$1.1 Billion Wealth Advisory Team Joins Cresset from Lazard
Event summary
- $1.1 billion in assets under advisement moved from Lazard Wealth to Cresset.
- Chris Tiano joins Los Angeles office; Nick Smith joins New York office as Managing Directors.
- Both advisors have extensive experience with ultra-high-net-worth individuals and families.
- Cresset positions itself as a comprehensive, integrated wealth management platform.
The big picture
Cresset's acquisition of a $1.1 billion advisory team from Lazard underscores the growing demand for integrated wealth management services that combine investment strategy, planning, and family office capabilities. This move aligns with industry trends where multi-family offices are expanding their service offerings to cater to complex financial needs of ultra-high-net-worth individuals and families. The strategic anomaly here is the significant asset transfer from a well-established competitor, indicating potential dissatisfaction or better opportunities at Cresset.
What we're watching
- Client Retention
- Whether Cresset can successfully transition and retain the $1.1 billion in assets from Lazard Wealth.
- Market Positioning
- How this hire strengthens Cresset's position against competitors like Lazard and Merrill Lynch.
- Integration Capabilities
- The pace at which Cresset can integrate these advisors' client bases into its existing platform.