Aneet Deshpande

So how do you sort of refine and define that over time is obviously very difficult.

yeah no not clear documentation is one that's that's clear just making investments ad hoc some family member comes in i want to invest into this this private equity like look at this just direct investment can you please look at this it's you know it's a it's either a real estate deal down the street or it's a buddy's you know venture um idea that he's raising for past the hat and um

So putting parameters around that is very important.

And again, it goes back to the governance of documentation and ensuring why are we investing in certain things?

Who has say in those investments is obviously a very important thing.

Creating an investment committee or an investment advisory function or something that can rest within the family also is something of importance.

But the scattershot, the buckshot, David, investments is probably the biggest thing where you have a, just because you have amassed a ton of wealth doesn't mean you should be aloof about asset allocation.

And the mistake number is just also not willing to deal with a single provider.

And I know it's very difficult.

There's relationships involved.

You may have a business with your own relationships there.

And so how do you find a resource for you that can bring all of this together?

because it requires a deep middle and back office and significant amount of operational resources to go do that.

And majority of firms out there or, you know, single advisors aren't prepared to do that, don't have resources to do that.

So that's another area I'd say.

Yeah, that's exactly.

And, you know, the hard part is if you have a collection of private investments, what does that collection even look like?

From getting fund updates to understand what portfolio companies are doing, if they're fund level, if it's private investments, what are your exposures and how does that roll up into your broad overall asset allocation?

That's right.

That's exactly right.