{"id":25746,"date":"2023-10-10T15:47:33","date_gmt":"2023-10-10T15:47:33","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/wealth\/a-26-billion-advisor-focused-on-private-capital-growth-and-liquidity\/"},"modified":"2023-10-10T15:47:35","modified_gmt":"2023-10-10T15:47:35","slug":"a-26-billion-advisor-focused-on-private-capital-growth-and-liquidity","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=25746","title":{"rendered":"A $26 Billion Advisor Focused On Private Capital Growth And Liquidity"},"content":{"rendered":"
\n

Firm:<\/strong> Cresset Asset Management<\/p>\n

Name: <\/strong>Avy Stein<\/p>\n

Location: <\/strong>Chicago, IL<\/p>\n

Team Custodied Assets: <\/strong>$25.9 Billion<\/p>\n

Forbes Rankings: <\/strong>America\u2019s Top RIA Firms<\/p>\n

Background: <\/strong>Avy Stein grew up in Chicago, first majoring in accounting from the University of Illinois before then getting a law degree from Harvard. Though he started as a lawyer, he quickly pivoted and became an entrepreneur, buying and running various businesses over the decades. He served as CEO of Willis Stein & Partners, a private equity firm he co-founded in 1994, before eventually launching Cresset in 2017 with friend and fellow entrepreneur Eric Becker. The two realized that neither of their family offices were meeting their needs or those of other private equity partners. \u201cThe idea behind starting Cresset was to have a business built by clients for clients\u2014and that mean\u2019s uncompromising alignment with clients and true expertise throughout,\u201d says Stein. The firm primarily serves family office clients, but it also focuses on helping young entrepreneurs from the private equity, venture capital or tech worlds. \u201cThat group may not have much liquidity yet but we\u2019re doing all sorts of planning and quarterbacking to help them get ready for that.\u201d<\/p>\n

Competitive Edge: <\/strong>\u201cThe firm\u2019s competitive advantage is our macro strategies, expertise in private markets (which drives most of our growth) and the depth of services we provide for maximizing wealth and optimizing life,\u201d says Stein. He also cites his firm\u2019s focus on community and bringing clients together. Cresset hosts over 100 \u201clifelong learning\u201d events each year, featuring conversations with the likes of best-selling author Walter Isaacson, actor Matthew McConaughey and ski racer Lindsey Vonn.<\/p>\n

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Investment Philosophy\/Strategy: <\/strong>Stein and his team believe in a smart macro strategy when investing, \u201cwith efficient and diversified exposure to public markets,\u201d he says, adding, \u201cwe strongly believe in private markets\u2014that\u2019s where the alpha is.\u201d Creating expertise in private markets and investing like a large family office are cornerstones of Cresset\u2019s strategy, says Stein. That view means client portfolios have a much larger allocation to private markets and funds than typical RIA firms as a result, with also a higher percentage of alternative investments.<\/p>\n

Investment Outlook: <\/strong>\u201cI think interest rates will be higher for longer than people anticipate and the effect of that will be negative on markets,\u201d predicts Stein. He believes that productivity issues and a potential supply and demand mismatch in the labor market will also likely have some impact on valuations once investors come to grips with that. \u201cWhen the yield curve inverted we had short-term treasuries\u2014it\u2019s hard not to think about moving more to fixed income, but we\u2019ve been tactical in nature,\u201d says Stein. \u201cOn the other side of all this, the promise of productivity brought about by artificial intelligence will be enormous, but that\u2019s further out.\u201d<\/p>\n

Biggest Challenge: <\/strong>\u201cSo much of success in business relates to culture and people,\u201d says Stein. \u201cAnother challenge is not having a model to look at\u2014we\u2019re very different and there aren\u2019t other multi-family offices with an excess of $40 billion in assets and specialized expertise in private markets.\u201d He adds that \u201csticking to core philosophies\u201d while continuing to build and grow the business is also essential.<\/p>\n

Best Advice: <\/strong>Stein\u2019s best advice for clients is to have a sophisticated long term strategy while using deep planning to minimize taxes and focus as much as possible on private markets, where he argues there is a \u201cpremium\u201d for illiquidity. \u201cBe diversified, patient and proactive rather than reactive,\u201d says Stein. \u201cWe live in this nanosecond world where things are all over the internet and not always factual.\u201d<\/p>\n

Favorite Book\/Movie\/Hobby: <\/strong>Stein cites Mustafa Suleyman\u2019s book The Coming Wave<\/em>, which warns readers of the potential dangers that could arise from artificial intelligence. His favorite movie is the 1972 classic, The Godfather<\/em>.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Firm: Cresset Asset Management Name: Avy Stein Location: Chicago, IL Team Custodied Assets: $25.9 Billion Forbes Rankings: America\u2019s Top RIA Firms Background: Avy Stein grew up in Chicago, first majoring in accounting from the University of Illinois before then getting a law degree from Harvard. Though he started as a lawyer, he quickly pivoted and<\/p>\n","protected":false},"author":1,"featured_media":25747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":{"0":"post-25746","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-wealth"},"yoast_head":"\nA $26 Billion Advisor Focused On Private Capital Growth And Liquidity | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Firm: Cresset Asset Management Name: Avy Stein Location: Chicago, IL Team Custodied Assets: $25.9 Billion Forbes Rankings: America\u2019s Top RIA Firms\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=25746\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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