High-net-worth individuals often have many objectives, ranging from wealth preservation and growth to estate planning and philanthropy. Each objective has its own intricacies, requiring careful consideration and customization to meet each client's unique needs.

In this episode, Rusty and Robyn talk with Vern Montross, Western Division Managing Director at City National Rochdale. In his role, Vern is responsible for cultivating and developing relationships with financial professionals, including financial advisors, CPAs and attorneys, and their high-net-worth clients in Texas. He works in concert with these professional advisors and City National Rochdale portfolio managers to develop long-term, risk-managed investment strategies.

Working in close partnership with each client's trusted advisor to develop an insightful personal benchmark, Vern talks about the complexity of managing high-net-worth portfolios, what it takes to serve high-net-worth clients, and what intelligent personalization is all about.

Key Takeaways

[03:30] - How Vern transitioned from biology to finance.
[05:13] - The role of CNR in the investment management industry.
[07:51] - What makes CNR different from other investment firms that manage high-net-worth investors?
[11:15] - What it is like to work with CNR's portfolio managers and investment consultants.
[12:54] - How CNR works with high-net-worth investors.
[16:22] - What intelligent personalization means.
[19:08] - Vern's outlook for the stock market, inflation, interest rates, and the bond market.
[24:37] - How CNR applies its market outlook to client portfolios.
[27:59] - Vern's thoughts on artificial intelligence's impact on investing.
[31:07] - One of Vern's favorite investment ideas.
[33:35] - How Vern maintains his physical and mental energy to perform at a high level.
[34:54] - The people Vern is thankful for professionally.
[37:18] - Vern's recommendations for content.

Quotes

[06:04] - "We're a collection of problem solvers, very much like scientists and engineers. We want to study what a potential solution looks like, stress test it, and make sure it works and is appropriate." ~ Vern Montross

[06:31] - "We don't pre-manufacture our solutions. We don't have inventory on the shelf, and we don't pre-manufacture products. We work with every single client based on their unique situation." ~ Vern Montross

[16:50] - "Just because something is different or specific doesn't mean it's also optimal. So, I think of intelligent personalization as customization with intelligent awareness." ~ Vern Montross

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1592-OPS-6/12/2023

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