GROMEK: I think by far the biggest issue is attracting and retaining high-quality talent and combining their interests with a client's interests. We think that's the key to success going forward. You know, this is a service business at the end of the day, and what you've got are people to put in front of your clients. And so, you need to make sure that those people are the best at their game and that we're able to keep them for the long-term.
ROGERS: The challenge due to competition is that a lot of these organizations are going to do whatever it takes to make these clients happy. So, then, the ultimate goal is to make happy clients who are providing great references. There's an implication on profitability in that regard.
Stephanie's point is right on the money. If you can build a great culture, recruit the right people and have competent and differentiated investments on the one hand-to really be able to look across all the various service capabilities and integrate those on behalf of the client.
SALLENAVE: What we see happening over and over again in our conversations with multifamily offices is this recognition that there needs to be a tremendous amount of focus on what it takes to serve these clients and understanding the true cost to serve these clients. There's a growing focus on understanding that so that they can then think about what's the right pricing and the right client.
It's about having a great clarity of purpose to what the multifamily office is about so that there is the right talent.
SINSHEIMER: If we can continue to be proactive on behalf of our clients, number one, and to foster and facilitate a sense of intimacy between the client and whoever the advisor might be, then I think we'll be fine.
PATTERSON: I think that sense of intimacy is really important. It might be kind of a strong word, but when you help clients in the way that we do you become part of their family, and you care about them like they are family. And finding people that have the intellectual curiosity to get into the complexities of family offices and also care enough to keep going and be diligent is the challenge. And it's finding the right people and just continuing to do a good job. Because it's the word of mouth that sells in our business.