Ben Sax, Partner/Private Wealth Advisor
“As we were deciding whether to build an independent firm, we went through every facet of our business and asked ourselves this question: Could we deliver a wealth advisory offering that was better and more cost effective for our clients? The answer was ‘yes.’”
KORE’s five founding partners had bright futures at powerful brokerage firms—career-building positions many would envy. The work they did was challenging and rewarding, but they found that the complicated issues their clients needed help with were more difficult to resolve at a big firm.
They wanted to build a firm that could be nimble while being more connected—a strong, sharp team that could do more of what their clients were asking without having to ask for exceptions. They wanted to work with character while pushing past traditional, cookie-cutter practices. They believed they could hold themselves to the highest standards of integrity while limiting embedded costs to their clients. They sought the challenges and opportunities that accompany the $50M clients they were targeting.
Simply put, they wanted to move on and move up.
Eric Bodner, Partner/Private Wealth Advisor
“It was a firestorm of assets. It was a blur.”
Leaving the firm was difficult, to say the least. Here they were, leaving a global industry leader and asking colleagues from other successful firms—like Chief Compliance/Chief Operating Officer (CCO/COO) Leigh Pravda and Private Wealth Advisor, Steven Smith—to do the same. It was like Field of Dreams: “If you build it, they will come.” But in this case, they couldn’t call their clients, so it was more like “If we build it, we hoped the clients would come.” They took a gamble and put their livelihoods on the line.
Soon after, the phone started to ring. All those clients and all those assets started to move over. As Sax stated, “It took five months, but it felt like five years.”
Eventually, things stabilized, they got their tech stack in order, and they were able to do for clients the types of interesting investments that, before, were out of reach.