Paul Tramontano, a veteran wealth advisor, recently transitioned his team to the independent multi-family office firm, Cresset. The move represents a calculated shift for advisors looking to exit traditional big-bank environments while maintaining high-level capabilities for high-net-worth clients.
Tramontano notes that the primary drivers for this change were independence and scale. While many firms claim to offer family office services, the move to Cresset provided his team with access to tax planning, philanthropic strategies, and estate planning under one integrated roof. For clients, this means solving complex financial problems through a platform that prioritizes specific client needs over institutional product mandates.
Culture remains a cornerstone of this transition. Tramontano highlights Cresset’s employee ownership model as a significant differentiator. By ensuring that employees hold ownership stakes, the firm aligns the interests of the staff directly with those of the families they serve. This structure mirrors the private partnership models of the past, designed to endure for decades rather than focusing on short-term quarterly results.
Regarding the shift away from institutional banking, Tramontano reports that clients have maintained access to credit, mortgages, and private banking services. Because the firm is not tied to one provider, advisors can now compare offerings across the entire marketplace to find the best terms for the client. This independence creates a competitive edge that is difficult to replicate within a rigid institutional framework.
As the wealth management industry moves toward independent models, Tramontano remains focused on developing the next generation of advisors. The goal is to build a firm that provides sophisticated investment access, such as emerging alternatives, while maintaining the personal connection that defines private wealth management.