We almost had one, but stopped after the main setup but before signing on. Wasn't convinced of the value. Seemed like they were just doing portfolio reallocation for a pretty penny.
What are you experiencing?
Had one for ~8 years. Talked to them maybe 10 times, and they only ever did basic indexing w some tax loss harvesting. We should have just self managed.
Bonnie Raitt stuck in my head, who, by some definition, is a nepo baby, but well before the term was coined. I think the problem is obv not family businesses, but a shrinking pool of opportunities for those without a prebuilt network to inherit (or buy).
Someone can create enormous value while their manager controls the narrative around that value. Conversely, a manager can conceal structural problems because the people capable of exposing them depend on that same manager for evaluation and promotion
