149. Private Wealth Management 102: RIAs vs. PWM in House at a Big Bank ("Wirehouse") feat. Susan Moffat
Mar 22, 2025
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Susan Moffitt, co-founder and president of Curated Wealth Partners, dives into the fascinating world of wealth management. She discusses the stark contrasts between wirehouses and independent RIAs, offering insights into the multifamily office model. Moffitt shares her journey through finance, revealing tips for navigating career changes and the importance of personalized service for ultra-high-net-worth clients. Tune in for her thoughts on the evolving landscape of wealth management and the essential skills needed for success in this competitive field.
Susan Moffitt compares the personalized strategies of independent Registered Investment Advisors (RIAs) to the larger frameworks of wirehouses like JP Morgan.
Listeners learn about the critical role of networking in wealth management for career advancement and overcoming employment gaps.
The podcast illustrates how wealth managers must balance financial expertise with understanding clients' emotional connections to their money.
An entertaining anecdote showcases the unpredictable nature of client requests in wealth management, emphasizing the industry's creative and resourceful demands.
Deep dives
Investment Opportunities on Public.com
Public.com offers a diverse platform for investing in stocks, options, bonds, and cryptocurrency, catering to various investor preferences. Among its attractive features are competitive yields, particularly for fixed-income investments, with accounts offering yields of 6% or higher. What sets Public apart is its focus on empowering users with informational tools, such as its AI tool, Alpha, which not only tracks asset movements but also explains the underlying factors driving performance. This approach enables investors to make informed decisions about their portfolios rather than simply reacting to market fluctuations.
The Casual Approach to Finance
The hosts aim to make finance engaging and accessible by framing discussions in a friendly, relatable manner. They share personal anecdotes and humorous remarks about their experiences, such as winter vacation mishaps and adjusting to warmer climates, to establish a comfortable atmosphere. This informal style contrasts with the complex topics covered in finance, allowing listeners to feel more connected to the material. The incorporation of personal stories serves to demystify financial discussions and promote a more relaxed perspective on investment topics.
Wealth Management Insights
The podcast discusses the nuances of wealth management, particularly the differences between independent registered investment advisers (RIAs) and larger wire house firms like JP Morgan and UBS. Susan Moffitt, a guest expert, highlights how platforms like Curated Wealth Partners prioritize personalized attention and tailored strategies for families with high net worth. The conversation emphasizes understanding client needs and the importance of maintaining a boutique approach that enhances trust and efficacy. By comparing the structures of various firms, the hosts clarify the reasons a wealthy family might choose one type of management over another.
Career Pathways in Wealth Management
Listeners are provided with insights into career paths in wealth management, including the distinctions between various roles and the skills necessary for success. The discussion covers the importance of foundational experience, such as that gained through internships or formal training programs at larger firms. The hosts also touch on the dual tracks available within wealth management—client advisory and investment portfolio management—highlighting how individuals can find their niche based on interests and strengths. These insights equip aspiring professionals with knowledge of potential career trajectories in the financial services industry.
Building a Network for Career Success
The importance of networking is underscored throughout the episode, especially when navigating gaps in employment or seeking career transitions. Listeners learn how maintaining professional relationships and engaging with industry peers can facilitate re-entry into finance after a hiatus. Moffitt shares her personal journey of leveraging her network following a significant career break, demonstrating that a robust network can open doors. The emphasis on proactive networking serves as a guide for young professionals looking to establish themselves in finance despite challenges.
Personalized Client Relationships
The podcast highlights the significance of personalized client relationships in wealth management, where understanding emotional connections to money is as important as financial acumen. Key strategies discussed include educating clients on portfolio decisions and managing expectations. Guests emphasize the importance of clear communication, especially when addressing performance and investment strategies, to build trust. This focus on client education reflects the hosts' belief that informed clients are more engaged and satisfied with their financial journeys.
Diverse Requests from High-Net-Worth Clients
An intriguing story shared during the episode centers on the unusual requests that wealth managers may encounter while serving high-net-worth clients. The hosts recount a tale where a client sought assistance in cloning their horse, illustrating the unexpected nature of personal service in wealth management. Such requests underscore the breadth of responsibilities and challenges faced by wealth managers beyond mere investment allocation. This anecdote exemplifies how wealth management can often extend into unconventional areas that require creativity and resourcefulness.
Join hosts Jen and Kristen on The Wall Street Skinny for an insightful exploration of wealth management, as they sit down with Susan Moffatt, co-founder of Curated Wealth Partners, who expertly unpacks the intriguing differences between independent Registered Investment Advisors (RIAs) and prestigious wirehouses like JP Morgan and UBS.
Susan provides an exclusive behind-the-scenes look at the multifamily office model and private wealth management, sharing her personal journey and extensive industry experience. Learn firsthand what managing ultra-high-net-worth clients truly involves, from intricate asset allocations to bespoke financial planning strategies. She also offers invaluable guidance on navigating career paths within this rewarding field, dispelling common misconceptions and revealing genuine opportunities available to those aspiring to enter the competitive world of private wealth management.
Additionally, Susan delivers insightful advice on successfully reentering or pivoting within finance, reflecting on her own unique experiences stepping away from and later returning to the industry. Tune in for actionable insights, compelling career stories, and insider knowledge designed to empower you
Susan Moffat is co-founder and president of Curated Wealth Partners, a multi-family office and investment advisor delivering financial advice and well-being to a growing community of clients.
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Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... See full disclos...
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