Cresset Wealth Advisors has surpassed USD2 billion in assets under management in less than a year since launch, from a large and diverse group of clients, under the leadership of founders Avy Stein and Eric Becker.
“We believe there is a unique opportunity to build a next-generation wealth management firm to provide advisors with the opportunity to better serve their clients and achieve independence,” says Stein. “We are creating a model with better alignment among the client, the advisor, and the firm through employee ownership and by remaining privately held.”
As longtime wealth management clients, and after doing more than a year of research, Becker, Stein and a team of top industry veterans have developed a new, long-term approach to building a high-quality, differentiated investment management platform. Cresset combines best-in-class wealth management services with direct access to private investments.
“We are ahead of our strategic business plan, growing at a high rate because of our world-class leaders, teams and clients who want to experience wealth differently,” says Becker.
According to a May 2018 compilation of SEC records, less than 10 per cent of Investment Advisors registered with the US Securities and Exchange Commission that provide Financial Planning services have more than USD2 billion in regulatory assets under management.
The leadership team at Cresset Wealth Advisors includes an experienced roster of top wealth management professionals.
Chief Executive Officer Doug Regan brings more than 30 years of experience from Northern Trust and JP Morgan Private Bank, where he was most recently Midwest region head and managing director. Chief Investment Officer Jack Ablin was previously chief investment officer of BMO Wealth Management and is a frequent guest on CNBC.
Becker and Stein, through their private equity funds and individually, have been involved in investing and growing more than 150 businesses and have helped lead funds that raised more than USD8 billion. Their decades of successful investing have given them the unique expertise and marketplace insights to identify opportunities in wealth management and the world of private investments, leading to the launch of Cresset in 2017.
Cresset also is building mobile-first technology to give clients 24-7 access to their entire wealth picture for assets held through multiple providers and platforms.
“Cresset gave us the ability to design a better model from scratch,” says Ablin. “Pairing best-in-class wealth advisory with access to direct private investments and world-class technology is what attracted me to join Cresset’s founding team.”