Inside Alternative Investing and Private Market Strategies (Ep. 142)

Yeah, that's great.

Thanks, guys.

And I think love to hear about PI Gateway in a little bit, but Jeff, you brought up the single family office and the multifamily office.

And I'm sure many of our listeners may understand that distinction, but I do think that's, if you wouldn't mind clarifying that, because I think just from our perspective, when we talk to either prospective clients or even other advisors, sometimes those terms, I would say maybe just don't make sense to them.

They can't quite understand the distinction between the two of those things.

But I think it's really important for our listeners to understand that.

So if you wouldn't mind taking just a minute or two and just talking about those distinctions and particularly why that's, I think, important for how you at the Corey firm manage your client's capital and sort of co-invest alongside

them.

Sure.

No, it's a really, really great point.

And again, taking with a grain of salt, I think one popular thing in this space is if you meet one family office, you really you've met one family office.

It is so highly customized to the relationships that you're dealing with and the families that you're working with.

But we're kind of backwards in the sense that most of the time you have a single family office that's set up.

They hire staff and then they end up working with other families and become a multifamily office space.

You know, we grew up in the space, as I mentioned earlier, on the business advisory side and then established our multifamily office practice to be able to serve the families that we worked with that have now come into liquidity for selling those businesses.

So the multifamily office is really a group of families coming together and leveraging resources within a single ecosystem.

And tapping into centralized resources of one platform, right? So it is more of a commercial business, but we do offer very, very high touch services, concierge, investment management, estate planning, insurance, you know, everything outside of not just the traditional wealth management we're covering on the multifamily office side.

Now, as families become more and more liquid and hit a higher threshold, especially those that value a little bit more privacy and control over operations or may have real estate holdings or direct businesses that need to be managed, that's where a single family office structure can be beneficial from a governance perspective, being able to protect and put the right dedicated personnel to serve just your family.

However, the beauty of our structure is, is that our single family office is a client of the multifamily office, right? Where we are engaging the multifamily office, like Tom, myself, we're all in the multifamily office.

All investments are handled here, right? So that structure allows us to have the flexibility to where our, you know, our family is seating an investment.

The other multifamily office clients are able to come in.

We may get an investment that comes in from one of our multifamily office clients, whether that be a private business or a liquid investment that they're looking at.

And our centralized investment team is then able to then take that and our families getting the benefit as well.

So the multifamily office structure is really the core.

And I would say, you know, our single family office is really bringing a lot of institutional relationships, different estate planning knowledge.