Russ Prince

New York

Private Wealth Consultant and Writer at Freelance

Editor-at-Large at Financial Advisor

Founder at Private Wealth

Columnist at Elite Traveler

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Articles

7 Reasons Not To Create A Private Family Foundation

3 days ago | fa-mag.com | Russ Prince |Homer Smith

Creating a private family foundation offers affluent families a structured way to direct their philanthropic efforts and establish a lasting legacy that aligns with their values. However, this endeavor also poses a unique set of challenges. Understanding the obstacles and potential rewards is essential for families contemplating this path. Reason #1: High Setup And Maintenance Costs The initial and ongoing expenses of establishing a private family foundation can be significant.
3 Characteristics Required To Create A Pipeline Of HNW COI Referrals

5 days ago | fa-mag.com | Russ Prince |Brett Van Bortel |Jerry D. Prince

After three years, a wealth manager with about $100 million in AUM has quintupled that amount. Less than two years later, it reaches $1 billion in AUM. A two-person wealth management team with nearly $500 million in AUM has grown to almost $2.5 billion in three years. A life insurance producer earning nearly $400,000 annually triples her earnings in less than a year and a half. These results arise solely from organic growth.
Redefining Access To Elite Alternatives For RIAs And Family Offices

1 week ago | fa-mag.com | Russ Prince

Adriana Tullman is managing partner and head of capital markets at Peak Altitude Partners (“PeakAlts”). She focuses on driving growth and building lasting relationships with RIA, family office and multi-family office partners. Russ Alan Prince: Could you share more about the launch of PeakAlts and how the firm distinguishes itself from other alternative investment offerings?
What Investors Need To Know About Climate Investing

2 weeks ago | fa-mag.com | Russ Prince

Jim McDermott is a seasoned entrepreneur, investor and climate solutions advocate who has been launching, funding and scaling climate technology firms for over two decades. As the co-founder and managing partner of Rusheen Capital Management, McDermott specializes in scaling companies and innovations that address the climate crisis, focusing on clean energy, sustainability and carbon capture technologies.
Most M&A Multiples Will Decline By 2030

2 weeks ago | fa-mag.com | Jerry D. Prince |Russ Prince

Whether a wealth management firm is merging with another or if larger entities, such as RIA aggregators, are acquiring wealth management firms to lower costs and capitalize on their acquisitions, the multiples for these firms remain high and may continue to rise. However, that is, until the music stops, as it inevitably will within a few years. The music will stop as it becomes clear that many “promises” of selling or merging wealth management practices are largely illusory.
Redefining Independent Wealth Management In Canada

2 weeks ago | fa-mag.com | Russ Prince

Shaun Hauser is the founder and CEO of Wellington-Altus Financial, the parent company to Wellington-Altus Private Counsel, Wellington-Altus USA, Wellington-Altus Insurance, Wellington-Altus Group Solutions, Independent Advisor Solutions Inc., and Wellington-Altus Private Wealth, a top-rated wealth advisory company (Investment Executive 2023 Brokerage Report Card) in Canada and one of Canada’s Best Managed Companies.
Maximizing Portfolio Management With Active-Passive Investing

3 weeks ago | fa-mag.com | Russ Prince

Brooks Friederich is the principal director of Investment Solutions Strategy at Envestnet PMC. As a critical figure at one of the industry’s largest wealth management platforms for independent financial advisors, Friederich provides strategic direction, project management and functional oversight across the firm’s myriad wealth solutions.
Helping Advisors Optimize What They Give Back

3 weeks ago | fa-mag.com | Russ Prince

Jessica Dunham was recently promoted to chief operating officer of the Invest in Others Charitable Foundation (“IiO”), which she joined 10 years ago as the nonprofit organization’s second hire. Since then, she has been influential in tripling annual revenue and increasing funds granted to charity from 20% of revenue to 50% of revenue. As COO, she is responsible for ensuring IiO’s day-to-day operations align with the nonprofit’s mission, values and strategic objectives.
What Is A Virtual Family Office?

3 weeks ago | fa-mag.com | Jerry D. Prince |Russ Prince

The wealthy increasingly prefer working with multi-family offices to other private wealth industry professionals, such as wealth managers (Exhibit). Moreover, the more affluent the individual or family is, the more inclined they are to work with multi-family offices. The logic is simple: The wealthy seek the same benefits that high-performing single-family offices provide to extremely affluent families. At the same time, there is no universally accepted definition of a family office.
Why Most Financial Advisors Will Never Move Upmarket

4 weeks ago | fa-mag.com | Russ Prince |Brett Van Bortel |Jerry D. Prince

Many financial advisors talk about moving upmarket, primarily by working with wealthier clients with more complex situations. A survey of 421 financial advisors shows that 65% want to move upmarket (Exhibit 1). For a comprehensive list of concerns, see “What Are The Key Concerns Of Financial Advisors?” Few financial advisors successfully move upmarket. One significant reason is that many do not want to. Some advisors are quite content working with their current clients.