March 30, 2022
Effective leadership development has long been a key to success for wealth management firms. Today, the changing nature of how and where we work has only increased the importance – and complexity – of developing high-performing teams and future leaders. In the latest episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart speaks with Jim Ware, the founder of Focus Consulting Group, which serves as a strategic partner to investment firms in developing company culture and leveraging top talent within organizations.
During their conversation, Burkhart and Ware discuss the common threads of enduring leaders and the tools Ware and his team use to help companies create environments that bring out the best in people. Specifically, they discuss:
- The “Red X” concept, which is Focus Consulting Group’s framework for identifying and dealing with a high-performing investment professional who is out of sync with the culture or core values of a firm
- The “Sludge Factor” concept, which is how Ware and his team describe the behaviors and attitudes within an organization that do not contribute to success, from gossip to ego-driven decision making, and how to use accountability and shared values to solve for it
- How personality assessments can help teams better understand themselves and each other while also helping leaders ensure the right people are aligned to the right roles
- The foundation for establishing a successful company culture, which includes accountability, clear agreements and feedback
- Navigating the growing expectation of autonomy among professionals while also maintaining leadership development and mentorship for up-and-coming team members
While there is no formula for the perfect culture and each company looks a little different, the important question to ask is, “Does our company culture allow people to perform at the highest level?” If the answer is yes, then according to Ware’s decades of insight, the firm is on solid footing.
March 16, 2022
While there are no shortage of providers seeking to sell or advise families on the management of their wealth, far fewer are fiduciaries with a business model built to align the firm’s interest with the clients. “Everyone is our competition, and no one is our competition,” WE Family Offices CEO Mel Lagomasino tells Rosemont CEO Chas Burkhart in this episode of Rosemont’s Global Investment Leaders podcast.
This alignment between the firm and the families it serves is the key to WE Family Offices’ success, Lagomasino explains. “Our success is based on whether we’re helping our families be successful in what they are trying to accomplish. It’s our very singular fiduciary focus.”
Drawing on her impressive career as CEO of JP Morgan Private Bank and CEO of GenSpring Family Offices prior to co-founding WE Family Offices, Lagomasino shares her insights on serving families in a way that puts their interest first, including:
- Lagomasino’s personal connection to helping international families protect and sustain their wealth over generations and how that personal mission contributed to her co-founding WE Family Offices
- What makes WE Family Offices’ business model unique and how the firm’s total alignment with the clients they serve makes them “missionaries not mercenaries”
- How the firm first helps a family identify their values and then invest in a way that expresses those values, whether the focus be climate, gender, education, or negative screening to avoid fossil fuels, all without compromising returns
- How those who invest through a values-lens are often more engaged with their portfolios
Amid the wave of M&A activity in the family office industry, WE Family Offices has remained steadfast in its focus on helping multi-generational families sustain their wealth by sustaining its employee ownership structure and ensuring a path for future firm leadership. Part of the future also includes recruiting and retaining a diverse team. As firms try to recruit more female talent, she finds it important for other up-and-coming female leaders to see themselves represented at the firm. “It’s about being your authentic self,” she says.
March 2, 2022
In this episode of Rosemont’s Global Investment Leaders podcast, Rosemont CEO Chas Burkhart speaks with Okabena Investment Services Chief Investment Officer Dennis Santosabout his current investment priorities, his perspective on investment cultures, and the qualitative side of analyzing investment opportunities. Is there a culture of mutual respect? Do the portfolio managers listen to input from their analysts? How do people interact together in an informal setting? These are just a few questions Santos considers when analyzing potential new investments.
During their discussion, Burkhart and Santos discuss:
- The difference between working for a large global asset manager compared to a boutique multi-family office
- The strategies, managers and products Santos is currently interested in, from life sciences and biotech to event-driven strategies with low correlation to other assets
- The history of Okabena and its origin with the Dayton Hudson Corporation and the Dayton Family, who created the concept of the indoor shopping mall
- The “glue” that binds investment teams, from employee ownership to mutual respect
All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.
Important Information:
This content is provided for educational purposes only, represents only a summary of topics discussed, does not constitute any personalized investment advice or recommendation, and represents only the views and opinions of the speakers which are subject to change without notice. Information is provided as of the date represented herein and is subject to change without notice. The authors do not undertake any responsibility to update the information contained herein in the event that any such change occurs.
Certain descriptions contained herein (including, without limitation, descriptions pertaining to Veris Wealth Partners’ processes, methodologies, strategies, etc.) are provided for illustrative purposes only. Given the variation in services provided and different needs of the firm’s clients and other parties with whom it does business, variations may exist from the descriptions provided in this document which are not described herein. Any specific references to specific recommended investments or managers is provided for illustrative purposes only, and no inferences should be drawn as to the success or performance of such managers or investments.
Past performance is not indicative or a guarantee of future results. Investing involves numerous risks, including the potential loss of all amounts invested.
February 24, 2022
RIA Intel recently sat down with Brad Mook, Managing Director at Rosemont, to discuss its purchase of a minority stake in Veris Wealth Partners, a San Francisco-based firm with $2 billion in assets that builds ESG portfolios for high-net-worth and ultra-wealthy families.
The publication reported that Rosemont helped founders get liquidity and democratize the Veris ownership. Now, no single employee owns more than 20 percent of the company, making succession more affordable for others in the future, Stephanie Rupp, CEO at Veris Wealth Partners, told RIA Intel. “I think this is a very smart, astute model,” Rupp said of Rosemont. “They come in and fill that gap.”
“It’s a very different model than the private equity fund model,” Mook told RIA Intel, referencing Rosemont’s newer permanent capital approach. He also noted the company’s investment philosophy hasn’t changed. “Our philosophy has always been that employee-owned and controlled investment firms are the ideal model.”
Mook added that Rosemont has always admired firms like Veris and believes the investment happened at an inflection point for the firm.
Click here to read the entire article in RIA Intel
February 24, 2022
Following an announcement from Rosemont, PE Hub reported that the firm had purchased a minority stake in Veris Wealth Partners, a woman-led impact Wealth Management firm with $2 billion in assets.
The publication reported that, “The recapitalization is designed to support the company’s internal equity transition to next-generation leaders and to ensure its independence for many years to come.”
The publication also provided insight on the partnership from Rosemont Managing Director Brad Mook.
“We are extremely pleased to partner with Veris,” Mook said. “Veris has a long legacy as a leader in impact investing since 2007 and is distinguished by its authenticity and strong partnership culture. It’s a compelling choice for wealth owners looking for high-caliber investment management and private wealth planning and the ability to use their resources for positive change. We look forward to working with the Veris team long into the future.”
This is the second permanent capital investment by Rosemont, following 27 private equity investments over the past 21 years.
Click here to read the entire announcement in PE Hub.
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