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More money, more problems. Everyone focused on fees and taxes.
The more wealth that is being created from Rockets via $SPCX ( ▼ 0.18% ) to AI to the next IPO, the more people are focused on taxes, and with taxes and wealth comes the need for advisors, and with advisors comes the question of fees.
Howard sent me this, which shows the new money is looking for help, but also wants to get a discount:
As a firm, we have invested in Frec.com, which is helping individuals with direct indexing and leveraged solutions, Syntheticfi.com, which is giving everyone a sophisticated way to borrow against their stocks, and UseSeeds.com, which is a TAMP for advisors to offer tax-efficient solutions including direct indexing. We have been investing in this thesis from all angles and have spent a lot of time lately with a company focused on QSBS (Qualified Small Business Stock) Trust Stacking, which allows for founders and GPs to optimize creating trusts for tax-efficient wealth creation long term.
The industry of wealth management is booming. The Basis Northwest conference, which focused on tax and wealth, was supposedly a hit with tons of great content, including Tony Yang from Syntheticfi.com presenting box spreads
As Silicon Valley booms, we will see busts, but we will also see a lot of newly minted millionaires. The industry of wealth management continues to grow, and the new technology coming into the sector is accelerating fast! Social Leverage has a growing portfolio of companies in the space, and we are also partnering closely with wealth advisors to help our founders and LPs get the best service possible, along with the most cutting-edge products.
As much as I am an AI user and AI believer, I also believe people want white-glove service and when it comes to wealth management, most still want someone to talk to and more importantly, they have service-level needs that go beyond just portfolio management.
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