Aneet Deshpande

You have to have a clear line of sight on asset allocation around things like cash flows, taxes, financial plan, objectives that are oriented around the family's own desires that may not be prescriptive, such as a 5% mandate.

It's a hugely important phenomenon going on.

And it's, I think, the segue a little bit into

the democratization of private markets and all of the different investment vehicles that we are saying come into markets.

But this gets into a little bit of the, how do you take a institutional-like framework and apply it to private clients?

So it's one thing to be able to say, hey, we treat you as a multi-generational client, the same way we treat you as a perpetual endowment or foundation.

The reality is,

in past, in history, it used to be very difficult to take and express the same investment ideas you would have for that institution and employ that for a private client.

I think in this day and age now, if you set everything else aside, so all else equal, now we've solved that sourcing conundrum.

So we have the ability to bring

our own internally sourced private market investments for all of our clients.

And we do so using technology and a couple of different relationships we have to create a simplified investment structure for private clients.

One of the nuances there is that perhaps didn't exist five, even maybe even 10 years ago, was being more tax aware in that process.

Part of the response to that is not only different products and structures, but also being very thoughtful about how they're deploying those investments and generating returns, be that vis-a-vis capital gains or through the income lens.

And to your point, if you don't appropriately asset allocate or asset locate those investments, you can lose 30% to 40% of your total return right off the bat.

So infrastructure is a good example.

So there's a couple of different strategies in the market right now where, again, these things didn't exist a handful of years ago where you're making infrastructure investments.

And because of the joint venture structure of their line investments, they're able to deploy all of the income distribution as a return of capital.

So if you're a private client, you think about that.

After 10 years, you have eroded basis.