>> My name is Joe Cuza [phonetic].
I work for J.P. Morgan and I'm a private banker.
So that means I work with individuals, family offices, corporate executives.
I do not work with pension funds, corporations, you know so our focus is really on families.
And when I describe what we do I describe it as asset management in the broadest sense
because our clients have complicated balance sheets.
They have liquidity.
They have private companies.
They have real estate.
They have art collections.
They have complicated families.
Usually are relationships generational.
We've celebrated 100 year anniversaries with families.
So we work across generations.
So we think about not just managing assets currently
but how do you manage across generations.
How do you transfer wealth?
Our clients have all kinds of different objectives.
Some rational.
Some not. So you know what I always like to remind people is economics is a social science.
I'm trained in accounting and finance as a background but what is often as
and sometimes more important is focusing on that fact economics is a social science too.
Our clients are people.
We get requests from clients that you can't make them up.
So it could be something as complex as --
you know I have a client now who's going to go through an IPO transaction.
And the basis in his stock is very low which really 0.
So you know one of the things that he will do -- that he wants to do --
that will both satisfy charitable intent and also at the same time, help shield some of the,
you know, capital gains taxes is make a large contribution to a donor advised fund.
Probably in the neighborhood of 50 or 60 million dollars in notional value.
So that will help him minimize his tax burden,
achieve you know some charitable goals but it's very complicated.
It's before an IPO.
He's an insider.
The way he wants to manage the assets post-IPO is in a very nontraditional sense.
So it's very complicated.
Then I might get a call from a client who says my daughter is
in Spain and she's lost her credit card.
So you know it sort of runs the gamut from really very complicated, you know,
sophisticated structuring to holy crap she's on the subway what do we do.
So it's -- again we're dealing with people, families.
In terms of the number of relationships I manage, it stays around 20 because we tend
to work with a smaller number of larger relationships.
Because really when you get down to it like any business it's service.
It's client service and you can't have a large client load and deliver the kind
of service that we really have to deliver.
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