be for us all." "I love everything about Costco. I'm a total addict, and I'm never going to sell a share” “I am personally skeptical of some of the hype that has gone into artificial intelligence," Munger said. "I think old-fashioned intelligence works pretty well." “When something can do all kinds of things I get a little bit worried because now we won’t be able to un-invent it," Buffett said. “Just as Munger and Buffett have been unimpressed with other trendy stock plays like cryptocurrency, which Munger called a "venereal disease," "With AI, it can change everything in the world, except how men think and behave," Buffett said. "And that's a big step to take." “I regard it as very unfair, but capitalism without failure is like religion without hell.” So, if you believe in capitalism, then bubbles and recessions are inevitable and cyclical. Capitalism thrives on failures. :) #rip #charliemunger #longterm #investment #gettingrich #patience #strategyexecution