WEBVTT 00:00:00.170 --> 00:00:01.650 >> My name is Joe Cuza [phonetic]. 00:00:01.650 --> 00:00:06.750 I work for J.P. Morgan and I'm a private banker. 00:00:06.750 --> 00:00:13.460 So that means I work with individuals, family offices, corporate executives. 00:00:13.460 --> 00:00:21.390 I do not work with pension funds, corporations, you know so our focus is really on families. 00:00:21.390 --> 00:00:28.240 And when I describe what we do I describe it as asset management in the broadest sense 00:00:28.240 --> 00:00:30.970 because our clients have complicated balance sheets. 00:00:30.970 --> 00:00:33.090 They have liquidity. 00:00:33.090 --> 00:00:34.770 They have private companies. 00:00:34.770 --> 00:00:36.280 They have real estate. 00:00:36.280 --> 00:00:37.960 They have art collections. 00:00:37.960 --> 00:00:40.660 They have complicated families. 00:00:40.660 --> 00:00:42.670 Usually are relationships generational. 00:00:42.670 --> 00:00:46.130 We've celebrated 100 year anniversaries with families. 00:00:46.130 --> 00:00:48.520 So we work across generations. 00:00:48.520 --> 00:00:52.960 So we think about not just managing assets currently 00:00:52.960 --> 00:00:55.640 but how do you manage across generations. 00:00:55.640 --> 00:00:57.300 How do you transfer wealth? 00:00:57.300 --> 00:00:59.350 Our clients have all kinds of different objectives. 00:00:59.350 --> 00:01:00.500 Some rational. 00:01:00.500 --> 00:01:07.520 Some not. So you know what I always like to remind people is economics is a social science. 00:01:07.520 --> 00:01:14.260 I'm trained in accounting and finance as a background but what is often as 00:01:14.260 --> 00:01:21.100 and sometimes more important is focusing on that fact economics is a social science too. 00:01:21.100 --> 00:01:23.040 Our clients are people. 00:01:23.040 --> 00:01:28.140 We get requests from clients that you can't make them up. 00:01:28.140 --> 00:01:33.460 So it could be something as complex as -- 00:01:33.460 --> 00:01:40.430 you know I have a client now who's going to go through an IPO transaction. 00:01:40.430 --> 00:01:44.510 And the basis in his stock is very low which really 0. 00:01:44.510 --> 00:01:48.160 So you know one of the things that he will do -- that he wants to do -- 00:01:48.160 --> 00:01:54.280 that will both satisfy charitable intent and also at the same time, help shield some of the, 00:01:54.280 --> 00:02:00.930 you know, capital gains taxes is make a large contribution to a donor advised fund. 00:02:00.930 --> 00:02:05.310 Probably in the neighborhood of 50 or 60 million dollars in notional value. 00:02:05.310 --> 00:02:08.960 So that will help him minimize his tax burden, 00:02:08.960 --> 00:02:14.960 achieve you know some charitable goals but it's very complicated. 00:02:14.960 --> 00:02:16.870 It's before an IPO. 00:02:16.870 --> 00:02:18.520 He's an insider. 00:02:18.520 --> 00:02:26.160 The way he wants to manage the assets post-IPO is in a very nontraditional sense. 00:02:26.160 --> 00:02:27.300 So it's very complicated. 00:02:27.300 --> 00:02:31.450 Then I might get a call from a client who says my daughter is 00:02:31.450 --> 00:02:33.480 in Spain and she's lost her credit card. 00:02:33.480 --> 00:02:39.840 So you know it sort of runs the gamut from really very complicated, you know, 00:02:39.840 --> 00:02:45.430 sophisticated structuring to holy crap she's on the subway what do we do. 00:02:45.430 --> 00:02:48.540 So it's -- again we're dealing with people, families. 00:02:48.540 --> 00:02:54.630 In terms of the number of relationships I manage, it stays around 20 because we tend 00:02:54.630 --> 00:02:59.120 to work with a smaller number of larger relationships. 00:02:59.120 --> 00:03:03.580 Because really when you get down to it like any business it's service. 00:03:03.580 --> 00:03:09.510 It's client service and you can't have a large client load and deliver the kind 00:03:09.510 --> 00:03:12.460 of service that we really have to deliver. 00:03:12.460 --> 00:03:14.460 [ Silence ]