Market Perspectives

10 Lessons from 20 Years in Private Markets

Talented colleagues, trusted advisers, and clients with the highest expectations have forged my path across two decades in asset management. Together, they taught me that sustained success is built on a mix of people, process, and products.

After 10 years of helping Cantor Fitzgerald Asset Management grow into a 16 billion dollar manager, I'm entering a new chapter. It has given me a chance to reflect on the lessons I've learned and what I would share with professionals looking to distinguish themselves in our field. Here are ten lessons I believe are critical to delivering excellence, captured as succinctly as possible.

Money goes where it's treated well

If you take care of the client, capital comes to you. That means clear communication in both good and bad quarters, a seamless user experience at every touchpoint, and meeting the client where they are, not where you wish they'd be. In the end, capital flows to trust.

Overpreparation distinguishes you

Most people are not willing to do the work to win. I am rarely the smartest person in the room, but I have outworked most rooms. A little bit more every day, over many years, creates a big edge.

Distribution is a product

Advisers are buying an experience, not only exposure to an asset class. Response times, onboarding ease, data quality, and service continuity are product features. When you treat them as such, your product stands out from the crowd.

Say yes to opportunity

You're going to get opportunities in your career. Don't miss them. Take on the extra assignment, fill in for the employee who left, cover the meetings that your boss couldn't make, move across the country for an opportunity.

Hire A-players and protect the standard

A-players attract A-players. Lower the bar once, and you'll spend your time managing around it. Hire carefully, move fast when it is wrong, and make the culture the moat. Then give A-players the room and resources they need.

Compete by collaborating

Early on, I saw competition as zero-sum. Over time, I learned that building relationships, even with rivals, creates more opportunity than going it alone. Business isn't sports; there can be multiple winners. Share ideas, find common ground, and keep your network close.

Level the playing field

Don't be intimidated by titles, degrees, or headlines. Preparation and clarity are the great equalizers. Show up with facts, over-prepare, and listen well, and even the biggest rooms will start to feel small.

Content is a service, not a brochure

Education builds trust. Thought leadership can build a brand. Lead with useful, non-promotional content that helps advisers talk to clients about real problems like inflation, income stability, and diversification. The sale follows the solve.

Downturns define leaders

The global financial crisis, the COVID recession, Brexit: challenging markets and downturns reveal who you are. Communicate early, overprepare, and treat every client like your only client. Reputation is built in hard times, remembered in good times.

Everyone needs a place to start

Think back to how you got started in your career. Who helped you along the way? I've never met someone who did it all by themselves. Pay it forward. And never forget to thank the people who gave you your start.