The Part of the Book RIAs Can’t Price
Ask for a trade-in quote on a client’s car and the number comes back in seconds: mileage, condition, what similar models sold for last week. Now ask what the client’s pre-IPO stock options are worth. There’s no comparable answer. The only number on file is the 409A from the company’s last funding round, whenever that […]
The Missing Benchmark in the Family Office Portfolio
Imagine valuing your real estate at exactly what you paid for it, and only updating that number the next time you sell. No appraisals, no comps, no updates. Nobody manages property that way, yet that’s exactly how most private company holdings are valued: a mark gets set at a funding round, then sits frozen for […]