A trio of tech and finance veterans are taking on big banks and multi-family offices with a new wealth management firm targeting tech founders and employees.
Cloud Capital launched earlier this year and aims to address a “pain point” in the wealth management industry that includes providing services to those with stakes tied to companies that have seen massive growth during the tech boom.
The firm says it will provide comprehensive wealth management services to its clients, which include assistance with taxes, stock compensation and family communication. It also aims to provide clients with access to ‘top tier’ venture capital funds by aggregating assets, meaning their clients won’t have to commit vast sums of money to participate in this class. of assets.
The company’s founders are finance and technology veterans. hart williams and Taylor Heininger held senior positions at Bessemer Trust, a private multi-family office. Sean Sternbach was a product manager at Amazon and co-founder of a Seattle-based entrepreneurial program called Venture Out Seattle.
While other wealth management firms offer similar offerings, Cloud Capital taps into the deep pockets of people who have taken advantage of the tech boom in Seattle and other parts of the West Coast. More and more wealth managers are in demand to oversee these large individual wealth holdings, with assets of around $2 million to $20 million.
“There is a real need for this kind of full service because the amount of wealth created in Seattle,” said Perry AtkinsSeattle-based managing director and financial advisor at Baird.
Wealth managers can also help clients navigate ever-changing tax codes, such as Washington State’s controversial capital gains tax.
Cloud Capital works with about 15 families, and another 5-7 plan to join. It also serves about twenty founders who are in the “pre-liquidity” phase of their equity compensation. The company currently has around $30 million in assets under management, and it makes its money by taking a percentage of that.